In his new book, Joseph Stiglitz outlines a sweeping plan to correct economic inequality http://www.theatlantic.com/business/archive/2015/11/stiglitz-heres-how-to-fix-inequality/413761/ … #choices
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@paulg Larrys and Sergeys aren't the problem. That's a facile remark not worthy of you. Read the book, then comment http://rewritetherules.org -
@timoreilly Maybe you can summarize for us. How do you "correct economic inequality" and still allow billionaires? -
@paulg You start by getting rid of lower taxes on capital gains. End the carried interest deduction. Stop tying CEO comp to stock price. -
@timoreilly Changing tax rates might make founders 1/3 poorer, but startups make them 100x richer, so that won't fix inequality. -
@paulg You're looking at this thru a very narrow filter. Startups aren't the issue. Financialization of the economyhttp://www.tcf.org/blog/detail/graph-how-the-financial-sector-consumed-americas-economic-growth … -
@timoreilly Maybe. But if you ban hedge funds the people who start them will start startups instead and inequality will be just as bad. -
@paulg I call b******* on that one, Paul. Do some reading on some other aspects of the economy besides startups -
@timoreilly I've already seen this "bullshit" happening. YC has funded many refugees from finance as the returns there have decreased. - 3 more replies
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@paulg@timoreilly can't you just tax the future Larry & Sergeys appropriately instead of trying to prevent them? -
@karlherler How would you do that? -
@paulg I'm no economist but a wealth/capital tax could seems like a working tool. -
@karlherler@paulg land value "tax" is what@JosephEStiglitz recommends. I strongly agree. It's like a wealth tax, but just, and beneficial.
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@paulg@timoreilly Stiglitz keeps trying the old tired idea that has never worked (cntrl planning, wealth xfer, etc) ignoring econ freedom -
@peterkay@paulg@timoreilly not what Stiglitz is arguing for. Econ freedom is a much bigger concept than low taxes & deregulation -
@DanAncona@paulg@timoreilly of course but Stigliz is basing his "solution" on what's tried and failed - miserably.
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@paulg@timoreilly@pmarca should have an answer to this?Thanks. Twitter will use this to make your timeline better. UndoUndo
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@paulg how many people are not Larrys & Sergeys, and what about them?Thanks. Twitter will use this to make your timeline better. UndoUndo
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@paulg@timoreilly would world be a worse place if a Jimmy Wales type had come up with Page Rank instead of Larry & Sergey?Thanks. Twitter will use this to make your timeline better. UndoUndo
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@paulg@timoreilly I don’t agree with the book but he isnt arguing for perfect equality. The current distribution is bad.Thanks. Twitter will use this to make your timeline better. UndoUndo
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@paulg@timoreilly nice logical fallacy argumentThanks. Twitter will use this to make your timeline better. UndoUndo
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