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I recently read Capital in the Twenty-First Century by Thomas Piketty - In the book Piketty suggests that the return on capital is now so much higher than the return on labor that traditional income taxes would not be very effective for increasing the tax contributions of the extremely wealthy. Let me know if I'm off-base here, but wouldn't a 90% top income tax bracket just hit a small number of very high earning professionals like doctors, lawyers, etc.?
> I was interested about this too so I looked it up and was surprised at how lacking the research was.
Consider checking out Invisible Women, a great book discussing this topic in depth.
It also happens to mention that Viagra may be effective at treating period cramps.
Confessions of an Economic Hitman goes into great detail about the Bechtel Corporation. Very well written story about a guy who was unwarily caught up in instituting U.S. interests abroad.
Correct. Read Piketty's book Capital in the 21st century.
The market if left to its own devices, will over time, bring us all back to feudalism. As ever larger shares of wealth travel in ever fewer amount of hands. Someone eventually wins the Monopoly game.
I don't disagree that Piketey has probably got it right, that if we don't make it our business as regular people to transition into interest bearing stuff, by way of the market, we have trouble.
The real concern is that Boomers, most definitely did "break" America by way of acceding to the notion that they could have "everything" without having to work for it, the notion of "pay it later" or "leave it for the kids" is EXACTLY what became respectable during the 1980's.
It turned the United States from an aspirant republic capable or generating wealth by way of fostering upward mobility, and through decades of disinvestment in schools, healthcare and infrastructure, to say nothing of militarizing the civic services, we ended up in short order, in an Ayn Rand inspired dystopia, where the engineers and "smart people" all were told to work 80 hours a week and do well, the "moochers" did FAR worse, and at the end of the day the "best and brightest" got the shaft, at some raw outsourcing deal.
So while there are winners in our society, the Mark Z's, and Eric Princes of our society, they were going to do just fine whether fortune smiled heavily or lightly upon them, that they just make it clear, that in fact we've become a casino / winner take all type economy.
It's a massive regression, so instead of public services and intentionally socializing major industrial/economic benefit projects, we wait on the hopeful benevolent patronage of some hyperwealthy person who can personally fund moon-launches, mars colonies. One wonders if they don't name the first colony Galt's Gulch.
What's screwed up is to see the boomers vigorously fuck over their own children and grandchildren so they don't have to think too much about any sort of responsibility or cost to themselves.
The 'me' generation all the way.
This is pretty much exactly what Caroline Criado-Perez says in her recent book "Invisible Women: Exposing Data Bias in a World Designed for Men".
It's good to see that the awareness of this is spreading.
I don't know if this will help, but I just finished reading Invisible Women. It is an excellent read and it's absolutely appalling and infuriating to see all the places where women are just...not considered, and what the fallout of that is on a societal level. I don't think the word "feminism" occurs in the book, but it is very much a strong feminist statement with an absolute shitload of data to back it up.
Or just throw the whole boyfriend out, up to you.
This is the syllogism they are using.
A) Black people use this social program B) Republicans want to cut this social program
Therefore, Republicans want to cut social programs because Black people use them.
So if you want to cut welfare you hate black people. If you point out that the large majority of people who use welfare in America are not black, so why you hear, "DIBRPORITONALLHY BLACK." These people have no idea what a proportion is or what it should mean. Ask someone, "What is the proper proportion that something should be of another thing?" They have no idea and can't unpack it.
Bonus points, if instead of talking about disproportionate black people they instead say "people of color" you can ask them how they got so racist that they would use an old-timey racist phrase like "colored people" AND lump in all races into one group as if Cubans, and Italians, and Arabs and Indians and African Americans and Koreans are all the same, have no special identity that matters to them and their only feature is not being white. Sounds like a white supremacist talking point, doesn't it?
Edit: People should actually just read this book instead of launching misinformed and unrelated arguments against what I said. It turns out the professional academic goes into a little more detail and cites extensive sources, unlike my exceedingly brief reddit comment. Literally, go read a book. It's very short, because half of it is citations.
