Comment on All while the skeletal, crumbling, dusty bones of an econ major pulls business backwards into hell.

• EightBitBlood@lemmy.world ⁨11⁩ ⁨hours⁩ ago

  My favorite paper published last year includes the following, now scientifically proven statements:

  The preponderance of the evidence shows that rising income inequality slows economic growth [3], [4], [5], [6]. Recent analyses have shown that once one controls for wealth inequality the negative effect of income inequality on economic growth falls away as statistically insignificant, and that **it has in fact been wealth inequality that has been detrimental to growth, ** either in an inverse linear form or in the form of an inverse u-shape À la Kuznets [7], [8], [9], [10].

  www.sciencedirect.com/…/S003801212400003X

  So economically speaking, Econ math just proved that we need to eat the rich in order to improve anything.

  From the same paper above:

  From a policy perspective, the ongoing increase in the concentration of wealth is one of the main socio-economic failures of our time [1]. Not only is it likely to depress economic growth in some countries, as we measure here, it has fueled social unrest, political polarization, and populist nationalism… redistributing wealth from the rich to the poor may well be growth-enhancing in most countries

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  • fossilesque@mander.xyz ⁨11⁩ ⁨hours⁩ ago

    Wdy think of Gary’s Economics?

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    • EightBitBlood@lemmy.world ⁨9⁩ ⁨hours⁩ ago

      I’m a fan :) Not many multi-millionaires are out there making YouTube videos about wealth concentration being bad. But he is. And he’s very well spoken, highly intelligent, and knows what he’s talking about (at least 99% of the time). It’s refreshing to say the least. Here’s hoping he keeps gaining traction and a wider audience🤞 If anyone can get people to understand how to fix our system, it’s him.

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