tsuomela + wealth   143

Divided We Fall | New Republic
"The Founders knew that economic inequality would destroy America's democracy. So why can't the Constitution save us?"
america  crisis  politics  history  inequality  wealth  money  progressive  reform  from instapaper
april 2017 by tsuomela
A Short History of Distributive Justice — Samuel Fleischacker | Harvard University Press
"Distributive justice in its modern sense calls on the state to guarantee that everyone is supplied with a certain level of material means. Samuel Fleischacker argues that guaranteeing aid to the poor is a modern idea, developed only in the last two centuries. Earlier notions of justice, including Aristotle’s, were concerned with the distribution of political office, not of property. It was only in the eighteenth century, in the work of philosophers such as Adam Smith and Immanuel Kant, that justice began to be applied to the problem of poverty. To attribute a longer pedigree to distributive justice is to fail to distinguish between justice and charity. Fleischacker explains how confusing these principles has created misconceptions about the historical development of the welfare state. Socialists, for instance, often claim that modern economics obliterated ancient ideals of equality and social justice. Free-market promoters agree but applaud the apparent triumph of skepticism and social-scientific rigor. Both interpretations overlook the gradual changes in thinking that yielded our current assumption that justice calls for everyone, if possible, to be lifted out of poverty. By examining major writings in ancient, medieval, and modern political philosophy, Fleischacker shows how we arrived at the contemporary meaning of distributive justice."
book  publisher  economics  history  political-science  poverty  justice  distribution  wealth  government 
september 2016 by tsuomela
The Brittle Grip, Part 2
"Let me state the phenomenon as clearly as possible: The extremely wealthy are objectively far wealthier, far more politically powerful and find a far more indulgent political class than at any time in almost a century - at least. And yet at the same time they palpably feel more isolated, abused and powerless than at any time over the same period and sense some genuine peril to the whole mix of privileges, power and wealth they hold."
politics  wealth  paranoia  power  income  income-distribution 
january 2014 by tsuomela
302 Found
"Recent evidence suggests that perceptions of social class rank influence a variety of social cognitive tendencies, from patterns of causal attribution to moral judgment. In the present studies we tested the hypotheses that upper-class rank individuals would be more likely to endorse essentialist lay theories of social class categories (i.e., that social class is founded in genetically based, biological differences) than would lower-class rank individuals and that these beliefs would decrease support for restorative justice—which seeks to rehabilitate offenders, rather than punish unlawful action. Across studies, higher social class rank was associated with increased essentialism of social class categories (Studies 1, 2, and 4) and decreased support for restorative justice (Study 4). Moreover, manipulated essentialist beliefs decreased preferences for restorative justice (Study 3), and the association between social class rank and class-based essentialist theories was explained by the tendency to endorse beliefs in a just world (Study 2). Implications for how class-based essentialist beliefs potentially constrain social opportunity and mobility are discussed. (PsycINFO Database Record (c) 2013 APA, all rights reserved)"
social-psychology  wealth  money  essentialism  class  poverty  bias  punishment 
january 2014 by tsuomela
opinionator.blogs.nytimes.com
"A growing body of recent research shows that people with the most social power pay scant attention to those with little such power. This tuning out has been observed, for instance, with strangers in a mere five-minute get-acquainted session, where the more powerful person shows fewer signals of paying attention, like nodding or laughing. Higher-status people are also more likely to express disregard, through facial expressions, and are more likely to take over the conversation and interrupt or look past the other speaker."
psychology  wealth  power  class  rich  social-psychology  empathy 
october 2013 by tsuomela
You Can Never Have Too Much Money, New Research Shows | Brookings Institution
"In 1974 Richard Easterlin famously posited that increasing average income did not raise average well-being, a claim that became known as the Easterlin Paradox. Since then, some researchers have acknowledged the existence of a link between income and well-being among those whose basic needs have not been met, but claim that beyond a certain income threshold ( a "satiation point"), further income is unrelated to well-being. But new research by Betsey Stevenson and Justin Wolfers finds a robust link between income and well-being among both the poor and the rich. This finding holds true when making cross-national comparisons between rich and poor countries, and when making comparisons between rich and poor people within a country."
economics  money  psychology  happiness  income  wealth 
april 2013 by tsuomela
interfluidity » Trade-offs between inequality, productivity, and employment
"I think there is a tradeoff between inequality and full employment that becomes exacerbated as technological productivity improves. This is driven by the fact that the marginal benefit humans gain from current consumption declines much more rapidly than the benefit we get from retaining claims against an uncertain future.

