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Thread: Inequality can be a good thing?

  1. #1
    Vexatious Correspondent Leo2's Avatar
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    Inequality can be a good thing?

    This article seems to promote that idea, by means of statements such as this -

    In the first place, growing inequality is most frequently the flip side of growing, not shrinking opportunity. In fact, inequality is the mechanism through which the market generates and spreads innovation, which in turn generates opportunities for millions of individuals. Every innovation has initially generated inequality in incomes, as their inventors exploit it commercially. The inequality, in turn, attracts new innovators, as well as imitators, rapidly spreading the initial innovation and improvements on it. In the process, they generate many new opportunities.
    https://qz.com/96836/inequality-can-be-a-good-thing/

    A provocative statement, but is it perhaps one which merits examination? Is societal and financial inequality the engine of development, as the article seems to be suggesting? I am unconvinced, but open to discussion of the concept.

    It is probably of most relevance to citizens of the USA, which is the wealthiest nation on earth, but arguably, the developed society with the most financial inequality.



    What think you?
    Thanks from Coyote, Thx1138, StanStill and 1 others

  2. #2
    Senior Member Sparta's Avatar
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    The biggest innovation I've witnessed in my lifetime is how business itself has flip flopped, it used to be that owners were the last to collect a paycheck, now the owner is paid 1st.
    Thanks from Friday13, Blueneck, Coyote and 1 others

  3. #3
    Bizarroland Observer Thx1138's Avatar
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    Well, that "dynamic" may well exist and play a part, like "cancer is good because it leads to more research in genetics" or some such, perhaps that is not the best analogy.

    But, regardless, how much of this new "innovation and stimulation" do they think a country can endure?

    I mean, it's certainly not enough to offset this egregious wealth disparity, that is all too evident.

    Thx
    Thanks from Friday13, BigBob and Sparta

  4. #4
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    I suspect that in more recent times, it may refer to people like Bill Gates. He became a billionaire, but, because of his efforts and contributions, look at how many people now make a living in the IT industry directly and indirectly.
    Thanks from BigBob

  5. #5
    Bizarroland Observer Thx1138's Avatar
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    I'll trade the alleged increase in innovation for some good ol' fashioned fair and responsible legislation and policy.

    Thx
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  6. #6
    Veteran Member cpicturetaker12's Avatar
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    Works smashingly, if you aren't the 'un-equal'.
    Thanks from Ian Jeffrey and Ronin Tetsuro

  7. #7
    Populist Rabblerouser Ronin Tetsuro's Avatar
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    Socialism for the rich! It's the American way!
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  8. #8
    Spock of Vulcan Ian Jeffrey's Avatar
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    Quote Originally Posted by Ronin Tetsuro View Post
    Socialism for the rich! It's the American way!
    Socialism for the rich, free enterprise for the poor.

    The problem is that, while this could theoretically work in the aggregate, it does not in fact work for most people. The big innovators are statistically insignificant outliers who by no means represent most of the population, whose benefit from the same is only marginal on the whole. The increases in wealth generally trickle up to the top, not down to the bottom, such that resulting inflation impacts the bottom 99% and not the 1% at all (who are not seriously impacted by most economic fluctuations). The overwhelming increase in wealth continues to be concentrated in a few hands, and typically increasing their control over scarce resources that everyone needs. What little does trickle back is only just enough to make for a good PR campaign, to keep the masses from wanting to upset the status quo. The whole point, then, is for the 1% to milk the system - just like their companies - for all they are worth, letting only table scraps slip away to keep the masses from complaining too loudly.
    Thanks from OldGaffer, BigBob and Ronin Tetsuro

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