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inequality(6)

Too Much Inequality

In Aristotle’s theory of the mean, every virtue lies between two vices on either extreme. For example, courage lies between cowardice (a lack of courage) and rashness (an excess of courage). The general idea that there are failure modes in either direction is a useful one to consider, including when discussing inequality. This was brought to mind when I saw Josh Wolfe’s tweet, making fun of Bernie Sanders for being an 0.1%-er on Twitter with over 9 million followers. This was in the context o...

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US Women’s Soccer and Systemic Inequality

First, congratulations to the US Women’s National Team on a repeat world championship, their fourth overall. Here is a clip of the beautiful goal by Rose Lavelle Second, the team’s victory brings with it a microcosm of the large scale social conflicts playing out today. It is simultaneously a tribute to women’s progress and a stark reminder of the pervasiveness of systemic inequality. All one has to do is look at the discussion around pay for the women’s team to see this. Women are facing not...

Computers and Wages (The Great Divergence)

As I argued in my last post, there is good reason to believe that computers are substitutes for labor in general. Their apparent complementarity with skilled labor was the result of substituting skilled labor for unskilled labor rather than being based on a fundamental technological complementarity. The logical next question is what this means for wages. To answer that we need a bit more theory first. How wages get determined has been hotly contested over the years but I think the basic answe...

Capital in the 21st Century by Thomas Piketty (Book Review)

In 1994 I was a student in Thomas Piketty’s first theory class at MIT. He was a young hotshot professor and I was a not so young student (in fact about 4 years older than Piketty). I still vividly remember the horror that was the first exam in this class. Piketty had vastly overestimated how well we understood the material and the English in his questions was ever so slightly off. There was groaning all around the room, myself included, and I was pretty sure I had failed the test (I didn’t – ...

Information Capital (in the 21st Century)

I am still not finished reading “Capital in the 21st Century” but the following introduction to Chapter 11 really got me thinking:The overall importance of capital today […] is not very different from what it was in the eighteenth century. Only its form has changed: capital was once mainly land but is now industrial, financial and real estate.One of my main intuitions about the coming changes is that “information” will become more important than industrial, financial and real estate assets. O...

Inequality, The Movie

I am still working on my third post about employment. As part of that I have been reading up on the rise of inequality in the US and its effects on society. In that process I came across this interesting chart from a Morgan Stanley research report: It shows that rising income inequality has been highly correlated with increased political polarization since the mid 1970s (found via Business Insider). Then just a few minutes ago I saw in my Tumblr dashboard that Robert Reich is making a documen...

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Inequality - Continuations