Tuesday, April 29, 2014

Thomas Piketty summed up

Daily Kos referenced an article that summed up Piketty's book.
Piketty's research, which is immaculate, reaches back hundreds of years to establish a simple thesis: the American dream – and more broadly, the egalitarian promise of Western-style capitalism – does not, and maybe cannot, deliver on its promises. That, he writes, is because economic growth will always be smaller than the profits from any money that is invested. Economic growth is what we all benefit from, but profits from invested money accrue only to the rich.

The consequences of this are clear: those who have family fortunes are the winners, and everyone else doesn't have much of a shot of being wealthy unless they marry into or inherit money. It's Jane Austen all over again, and we've just fooled ourselves that the complicated financial system has changed a thing.

This is a deep point. Many American households, if they are lucky, will grow their wealth at the same rate as the economy. But, because the wealthy are growing their fortunes at a much faster rate, no one else can ever catch up.


Sunday, April 20, 2014

Masters of Business

Sophie made up her first complete game today. It's called "Master of Business." The rules are: run around the house three times, jump on the bed four times, and walk around the room two times, while wearing a belt and sunglasses.

I have no idea where the name comes from, but I am very happy to report I am now a "Master of Business."

Thursday, April 3, 2014

Catholics of yore

From an article discussing when Catholics on the Right were against capitalism. True, they were proto-libertarians and religious zealots, but I have to admire the passion in this passage:
Chesterton, always the better stylist than Belloc, could work himself into righteous fury in defense of the distributist ideal over the capitalist one. He gave that ideal a peroration in the book What's Wrong with the World that suffices as a conclusion for this article, because it has all the revolutionary romance and inevitability of Marx, but more moral force and beauty:

With the red hair of one she-urchin in the gutter I will set fire to all modern civilization. Because a girl should have long hair, she should have clean hair; because she should have clean hair, she should not have an unclean home: because she should not have an unclean home, she should have a free and leisured mother; because she should have a free mother, she should not have an usurious landlord; because there should not be an usurious landlord, there should be a redistribution of property, because there should be a redistribution of property, there shall be a revolution. That little urchin with the gold-red hair, whom I have just watched toddling past my house, she shall not be lopped and lamed and altered; her hair shall not be cut short like a convict's; no, all the kingdoms of the earth shall be hacked about and multilated to suit her. She is the human and sacred image; all around her the social fabric shall sway and slip and fall; the pillars of society shall be shaken, and the roofs of ages come rushing down; and not one hair of her head shall be harmed. 

The conservative case against capitalism