Re:What Paul Graham Is Missing About Inequality – Tim O'Reilly
by nickpsecurity on Monday January 25, 2016 @06:28PM
(#10970812)
I think his points on executive compensation vs labor-based compensation plus incentives are spot on. It's this way because they can do it this way for their own gain. They also have influence in Washington to pull it off. Quite simple.
Of course, being a scientist, I prefer to judge something by its results. We can say exactly what our system's design is doing by looking at what results from it and where those results show up. Spoiler: it's a plutonomy or an economy that almost exclusively extracts wealth to concentrate in hands of richest few.
Citigroups internal analysis confirming we're a modern plutocracy & that illusion of upward mobility was critical:
That's 161 directors managing $23.91 trillion in funds. Hard to imagine control of wealth distribution or incentives to take a slice getting more concentrated.
EDIT to add: Also relevant is this recent HN post with empirical evidence supporting rule by elite claim. If law and business structure are for elites, then of course they continue and expand economic inequality that benefits elites at the rest's expense.
Of course, being a scientist, I prefer to judge something by its results. We can say exactly what our system's design is doing by looking at what results from it and where those results show up. Spoiler: it's a plutonomy or an economy that almost exclusively extracts wealth to concentrate in hands of richest few.
Citigroups internal analysis confirming we're a modern plutocracy & that illusion of upward mobility was critical:
http://politicalgates.blogspot.com/2011/12/citigroup-plutono...
Nice profile of the richest firms controlling the most wealth and their interlocking boards:
http://www.projectcensored.org/financial-core-of-the-transna...
That's 161 directors managing $23.91 trillion in funds. Hard to imagine control of wealth distribution or incentives to take a slice getting more concentrated.
EDIT to add: Also relevant is this recent HN post with empirical evidence supporting rule by elite claim. If law and business structure are for elites, then of course they continue and expand economic inequality that benefits elites at the rest's expense.
https://news.ycombinator.com/item?id=10965943