Wednesday, June 19, 2013| 1:13 AM US/Pacific
Inequality and Instability - Part 3
James K. Galbraith on link between inequality and instability: Societies that are more egalitarian are more stable
Most of us depend ...
Most of us depend on a 'factor of production' which decreases nominal productivity, so it's a pretty spurious measure of economic progress, taken alone.
I personally feel ...
I personally feel that much of the time between 1932 and 1980 makes more sense in the context of Western powers fighting "Big C" Soviet centered Communism. Various U.S. inequalities were a public relations bonanza for the USSR in it's efforts to penetrate both the Western world, and developing nations in the "post colonial", "Global South". Oversimplification? Yes! - but to say that the Americans did not benefit significantly from the Cold War is just wrong.
I can only guess ...
I can only guess that having less wealth concentration the proportion of spending per person is higher since the wealth is more evenly distributed. This becomes more of a lesson in 'economic resilience' since a contraction in spending by one group of people does not cause significant ups and downs. Contrast that with wealth concentration and you have relatively few whose spending (and investment decisions! Don't forget those) becomes very important to everyone else's employment. Just my musing.
Uploaded it just ...
Uploaded it just then - it should appear on my channel page.
wow best interview ...
wow best interview have ever seen. so insightful
the current species ...
the current species of human has survived for the past TWO HUNDRED THOUSAND years. Only recently have inequality, instability, and possible extinction been issues.
Thank you for this ...
Thank you for this very informative interview.
I'll upload a ...
I'll upload a video tomorrow - I tried to create a video then but it ended up coming out rambly.
Again I've ...
Again I've addressed such an issue already in past videos, which you have ignored - you ignore how the 'golden age' came about in the first place - do you *REALLY* want me to upload a video on the subject and give you the A to Z explanation?
WHERE IS PART 4?
WHERE IS PART 4?
The Lorenz Curve ...
The Lorenz Curve and its relationship between inequality and productivity - assuming one has bought about equality through income re-distribution then one can easily look at countries that have it and the decline in productivity - NZ since the introduction of working for families has seen either a stagnation of decrease in productivity. Economics is all about incentives but you seem to ignore that and the videos I've made on the subject.
In all parts so far ...
In all parts so far, 1 to 3, I still don't see any hard connections being made that inequality makes the economy unstable. I believe that to be true... but what is the mechanism between inequality and economic instability?
One thing to ...
One thing to remember is this; too much inequality creates instability but too much equality removes the incentives to be entrepreneurial thus you have stagnation with the lack of new businesses starting up and growing. The biggest problem in Europe isn't the lack of big business but how difficult it is for small to medium sized firms to grow in those early stages - big businesses can easily swallow additional costs where as small to medium businesses will struggle.
read "The Spirit ...
read "The Spirit Level", by Wilson and Picket for really good science behind these conclusions
Just a suggestion. ...
Just a suggestion. Look into copyleft hardware. Ie, Making 3d printers like reprap Wolfstrap is relatively cheap and easy, you could make those and sell on. do it all over the web if you can't go out. Ask friends to help. or just collect all the parts and sell as a kit online. big & growing demand for copyleft hardware ATM, no bosses, no ads, just friendly advice from others doing similar fun stuff. plus it skills you up for the future too.
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