Wealth is about insurance much more than it is about consumption. As consumers, our requirements are limited. But the curve balls the universe might throw at us are infinite. If you are very wealthy, there is real value in purchasing yet another apartment in yet another country through yet another hopefully-but-not-certainly-trustworthy native intermediary. "
money  wealth  income  income-distribution  insurance  inequality  productivity  employment  technology  from delicious
august 2012 by tsuomela
UnderstandingSociety: Durable inequality
"Chuck Tilly was an enormously creative historical sociologist, and he also had a knack for a good title. This is certainly true of his 1998 book, Durable Inequality. The topic is of particular interest today, in the contemporary environment of ever-more visible and widening inequalities that pervade American society."
book  review  sociology  inequality  money  class  wealth  income  from delicious
july 2012 by tsuomela
UnderstandingSociety: Rawls on a property-owning democracy
"It seems apparent that progressives lack powerful visions of what a just modern democracy could look like. The issues and principles that are being developed within this new discussion of Rawls have the potential for creating such a vision, as compelling in our times as the original idea of justice as fairness was in the 1970s. It is, in the words of O'Neill and Williamson, "a political economy based on wide dispersal of capital with the political capacity to block the very rich and corporate elites from dominating the economy and relevant public policies" (4). And it is a society that comes closer to the ideas of liberty and equality that underlie our core conception of democracy than we have yet achieved."
political-science  philosophy  wealth  income  income-distribution  economics  progressive  vision  people(JohnRawls)  from delicious
july 2012 by tsuomela
The Dark Knight Buyses | Dave Ex Machina
"We live in a world where tremendous physical strength is of little use in getting anything accomplished. Abilities like super-speed or flight would be fun, but more as a novelty than anything else. Even phenomenal brains don’t particularly wow the masses these days. But a seemingly endless supply of money? That would make you a force to be reckoned with. Batman not only has super-powers, he’s got the only one that matters."
title(Batman)  money  wealth  comics  mythology  class  from delicious
july 2012 by tsuomela
Roger Pielke Jr.'s Blog: R
"During the 1950s and 1960s, advocates for government investments in science and technology (mainly basic research at universities) pulled off a remarkable coup. They successfully integrated conceptions of "basic research" with a linear model of innovation, making R
economics  innovation  technology  growth  wealth  research  development  government  funding  from delicious
june 2012 by tsuomela
Charles Murray on the new upper class « Statistical Modeling, Causal Inference, and Social Science
"I think Murray and I are basically in agreement about the facts here. If you take narrow enough slices and focus on the media, academia, and civilian government, you can find groups of elites with liberal attitudes on economic and social issues. But I’m also interested in all those elites with conservative attitudes. Statistically, they outnumber the liberal elites. The conservative elites tend to live in different places than the liberal elites and they tend to have influence in different ways (consider, for example, decisions about where to build new highways, convention centers, etc., or pick your own examples), and those differences interest me." Annotated link http://www.diigo.com/bookmark/http://andrewgelman.com/2012/02/some-reactions-to-charles-murrays-thoughts-on-income-and-politics
elites  expertise  class  wealth  income  economics  politics  from delicious
april 2012 by tsuomela
Graduates Versus Oligarchs - NYTimes.com
"The big gains have gone to the top 0.1 percent. So income inequality in America really is about oligarchs versus everyone else. When the Occupy Wall Street people talk about the 99 percent, they’re actually aiming too low."
economics  money  income-distribution  wealth  inequality  via:cshalizi 
november 2011 by tsuomela
Overcoming Bias : The End of Possibility
"Yes, new tech have recently given us each more options, but this is mainly because new tech tends to make us each richer. Wealth gives options. If our descendants are, as I suspect, much poorer than we, they may well have fewer options than us. And eventually economic growth and tech innovation must slow to a crawl. Our finite universe simply cannot continue our exponential growth rates for a million years. For trillions of years thereafter, possibilities will be known and fixed, and for each person rather limited."
