Friday, December 08, 2006

$$$ ??? +++ !!!

Rod Adams has left a new comment on your post "Good, but...":

Ben:

I am no economics expert, but I do talk to a lot of people in various economic situations. My far less than scientific sample tells me that some people have been doing okay - those in upper middle income jobs like management, major media journalism, and technology that have owned their homes for a number of years.

I have also talked a good deal with people who have not been doing so well - those people in skilled labor positions, teachers, those who work the cash registers, and those who are just starting out and looking for their first homes.

Certainly a mixed bag, but one where it is understandable that there are many people that have not been satisfied with the performance of the economy.

Ben's response:

Rod,

These are inordinately difficult numbers to measure.

Clearly, the rich have gotten richer, but so have the non-rich.

If a family earning $30,000 a year goes to $60,000 a year over the course of a couple of years it is more important to them, and should be to the rest of us, than if Warren Buffet or Bill Gates pick up and extra billion.

Thanks for posting.

1 Comments:

Blogger Roy Lofquist said...

Dear Ben,

Economics is a dreary, dismal discipline but far from science. It is not science because the experiments are too expensive. Communism and Socialism have cost untold human suffering for many generations.

The root cause of economic fallacy is biblical. "A rich man has as much chance of entering heaven as a camel might pass through the eye of a needle". This shiboleth comes from a time when wealth was viewed as a limited, finite set of resources that were up for grabs. The industrial revolution shattered this meme. We now know that wealth can be created by clever people.

There are, however, those who rail against this fact. Their principle line of argument is that those who are successful use their ill-gotten gains for booze and broads. "The life styles of the rich and famous" focuses on individuals who indulge in conspicuous consumption.

The truth is that capital accrues to those who have a talent for producing wealth. Thank G-d for Sam Walton, Bill Gates and all of the others who have given us the highest living standard in history. We should let a bunch of politicians decide how to spend all that filthy lucre?

Regards,
Roy

December 09, 2006  

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