Full piece here.
For what it’s worth, in my travels, I often find people who believe ‘inequality’ to be a social or moral harm, to also find ‘equality’ to be a social and moral good, and I’m curious as to how they arrived at such a position.
What does ‘equality’ mean, exactly?
In my experience, people can be wildly unequal in terms of physical and mental abilities, innate capacities and learned skills, life experiences, love and relationship goals, drive and ambition, and of course, pure luck.
We’ve all had some good times, some hard times, some things we’ve fought hard for, sacrificed for, and made a central part of our lives.
Am I gonna make it? How can I be better to someone I love? Is what I’m doing with my time worthwhile?
I generally agree with equality under the law as far as the equality of ‘life, liberty, and the pursuit of happiness,’ goes, but once I start to hear ‘equality’ as an abstract list of ‘rights’, human and otherwise, I find myself occupying a position of skepticism and doubt.
How much equality is enough, exactly?
‘Over 11 percent of Americans will be among the top 1 percent of income-earners (people making a minimum of $332,000 per year) for at least one year in their lives. 94 percent of the Americans who join the top 1 percent group will keep that status for only one year.’
It seems to me that economic mobility and opportunity is one of the greatest strengths and cherished inheritances we share as Americans.
We don’t have to build around the ruins of monarchy, aristocracy, feudal landownership and fixed classes as found in most of Old Europe. Our founders set us on a glide-path out of such constraints, with a lot of foresight and wisdom.
‘Moreover, the factors that explain higher household incomes among Americans are not fixed over a lifetime, and they are to some degree a matter of personal decisions, which means that people are not forced to remain in one income bracket for their whole lives. American households with higher than average incomes tend to be households where the members are well-educated, in their prime earning years (between the ages of 35 and 64), working full-time, and are in stable marriages. Households with lower than average incomes tend to be households where the members are less-educated, outside their prime earning years, unemployed or working only part-time, and they are likely to be unmarried.’
Piketty And Hitchens-Some Saturday Links
Larry Summers via the Democracy Journal has an easily-accessible review of Piketty’s ‘Capital In The Twenty-First Century‘, called ‘The Inequality Puzzle.’
Among other interesting thoughts, there’s this:
‘…there is the basic truth that technology and globalization give greater scope to those with extraordinary entrepreneurial ability, luck, or managerial skill. Think about the contrast between George Eastman, who pioneered fundamental innovations in photography, and Steve Jobs. Jobs had an immediate global market, and the immediate capacity to implement his innovations at very low cost, so he was able to capture a far larger share of their value than Eastman. Correspondingly, while Eastman’s innovations and their dissemination through the Eastman Kodak Co. provided a foundation for a prosperous middle class in Rochester for generations, no comparable impact has been created by Jobs’s innovations’
Addition: Richard Epstein-Piketty’s Rickety Economics.
Martin Feldstein at the WSJ (behind a paywall)-Piketty’s Numbers Don’t Add Up.
Repost-Revisting Larry Summers: What Did He Say Again?…Why Do People Move To Cities? From Falkenblog: ‘The Perennial Urban Allure’
Technotopia And Politics-Jonah Goldberg At The National Review Online: ‘Minimum Wage And The Rise Of The Machines’
Cities should be magnets for creativity and culture? –From The Atlantic: Richard Florida On The Decline Of The Blue-Collar Man…From Grist.Org Via The New Republic Via The A & L Daily: ‘Getting Past “Ruin Porn” In Detroit’… some people don’t want you to have the economic freedom to live in the suburbs: From Foreign Policy: ‘Urban Legends, Why Suburbs, Not Cities, Are The Answer’
Megan McArdle At Bloomberg: ‘Piketty’s Tax Hikes Won’t Help The Middle-Class’…David Harsanyi: ‘What Thomas Piketty’s Popularity Tells Us About The Liberal Press?’
Walter Russell Mead takes a look at the blue model (the old progressive model) from the ground up in NYC to argue that it’s simply not working. Check out his series at The American Interest. Technology is changing things rapidly, and maybe, as Charles Murray points out, it’s skewing the field toward high IQ positions while simultaneously getting rid of industrial, managerial, clerical, labor intensive office jobs. Even so, we can’t cling to the past. This is quite a progressive vision but one that embraces change boldly. Repost-Via Youtube: Conversations With History – Walter Russell Mead