Timeline for Does economic theory support the notion that the wealth of the wealthy is based on the poverty of the poor?
Current License: CC BY-SA 3.0
8 events
| when toggle format | what | by | license | comment | |
|---|---|---|---|---|---|
| Jan 15, 2015 at 12:48 | answer | added | Anthony Martin | timeline score: 0 | |
| Jan 9, 2015 at 7:32 | answer | added | tacos_tacos_tacos | timeline score: 5 | |
| Jan 6, 2015 at 16:54 | comment | added | Lumi | Essentially because money is a terrible measure for this purpose (most purposes as it happens). Another example, two hypothetical states with the same uneven wealth distribution, but one has public health care available to all, the other does not, and so its poor have very limited access to health care. The example is constructed to provide an argument that inequality might be beneficial to society, but its only a toy example. The larger question is how do you measure wealth? The Weimar republic after all, did not lack for money. | |
| Jan 6, 2015 at 14:47 | comment | added | Constantin | Why shouldn't monetary wealth be a reasonable approximation? And about your example, wouldn't that support the idea that inequality is beneficial to the poor? | |
| Jan 6, 2015 at 13:48 | comment | added | Lumi | You´re right - I got that the wrong way round - it´s the unequal society that ends up researching antibiotics. The reason I gave that example is that there are so many issues with trying to equate wealth with simple quantities of money. In some sense this is the wrong way to look at the question. As far as mathematical models are concerned - this is actually something I´m working on, in terms of what is the evolution over time of interest based credit systems - and afaik the answer is no - even the mathematical question is more complex than it may first appear once banking gets involved. | |
| Jan 6, 2015 at 13:41 | comment | added | Constantin | I am interested in total wealth and income in monetary terms. About your example, I do not understand (1) why it should be the society with an equal distribution of wealth that affords free time to some but not all of its people; (2) the assumption that innovation results from free time rather than economic activity. | |
| Jan 6, 2015 at 1:11 | comment | added | Lumi | How are you measuring wealth? Consider for example two hypothetical societies, one with an equal distribution of 'wealth', the other with an unequal one. Due to the unequal distribution, and the resulting spare time afforded to some but not all of its members, the first society has researched antibiotics and can make them available to every member (rich or poor). The second society does not. How are you defining wealth? | |
| Jan 6, 2015 at 0:16 | history | asked | Constantin | CC BY-SA 3.0 |