Wealth Distribution

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TGT

Social climber

So Cal

Mar 15, 2013 - 09:35pm PT

The stuff on my climbing rack is the result of resources and labor but, by my definition, it's not capital.

does it have any market value?

Could you sell it?

Then it's capital.

Gary

Social climber

Right outside of Delacroix

Mar 15, 2013 - 09:56pm PT

Not all wealth is capital.

We agree there.

TGT

Social climber

So Cal

Mar 15, 2013 - 09:59pm PT

All wealth falls into four classifications

1. Capital
2. Labor
3. Raw Materials
4. Entrepreneurial Talent

#4 Is the rarest.

What you are missing is the monetization and mobility to differing degrees of all four.

Capital is the only classification that can be monetized completely and will flow to where it gets the best return

TGT

Social climber

So Cal

Mar 15, 2013 - 10:04pm PT

Nope

Adam Smith came up with it, not Marx.

And Marx stole the whole dialectic shtick from Hegel.

Just took God out of it.

froodish

Social climber

Portland, Oregon

Mar 15, 2013 - 10:26pm PT

More importantly, there is no testable hypothesis showing a causal relationship between a higher nominal maximum marginal rate and GDP growth. It is simply a nonsense correlation

If that's true, then the converse must be true as well, but you rarely see this foundation of conservative thought challenged.

TGT

Social climber

So Cal

Mar 15, 2013 - 10:26pm PT

Maybe then you need to go take an undergraduate econ class.

To quote my boss from yesterday when we closed a high six figure deal, made one of our principals an unexpected windfall,and ourselves a fat commission

"You pay us for our cunning."

Toker Villain

Big Wall climber

Toquerville, Utah

Mar 15, 2013 - 10:36pm PT

Are we talking about Marx?

Didn't he say that, "Time flies like an arrow, but fruit flies like a banana."?

TGT

Social climber

So Cal

Mar 15, 2013 - 10:36pm PT

How do #1, #2 and #3 do anything without #4?

Why would they?

TGT

Social climber

So Cal

Mar 15, 2013 - 10:38pm PT

[Click to View YouTube Video]

TGT

Social climber

So Cal

Mar 15, 2013 - 10:57pm PT

Where do you get that?

Skilled labor, (at some point a crossover to entrepreneurial talent)

is easily the most important asset any organization has.

Marx was locked in his 1850's conception that labor was just sweat and not brains.

rick sumner

Trad climber

reno, nevada/ wasilla alaska

Mar 18, 2013 - 09:23pm PT

Well folks,
What's your take on the wealth redistribution news out of Cyprus today? I would call it a seizure of assets equally distributed up and down the economic ladder. Is this the ultimate state of a social democracy run amok?

Captain...or Skully

climber

Mar 18, 2013 - 10:57pm PT

Cypress is good wood. Weird but good.

Gary

Social climber

Right outside of Delacroix

Mar 19, 2013 - 12:05am PT

Marx was locked in his 1850's conception that labor was just sweat and not brains.

TGT, when you're wrong, you're really wrong.

bookworm

Social climber

Falls Church, VA

Mar 19, 2013 - 07:01am PT

"I would call it a seizure of assets equally distributed up and down the economic ladder. Is this the ultimate state of a social democracy run amok?"

it is NOT equally distributed...those with the most SAVINGS (yes, the eu is going to take money from peoples' savings accounts) have more taken away. and the money will NOT be distributed to anyone--it will go directly to the eu coffers

there are a lot of guns in cyprus; let's see if their protests remain peaceful...my guess is the eu will back off and probably accept russia's deal--a bailout for drilling/mining rights, which is the greater long-term threat (by the way, where's barry? probably still trying to persuade the uk to stay in the eu)

how much more proof do you libs need that euro-style economics are not sustainable...that a powerful government can, and WILL, do whatever is necessary to protect itself, which means going after the easiest targets (i.e. poor people, preferably unarmed poor people)

as per the above conversation: if your labor is not capital, then why is it taxed as income? in reality, my paycheck is COMPENSATION; it's not "income" because i have not received anything of greater value in return...my time and energy are simply being recompensed...interest on a savings account or return on a capital investment is income

in fact, the government is telling you that your labor is not worth anything, that your compensation is not really yours

rick sumner

Trad climber

reno, nevada/ wasilla alaska

Mar 19, 2013 - 05:05pm PT

It looks like, for the time being, Cyrus' government has backed off of outright seizure-and yes, as discussed earlier than the 6.7% and 9.9% rate, it would have been equally distributed.So what happens now? Will the banks there default, with all remaining deposits frozen while they sort through the detritus and exit the Euro? Will the Russians demand hard assets to replace the lost fiat currency? What if their is euro protest to Russian demands, is Cyprus protected under nato treaty? Almost all wars, our civil war included, start for economic reasons.Is this the messy model of social democracies demise, will it eventually play out here with the chinese owning large swaths of american resources? I would look to problems like these in Europe as the catalyst for war as much as North Korean or Iranian saber rattling

TGT

Social climber

So Cal

Mar 19, 2013 - 05:14pm PT

War seems to come out of nowhere, like rust that suddenly pops up on iron after a storm.

sempervirens

climber

Mar 19, 2013 - 06:33pm PT

More evidence for the "1% theory". This is just a book review, I've yet to read the whole book, but will soon. This review is by Robert Reich, UC Berkeley Economist. It's probably easier to read the review the NY Times website. But I posted the first few paragraphs below. I don't believe everything I read. IF this is true it is very damning evidence that the rich 1% are cheating, controlling the economy, and stealing from the middle class. (and that foxx news is a pile a' shite)

http://www.nytimes.com/2011/05/29/books/review/book-review-reckless-endangerment-by-gretchen-morgenson-and-joshua-rosner.html?pagewanted=all&_r=0

Washington and Wall Street: The Revolving DoorBy ROBERT B. REICH
Published: May 27, 2011
It’s hardly news that the near meltdown of America’s financial system enriched a few at the expense of the rest of us. Who’s responsible? The recent report of the Financial Crisis Inquiry Commission blamed all the usual suspects — Wall Street banks, financial regulators, the mortgage giants Fannie Mae and Freddie Mac, and subprime lenders — which is tantamount to blaming no one. “Reckless Endangerment” concentrates on particular individuals who played key roles.

‘Reckless Endangerment’ by Gretchen Morgenson and Joshua Rosner (June 28, 2011) The authors, Gretchen Morgenson, a Pulitzer Prize-winning business reporter and columnist at The New York Times, and Joshua Rosner, an expert on housing finance, deftly trace the beginnings of the collapse to the mid-1990s, when the Clinton administration called for a partnership between the private sector and Fannie and Freddie to encourage home buying. The mortgage agencies’ government backing was, in effect, a valuable subsidy, which was used by Fannie’s C.E.O., James A. Johnson, to increase home ownership while enriching himself and other executives. A 1996 study by the Congressional Budget Office found that Fannie pocketed about a third of the subsidy rather than passing it on to homeowners. Over his nine years heading Fannie, Johnson personally took home roughly $100 million. His successor, Franklin D. Raines, was treated no less lavishly.