Re:Why inequality persists in America
by bryanlarsen on Tuesday March 10, 2015 @11:15AM
(#9178149)
It depends on how rivalrous the goods are. If everybody had enough money to buy a yacht, that would mean that the world had enough resources to create a yacht for everybody. However, the world could never have enough prime docking space for every yacht, nor would the world have enough people to crew every yacht.
Land, human labour and political influence are three of the most rivalrous goods, goods where the price goes up as fast (or faster) than the supply of money.
In a world with little poverty but vast inequality, everybody could afford TV's and video games; food would be expensive but affordable. Labour intensive services like education and health care would be unaffordable. Owning or renting a nice place would be unaffordable.
Land, human labour and political influence are three of the most rivalrous goods, goods where the price goes up as fast (or faster) than the supply of money.
In a world with little poverty but vast inequality, everybody could afford TV's and video games; food would be expensive but affordable. Labour intensive services like education and health care would be unaffordable. Owning or renting a nice place would be unaffordable.
(I am not an economist)