> Different policies could produce a different outcome. My list would start with a tax code that does less to favor the affluent, a better-functioning education system, more bargaining power for workers and less tolerance for corporate consolidation.
It floors me how anyone, especially anyone with even a basic STEM background, could look at a growth curve that approaches infinity that rapidly, then turn around and say 'gee, I wonder if tinkering around the periphery of the system would solve the problem'.
No! Clearly some central mechanism has gone horribly awry.
The only explanation I've ever seen that adequately accounts for those curves is inflation. Inflation drives up prices, both of goods and of assets. A higher cost of goods narrows the margins for wage-earners (i.e. the poor and middle class), and higher asset prices inflate the net worth of people who earn income from assets (i.e. rich people) — this effect compounds over time.
If I'm wrong, please, convince me. Article & book recommendations gladly accepted.
It floors me how anyone, especially anyone with even a basic STEM background, could look at a growth curve that approaches infinity that rapidly, then turn around and say 'gee, I wonder if tinkering around the periphery of the system would solve the problem'.
No! Clearly some central mechanism has gone horribly awry.
The only explanation I've ever seen that adequately accounts for those curves is inflation. Inflation drives up prices, both of goods and of assets. A higher cost of goods narrows the margins for wage-earners (i.e. the poor and middle class), and higher asset prices inflate the net worth of people who earn income from assets (i.e. rich people) — this effect compounds over time.
If I'm wrong, please, convince me. Article & book recommendations gladly accepted.