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This is actually horrifying if you think about it for a minute. Given GDP is growing at a slower rate than this, this means that the rich will genuinely just g
by concordDance 4y ago
This is actually horrifying if you think about it for a minute.
Given GDP is growing at a slower rate than this, this means that the rich will genuinely just get richer and get a larger slice of the pie while the poor get squeezed.
Land/house prices will increase to the maximum the market can bear and as that market will be full of money from those inheriting from their parent's patient investment... we'll end up in a society where your quality of life depends on the wealth of your ancestors.
- JumpCrisscross 4y ago> GDP is growing at a slower rate than this Over what interval are you observing this?
- fallingfrog 4y agohttps://www.statista.com/statistics/996758/rea-gdp-growth-united-states-1930-2019/ https://www.statista.com/statistics/996758/rea-gdp-growth-un...
- nazgulnarsil 4y agoenerational wealth diffuses in 3 generations iirc
- fallingfrog 4y agoThat's the basic premise behind Piketty's book "Capitalism in the 21st Century". From wikipedia: "The book's central thesis is that when the rate of return on capital (r) is greater than the rate of economic growth (g) over the long term, the result is concentration of wealth, and this unequal distribution of wealth causes social and economic instability. Piketty proposes a global system of progressive wealth taxes to help reduce inequality and avoid the vast majority of wealth coming under the control of a tiny minority."