Contributors

Thursday, July 12, 2012

The Price of Inequality


I highly recommend reading Professor Stiglitz's book which you can purchase here.

5 comments:

juris imprudent said...

So I'm curious M - have you actually read this book or are you operating on the basis of Clif's notes and/or video blurbs?

Mark Ward said...

Neither. I am currently reading it. Expect several posts in the future so if I want to respond intelligently, read it.

juris imprudent said...

It actually looks interesting, I may pick up a copy. I'd like to see if he does any better at actually explaining the consequences of inequality. Manzi (and others) talk about the social fabric fraying - but never put real specifics on that. This could be an interesting discussion, if it can rise above the usual.

On the news this morning I heard that the two highest paid entertainers under age 30 are Taylor Swift ($57M) and Justin Bieber ($55M) last year. Funny how the angry (and putatively non-envious) left never talks about those kind of people in the 1% yet they are a significant chunk of it (as are LeBron, the Mannings, etc.). I also came across an interesting link on income vice cost of living by metro area - don't have it handy now, but I'll post it later. That could be an addendum to the whole income inequality question.

Don't tease me on this - deliver on discussing this like you did with Manzi.

Mark Ward said...

I won't tease you. It's going to take awhile as I want to give it the care it deserves. If you read it as well, then maybe we can find some ares of agreement and some possible solutions.

I'm with you on the Beeb. This is what I have to fight against every day. Every kid thinks this is what they are going to be when they grow up because that's what the media and their parents tell them. I say, it's very unlikely and stress the importance of an education. Many think it's boring and can't wait for the record deal. Then I explain to them that the music industry isn't going to be around much longer and they give me a blank stare. Oh well...

juris imprudent said...

Here is the link I mentioned earlier.

I think the most interesting bit is comparing San Diego with Minneapolis and Memphis. In unadjusted (for cost of living) terms, SD and MSP are very close in average income - MSP a bit above SD. Memphis is a few thousand lower. But then, take into account the cost of living in these locations and wheeeeee! SD drops from 14 to 45, MSP from 11 to 23 and Memphis soars from 32 to 4.