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Today the trend to greater equality of incomes which characterised the postwar period has been reversed. Inequality is now rising rapidly. Contrary to the rising-tide hypothesis, the rising tide has only lifted the large yachts, and many of the smaller boats have been left dashed on the rocks. This is partly because the extraordinary growth in top incomes has coincided with an economic slowdown.
The trickle-down notion— along with its theoretical justification, marginal productivity theory— needs urgent rethinking. That theory attempts both to explain inequality— why it occurs— and to justify it— why it would be beneficial for the economy as a whole. This essay looks critically at both claims. It argues in favour of alternative explanations of inequality, with particular reference to the theory of rent-seeking and to the influence of institutional and political factors, which have shaped labour markets and patterns of remuneration. And it shows that, far from being either necessary or good for economic growth, excessive inequality tends to lead to weaker economic performance. In light of this, it argues for a range of policies that would increase both equity and economic well-being.
Five minutes to midnight, marginal productivity theory "needs urgent rethinking."
[Wikipedia: Joseph Eugene Stiglitz is an American economist and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences and the John Bates Clark Medal. He is a former senior vice president and chief economist of the World Bank and is a former member and chairman of the Council of Economic Advisers. --Ed.]
(Score: 0) by Anonymous Coward on Saturday July 29 2017, @05:40PM (6 children)
Cemeteries are full of everyone, really.
(Score: 0) by Anonymous Coward on Saturday July 29 2017, @06:05PM (3 children)
Which clearly illustrates how all the egalitarian crusading, rebelling, and social justice warring in the world inevitably leads to the same result as simply making the best of ones lot without all the useless drama.
(Score: 0) by Anonymous Coward on Sunday July 30 2017, @12:58AM (2 children)
So, you're still working 12-hour days, 6 days a week?
The shallow grasp of History among so many here is saddening.
Your disrespect for those who died so that you could have labor rights is especially awful.
https://www.marxists.org/subject/art/music/lyrics/en/joe-hill.htm# [marxists.org]
https://en.wikipedia.org/wiki/Ludlow_Massacre#firstHeading [wikipedia.org]
The way that workers/voters have allowed The Reactionaries to disempower labor unions is also shameful.
-- OriginalOwner_ [soylentnews.org]
(Score: 0) by Anonymous Coward on Sunday July 30 2017, @06:42AM (1 child)
"The way that workers/voters have allowed The Reactionaries to disempower labor unions is also shameful."
Yes! Darn them for not agreeing with you! Darn them to heck!
Don't worry, I have it on good authority that Doctor Evil is a socialist, so you may be able to get him to lend you his HypnoBeam. Remember to point the buzzy end at other people, and speak clearly into the microphone.
(Score: 0) by Anonymous Coward on Sunday July 30 2017, @11:02AM
It sounds like you would never get into a fistfight with someone unless he is much smaller than you are.
It sounds like you would only go to see a boxing match where it was one-sided.
What is it about labor unions that so frightens you?
Do you think the corporation, with its billions and its lawyers and its specialists and its consultants, can't possibly get a fair deal unless the playing field is pre-tilted against The Workers?
-- OriginalOwner_ [soylentnews.org]
(Score: 2) by kaszz on Saturday July 29 2017, @07:29PM
I think the point is when they are full of people that died early because of intentional death.
(Score: 0) by Anonymous Coward on Sunday July 30 2017, @10:34PM
except Zoroastrians.