jerryking + income_distribution   32

Opinion | Abolish Billionaires - The New York Times
By Farhad Manjoo
Opinion Columnist

Feb. 6, 2019

A radical idea is gaining adherents on the left. It’s the perfect way to blunt tech-driven inequality.
Alexandria_Ocasio-Cortez  Anand_Giridharadas  artificial_intelligence  capital_accumulation  digital_economy  Farhad_Manjoo  income_distribution  income_inequality  moguls  network_effects  radical_ideas  rhetoric  software  superstars  winner-take-all 
february 2019 by jerryking
The unfair pillorying of the 1 per cent hurts us all - The Globe and Mail
BRIAN LEE CROWLEY
The unfair pillorying of the 1 per cent hurts us all
SUBSCRIBERS ONLY
Special to The Globe and Mail
Published Friday, Apr. 03 2015
The_One_Percent  income_distribution  income_inequality 
april 2015 by jerryking
John Steele Gordon: The Little Miracle Spurring Inequality - WSJ
By JOHN STEELE GORDON
Updated June 2, 2014

Extreme leaps in innovation, like the invention of the microprocessor, bring with them staggering fortunes....The great growth of fortunes in recent decades is not a sinister development. Instead it is simply the inevitable result of an extraordinary technological innovation, the microprocessor, which Intel brought to market in 1971. Seven of the 10 largest fortunes in America today were built on this technology, as have been countless smaller ones. These new fortunes unavoidably result in wealth being more concentrated at the top.

But no one is poorer because Bill Gates , Larry Ellison , et al., are so much richer. These new fortunes came into existence only because the public wanted the products and services—and lower prices—that the microprocessor made possible. Anyone who has found his way home thanks to a GPS device or has contacted a child thanks to a cellphone appreciates the awesome power of the microprocessor. All of our lives have been enhanced and enriched by the technology.....technology opens up many new economic niches, and entrepreneurs rush to take advantage of the new opportunities....The Dutch exploited the new trade (with India and the East Indies) so successfully that the historian Simon Schama entitled his 1987 book on this period of Dutch history "The Embarrassment of Riches."...attempt to tax away new fortunes in the name of preventing inequality is certain to have adverse effects on further technology creation and niche exploitation by entrepreneurs—and harm job creation as a result. The reason is one of the laws of economics: Potential reward must equal the risk or the risk won't be taken.
Silicon_Valley  wealth_creation  innovation  income_distribution  income_inequality  productivity_payoffs  plutocracies  software  Thomas_Piketty  microprocessors  historians  history  entrepreneurship  books  Industrial_Revolution  Gilded_Age  Simon_Schama  Dutch  discontinuities  disequilibriums  adverse_selection 
march 2015 by jerryking
The Shake Shack Economy - The New Yorker
JANUARY 26, 2015 ISSUE

The Shake Shack Economy
BY JAMES SUROWIECKI

Unlike traditional fast-food restaurants, fast-casuals emphasize fresh, natural, and often locally sourced ingredients. (Chipotle, for instance, tries to use only antibiotic-free meat.) Perhaps as a result, their food tends to taste better. It’s also more expensive. The average McDonald’s customer spends around five dollars a visit; the average Chipotle check is more than twice that. Fast-casual restaurants first emerged in serious numbers in the nineteen-nineties, and though the industry is just a fraction of the size of the traditional fast-food business, it has grown remarkably quickly. Today, according to the food-service consulting firm Technomic, it accounts for thirty-four billion dollars in sales. Since Chipotle went public, in 2006, its stock price has risen more than fifteen hundred per cent.

The rise of Chipotle and its peers isn’t just a business story. It’s a story about income distribution, changes in taste, and advances in technology. For most of the fast-food industry’s history, taste was a secondary consideration.
fast-casual  food  globalization  James_Surowiecki  shifting_tastes  entrepreneur  Danny_Meyer  Panera  Chipotle  fast-food  income_distribution  Shake_Shack 
january 2015 by jerryking
Ferguson, Watts and a Dream Deferred - NYTimes.com
AUG. 19, 2014 | NYT |Thomas B. Edsall.

