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Noahpinion's profile
Noah Smith
Noah Smith
Noah Smith
Verified account
@Noahpinion

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Noah SmithVerified account

@Noahpinion

Bloomberg Opinion writer. Elected "top neoliberal shill" of 2018. Occasionally posts anime gifs.

San Francisco, CA
bloomberg.com/view/contribut…
Joined April 2011

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    1. Noah Smith‏Verified account @Noahpinion Oct 20

      Remember Piketty? Remember how inequality increases when "r > g"? That "g" stands for "growth". If you think you can stop growth AND reduce inequality at the same time, you're betting that you can reduce "r" by much MORE than you reduce "g".

      17 replies 53 retweets 195 likes
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    2. Noah Smith‏Verified account @Noahpinion Oct 20

      That doesn't mean you can't be there reduce inequality and cut growth at the same time (I can name some countries that did it!). But it means that cutting growth makes the job of reducing inequality that much harder.

      1 reply 4 retweets 35 likes
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      Noah Smith‏Verified account @Noahpinion Oct 20

      And if you want to not just cut inequality but actually RAISE living standards for the poor while also cutting growth...good luck!!

      3:35 PM - 20 Oct 2018
      • 7 Retweets
      • 53 Likes
      • Eliot Peper EatherSpren Kaitlin Ironic Zionist 🌐 Juan Cricco Bram Bombeek Bernard Parham Union Jack Rodrigo Mendez
      10 replies 7 retweets 53 likes
        1. Lei Gong‏ @gonglei89 Oct 20
          Replying to @Noahpinion

          Of course what you haven’t gotten to yet is that Thomas Picketty already named a straightforward prescription to rectify inequality when r>g (and surprise surprise it is completely unoriginal and not novel). Just redistribute r while g is happening.

          0 replies 0 retweets 3 likes
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        1. Ida rules.‏ @Whoda_Ida Oct 23
          Replying to @Noahpinion

          Or, maybe, the lesson people should take from Piketty is that r should accrue to the society instead of to a specific class of people? Maybe aiming for the highest g is never going to be enough.

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        1. why are companies public that don’t need money MMT‏ @Nickcarduccii Oct 20
          Replying to @Noahpinion

          The only growth should be had from labor, management & risk! Riskless return & illegitimate demand is a farce!

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        1. @landley‏ @landley Oct 20
          Replying to @Noahpinion

          Wasn't Pikkety the guy who pointed out <1% of the people get most of the money? Growth doesn't help when the market's cornered.

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        1. Matt Thompson‏ @mvthomster Oct 20
          Replying to @Noahpinion

          You keep talking like the causation is one way. The question is not one of cutting growth (straw man!) but one of how much growth will even be possible.

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        1. Ariel Weinberger‏ @ArielWein Oct 20
          Replying to @Noahpinion

          Probably depends on the growth channel. Rising allocative efficiency seems to have raised r and g together as large firms get bigger. I think shifts in technology would decouple g from r more so.

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        1. Derek Zweig‏ @Dee_Wrecks Oct 20
          Replying to @Noahpinion

          Are r and g orthogonal? If g falls, shouldn’t r?

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        1. (((Barak)))‏ @ThunderJew1775 Oct 20
          Replying to @Noahpinion

          It just means you have to execute more rich people. Guillotine technology is scalable!

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        1. Trump puts the POS in POTUS  🇺🇸‏ @GrouchoMarx1011 Oct 20
          Replying to @Noahpinion

          I would just ask to the non-investor class: what is the point of cheering on growth if you are unable to share in that growth? Growth as a goal onto itself is about as flawed as “reducing inequality” as a goal onto itself.

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        2. evergreen twetes‏ @evergreentwete Oct 20
          Replying to @Noahpinion

          I don’t understand why this would be that hard if you include redistribution in g

          1 reply 0 retweets 0 likes
        3. Steffan John‏ @SteffanJohn Oct 20
          Replying to @evergreentwete @Noahpinion

          If nothing else, you have to redistribute much more than you otherwise would to achieve the same results. I support greater equality as a benefit in itself (esp. given where we're starting from), but it's not easy to achieve - though I do support growth in itself too.

          0 replies 0 retweets 0 likes
        4. End of conversation

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