Economic Pie

Economic Pie August 20, 2013

An interesting video on income and wealth inequality from The Atlantic. HT Timothy Michael Law

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  • Glad he offered an explanation for why income inequality matters. I keep hearing from my progressive friends “The rich get richer and the poor get poorer” but the actual picture seems to be “The rich get richer astonishingly faster than the poor get poorer.” Many complaints people have about the conditions of the poor are relative (it’s harder for the poor to get top-notch medical care today than it has been in the past but it would be incredibly easy for them to get the top-notch medical care that was available in the past). Generally inequality is seen as efficiency among economists, but it seems that most people just want to make it to the middle class and only a few really care about being super-rich so the best way to help mobility is to create pathways into the middle class. Despite this explanation I’m still not 100% convinced income inequality (so long as the entire pie is expanding) is a bad thing. After all, I would take poor today over middle class in the 1970s.