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 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. -
@paulg Yeah, and a lot of the startups are the same extractive game, rather than one creating real wealth. -
@timoreilly In fact not. But even if they were, they'd prevent fixing inequality, which is my point in this thread. - 1 more reply
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@timoreilly Plus tax rates don't even matter unless you sell stock, which few of the most successful founders do much. -
@paulg@timoreilly the widely advocated wealth tax would force founders to sell to pay their taxes. -
@philswenson@paulg Not suggesting that. Nor was Stiglitz, whose book, unread by most commenters here, started this thread.
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@timoreilly Ending the carried interest deduction would be great. But fixing an obvious loophole is not a sweeping plan.Thanks. Twitter will use this to make your timeline better. UndoUndo
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@paulg@timoreilly what % of founders do it for the $? Very few. they need to and the economic incentives are currently logical -
@hdemott3 Few do it simply for the money, but even fewer would do it without the money. -
@paulg true. Seems that as long as the incentives favor founding over traditional employment wealth inequality is bound to grow.
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@paulg@timoreilly Equal does not mean the same. Type case. Fixing economic inequality means establishing "fairness".Thanks. Twitter will use this to make your timeline better. UndoUndo
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