Economics Thread

https://www.ft.com/content/980cbbe2-0f5d-4330-872d-c7a9d6a97bf6

Every five to 10 years, the World Values Survey asks people in dozens of countries where they would place themselves on a scale from the zero-sum belief that “people can only get rich at the expense of others”, to the positive-sum view that “wealth can grow so there’s enough for everyone”.

The average response among those in high-income countries has become 20 per cent more zero-sum over the last century. Moreover, two distinct rises in the prevalence of zero-sum attitudes have coincided with two slowdowns in gross domestic product growth, one in the 1970s and another in the past two decades.

The same pattern holds within individual countries. Britons and Americans have become significantly more likely to believe that success is a matter of luck rather than effort precisely as income growth has slowed.


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Unfortunately, both major parties are firmly captured by a zero-sum mindset.
 
acesfull86 said:
https://www.ft.com/content/980cbbe2-0f5d-4330-872d-c7a9d6a97bf6

Every five to 10 years, the World Values Survey asks people in dozens of countries where they would place themselves on a scale from the zero-sum belief that “people can only get rich at the expense of others”, to the positive-sum view that “wealth can grow so there’s enough for everyone”.

The average response among those in high-income countries has become 20 per cent more zero-sum over the last century. Moreover, two distinct rises in the prevalence of zero-sum attitudes have coincided with two slowdowns in gross domestic product growth, one in the 1970s and another in the past two decades.

The same pattern holds within individual countries. Britons and Americans have become significantly more likely to believe that success is a matter of luck rather than effort precisely as income growth has slowed.


——————

Unfortunately, both major parties are firmly captured by a zero-sum mindset.
Click to expand...

spending on rent-seeking behavior (campaign contributions and spending on lobbying) has risen a lot in recent decades

and the returns on such activity seem to justify such expenditures
 
nsacpi said:
i'll offer a normative statement of my own

the enhanced refundable child tax credit made a very big dent in child poverty in 2021

sadly Congress did not extend it and the childhood poverty rate rebounded bigly in 2022

it would be ethical for us as a society to do more to reduce childhood poverty even at the expense of higher taxes

children don't get to choose their parents or the circumstances they are born into...an ethical society would want to reduce the role of random chance in affecting a child's opportunities to grow up to be a happy and productive adult
Click to expand...

The child tax credit still exists?

Second time I’ve read that here. Must be od material?
 
Last edited:
F6y-4UpWkAAfZY6
 
it is pretty simple

so simple you and da wife should be able to figure it out without my help

or maybe not

either way i leave you to your own devices
 
nsacpi said:
i'll offer a normative statement of my own

the enhanced refundable child tax credit made a very big dent in child poverty in 2021

sadly Congress did not extend it and the childhood poverty rate rebounded bigly in 2022

it would be ethical for us as a society to do more to reduce childhood poverty even at the expense of higher taxes

children don't get to choose their parents or the circumstances they are born into...an ethical society would want to reduce the role of random chance in affecting a child's opportunities to grow up to be a happy and productive adult
Click to expand...

i give hint
 
nsacpi said:
F6y-4UpWkAAfZY6
Click to expand...

What is the graph supposed to prove? Yeah, giving people free money will temporarily help them out until the market adjusts and puts them back in the same spot they were in before or likely worse when the next dot is plotted on that chart.

Now we have the same amount of poor people and massive inflation. What a win.
 
ESP47 said:
What is the graph supposed to prove? Yeah, giving people free money will temporarily help them out until the market adjusts and puts them back in the same spot they were in before or likely worse when the next dot is plotted on that chart.

Now we have the same amount of poor people and massive inflation. What a win.
Click to expand...

You're talking to a Krugman guy
 
ESP47 said:
What is the graph supposed to prove? Yeah, giving people free money will temporarily help them out until the market adjusts and puts them back in the same spot they were in before or likely worse when the next dot is plotted on that chart.

Now we have the same amount of poor people and massive inflation. What a win.
Click to expand...

News flash: we've been transferring money between various groups in this country since its founding. Some of the details may surprise you.
 
Yeah a big reason we have massive interest rates today is the unimaginable debt that has been accumulated over the last few presidents have resulted in inflation.
 
Everything bad is Bidens fault. If Trump wins in 2024 everything bad in his presidency will be Bidens fault. Every problem is the because of the current President until Trump takes office. Then he is responsible for anything good that happens in the world and everything bad is because of the previous guy. Funny how that works.
 
Robert Reich
@RBReich
·
17h
Inflation rose 14% between July 2020 and July 2022.

But corporate profits rose by 75% over those two years — five times as fast as inflation.

Remember when the media said “greedflation” was a fringe theory?

Now looking back, it’s undeniable.

tell me again how we don't have the money
or, where the money we dont have ---is
 
I know your tweeter guy is probably a rock solid source, but on the street this simply isn't true. I deal with business owners on a daily basis, and every single one of their costs is up exponentially.


"we have the money" still seems like a farce to anyone in the real world.
 
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