Robert ReichWealth inequality is eating this country alive. Concentrated wealth is already endangering our democracy. Wealth doesn’t just beget more wealth — it begets more power.
It’s a vicious cycle that destroys our economy and democracy at the same time.
Gary D Lynne@rbreich Need to reframe the conversation to finding optimal inequality... enough inequality to keep adequate incentives but not so much to drive resentment and breed support for Authoritarian Cons. See https://www.metaeconomics.info/post/adam-smith-on-income-and-wealth-inequality
Too Much Inequality? Time to Move Toward Optimal Inequality?
(Updated April, 2023) Krugman (2022) in the New York Times reminded me of what Adam Smith had to say about the matter of inequality, and, notice, I am talking here about inequality not redistribution. Krugman (2022) also points to the Realtime Inequality simulator developed by Thomas Blanchet, Emmanuel Saez, Gabriel Zucman, Department of Economics, at the University of California- Berkeley. The inequality in the US is unprecedented, and, needs to be dealt with. Also see Krugman, 2023, on the
@rbreich Actually, it is easy to show that economic efficiency requires optimal inequality, not extreme inequality.
Daniel Freysinger@metaecongary @rbreich People are not machines to be optimized. Maybe we need to adjust our priorities and value the maximum good for the maximum number of people. Economics is indeed a dismal science when it disregards morality for the sake of productivity.
@daniel @rbreich Absolutely. The notion of optimal inequality comes out of dual interest theory in Metaeconomics, which sees ethics as key. When one brings the moral dimension, ethics in the wider system into play, the issue comes down to a moral and ethical inequality, an inequality which the other can go along with. And, said ethical inequality is essential to achieving economic efficiency and political stability.
Doctor of ElectricityThe problem is, they've figured out that us peasants know our place and will put up with it.
Bee Kaye@rbreich totally agree. our middle class is rapidly disappearing. what we are going to have is a society of very wealthy haves and very poor have nots. no society can exist like this-it's too unstable. dunno what will happen if things continue on this path to destruction.
Raymond@rbreich SCOTUS says money is speech. Rich people have too much say and that is the problem.
micropainter@rbreich If wealth inequity is eating the world alive, then is the solution...eat the rich?
Kidding. Well, maybe.
Riley@rbreich so true
Jo 🌈💜💕🏳️🌈@rbreich the true definition of gluttony
stoicmike@rbreich When a senator is in a tight race someone is going to be asked to write a quick check for 1M. That person is always going to have his calls answered. When SVB went down the other day those phones were ringing.
Tjkbrown🐀🧀Here's a simple bullet-point list of ways wealth inequality is bad for humanity:
- Increases poverty rates
- Limits access to education
- Causes health disparities
- Reduces social mobility
- Leads to political instability
- Creates a more unequal society
- Increases crime rates and social unrest
- Slows economic growth and innovation
- Reduces overall happiness and well-being.
Hanover Fiste@rbreich Question... if the states trying to succeed from the United states are successful would that set a legal president for cities in those states to succeed from the state?