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antoniogm's profile
Antonio García Martínez
Antonio García Martínez
Antonio García Martínez
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@antoniogm

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Antonio García MartínezVerified account

@antoniogm

Writer at @WIRED. Author of NYT bestseller 'Chaos Monkeys'. Formerly @Facebook, @YCombinator, @GoldmanSachs. Yes, I live on a boat and in a yurt. 🇺🇸🇪🇸

Orcas Island, WA
antoniogarciamartinez.com
Joined December 2007

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    1. Lyman Expand the House of Representatives Stone‏ @lymanstoneky Oct 24

      Lyman Expand the House of Representatives Stone Retweeted Andrew Schein

      This is the wrong way to compare Europe/US. Europe's bottom third are maybe 10-20% poorer than the US'. Europe's middle third are about the same. Europe's top third are about 20-40% poorer than the US.https://twitter.com/a_r_schein/status/1055178495045853184 …

      Lyman Expand the House of Representatives Stone added,

      Andrew Schein @a_r_schein
      Replying to @JmsOlvr @lymanstoneky
      Some people are risk seeking but I actually don't think *most* people really would choose the America option over the European option if they didn't know which quintile they would land in...
      6 replies 3 retweets 17 likes
      Show this thread
    2. Lyman Expand the House of Representatives Stone‏ @lymanstoneky Oct 24

      Which means your odds of being "worse off" are about the same in both places if you don't know your skill level ex ante. But crucially, the payoffs to the US top third are a lot bigger than the costs to the US bottom third.

      4 replies 1 retweet 4 likes
      Show this thread
    3. Lyman Expand the House of Representatives Stone‏ @lymanstoneky Oct 24

      I show the expected value calculations below with some simple numbers. EVEN IF you are EXTREMELY risk averse and weight bottom-third outcomes THREE TIMES AS HEAVILY as middle or top third, the US is STILL a higher expected value.pic.twitter.com/n3wN4HdnTl

      4 replies 1 retweet 5 likes
      Show this thread
    4. Lyman Expand the House of Representatives Stone‏ @lymanstoneky Oct 24

      Lyman Expand the House of Representatives Stone Retweeted Antonio García Martínez

      This tweet is correct: there is diminishing marginal utility of income. But the cutoff for the top third of consumers isn't some huge number. It's, like, $75,000 or something. I assure you marginal utility of $1 at $75k is not zero, or even close.https://twitter.com/antoniogm/status/1055251445568524289 …

      Lyman Expand the House of Representatives Stone added,

      Antonio García MartínezVerified account @antoniogm
      Replying to @lymanstoneky
      That's where you lost me. The marginal value of additional wealth decreases to nothing on the upside. The marginal decrement to welfare going down in wealth only increases in magnitude until you hit penurious starvation.
      3 replies 0 retweets 4 likes
      Show this thread
    5. Antonio García Martínez‏Verified account @antoniogm Oct 24
      Replying to @lymanstoneky

      Right. But the tax trade-off the US has been making is between the marginal tax rate of the 1% (or even less) vs. everyone else, and cutoff is way, way higher than $75k.

      1 reply 0 retweets 0 likes
    6. Lyman Expand the House of Representatives Stone‏ @lymanstoneky Oct 24
      Replying to @antoniogm

      Zero relevance to this discussion.

      2 replies 0 retweets 1 like
    7.  📊  👨‍💻  🕵️ 🗯️ 🤖 🧐‏ @k1ug3 Oct 24
      Replying to @lymanstoneky @antoniogm

      Surely the relevance comes from funding a higher tax credit for the bottom third funded by higher taxes on the rich ?

      1 reply 0 retweets 0 likes
    8. Lyman Expand the House of Representatives Stone‏ @lymanstoneky Oct 24
      Replying to @k1ug3 @antoniogm

      Zero relevance to this discussion. We aren't debating policy here, we are discussing whether or not America is richer than the Nordics.

      1 reply 0 retweets 0 likes
    9.  📊  👨‍💻  🕵️ 🗯️ 🤖 🧐‏ @k1ug3 Oct 24
      Replying to @lymanstoneky @antoniogm

      But how rich the bottom 30% are is affected by this, no ?

      1 reply 0 retweets 0 likes
    10. Lyman Expand the House of Representatives Stone‏ @lymanstoneky Oct 24
      Replying to @k1ug3 @antoniogm

      I don't care what it's affected by; I care about comparing the outcomes. And the outcome is simple: America's poor are poorer and our top thrid are a lot richer and for most people w/ normal risk preferences that would outweigh the risk.

      1 reply 0 retweets 0 likes
      Antonio García Martínez‏Verified account @antoniogm Oct 24
      Replying to @lymanstoneky @k1ug3

      That I agree with.

      5:38 PM - 24 Oct 2018
      1 reply 0 retweets 0 likes
        1. Lyman Expand the House of Representatives Stone‏ @lymanstoneky Oct 24
          Replying to @antoniogm @k1ug3

          That's literally what the entire thread is about, if you read it.

          0 replies 0 retweets 1 like
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