41 votes

People pathologically hoard so much cash that they impoverish the entire nation

But when people pathologically hoard so much cash that they impoverish the entire nation This sentence seems to imply that we should fault the rich not because they are rich, but because they do ...
Alecos Papadopoulos's user avatar
14 votes

People pathologically hoard so much cash that they impoverish the entire nation

Her position isn't quite untrue. If you define poor and rich relatively, you cannot have "poor" without having "rich." However, this has little to do with hoarding. We often think of money in terms ...
Cort Ammon's user avatar
11 votes

People pathologically hoard so much cash that they impoverish the entire nation

The argument is largely based of the following premise: You have 10 Million Dollars. Say in one case you gave it all to 1 already rich millionaire, and in the other case you gave $1000 to 10,000 poor ...
SGR's user avatar
  • 219
9 votes

People pathologically hoard so much cash that they impoverish the entire nation

This particular statement posted is actually two separate statements that are being conflated despite not being related: Statement 1: People who collect many newspapers or cats are called "nuts&...
mkingsbu's user avatar
  • 191
5 votes

People pathologically hoard so much cash that they impoverish the entire nation

When people hoard cash they actually increase the value of everyone else's cash. Why? Because if they didn't hold it then some of it would instead be sold to the investors who support the price of ...
Matthew Czarnek's user avatar
4 votes
Accepted

Is poverty rightly measured internationally?

This measure of poverty depends on your definition of basic needs and local prices. Argentina is a good example for how local prices matter. It is widely accepted that official price and inflation ...
Tobias's user avatar
  • 970
4 votes

Can savings and poverty coexist?

First we must address the nature of savings. Savings are not bad or good per se. It depends on the context. It is true that in the short run, increased savings will lower consumption, thereby lowering ...
BB King's user avatar
  • 6,148
4 votes

People pathologically hoard so much cash that they impoverish the entire nation

This assumes they store their own money in their house. Like a room full of bills. If that's the case, if billions of dollars are stashed. Then it technically would reduce the supply of money and thus ...
the_lotus's user avatar
  • 141
4 votes
Accepted

How many people in the world were living below 15 dollars a day in the last decades?

Most of the "official" statistics compiled in international organisations use some thresholds like the one shown in the graph. Common for instance are the one by the World Bank (data here and report ...
luchonacho's user avatar
  • 8,591
3 votes

What's the Cause of Mexico's Poverty Rate?

High poverty rates are generally a result of two factors A) Low per capita income (GDP / capita) B) High inequality (frequently measured as the Gini coefficient) There are multiple potential ...
bbecon's user avatar
  • 688
3 votes
Accepted

What idea was proposed to remove global poverty?

Unlike many Nobel prizewinners, this year's award was not really given for a central theoretical development. All three of the winners have made important theoretical contributions relevant to ...
NickCHK's user avatar
  • 626
3 votes
Accepted

Gapminder's Dollar Street and the role of self-supply

On Gapminder's website they write If you have a question, maybe it's already answered in our Q&A. Q&A The underlined text links to a Google document, which answers several questions. ...
Giskard's user avatar
  • 29.5k
3 votes

Are American poverty rates increasing? What about global poverty rates

US A snapshot of Poverty for the US is here. The key is Figure 5, which shows alternative measures of poverty, using different data and methods. (see text for details). Basically, they show that ...
luchonacho's user avatar
  • 8,591
3 votes

Is there a study of world poverty rates over time pre 1800?

This is only for Europe unfortunately, but Bob Allen has a famous paper in which he presents reconstructed data for real wages in different European cities from 1350 all the way to 1799: Allen, ...
Martin Van der Linden's user avatar
2 votes

Can savings and poverty coexist?

At the level of an individual household it can be rational for poverty and savings to coexist. There are degrees of poverty. In terms of food, there is having a somewhat varied and adequate diet ...
Adam Bailey's user avatar
  • 8,369
2 votes

How many people in the world were living below 15 dollars a day in the last decades?

I found a tool in the World Bank website which allows you to set any income boundary, any country, years from 1980 to 2015 and display the data in charts to see how many people are under that boundary....
Pablo's user avatar
  • 545
2 votes

How is infant mortality rate an indicator of living standards?

I am just guessing at this, but I have not heard of any evidence that any culture had a large percentage of parents that wanted their babies to die. Thus the “good parent” ratio is probably not ...
Brian Romanchuk's user avatar
2 votes

People pathologically hoard so much cash that they impoverish the entire nation

I think that your aunt is confusing cause and effect here. Rich people staying rich is seldom the cause of poverty, rather it is a parallel effect. The cause of much poverty and much wealth is the ...
Joaz Banbeck's user avatar
1 vote

Are means-tested or universal programs more effective at reducing the poverty rate?

TL;DR: There is generally not much support for universal welfare programs (as narrowly defined - see below) in the literature. However, it is for different reasons that what is mentioned in the ...
1muflon1's user avatar
  • 56.4k
1 vote

How long can I live in the United States with my German monthly income?

How long can I – coming from country X – live in country Y by spending my last monthly salary converted by nominal exchange rate: 1 as a backpacker or as a convenience tourist? 2 adapting to ...
Dave Harris's user avatar
  • 2,006
1 vote

How long can I live in the United States with my German monthly income?

This is tricky to answer precisely because governments vary a lot in the services they extent to visitors. There is also variation in the mix of consumption goods across countries as well as their ...
BKay's user avatar
  • 16.3k
1 vote

How to calculate PPP$ from LCUs?

It works like any other exchange rate: Divide ₹50,000 by 70 to get about US$714 / month at market exchange rates Divide ₹50,000 by 18 to get about PPP$2778 / month at PPP rates (so not a poor farmer) ...
Henry's user avatar
  • 4,765
1 vote

Why are capital gains not counted in a poverty status calculation?

Most Exchange Traded Funds of stocks or bonds have an associated income (even those which reinvest or accumulate this income) For example Vanguard Total Stock Market ETF has a dividend yield of $1.81\...
Henry's user avatar
  • 4,765
1 vote

People pathologically hoard so much cash that they impoverish the entire nation

One of the most fundamental aspects of economics is scarcity. We have a limited amount of material resources. Not everyone can have everything. However, through specialization, some become very good ...
Drk's user avatar
  • 47
1 vote

Are American poverty rates increasing? What about global poverty rates

I am unsure about rates in Europe or the United States. In any case one can debate about how poor "the poor" in Europe and the US really are compared to people that have to survive on a dollar a day (...
Maarten Punt's user avatar
  • 2,375
1 vote

Why do cities with rich areas still contain poor areas?

In addition to what Jeremy and Kitsune said: Henry George's Progress and Poverty looked at this problem of poverty amidst plenty more than hundred years ago.
Matthias's user avatar
1 vote

Why do cities with rich areas still contain poor areas?

Regarding NYC, it has mostly to do with public housing and rent stabilization. Here's a map of public housing in NYC. Notice the large public housing developments in lower Manhattan, The Bronx, and ...
Jeremy Bernier's user avatar
1 vote

Why is poverty worse in larger cities?

The denser the population, the higher the local demand for any good, and under limited supply this means higher prices. At the same time, with a surplus of labor, there is no pressure to increase ...
kleinerde's user avatar
  • 309
1 vote

Why is poverty worse in larger cities?

Urbanisation is a phenomenon with many effects, which can change depending of the government structure, the market structure, and the level of solidarity between citizens. In the two sections bellow, ...
Alexandre Michaud's user avatar

Only top scored, non community-wiki answers of a minimum length are eligible