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We have a middle-class levy in the form of tax medallions. So they have found a way to undermine that levy in a gray area of the rules society has set up. They
by theonemind 4y ago
We have a middle-class levy in the form of tax medallions. So they have found a way to undermine that levy in a gray area of the rules society has set up.
They exploit the worker by underpaying them and treating them badly by the standards of the old levy, the taxi medallion. They exploit society by hollowing out the middle class.
We actually need a middle class for the benefit of the masses, and even the ultra-wealthy, though only a few of them seem aware of it, like Henry Ford paying his workers enough to buy his cars. H. Ford seemed to lack any goodness of heart--he just had the brains to recognize that no one could buy his cars if they didn't make enough money to buy them.
I think we should intervene in markets to sustain a middle class, which makes society better and richer on the whole. Unchecked free markets eventually seem to end up with a power-law winner-take-all type wealth distribution. Even the ultra-wealthy suffer compared to the ideal in societies with large wealth inequality. They don't live as long. They will have less things like the iphone, which the ultra-wealthy can't really even get a better core version of; they can, perhaps, buy one encased in gold. No middle class, no iphone and things like it.
- clcaev 4y ago> think we should intervene in markets to sustain a middle class Should interventions be limited to supporting a middle class?
- edmundsauto 4y agoInterventions should be focused on dampening the spring action - less rich "rich people" and less poor "poor people". I think there is an argument that could be made to consider these policies from an overall "growing of the pie" perspective. IE, do these policies inhibit total growth and make everyone worse off? However, my limited understanding is this is essentially trickle down economics and the evidence this occurs (versus rich people hoarding wealth) is limited. So I'm open to the argument but it would need quite a bit of rigor.