Honestly, HK was the moment it became clear that Maxwell was the John Perkins of Bitcoin. "Confessions of an Economic Hitman" is a must read to understand the hijacking of Bitcoin. It took only one guy on the inside of Chas T. Main engineering to put countries billions in debt. To put Bitcoin in the hands of the banks it took only one neckbeard rat willing to sell out.
Signing the HK agreement ~~proves~~ strongly suggests that u/adam3us and u/luke-jr were out of the loop.
Let's not forgot this dude wrote a book called "The Coming Collapse of China" and predicted China would collapse in 2 years.
That book was published in 2001.
https://en.wikipedia.org/wiki/Economy_of_China#Development
^^ Here you go, even the economists are saying all sorts of self contradictory things. Half think the book is cooked in one direction, others think they're cooked in the other direction.
But one thing is obvious, there are a large segment of reddit that wanted China to fail and puts that wish in their assessment of objective things. That's how you end up with books like Coming Collapse of China ^published ^2001
> The crisis in VZ is a product of lack of diversification and an over reliance on the oil economy to fund social programs.
This is simply nonsense. The crisis in VZ is a product of:
- Price and currency controls
- Corruption and mismanagement in nationalized industries
> how does participation [this] make VZ an example of socialism?
It makes it a perfect example of everything Hayek predicted would result from central/collectivist economies. That the whole thing devolves into starvation and oppression is no head-scratcher. It's right on script.
https://www.amazon.com/Invisible-Women-Data-World-Designed/dp/1419729071
Also worth googling is women’s second shift. It focuses on how labor isn’t divided equally in a marriage. Women take on not only more chores, but daily chores (dinner, cleaning, child care), while men tend to take weekly chores (mowing the lawn, taking out the trash). Not to mention they wind up maintaining their husband and children’s social calendar in addition to their own. Career wise, women are in danger of losing their careers and not doing well in interviews when they reveal to be engaged/married. Men get pay boosts when engaged married. Women are expected to abandon/sacrifice their careers for their family while men aren’t. The list goes on. But that book and that term second shift are a great place to start
Why change subjects? Can you point to concrete examples of so called Chinese "debt traps"? I can point to an entire book full of real examples of Western economic imperialism http://www.amazon.com/Confessions-Economic-Hit-John-Perkins/dp/0452287081/
China's so-called Chinese human rights abuses are orders of magnitude less than America, but I don't hear you crying about America's human rights abuses that include an invasion of Iraq that killed about a million people, destroyed Libya, destroyed Syria, extreme police brutality/police state, global drone assassination programs, etc. Go ahead, prove me wrong.
Every facial recognition system to date has ran into the latter problem, some to extreme degrees. It is not rare by any stretch whatsoever.
The first is not rare, either.
https://www.amazon.com/Invisible-Women-Data-World-Designed/dp/1419729071
Probably a good time to read The Road to Serfdom, or at least to flick through the brief illustrated version.
that link's a great summary. the issue of most studies being done on young, white, male college students is a massive one that the general public, most of whom have taken a prescription, know nothing about. women are just considered 'smaller men' to their detriment. children are, too. the issue for pregnant women is even worse; they're told to go off all drugs/supplements not because we know those things are bad, but because we know nothing at all. absence of evidence is not evidence.
there's a book i consider a must-read for everyone, about how everything in the world is made for men because they're considered the default human. it's Invisible Women: Data Bias in a World Designed for Men by Caroline Crialdo-Perez. https://www.amazon.com/Invisible-Women-Data-World-Designed/dp/1419729071
And what about people who dislike her for the lies and economic ignorance she spreads? It never ceases to amaze me that people actually believe that her ideas are feasible. I can just say that X should be free too; that doesn’t magically render X immune to scarcity. Do yourself a favor: read this fantastic book on economics and start being part of the solution instead of the lunacy.
Oh that's cute. You linked me Sowell. Now try reading a big boy economist: https://www.amazon.com/Capital-Twenty-Century-Thomas-Piketty/dp/067443000X/ref=sr_1_1?ie=UTF8&qid=1496878948&sr=8-1&keywords=Capital+in+the+Twenty-First+Century
I know the math looks really hard but trust me, it won't be so bad.