...One optimistic note is that the white reaction to events in Ferguson, including the commentary of some outspoken white conservatives, has been sympathetic to the anger and outrage over the police shooting of an unarmed black teenager. This stands in sharp distinction to the aftermath of the violence in Los Angeles in 1965....
Ferguson  Michael_Brown  African-Americans  racial_disparities  outrage  income_distribution  income_inequality  economic_downturn 
august 2014 by jerryking
The Piketty Panic - NYTimes.com
APRIL 24, 2014
Continue reading the main story

Paul Krugman
Paul_Krugman  Thomas_Piketty  economists  income_distribution  books 
april 2014 by jerryking
Great Hackers
(Charles Waud & WaudWare. Can Waudware develop on a different platform, enabling 3rd parties to develop for it? Would that make PICs more commercially appealing?)

There's no controversy about which idea is most controversial: the suggestion that variation in wealth might not be as big a problem as we think.

I didn't say in the book that variation in wealth was in itself a good thing. I said in some situations it might be a sign of good things. [JCK: that is,....it might be a "signal"] A throbbing headache is not a good thing, but it can be a sign of a good thing-- for example, that you're recovering consciousness after being hit on the head.

Variation in wealth can be a sign of variation in productivity. (In a society of one, they're identical.) And that is almost certainly a good thing: if your society has no variation in productivity, it's probably not because everyone is Thomas Edison. It's probably because you have no Thomas Edisons.

In a low-tech society you don't see much variation in productivity....In programming, as in many fields, the hard part isn't solving problems, but deciding what problems to solve. Imagination is hard to measure, but in practice it dominates the kind of productivity that's measured in lines of code.

Productivity varies in any field, but there are few in which it varies so much (as software development)..This is an area where managers can make a difference. Like a parent saying to a child, I bet you can't clean up your whole room in ten minutes, a good manager can sometimes redefine a problem as a more interesting one.
coding  discernment  hackers  imagination  income_distribution  income_inequality  Paul_Graham  productivity  productivity_payoffs  programming  signals  software_developers  software_development  Thomas_Edison  variations  WaudWare  worthwhile_problems 
february 2014 by jerryking
Yes, the Wealthy Can Be Deserving
FEB. 15, 2014 | NYT | By N. GREGORY MANKIW.

Actors, authors, and athletes do not make up the entire ranks of the rich. Most top earners make their fortunes in ways that are less transparent to the public.... the most natural explanation of high C.E.O. pay is that the value of a good C.E.O. is extraordinarily high.

That is hardly a surprise. A typical chief executive is overseeing billions of dollars of shareholder wealth as well as thousands of employees. The value of making the right decisions is tremendous. Just consider the role of Steve Jobs in the rise of Apple and its path-breaking products....A similar case is the finance industry, where many hefty compensation packages can be found. There is no doubt that this sector plays a crucial economic role. Those who work in banking, venture capital and other financial firms are in charge of allocating the economy’s investment resources. They decide, in a decentralized and competitive way, which companies and industries will shrink and which will grow. It makes sense that a nation would allocate many of its most talented and thus highly compensated individuals to the task.
high_net_worth  income_distribution  winner-take-all  the_one_percent  CEOs  compensation  private_equity  income_inequality  talent  breakthroughs  Steve_Jobs  finance  capital_allocation  decision_making 
february 2014 by jerryking
The Self-Destruction of the 1 Percent -
October 13, 2012 | NYTimes.com | By CHRYSTIA FREELAND.

IN the early 14th century, Venice was one of the richest cities in Europe. At the heart of its economy was the colleganza, a basic form of joint-stock company created to finance a single trade expedition. The brilliance of the colleganza was that it opened the economy to new entrants, allowing risk-taking entrepreneurs to share in the financial upside with the established businessmen who financed their merchant voyages.

