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Old 14th March 2015, 07:07 PM
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Default Why income/wealth equality is getting worse



credit to GIA from TR for this....
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Old 15th March 2015, 11:15 AM
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Default Re: Why income/wealth equality is getting worse

Thanks DBD. Bill Moyes' website looks interesting.

PS - For those who haven't read it, Piketty's book is worth reading.
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Old 24th March 2015, 09:45 PM
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Default Re: Why income/wealth equality is getting worse

Great video Darwinsbulldog. Yes, Blue Lightning, I certainly will read Pickety's book, when it comes out in paperback. Hopefully soon.

Meanwhile, it could be time to take up the gardening implements, comrades.

Oligarchy.
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Last edited by Strato; 24th March 2015 at 09:46 PM.
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Old 25th March 2015, 08:52 AM
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Default Re: Why income/wealth equality is getting worse

I remember reading some dude called Karl who talked about the "inevitable logic of capitalism"...

Is that relevant?
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Old 25th March 2015, 09:59 AM
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Default Re: Why income/wealth equality is getting worse

Pretty much, I'd say Workmx.

Well, it's official. Globalization, touted by a tamed and numbed media, is not only disemboweling the sovereignty of governments [via privatization etc], happily indulging in legal environmental terrorism and vandalism, it is also destroying any trust by employees.
Politician's glibly announce retrenched workers can re-educate, re-skill themselves to fit into new emergent economies, but disenfranchisement and worker alienation is at an all time high.

Laurence, J. (2015). "(Dis)placing trust: The long-term effects of job displacement on generalised trust over the adult lifecourse." Social Science Research 50(0): 46-59.
Quote:
Increasing rates of job displacement (i.e. involuntary job loss from redundancy, downsizing, restructuring) have been suggested to be a key driver of declining macro-levels of generalised trust. This article undertakes the first test of how job displacement affects individuals’ tendencies to (dis)trust over the adult lifecourse, using two-waves of the Great Britain National Child Development Study cohort data, on a sample of n = 6840 individuals. Applying both lagged dependent variable logistic regression and two-wave change-score models, experiencing job displacement between the ages of 33 and 50 appears to significantly scar individuals’ generalised trust, with depressed trust observable at least nine years after the event occurred. However, this effect is dependent on the value an individual places on work: the greater the attachment to employment the stronger the negative effect of displacement. A range of mediators, such as physical health, mental well-being, and personal efficacy, do not appear to account for the effect.
http://www.sciencedirect.com/science/article/pii/S0049089X14002026
http://www.sciencedaily.com/releases/2015/03/150310123200.htm
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Old 25th March 2015, 04:54 PM
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Default Re: Why income/wealth equality is getting worse

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Strato said View Post
Great video Darwinsbulldog. Yes, Blue Lightning, I certainly will read Pickety's book, when it comes out in paperback. Hopefully soon.

Meanwhile, it could be time to take up the gardening implements, comrades.
I saw this video recently that also discusses the pitchfork theory of economics.

Fortunately for me, while I have the wealth of a top 10%er, I have the appearance of a bottom 10%er so I should be safe come the revolution ;-)

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Old 26th March 2015, 11:06 AM
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Default Re: Why income/wealth equality is getting worse

^^^ That's Nick's second TED talk on this topic, his first one was censored by TED and not put online until a large petition forced them to capitulate..

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Old 26th March 2015, 08:18 PM
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Default Re: Why income/wealth equality is getting worse

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^^^ That's Nick's second TED talk on this topic, his first one was censored by TED and not put online until a large petition forced them to capitulate..
Yes, I like this video as well. I know we shouldn't trust common sense in issues like this but what he says makes sense and follows my own thinking recently. I've also seen similar information showing that the countries that do the best at solving social issues (mainly those pesky European ones that make the rest of us look bad) are also the ones that have the least amount of wealth/income inequality. Countries like the US and Australia might be rich, but we are losing the game as far as how we treat our citizens.

I also like the first video in the OP as it highlights the fact while income inequality is bad, wealth inequality is even worse. It is something that I understand intellectually, but emotionally I still find my self thinking 'Hey, this is my stuff. Why can't I give it to my heirs?'. I need to think and read more about it to get my thinking straight there.

Not that it effects me directly. I didn't inherit anything, and I have no heirs, so any money that I forget to spend before I die will go to some charity.
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Old 26th March 2015, 09:30 PM
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Default Re: Why income/wealth equality is getting worse

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Wrenn said View Post
I also like the first video in the OP as it highlights the fact while income inequality is bad, wealth inequality is even worse. It is something that I understand intellectually, but emotionally I still find my self thinking 'Hey, this is my stuff. Why can't I give it to my heirs?'. I need to think and read more about it to get my thinking straight there.

