Re:Harvard University Won’t Require SAT, ACT for Admissions ...
by jjoonathan on Tuesday June 16, 2020 @12:55PM
(#23541318)
40 years ago, if you looked at the preceding 40 years of economic growth in the US, the reality was "a rising tide floats all boats."
Today, if you look at the preceding 40 years of economic growth in the US, the reality is "rich get richer, poor get poorer."
Clearly, magic capitalism beans aren't the only ingredient in an economy that improves everyone's lot. My theory is that the other key ingredient is growth. Growth is chaotic and stirs money around, it's one of the precious few strong market forces that pushes towards equality rather than winner-take-all, even though it does so purely on entropic grounds and isn't strong enough to actually arrive anywhere near the maximum-entropy state.
Of course, once the growth stops, the market settles out again, and the real question is how to deal with that. "Try to stimulate growth at all costs" just creates bubbles. It's a tough question, but whatever the answer is, I'm pretty sure it involves stirring money around, and I'm pretty sure big monied interests are going to fight it tooth and nail out of self-interest.
Today, if you look at the preceding 40 years of economic growth in the US, the reality is "rich get richer, poor get poorer."
Clearly, magic capitalism beans aren't the only ingredient in an economy that improves everyone's lot. My theory is that the other key ingredient is growth. Growth is chaotic and stirs money around, it's one of the precious few strong market forces that pushes towards equality rather than winner-take-all, even though it does so purely on entropic grounds and isn't strong enough to actually arrive anywhere near the maximum-entropy state.
Of course, once the growth stops, the market settles out again, and the real question is how to deal with that. "Try to stimulate growth at all costs" just creates bubbles. It's a tough question, but whatever the answer is, I'm pretty sure it involves stirring money around, and I'm pretty sure big monied interests are going to fight it tooth and nail out of self-interest.