Venice’s elites were the chief beneficiaries. Like all open economies, theirs was turbulent. Today, we think of social mobility as a good thing. But if you are on top, mobility also means competition. In 1315, when the Venetian city-state was at the height of its economic powers, the upper class acted to lock in its privileges, putting a formal stop to social mobility with the publication of the Libro d’Oro, or Book of Gold, an official register of the nobility. If you weren’t on it, you couldn’t join the ruling oligarchy.

The political shift, which had begun nearly two decades earlier, was so striking a change that the Venetians gave it a name: La Serrata, or the closure. It wasn’t long before the political Serrata became an economic one, too. Under the control of the oligarchs, Venice gradually cut off commercial opportunities for new entrants. Eventually, the colleganza was banned. The reigning elites were acting in their immediate self-interest, but in the longer term, La Serrata was the beginning of the end for them, and for Venetian prosperity more generally. By 1500, Venice’s population was smaller than it had been in 1330. In the 17th and 18th centuries, as the rest of Europe grew, the city continued to shrink....several recent studies have shown that in America today it is harder to escape the social class of your birth than it is in Europe. The Canadian economist Miles Corak has found that as income inequality increases, social mobility falls...Businessmen like to style themselves as the defenders of the free market economy, but as Luigi Zingales, an economist at the University of Chicago Booth School of Business, argued, “Most lobbying is pro-business, in the sense that it promotes the interests of existing businesses, not pro-market in the sense of fostering truly free and open competition.”
business_interests  capitalism  Chrystia_Freeland  city-states  cronyism  crony_capitalism  depopulation  elitism  entrenched_interests  history  income_distribution  income_inequality  lobbying  locked_in  moguls  new_entrants  oligarchs  pro-business  pro-market  Renaissance  self-destructive  self-interest  social_classes  social_mobility  The_One_Percent  Venice  winner-take-all 
september 2013 by jerryking
Who Will Prosper in the New World - NYTimes.com
August 31, 2013 | NYT | By TYLER COWEN.
Who Will Prosper in the New World

Who will do well?

THE CONSCIENTIOUS
PEOPLE WHO LISTEN TO COMPUTERS
PEOPLE WITH A MARKETING TOUCH
MOTIVATORS
==================================================
Who will be most likely to suffer from this technological revolution?
PEOPLE WITH DELICATE FEELINGS
PEOPLE UNLUCKY IN HEALTH CARE
PEOPLE WHO DON’T NEED MONEY
POLITICAL RADICALS:
technology  economics  productivity  the_Great_Decoupling  career_paths  winner-take-all  automation  Tyler_Cowen  marketing  motivations  inequality  income_distribution  income_inequality  downward_mobility 
september 2013 by jerryking
Who's Your Daddy?
July 20, 2013 | NYT |By MILES CORAK

Better job opportunities for the children of the top 1 percent deepen our cynicism about how people get ahead....Hard work and perseverance will always be ingredients for success, but higher inequality has sharply tilted the landscape and made having successful parents, if not essential, certainly a central part of the recipe....THE Danish and Canadian top 1 percent certainly have their share of privilege: the Gus Wenners of the world, talented or not, are not rare. A recent study published by the Russell Sage Foundation showed that about 30 percent of young Danes and 40 percent of Canadians had worked with a firm that at some point also employed their fathers. This is more likely the higher the father’s place on the income ladder, rising distinctly and sharply for top earners. In Denmark more than half of sons born to the top 1 percent of fathers had worked for an employer for whom the father also worked, and in Canada the proportion is even higher at nearly 7 of every 10.

