The Great Recession meant over half of Black Americans' wealth vanishing. It meant workers losing good jobs they had worked at their entire life. It meant millions of people in despair, turning to heroin.
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My point was directed against those who argue in favor of degrowth, so I am not sure I need a lesson in this.
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Yes I think you're right. The degrowth people annoy me.
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However, I would not call rich-country growth "plutocratic growth". When that growth goes negative, it's not the plutocrats who suffer most. In fact, most American plutocrats did fine in the Great Recession.
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It is the standard terminology. It is plutocratic because the weights are counties total GDPs.
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I just think that terminology is misleading. A proper measure of "plutocratic" growth would be individually weighted, not country-weighted.
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If it is individually-weighted it is democratic, not plutocratic.
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I mean, the plutocratic rate of growth should be the rate of growth for plutocrats. What you have there is not that.
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Noah, you want to change the accepted terminology. Fine w./me, call it total GDP-weighted---but plutocratic growth rate is standard. It has nothing to do w/ *plutocrats*: it has to do with weighting being proportional to total income.
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Right on Noah. Economists to meet the real world once in a while.
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Considering that a democracy requires people with the right values being elected by the population... You almost need to teach economics to kids early on so they understand what kinds of priorities the people they elect need to have.
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So... why are all those things still happening?
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The name "Great Recession" seems like an understatement. Perhaps we should go back to the 19th century method and call it the "Panic of 2008."
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