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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: 2) by The Mighty Buzzard on Saturday July 29 2017, @09:56PM (14 children)
Sure, why not?
You can't otherwise teach the greedy fucks at the bottom that how much more the greedy fucks at the top have is utterly irrelevant to anything but their own avarice.
My rights don't end where your fear begins.
(Score: 0) by Anonymous Coward on Sunday July 30 2017, @12:56AM
So circle jerking cxo's giving each other pay rises is supposed to incentivise everyone to be a cxo. Right gotcha, but who is going to do the actual work in your bukake system?
(Score: 0) by Anonymous Coward on Sunday July 30 2017, @04:54AM (7 children)
God DAMN you would benefit from a formal education. Your ideas for how to solve the world's problems are just so infantile in their naivety. You just never got past the shock of losing 1/4 - 1/3 of your paycheck to taxes huh?
Those damn gov thieves!!!! Rarrrgh!!!!
(Score: 2) by The Mighty Buzzard on Sunday July 30 2017, @08:50AM (6 children)
Formal education in this nation isn't. Education I mean, not formal. The radical left (no, not just ordinary old Democrats) has owned the higher education system for longer than I've been alive.
My rights don't end where your fear begins.
(Score: 3, Insightful) by aristarchus on Sunday July 30 2017, @11:40AM (5 children)
Yes? So? That does not mean that they are wrong (they are more educated, you know), or that you would not benefit from some higher learning yourself. Everyone here with some college experience can see plainly how your ignorance is harming you, and has utterly destroyed your ability to make a coherent and persuasive argument on matters of economics. Go back to school, Buzzard. We promise not to hurt you.
(Score: 1, Troll) by The Mighty Buzzard on Sunday July 30 2017, @12:01PM (4 children)
FTFY
My rights don't end where your fear begins.
(Score: 3, Informative) by aristarchus on Sunday July 30 2017, @12:19PM (3 children)
No, you just re-asserted your ignorant presumption stemming from a lack of actual education. When you are not educated, a lot of things you do not understand can seem like indoctrination. You may say to yourself, "How could anyone believe that?" And if you cannot answer this question, then it must have been brainwashing. On the other hand, educated people can understand how people can believe what they do, and so there are far fewer cases where this question does not have a reasonable, or at least plausible, answer. But it also means they do know why they believe what they believe, and can give reasoned arguments for their positions. The uneducated, deprived of this tactic, more generally resort to name-calling, like "libtard" or "SJW", or in your case, "indoctrinated". Come through the looking-glass, Buzzard! It's a whole new world!
(Score: 2) by The Mighty Buzzard on Sunday July 30 2017, @12:32PM (2 children)
Sweety, darlin, honey...
Education = the learning of stuffs
Education != attending a degree mill/indoctrination center
My rights don't end where your fear begins.
(Score: 0) by Anonymous Coward on Sunday July 30 2017, @02:54PM
Well you learned tech and then stopped, you are worse than Hawkings because you are an ignorant ass who doesn't even have fame in an advanced field yet you claim superiority over everyone else. You are such a massive toooooool.
Oh, and it is easy to tell when you are triggered, you hop back to overly sweet crap mixed with shitpoints.
(Score: 3, Insightful) by aristarchus on Sunday July 30 2017, @06:49PM
Easily avoided. Just do not attend a for-profit school, or one that has waco right-wing religious sponsorship. That rules out Univ. of Phoenix, Regent, and Liberty Universities. Just follow that pattern. (Oh, the scam schools usually offer to teach you stuffs that will make you more money, watch out for that. Education is not the same thing as training. But you know that, you were in a military.)
(Score: 0) by Anonymous Coward on Sunday July 30 2017, @11:36AM (4 children)
Is this what you meant? Because it doesn't make sense otherwise. And, "We're coming for your capital gains, Chuck!"
(Score: 2) by The Mighty Buzzard on Sunday July 30 2017, @12:06PM (3 children)
You think the poor aren't greedy fucks as well? I'm sorry but that is the only way to see anyone who gets butthurt just because someone else has more than them.
My rights don't end where your fear begins.
(Score: 0) by Anonymous Coward on Sunday July 30 2017, @12:24PM (2 children)
Come now, Buzz! You are a coder? Living in Tennessee? I have vastly more than you will ever see. I am so rich, I don't know what to do with all my money! So I invest in Social Justice Stocks. And, I am a socialist. I believe in taxing the rich. This is not a matter of greed. I certainly do not need any of these avaricious rich people's wealth, but I do think we should violently rip it from them, just to make the point. That is because they are sociopaths and criminals, in thought if not yet in deed. We need to neuter them, before they do real harm to society. So drop your petty projections of jealousy, it does not become you.
(Score: 2) by The Mighty Buzzard on Sunday July 30 2017, @12:30PM (1 child)
Pretty fair shitpost. It did make me laugh.
My rights don't end where your fear begins.
(Score: 0) by Anonymous Coward on Sunday July 30 2017, @03:01PM
You're still able to laugh?? Good! Now quick, step back into the light before the devil claims the rest of your soul!!