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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, Troll) by The Mighty Buzzard on Saturday July 29 2017, @09:58PM (6 children)
Yes, I most certainly can. Everyone in the entire tech field except HR guys know the precise value of credentials: zero.
My rights don't end where your fear begins.
(Score: 0) by Anonymous Coward on Sunday July 30 2017, @03:21AM (2 children)
So your experience as an economist (clearly zero) + your special snowflake gut feelings, is better than an actual economist working and studying the economy?
So, knowing more about it than him, why have you still failed to offer any insight or anything at all for that matter?
(Score: 2) by The Mighty Buzzard on Sunday July 30 2017, @08:53AM (1 child)
Yeah, misusing the term snowflake isn't going to butthurt me. Sorry.
My rights don't end where your fear begins.
(Score: 0) by Anonymous Coward on Sunday July 30 2017, @02:46PM
Can't butthurt someone whose entire existence is that of a pained butt.
Don't worry, the snow might help your butthurt, embrace you existence as part of the shit blizzard.
(Score: 0) by Anonymous Coward on Sunday July 30 2017, @11:25AM (2 children)
So, This is why you dropped out of college? Confirmation bias? Or just ignorant ideological blindness?
And just because you think that the experts are not experts, that does not mean that your bullshit is any more valuable that it was before you made such an asinine claim. False equivalency, bozo!
(Score: 2) by The Mighty Buzzard on Sunday July 30 2017, @12:10PM (1 child)
No, because they taught too slowly.
FTFY
If the certifying authority does not have useful standards for gaining a certificate, it is worthless. End of story.
My rights don't end where your fear begins.
(Score: 0) by Anonymous Coward on Sunday July 30 2017, @02:50PM
Lol, you want to claim genius status? It is readily apparent that you are average at best. Maybe you have some aspbergers or some other disorder that makes you really good at learning tech, but oh boy from your arguments here you are a reactionary type that hides behind an illusion of calm. You truly believe that the person who gets upset first is wrong, and by remaining calm you maintain superiority. If it wasn't so lame it might be funny, but after years of seeing it, it is just kinda sad.