5 ms·

But under "the natural consequence of evenly distributed economic growth" Steve was and is making a constant 66% share of the wealth. Except that's not we have

But under "the natural consequence of evenly distributed economic growth" Steve was and is making a constant 66% share of the wealth. Except that's not we have in the US/EU/UK. The top earners have been increasing their share since the 1970s, if not longer. See, e.g. https://www.bbc.co.uk/news/business-59565690 https://www.bbc.co.uk/news/business-59565690 > since 1995, billionaires' wealth had risen from 1% to 3%. > The world's richest 1% has taken more than a third of all additional wealth accumulated since 1995, while the bottom 50% captured just 2%. > The researchers found that the world's 52 richest individuals saw the value of their wealth grow by 9.2% per year for the past 25 years, well above less wealthy social groups. (That was just one of the page 1 results for "wealth inequality history" that I got. I know I've read better analyses that cover longer time periods before, but I'm feeling lazy at the moment. If you have any links at all to suggest we're in anything like "evenly distributed economic growth" then there's a possibility I'd be inclined to dive deeper.)

FredPret 2y ago
Why is this a problem as long as those at the bottom experience the maximum amount of growth possible? For instance, if I could press a button that would double my net worth while at the same time 5x-ing the net worth of my least favorite billionaire, I'd smash that button a million times a day.
- Karellen 2y ago
  > Why is this a problem as long as those at the bottom experience the maximum amount of growth possible? What makes you think they are?
  - FredPret 2y ago
    * The bottom 20% of USA is far richer than their peers around the world. * China uplifted a ridiculous number of people out of poverty after they embraced free markets in 1990. [0] [1] * Vietnam is doing the same thing right now. [0] https://en.wikipedia.org/wiki/Deng_Xiaoping#:~:text=77%5D%3A%E2%80%8A65-,Four%20modernizations,-%5Bedit%5D https://en.wikipedia.org/wiki/Deng_Xiaoping#:~:text=77%5D%3A... [1] https://en.wikipedia.org/wiki/Chinese_economic_reform#:~:text=2004.%5B135%5D-,Services,-%5Bedit%5D https://en.wikipedia.org/wiki/Chinese_economic_reform#:~:tex...

FredPret 2y ago

Why is this a problem as long as those at the bottom experience the maximum amount of growth possible? For instance, if I could press a button that would double my net worth while at the same time 5x-ing the net worth of my least favorite billionaire, I'd smash that button a million times a day.

Karellen 2y ago
> Why is this a problem as long as those at the bottom experience the maximum amount of growth possible? What makes you think they are?
- FredPret 2y ago
  * The bottom 20% of USA is far richer than their peers around the world. * China uplifted a ridiculous number of people out of poverty after they embraced free markets in 1990. [0] [1] * Vietnam is doing the same thing right now. [0] https://en.wikipedia.org/wiki/Deng_Xiaoping#:~:text=77%5D%3A%E2%80%8A65-,Four%20modernizations,-%5Bedit%5D https://en.wikipedia.org/wiki/Deng_Xiaoping#:~:text=77%5D%3A... [1] https://en.wikipedia.org/wiki/Chinese_economic_reform#:~:text=2004.%5B135%5D-,Services,-%5Bedit%5D https://en.wikipedia.org/wiki/Chinese_economic_reform#:~:tex...