This is on a par with the United States, where, according to a 2006 study, up to half of jobs are found through families, friends or acquaintances, with higher wages being paid to those who found jobs through “prior generation male relatives” who actually knew the potential employer or served as a reference.
nepotism  movingonup  income_distribution  self-perpetuation  winner-take-all  inequality  privilege  myths  opportunities  The_One_Percent  income_inequality  hard_work  compounded  upper-income 
july 2013 by jerryking
The 1 per cent get a bad rap - The Globe and Mail
The Globe and Mail

Published Tuesday, Jan. 29 2013, 7:30 PM EST

Last updated Wednesday, Jan. 30 2013,
editorials  high_net_worth  income_distribution  income_taxes 
january 2013 by jerryking
Sharing the wealth can create prosperity - The Globe and Mail
CHRYSTIA FREELAND

Special to The Globe and Mail

Published Thursday, Nov. 29 2012

When Branko Milanovic, a World Bank economist, published The Haves and the Have-Nots, a study of global income inequality last year, one of his most striking observations was the extent to which the subject was taboo in the United States....As the book (Inequality in America. by Kemal Dervis)argues, “rebalancing of the distribution of income may play a role in unlocking the U.S. economy’s growth potential in a sustainable way.”

Now that is a truly radical thought, and it brings us back to Mr. Milanovic’s earlier view that income inequality was a forbidden subject in the United States.

Worrying about the poor is one thing. To contend that equality is necessary for growth is an altogether different and more radical idea. Three decades later, trickle-down economics has met its antithesis. We are set for one of the great battles of ideas of our time.
Chrystia_Freeland  income_distribution  inequality  radical_ideas 
november 2012 by jerryking
Two Classes in America, Divided by ‘I Do’ - NYTimes.com
July 14, 2012 | NYT | By JASON DePARLE.

The economic storms of recent years have raised concerns about growing inequality and questions about a core national faith, that even Americans of humble backgrounds have a good chance of getting ahead. Most of the discussion has focused on labor market forces like falling blue-collar wages and lavish Wall Street pay.

But striking changes in family structure have also broadened income gaps and posed new barriers to upward mobility. College-educated Americans like the Faulkners are increasingly likely to marry one another, compounding their growing advantages in pay. Less-educated women like Ms. Schairer, who left college without finishing her degree, are growing less likely to marry at all, raising children on pinched paychecks that come in ones, not twos.

Estimates vary widely, but scholars have said that changes in marriage patterns — as opposed to changes in individual earnings — may account for as much as 40 percent of the growth in certain measures of inequality.
marriage  parenting  family  family_breakdown  income  income_distribution  Matthew_effect  social_classes  college-educated  social_mobility  self-perpetuation  compounded  blue-collar  inequality 
july 2012 by jerryking
The Inequality Obsession
April 17, 2012 | WSJ | By HOLMAN W. JENKINS, JR.

Jenkins: The Inequality Obsession
Why is it in America's interest to persuade the rich to report less income?
inequality  Holman_Jenkins  income_distribution 
may 2012 by jerryking
The Height of Inequality - Magazine - The Atlantic
The Height of Inequality

America’s productivity gains have gone to giant salaries for just a few
By Clive Crook
income_distribution  income_inequality  powerlaw  productivity  superstars  winner-take-all 
october 2011 by jerryking
In Africa, Wealth Breeds Rage - NYTimes.com
By JOHN GITHONGO
Published: July 23, 2011