future  imagination  vision  options  choice  wealth  economics  growth  from delicious
october 2011 by tsuomela
What is the Future of Network Culture? | varnelis.net
"Its only with the collapse of the housing bubble, the onset of the prolonged recession and the proliferation of that last promised technology, the tablet, that network culture has entered more fully into a condition of not only a suspended past but also a suspneded future. The housing bubble itself was a crisis of the future. As history had ended, so now the future ended. Ezra Pound's old cry "Make it new!" could now only be uttered by tired characters in a thought bubble in a New Yorker cartoon. And just as the days after 9/11 gave us a war without end, we are now given a recession without end. The new stationary economy seems punctuated by mini-booms that will buoy markets and epochal crises (like the impending collapse of the Eurozone, the second leg of the Great Recession, and of course everyone's great terror, the collapse of the massive Chinese property bubble). But the Great Recession is itself no longer even something that finance fears. The canny will make billions as before. Everyone else will be poorer, their futures more exhausted, less full of promise than ever. "
economics  future  poverty  wealth  network  culture  time  temporal  pessimism  from delicious
october 2011 by tsuomela
Contrary Brin: Libertarians and Conservatives must choose: Competitive Enterprise or Idolatry of Property
"Hence, at last, the supreme irony. Those who claim most-fervent dedication to the guiding principle of our Enlightenment: competition, reciprocal accountability and enterprise -- our neighbors who call themselves conservative or libertarian -- have been talked into conflating that principle with something entirely different. Idolatry of private wealth, sacred and limitless. A dogmatic-religious devotion that reaches its culmination in the hypnotic cantos of Ayn Rand."
conservatism  libertarianism  markets  economics  politics  democracy  science  competition  ideology  wealth  power  money 
september 2011 by tsuomela
Guest Post: What Would Adam Smith Think of the Idea of “Job Creators”? | Rortybomb
This is a striking alternative to Smith’s vision. Instead of “the assistance and co-operation of many thousands,” it is an elite caste that provides the vision, brains, and organizational savvy that ensure a thriving economy. They are the Visible Hand of capitalism, and for Carnegie, Rand, and others like them, if you want to know who makes capitalism work, simply stand at the base of the economic pyramid and look up. You’ll find the ‘job creators’ at the very top.

Smith would be highly skeptical of such claims.
economics  about(AdamSmith)  power  wealth  history 
august 2011 by tsuomela
JOURNAL: Central Planning and The Fall of the US Empire - Global Guerrillas
"The answer is that an extreme concentration of wealth at the center of our market economy has led to a form of central planning. The concentration of wealth is now in so few hands and is so extreme in degree, that the combined liquid financial power of all of those not in this small group is inconsequential to determining the direction of the economy. As a result, we now have the equivalent of centralized planning in global marketplaces. A few thousand extremely wealthy people making decisions on the allocation of our collective wealth. The result was inevitable: gross misallocation across all facets of the private economy. "
economics  wealth  income-distribution  investment  failure  centralization 
august 2011 by tsuomela
Twilight of the Social Critics -- In These Times
David Brooks’ latest book, The Social Animal, does not bode well for post-crisis America.
book  review  class  money  economics  wealth  power 
may 2011 by tsuomela
Of the 1%, by the 1%, for the 1% | Society | Vanity Fair
"Americans have been watching protests against oppressive regimes that concentrate massive wealth in the hands of an elite few. Yet in our own democracy, 1 percent of the people take nearly a quarter of the nation’s income—an inequality even the wealthy will come to regret."
economics  income  income-distribution  money  wealth  power  inequality 
april 2011 by tsuomela
The sad but true story of wages in America
Essentially, economic policy has not supported good jobs over the last 30 years or so. Rather, the focus has been on policies that were thought to make consumers better off through lower prices: deregulation of industries, privatization of public services, the weakening of labor standards including the minimum wage, erosion of the social safety net, expanding globalization, and the move toward fewer and weaker unions. These policies have served to erode the bargaining power of most workers, widen wage inequality, and deplete access to good jobs. In the last 10 years even workers with a college degree have failed to see any real wage growth.
