Recently, economist Robert Shiller was interviewed on the Charlie Rose show. It was an interesting hour based loosely on his new book "Animal Spirits" which is not quite what you might expect from the title.
Robert Shiller correctly predicted the economic meltdown. He is an astute observer and listening to him, I really could not say if he particularly liberal or conservative. He considers himself an "economic engineer" who is not interested in destroying capitalism nor in destroying government, but in making them work better and in protecting them from future catastrophe.
I ordered his book "Animal Spirits" and a couple others on the economy. Hopefully, they can be the basis of some somewhat more informed posts here and elsewhere.
Shiller views the current economic meltdown as serious, but views the increasing concentration of more and more wealth in fewer and fewer hands as being even more serious in the long term. The inequality of wealth distribution has increased to historical highs. Shiller, I think, implies that such inequality and the government policies generating it breeds resentment and also a decline in effort on the part of those unable to accumulate wealth and finding that effort more and more difficult.. in short weakening of the "work ethic".
My question at this time for those conservatives and very rich and of politicians protecting the inequality of wealth and who often label any improvement proposals as "class warfare" or "economic war" follows.
At what point will conservatives be satisfied that the very rich have gotten control of enough of the wealth to satisfy them?
This Tax Policy group, probably at Brookings Institution indicates the top marginal tax rates by year from 1919 to 2009.
http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=213
This link provides multiple forms of information on personal wealth. http://www.taxpolicycenter.org/taxfacts/listdocs.cfm?topic2id=49
Wealth estimates from 2001 estate tax filings. May not relate directly to current situation. http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=556&Topic2id=49
Download a complex pdf from the federal reserve. Charts and graphs with lots of data manipulation aimed at providing a better picture of true wealth. http://www.federalreserve.gov/pubs/feds/2006/200613/200613pap.pdf
Easier to understand compilation from the federal reserve info above http://economistsview.typepad.com/economistsview/2006/04/change_in_the_d.html
More analysis of some of the data contained in above with additional info and perspective. http://www.wealthandwant.com/
This is a perhaps shaky source, but suspect the income data on the "Fortunate 400" if not the interpretation is correct anyway.
http://www.wsws.org/articles/2008/mar2008/rich-m07.shtml
Some information on actual control of wealth: http://sociology.ucsc.edu/whorulesamerica/power/wealth.html
This from census data may be unbiased if you have time to download and dig through it
http://www.census.gov/hhes/www/wealth/wealth.html
This may indicate the problems with large family size and wealth accumulation and may thus suggest that the mal-distribution of wealth is related to family..I read only the abstract.
http://ideas.repec.org/p/wpa/wuwpma/0004051.html
This might have the most interesting and useful information.
http://www.huppi.com/kangaroo/4Inequality.htm
You may choose to be ignorant of income disparity if you wish, but the information is available and sticking your head in the conservative wingnut sand pile does not change anything for the better or even change the information. We may however disagree on the future impact of continued worsening of wealth disparity based on our ideology.
[[Note: Most of the above post was apparently viewed as too controversial to be posted at Mt. Blogmore for reasons I don't understand. ]]
**Stay tuned, paw through the data, and please report back with comments-- Doug Wiken





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