Africa is getting richer, but so is economic disparity, leading to more anger and frustration.
income_distribution  Africa  class_warfare  disparities  rage 
july 2011 by jerryking
Losing Our Way - NYTimes.com
By BOB HERBERT
March 25, 2011
So here we are pouring shiploads of cash into yet another war, this time
in Libya, while simultaneously demolishing school budgets, closing
libraries, laying off teachers and police officers, and generally
letting the bottom fall out of the quality of life here at home. Welcome
to America in the second decade of the 21st century. An army of
long-term unemployed workers is spread across the land, the human
fallout from the Great Recession and long years of misguided economic
policies.
op-ed  Bob_Herbert  income_distribution  disparities  inequality  income_inequality 
march 2011 by jerryking
Pity the high cost of being a Canadian millionaire
February 11, 2005 | Globe & Mail Pg. B13 | ANDREW WILLIS.
Here's the good news: The ranks of Canadian millionaires are swelling.
Unfortunately, the rising cost of being rich is taking a lot of the fun
out of it. Survey this country from coast to coast, as consulting firm
Capgemini just did, and you'll find Canada is home to 450,000 folks with
more than a million bucks of invested assets. The $5-million club has
just over 54,000 members and the seriously wealthy, with more than
$20-million, number about 7,000. Most of these millionaires are
grey-haired -- 72 % are over the age of 50....Aging boomers are an
enormous opportunity for wealth management companies...In 10 years time,
Capgemini estimates the number of millionaires in Canada will soar
20-fold, to more than eight million people. This will take place in step
with an unprecedented intergenerational transfer of wealth, as 32 % of
our millionaires are over age 70..
Andrew_Willis  high_net_worth  statistics  surveys  Canadian  income_distribution  generational_wealth  high-cost  wealth_management  wealth_transfers 
october 2010 by jerryking
Race, culture and equality
June 18, 1998 | Forbes magazine | Dr. Thomas Sowell. This
article was adapted from a speech made by Dr. Sowell at the Commonwealth
Club of California in San Francisco. Comments on how common huge
disparities in income and wealth have been for centuries, in countries
around the world. Some of these disparities have been among racial or
ethnic groups, some among nations, and some among regions, continents or
whole civilizations.
Thomas_Sowell  disparities  achievement_gaps  income_distribution  inequality  racial_disparities  ethnic_communities 
april 2009 by jerryking
Shattering the Bell Curve
Tuesday, April 24, 2007 WSJ book review by DAVID A. SHAYWITZ of Nassim Taleb's The Black Swan.

[how to exploit power laws?]

Life isn't fair. Many of the most coveted spoils -- wealth, fame, links on the Web -- are concentrated among the few. If such a distribution doesn't sound like the familiar bell-shaped curve, you're right......Along the hilly slopes of the bell curve, most values -- the data points that track whatever is being measured -- are clustered around the middle. The average value is also the most common value. The points along the far extremes of the curve contribute very little statistically. If 100 random people gather in a room and the world's tallest man walks in, the average height doesn't change much. But if Bill Gates walks in, the average net worth rises dramatically. Height follows the bell curve in its distribution. Wealth does not: It follows an asymmetric, L-shaped pattern known as a "power law," where most values are below average and a few far above. In the realm of the power law, rare and extreme events dominate the action......In "The Black Swan" -- a kind of cri de coeur -- Mr. Taleb struggles to free us from our misguided allegiance to the bell-curve mindset and awaken us to the dominance of the power law......The attractiveness of the bell curve resides in its democratic distribution and its mathematical accessibility. ......The power-law distribution, by contrast, would seem to have little to recommend it. Not only does it disproportionately reward the few, but it also turns out to be notoriously difficult to derive with precision. The most important events may occur so rarely that existing data points can never truly assure us that the future won't look very different from the present.........The problem, insists Mr. Taleb, is that most of the time we are in the land of the power law [jk: does power law = winner-take-all?] and don't know it. .....Mr. Taleb is fascinated by the rare but pivotal events that characterize life in the power-law world. He calls them Black Swans....Taleb discusses the follies of confirmation bias (our tendency to reaffirm our beliefs rather than contradict them), narrative fallacy (our weakness for compelling stories), silent evidence (our failure to account for what we don't see), ludic fallacy (our willingness to oversimplify and take games or models too seriously), and epistemic arrogance (our habit of overestimating our knowledge and underestimating our ignorance).
biases  book_reviews  black_swan  books  confirmation_bias  fallacies_follies  imprecision  ludic_fallacy  income_distribution  narrative_fallacy  Nassim_Taleb  powerlaw  pretense_of_knowledge  silent_evidence  randomness  unevenly_distributed  winner-take-all 
march 2009 by jerryking

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