economics  money  wages  wealth  work  labor  income  productivity  history  econometrics 
march 2011 by tsuomela
Dubai on Empty | Culture | Vanity Fair
"Here in one long panorama is the Dantean vision of modern Dubai—the Arabs huddled in a glass dome, looking like creatures from a Star Trek episode in their sepulchral winding-sheet dishdashas. Next to them are the stands for Westerners, mostly British, loud and drunk, dressed in their tarty party gear. The girls, raucous and provocative, have fat thighs that wobble in tiny frocks. Cantilevered bosoms lurch. The boys, spiky and gelled, glassy-eyed and leering. In the last enclosure, the Asians, packed in with families and picnics, excited to be out of the Portakabin dormitories and the boredom and the homesickness of Internet cafés. In front of them all are the ranks of wired-up security guards, making sure the layers of this mutually dismissive society don’t pollute each other. After the horses have run, Elton John will perform."
money  wealth  country(Dubai) 
march 2011 by tsuomela
Stumbling and Mumbling: Inequality, unrest
"This suggests that when inequality is very high, people resign themselves to it, believing there is nothing they can do.
For me, the lessons here are important.
One is that adaptive preferences can arise very easily. But if circumstances shape preferences, then it is simply fallacious to infer that a social structure exists because it is what people want. "False consciousness" is not a Marxist fiction.
Secondly, “stability”- to use that fetish of pompous geopolitical pundits - is no indication whatsoever of a just society."
economics  political-science  inequality  income  wealth  power 
february 2011 by tsuomela
Americans Vastly Underestimate Wealth Inequality, Support 'More Equal Distribution Of Wealth': Study
"More interesting than that, the report says, is that the respondents (a randomly selected 5,522-person sample, reflecting the country's ideological, economic and gender demographics, surveyed in December 2005) believed the top 20 percent should own only 32 percent of the wealth. Respondents with incomes over $100,000 per year had similar answers to those making less than $50,000. (The report has helpful, multi-colored charts.)

The respondents were presented with unlabeled pie charts representing the wealth distributions of the U.S., where the richest 20 percent controlled about 84 percent of wealth, and Sweden, where the top 20 percent only controlled 36 percent of wealth. Without knowing which country they were picking, 92 percent of respondents said they'd rather live in a country with Sweden's wealth distribution."
income-distribution  income  wealth  inequality  american  distribution  poll 
january 2011 by tsuomela
The Rise of the New Global Elite - Magazine - The Atlantic
"It is perhaps telling that Blankfein is the son of a Brooklyn postal worker and that Hayward—despite his U.S. caricature as an upper-class English twit—got his start at BP as a rig geologist in the North Sea. They are both, in other words, working-class boys made good. And while you might imagine that such backgrounds would make plutocrats especially sympathetic to those who are struggling, the opposite is often true. For the super-elite, a sense of meritocratic achievement can inspire high self-regard, and that self-regard—especially when compounded by their isolation among like-minded peers—can lead to obliviousness and indifference to the suffering of others. "
economics  elites  wealth  rich  class  capitalism  business  world  glocalism  globalization  global  power  philanthropy 
january 2011 by tsuomela
Inequality and Economic Collapses | Mother Jones
" they've constructed a simple model for financial crises that essentially proposes the following narrative: (a) growing inequality produces less money for the middle class and more money for the rich, (b) the rich loan much of this money back to the middle class so they can continue to improve their living standards even with stagnant incomes, (c) the financial sector balloons to mediate all this, and (d) the system eventually collapses since, after all, this kind of thing can't last forever."
economics  inequality  instability  crisis  recession  leverage  debt  class  wealth 
december 2010 by tsuomela
Stumbling and Mumbling: Egonomics
When I was young and stupid - ills of which I am now half-cured - I thought that wealth and fame arose from merit. As I got older, I thought they were more due to luck. But now I think I was wrong. They arise instead from ego. Whether it is the desire to think well of oneself, or to believe that others do so, or the belief that one’s talents entitle one to a “distinguished” position, it is, I suspect, ego that is the motive force, rather than a desire for wealth.
economics  wealth  money  signals  ego  power 
december 2010 by tsuomela
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