Someone should start a program to inoculate future generations of economists against Pikettism by introducing to them to some second and third generation heirs.
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Might be true for some families but does not invalidate his main point that inequality is getting worse driven by high rates of return to capital owners. And we are getting close to levels where things like a rising popularity in fascism and revolutions happen. Do you disagree?
I disagree with both points. Bill Gates, Zuck, Larry & Sergey, etc are rich from starting companies, not from high rates of return on their capital. And it's absolute poverty that breeds revolutions, not relative poverty.
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Yet, absolute poverty very much exists right now, as well as astronomical wealth. So optimization is possible by bringing both sides towards a tiny bit more equality.
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Also maybe we could have standards that go a tiny bit further than « reducing the likelihood of a revolution » one can only dream!
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I think focusing on individuals, especially these ones, is missing the point. The point is the class that owns capital (from you to lil ol me) are doing great e.g. stocks in the SNP500 while the bottom half is doing worse. The covid pandemic has exacerbated this.
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Now - I’m not saying its a bad thing. Heck I’m a beneficiary of it. But something needs to be done because there is a growing anger and resentment from the people who don’t.
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That’s like saying we could all be LeBron James if we tried. We can’t.
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Where does your thinking on absolute vs relative poverty come from? Have their been studies?
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As it is, how do you envision things playing out based on these prevailing ideas and what some of your fears associated with them could be heading in the next couple decades? Paint that picture with best and worst case scenarios you can imagine and assign probabilities to it
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Etc? Their are outliers.
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Yeah mit and hard are students had the same opportunities as the rest of the world.
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There was absolute poverty in the US before the war of independence or its civil war? It's the educated classes that start revolutions. Those in absolute poverty have f-all choices, let alone the ability to organise a revolution.
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