Discussion about this post

User's avatar
Spencer's avatar

“He grimly observes that in 2022, the top 1% of earners controlled about 26% of the wealth in the United States—a “radically disproportionate share” that has grown dramatically since the late 1980s.”

This is not a grim statistic unless one holds equality as his highest (or one of his highest) values. Capitalism organizes production mainly for the masses. According to economic historian Deirdre McCloskey, real wages have risen 1000 fold since the beginning of the Industrial Revolution and the development of bourgeois morality. An increase in ownership of capital among the 1% is not evidence of a zero sum economy.

Expand full comment
Spencer's avatar

“America is not a country where people have ever had anywhere near equal opportunities for social mobility.”

As Freddie DeBoer points out, there isn’t much difference between equality of outcome and equality of opportunity because to achieve one means basically achieving the other. But neither are remotely realistic. What is realistic is allowing liberty for everyone and liberty includes freedom of association.

Expand full comment
12 more comments...

No posts