Not that it effects me directly. I didn't inherit anything, and I have no heirs, so any money that I forget to spend before I die will go to some charity.
mmm, I don't have a problem with inheritance to a point, if it is multi millions then it is a problem, but if the family home has been sold and split among a number of siblings I don't see that as a problem.. There has to be some type of limit though, IMHO... Maybe a progressive inheritance tax?

Though at the end of the day humans are humans and it only takes a small percentage to be greedy and they accumulate the wealth again and it keeps cycling around as Nick says, now where is my damn pitch fork..

I also don't agree with people playing the system but then pretending they don't support it, John Fayne on ABC radio in Melbourne is a perfect example.. He says he is against negative gearing, I agree, but he then admits to using it and will continue to use it until it is gone, personally I find that hypocritical.

Last edited by joele; 26th March 2015 at 09:32 PM.
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Old 3rd June 2016, 04:01 PM
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Default Re: Why income/wealth equality is getting worse

Interesting OP from Aditya Chakrabortty, economics commentator for The Guardian -

You’re witnessing the death of neoliberalism – from within
IMF economists have published a remarkable paper admitting that the ideology was oversold


Quote:
What does it look like when an ideology dies? …

...

… it is the very technocrats in charge of the system who are slowly, reluctantly admitting that it is bust.

You hear it when the Bank of England’s Mark Carney sounds the alarm about “a low-growth, low-inflation, low-interest-rate equilibrium”. Or when the Bank of International Settlements, the central bank’s central bank, warns that “the global economy seems unable to return to sustainable and balanced growth”. And you saw it most clearly last Thursday from the IMF.

It is the very technocrats in charge of the system who are slowly, reluctantly admitting that it is bust
What makes the fund’s intervention so remarkable is not what is being said – but who is saying it and just how bluntly. In the IMF’s flagship publication, three of its top economists have written an essay titled “Neoliberalism: Oversold?”.

The very headline delivers a jolt. For so long mainstream economists and policymakers have denied the very existence of such a thing as neoliberalism, dismissing it as an insult invented by gap-toothed malcontents who understand neither economics nor capitalism. Now here comes the IMF, describing how a “neoliberal agenda” has spread across the globe in the past 30 years. What they mean is that more and more states have remade their social and political institutions into pale copies of the market. Two British examples, suggests Will Davies – author of the Limits of Neoliberalism – would be the NHS and universities “where classrooms are being transformed into supermarkets”. In this way, the public sector is replaced by private companies, and democracy is supplanted by mere competition.

The results, the IMF researchers concede, have been terrible. Neoliberalism hasn’t delivered economic growth – it has only made a few people a lot better off. It causes epic crashes that leave behind human wreckage and cost billions to clean up, a finding with which most residents of food bank Britain would agree. And while George Osborne might justify austerity as “fixing the roof while the sun is shining”, the fund team defines it as “curbing the size of the state … another aspect of the neoliberal agenda”. And, they say, its costs “could be large – much larger than the benefit”.



... this is a remarkable breach of the neoliberal consensus by the IMF. Inequality and the uselessness of much modern finance: such topics have become regular chew toys for economists and politicians, who prefer to treat them as aberrations from the norm. At last a major institution is going after not only the symptoms but the cause – and it is naming that cause as political. No wonder the study’s lead author says that this research wouldn’t even have been published by the fund five years ago.

From the 1980s the policymaking elite has waved away the notion that they were acting ideologically – merely doing “what works”. But you can only get away with that claim if what you’re doing is actually working. Since the crash, central bankers, politicians and TV correspondents have tried to reassure the public that this wheeze or those billions would do the trick and put the economy right again. They have riffled through every page in the textbook and beyond – bank bailouts, spending cuts, wage freezes, pumping billions into financial markets – and still growth remains anaemic.

And the longer the slump goes on, the more the public tumbles to the fact that not only has growth been feebler, but ordinary workers have enjoyed much less of its benefits. Last year the rich countries’ thinktank, the OECD, made a remarkable concession. It acknowledged that the share of UK economic growth enjoyed by workers is now at its lowest since the second world war. Even more remarkably, it said the same or worse applied to workers across the capitalist west.



... what you’re witnessing amid all the graphs and technical language is the start of the long death of an ideology.
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