Bernhard Schussek
Subbu AllamarajuThis is brilliant.
"This is the crux of the Yard-sale model. In a free market, one person ends up with all of the wealth – completely by chance. "
@s3u It indeed is, kudos for sharing! People generally seem to fail to understand that "anyone can be a millionaire" implies that not everybody can.
Escarpment@s3u Wow this puts words and scientific papers to an inkling I have had for a long time.
This "rich get richer" phenomenon is also not limited to wealth distribution. The power law distribution is common in nature. For example, craters on the moon. By random chance, some craters will get hit again by asteroids, doubling in size. These larger craters are then bigger and in turn more likely to be hit a 3rd time.
So over time, you expect an "unfair" distribution of crater size.
@s3u None of this is to justify that these systems *should* be this way, of course, just evidence for how they behave naturally without human intervention.
Bryan Wright@s3u
"In fact, these mathematical models demonstrate that far
from wealth trickling down to the poor, the natural inclination of wealth
is to flow upward, so that the ’natural’ wealth distribution in a free-
market economy is one of complete oligarchy. It is only redistribution
that sets limits on inequality."
- Bruce M. Boghosian, “Is Inequality Inevitable?”
https://www.scientificamerican.com/article/is-inequality-inevitable/
This was a final project for my beginning programming students:
https://catselbow.gitlab.io/practical-computing-for-science-and-engineering/final-f2020.pdf
@catselbow thank you for the reference to the Scientific American paper.
Filmkater@s3u Ich würde jetzt gerne darüber kommentieren wie spannend und erhellend ich diesen Artikel finde. ⬆️
Warum landet das Geld IMMER bei einigen wenigen.
Warum landet das Geld IMMER bei einigen wenigen.
phe'ara“Some of the wealthy players would inevitably argue that they deserve to be rich because they're better at guessing the result of a coin flip.”
Manuel Senfft@s3u and then there is me, having luck in simulations, but not the real life? xD
John Refior@s3u ugh another share of this.
It's not brilliant. It's misleading and inaccurate. I wish people would share relatively accurate models developed by economists and accepted by economists.
Instead of a website making grandiose false claims that an inaccurate model developed by someone who is not an economist proves the fatalist opinions that the superwealthy are inevitable, it's impossible to get ahead in life, this is why, etc.
https://hachyderm.io/@jrefior/109582271896093340
--
#misleading #unhealthy
John Refior (@[email protected])
@[email protected] I watched it from your earlier toot. I appreciate the animation. It's just not much of the story of why rich people get richer. For example, Piketty's "Capital" shows that more of the proceeds from an employee's labor goes to the owner than to the laborer. And then there's political control by wealth leading to public policy that gives massive government handouts to the wealthy, e.g. the SALT deduction https://www.brookings.edu/blog/up-front/2020/09/04/the-salt-tax-deduction-is-a-handout-to-the-rich-it-should-be-eliminated-not-expanded/ https://www.hup.harvard.edu/catalog.php?isbn=9780674430006 --------- #inequality #salt #labor
#[deprecated] Qyriad@s3u And people wonder why leftists want socialism