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weirpig

worlds richest 62

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http://news.sky.com/story/1624630/worlds-62-richest-as-wealthy-as-poorest-half

 

Noticed this  article on the sky news website  states that the 62 most wealthiest people in the world  equal the same amount of money as the poorest half of the world  do you think this is acceptable  or is at a case that there will always be a gap between the haves and have nots.

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There will always be a gap, but the current differences are simply ridiculous. I think putting certain measures in place to prevent such massive inequality, even within our own countries, would be a start. For example, Switzerland tried to pass legislation a few years ago limiting executive pay to no more than 12 times the lower paid staff. I think if we even started off with a 250:1 ratio, it would be something.

Of course, anyone suggest such will be lambasted as a commie by the usual few on here, but ideally I think we'd all appreciate a fairer world, even one where the rich can still be rich. (Just not where 62 people have as much as 3.6 billion people!).

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I don't really see any issue with this, there's nothing preventing the African and Arab world from delivering prosperity for their people except their own cultural inferiority. 

Hell, simply by being born in the UK your richer than half the world.

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Also how far would this wealth go if somehow shared out - about £100 each?
A lot of the wealth they have been credited with will be property and business based not sitting idle in a bank vault.
That is it's already directly employing a very large number of people.
This is what makes a successful economy work for the most part. Having individuals and families willing and able to invest on a substantial scale is hardly a bad thing taking a pragmatic view.
Even the Russians and Chinese seem well aware of this in fact I'm sure several of the names on this list will be from there.

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Acceptable or otherwise, I guess all that cash has to be given to someone else eventually. Or spent. From the local off licence store right up to a mega yacht factory or equivalent. Even they gain somehow.There are others who've given thousands even millions away for whatever reason and who may not necessarily be in the top sixty two, so it is all I think relative. 

As for the haves and have nots. Without trying to be awkward or too philosophical, that can happen much lower down the scale so again it is all relative. You don't have to have a million to have more than someone who has not. It's when the spending chain slowly grinds to a halt we need to possibly worry :)  even if you've got fifty quid to your name.

 

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Biggest barrier to world growth and future prosperity.

IMF etc have been saying this for a while now. Hardly like they are the first though.

Blindingly obvious why. You can demonstrate with matchsticks; just try sharing them out in different ways.

If you want growth, it's better that 100 people can afford to buy a new telly than only 1 can afford to buy 100 tellys, but just buys maybe 10; one for each room.

Quote

http://www.efe.com/efe/english/business/imf-chief-calls-excessive-inequality-a-bad-economic-policy/50000265-2750364

Excessive inequality is a bad economic policy that prevents sustainable growth, International Monetary Fund, or IMF, chief Christine Lagarde said Wednesday in an unusual conversation titled "Capitalism and Morality: The Inequality Challenge", with former U.S. Treasury Secretary Larry Summers at the National Cathedral in Washington.

Lagarde said latest IMF studies emphasize the negative effects of the growing inequality in income, especially in the more developed countries.

The studies show a one percentage point increase in the share of income of the middle and lower class would contribute an increase of 0.38 percentage points to GDP in five years, whereas a one percent rise in incomes of the rich will reduce the GDP by 0.08 points.

 

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The tv analogy makes some sense. Thing is then you need others to buy the top of the range mega priced ones. The ones often out of the price range for the vast majority or at least up until new technology takes over. And prices drop accordingly. By which time there'll more newer sets that cost a small fortune? 

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2 hours ago, scottish skier said:

Biggest barrier to world growth and future prosperity.

IMF etc have been saying this for a while now. Hardly like they are the first though.

Blindingly obvious why. You can demonstrate with matchsticks; just try sharing them out in different ways.

If you want growth, it's better that 100 people can afford to buy a new telly than only 1 can afford to buy 100 tellys, but just buys maybe 10; one for each room.

 

While there's no doubt that taking capital from those with a marginal propensity to save and giving it to those with a marginal propensity to consume is beneficial to increasing aggregate demand in the short run, i do think your overstating quite how significant a threat inequality is given that global growth is still relatively moderate and i suspect there are much larger factors which will influence output in the long run. 

Even in the UK, i'm far more concerned with the lack of manufacturing productivity growth and an inflated household credit supply than i am rising inequality. In the list of things doing us harm, it's probably not in the first handful.

 

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20 hours ago, summer blizzard said:

I don't really see any issue with this, there's nothing preventing the African and Arab world from delivering prosperity for their people except their own cultural inferiority. 

Hell, simply by being born in the UK your richer than half the world.

Most are born into debt,ripoff Britain strikes again.

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