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> At some point, we'll need to throw all the economists into the sea and start realizing what's going on here... I recommend reading Thomas Piketty if you want

> At some point, we'll need to throw all the economists into the sea and start realizing what's going on here... I recommend reading Thomas Piketty if you want some of the more modern works on what is going on with our social economics in the west. It's not exactly a new phenomenon though, wealth inequality is part of the cycle of civilization and it always leads to some form of wealth redistribution. How that happens is historically up to whatever aristocracy is in charge, though with the introduction of democracy it's typically done through very high taxes. Before the Regan Thatcher era an 80% tax on the wealthiest (and this means all methods of income) wasn't uncommon, and they were still the wealthiest. Anyway. It's going to change eventually. Especially the housing market is going to suck. I'm Danish, I bought a townhouse with my wife for 3m DKK. If it were to follow my parents 30 year increase on their house, we should be able to sell it for 26m dkk by 2050... which isn't going to happen.

tasuki 3y ago
> If it were to follow my parents 30 year increase on their house, we should be able to sell it for 26m dkk by 2050... which isn't going to happen. Why not?
- Ekaros 3y ago
  That would be 3,5 million euros... I don't think inflation will be that substantial... Or market to stay that level weird to that point.
  - tasuki 3y ago
    2050 is still a long way. It'd be slightly below 16% per year (considering the house was bought in 2024, it might've been bought earlier). That sounds on the unlikely side, but definitely not in the "isn't going to happen" territory!
d--b 3y ago
Piketty, Varoufakis, they had their "occupy" moment... Sadly, nobody gives a shit about these guys anymore. Piketty joined the socialist candidate Benoit Hamon's campaign during France's 2017 presidential election. Hamon scored 6.36%, an extremely low number.
derelicta 3y ago
What's so funny about Piketty is that he probably reached the same conclusion as marxist theoricians did; the surplus value that workers have to forfeit to their bosses drives wealth accumulation and that process is simply theft. But he was probably like "No way I can say that, they gonna think im crazy" and reverted back to a boring social-democratic conclusion.
Perceval 3y ago
Interesting that you begin your comment with Piketty and end with housing value. A Brookings study on Piketty's work indicates that most of the re-concentration of wealth that Piketty finds is actually driven by increases in housing prices: https://www.brookings.edu/articles/deciphering-the-fall-and-rise-in-the-net-capital-share/ https://www.brookings.edu/articles/deciphering-the-fall-and-.... By contrast, non-housing capital income is on a secular decline since WWII.

tasuki 3y ago

> If it were to follow my parents 30 year increase on their house, we should be able to sell it for 26m dkk by 2050... which isn't going to happen. Why not?

Ekaros 3y ago
That would be 3,5 million euros... I don't think inflation will be that substantial... Or market to stay that level weird to that point.
- tasuki 3y ago
  2050 is still a long way. It'd be slightly below 16% per year (considering the house was bought in 2024, it might've been bought earlier). That sounds on the unlikely side, but definitely not in the "isn't going to happen" territory!

d--b 3y ago

Piketty, Varoufakis, they had their "occupy" moment... Sadly, nobody gives a shit about these guys anymore. Piketty joined the socialist candidate Benoit Hamon's campaign during France's 2017 presidential election. Hamon scored 6.36%, an extremely low number.

derelicta 3y ago

What's so funny about Piketty is that he probably reached the same conclusion as marxist theoricians did; the surplus value that workers have to forfeit to their bosses drives wealth accumulation and that process is simply theft. But he was probably like "No way I can say that, they gonna think im crazy" and reverted back to a boring social-democratic conclusion.

Perceval 3y ago

Interesting that you begin your comment with Piketty and end with housing value. A Brookings study on Piketty's work indicates that most of the re-concentration of wealth that Piketty finds is actually driven by increases in housing prices: https://www.brookings.edu/articles/deciphering-the-fall-and-rise-in-the-net-capital-share/ https://www.brookings.edu/articles/deciphering-the-fall-and-.... By contrast, non-housing capital income is on a secular decline since WWII.