It appears there was a newer version that came out in 2016 with 15 more chapters. 🤷♀️
https://www.amazon.com/New-Confessions-Economic-Hit-Man/dp/1626566747
I don't get your fixation on the raw number of shares someone holds it should be on the amount of money the have in it. If you have 100k worth of a company A with 10 shares and 100k worth of company B with 5 shares and they both pay a dividend of 10% you'll still get paid 10k from both companies regardless of the amount of shares you have.
I will agree though as I have numerous times throughout this thread that wealth inequality is a problem and I would 100% not want money being concentrated in the higher parts of society.
Yes I agree 10000% that the fed's lowered interest rates which have allowed for the growth of capital/assets to be higher than the growth in the economy leads to worsening wealth inequality, which Thomas Piketty extremely thoroughly discusses in his book Capital.
What I've been trying to get at (although badly, sorry slow day) is that given the circumstances that we've been dealt, and with the knowledge that the Fed's actions do help the economy recover and lessen the effects from a recession, and "as long as we don’t see inflation on the consumer side" during the Fed's efforts I dont see a problem with the lowered rates.
The main problem is how long it took the economy to recover and the length at which the fed kept it's policies in place, which I why I stated that I hope we start to see a continuation of the precovid labor market as well as large gains with wages so that the Fed can start to ease off its easy credit policies fast and asset prices can drop/stabilize.
I recommend <em>Capital in the 21st Century</em>. It's an extensive study of income, economy growth, capital, and how it all relates to the rising rates of inequality in the world. It finishes with tentative policy recommendations for governments to look into to counteract the inevitable market trends.
It's written by an economist, so it is kind of number heavy, but I think it's worth getting through.
20 pounds new on co.uk for the hardcover version. (Remember that amazon has excellent policies if you somehow get shipped a used version)
Just in case you don't like reading on pdf (I know I don't): https://www.amazon.co.uk/Age-Reason-Thomas-Paine/dp/1515090825/ref=sr_1_4?ie=UTF8&qid=1471357854&sr=8-4&keywords=age+of+reason 5 pounds
Not to make this political. But everyone should care. Global inequality is at all time highs.
We can feed and clothe the poor many times over and we choose not to. We destroy the environment and pollute our bodies in the name of economic growth. It ultimately leads to civil unrest, which we are experiencing now, because people can’t get by working full time jobs. They can’t afford health care. They can’t provide for their families. The middle class is disappearing and being replaced by what amounts to modern day slaves.
Capital in the Twenty First Century is on my reading list and covers some of these topics.
Discrimination and Disparities https://www.amazon.com/dp/1541645634/ref=cm_sw_r_cp_api_i_4kCuFb699QVY1
Her entire argument is trashed by a much more intelligent man than her. Thomas Sowell is the boss when it comes to these topics.
Quote him and watch them call him a racist. Then drop a picture of him. 😂
Oh yeah, that’s what keeps happening. If you ever want to get a good overview of how everything works, I recommend this book. It’s not too long and speaks in plain language. No charts or equations needed.
am inceput sa citesc economics in one lesson, o carte aparuta in 1946 prima data, revizuita prin anii 70, cica inca e f relevanta ca sa intelegi chestii de baza.
pare draguta primele pagini da era tarziu si m-a luat somnu si am pus kindleu jos putin si am adormit. plm
Thank you for poking at male as the default. There is a great book, Invisible Women that shows how using male as the default has affected women with regards to medical research, designing cars and homes, availability and design of safety equipment, allocation of public works money, and so much more. Women make up fully half the population, yet we are underserved.
There is a great blog, The Man Who Has it All, that examines a lot of gender-specific “norms” by flipping them on their head. “I’m not a male doctor, I’m just a doctor!” - Evan, bring gender into everything, as always.
US Sends weapons to Saudi Arabia to orchestrate mass killing and the biggest humanitarian disaster in recent history. They also overthrew Iran's democracy. Read this if you ever get the time to understand how shit like this works. https://www.amazon.com/Confessions-Economic-Hit-John-Perkins/dp/0452287081