Tag: wealth inequality
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Half of Global Wealth Owned by 62 People: How Oxfam Lies While Telling the Truth
Once again, Oxfam is circulating that 62 people have as much wealth as the bottom half of the world's population. Think about that for a moment. When you read that, what do you think that means? Particularly, what is wealth? Many people will interpret "wealth" as financial assets. Many others realize wealth includes the value…
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Measuring Inequality: On Using Snapshots When Only Video Will Do
When it comes to understanding inequality, the debate is frequently burdened with many misunderstandings about data. When talking about wealth inequality, we see statements like "85 people own more wealth than the bottom half of humanity." Wealth is routinely misunderstood to mean money and things someone owns. It isn't. Wealth is someone's total assets minus…
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Deirdre McCloskey vs Thomas Piketty – a clash of the inequality titans
The Spectator: Deirdre McCloskey vs Thomas Piketty – a clash of the inequality titans Well, I think I might have met his match. She's called Deirdre McCloskey. … … McCloskey on the other hand, who is meant to be the conservative one, has the zeal of a revolutionary. She describes herself as an ex-Marxist, Christian…
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Economics Links
1. Huffington Post: Financially Speaking — Are We an Illiterate Nation? … Champlain College's Center for Financial Literacy released its '2013 National Report Card,' which quantifies what states are doing to promote financial literacy in the classroom. Only seven of 50 states surveyed came away from the study with an "A" rating. That's right, a…
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The Myth of the Monolithic 1%
The top 1% versus the 99% is again emerging as a popular topic. I wonder how many people genuinely reflect on who makes up the 1%. I believe many people see the 1% as a highly cohesive static population segment. It isn't. Social scientists use two different types of analysis when analyzing data about populations.…
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Your New Born Is Wealthier than 60 Million Americans
Robert Reich's increasingly well-traveled observation is, "The 400 richest Americans now have more wealth than the bottom 150 million of us." But think about what that means. What is "wealth?" I routinely sense that most people incorrectly think this means how much money you have, or much stuff you own, including money (i.e., assets.) No.…
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How You, I, and Everyone Got the Top 1 Percent All Wrong
Atlantic: How You, I, and Everyone Got the Top 1 Percent All Wrong In fact, the gain in wealth share is all about the top 0.1 percent of the country. While nine-tenths of the top percentile hasn't seen much change at all since 1960, the 0.01 percent has essentially quadrupled its share of the country's wealth…
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How to Fix America’s Wealth Inequality: Teach Americans to Be Cheap
The Atlantic: How to Fix America's Wealth Inequality: Teach Americans to Be Cheap … The math of wealth is actually pretty simple: It all boils down to four things: 1. How much you start with, 2. How much income you make, 3. How much of your income you save, and 4. How good of a…
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Saturday Links
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in Asia, China, Current Affairs, Economic Development, Economics, Evolution, Gender and Sex, Immigration, Links – Saturday, Religion, Science, Sports and Entertainment, Technology, Technology (Biotech & Health), Technology (Digital, Telecom, & Internet), Technology (Energy), Technology (Food & Water), Technology (Manufacturing & Construction)), Technology (Transportation & Distribution), Wealth and Income, Weatlh and Income Distribution1. The United States had its financial bubble. Europe is having one too. Is China next? If it is, it could reshape the global economy and radically reshape the Chinese government. Here is an interesting piece about China’s real estate bubble. 2. Robert Tracinski thinks we are in the midst of a Third Industrial Revolution.…