Interesting, although I may not be so quick to conclude (as I am tentatively assuming you have) that this situation is indicative of a flawed or problematic economic situation. While one perspective may lead to the conclusion that those with the majority of the wealth have, through their proficiency in accumulating and sustaining vast assets, deprived the rest of the population of such assets, thereby impoverishing them; another perspective could, in my opinion, be substantiated that those with the majority of the wealth are also those responsible for delivering the majority of the services the rest of the population depends on, thereby indicating that the measure of benefit derived by the rest of the population from the services provided by the wealthy is in direct correlation to the assets possessed by the wealthy. I think both perspectives are partially valid, and the truth is probably to be found somewhere in between the two. I for one though am actually glad that there are oil tycoons, tech giants, and other such institutions out there in possession of vast assets, simply because the services they provide to me are, if not essential to my lifestyle, at least something I wouldn't want to have to be responsible for providing for myself. From an economic perspective, the wealthy are really just those who have specialized in delivering services to a vast number of people, and specialization usually implies efficiency.
Of course, I'm not saying the situation is ideal, just that perhaps it isn't as bad as a first impression might lead one to assume. The fact of the matter is that currency as a measurement of wealth is really a very crude device when considered from a perspective of economics and social design. In my opinion, equality of wealth, or at least a general trend toward such equality, would be much better achieved within an economic system that did not utilize currency at all, but rather assigned predetermined measurements of wealth based upon an individual's functionality within his or her society, but that is perhaps a topic I would have to elaborate upon at some length in order to lend it credit.
Interesting, although I may not be so quick to conclude (as I am tentatively assuming you have) that this situation is indicative of a flawed or problematic economic situation. While one perspective may lead to the conclusion that those with the majority of the wealth have, through their proficiency in accumulating and sustaining vast assets, deprived the rest of the population of such assets, thereby impoverishing them; another perspective could, in my opinion, be substantiated that those with the majority of the wealth are also those responsible for delivering the majority of the services the rest of the population depends on, thereby indicating that the measure of benefit derived by the rest of the population from the services provided by the wealthy is in direct correlation to the assets possessed by the wealthy. I think both perspectives are partially valid, and the truth is probably to be found somewhere in between the two. I for one though am actually glad that there are oil tycoons, tech giants, and other such institutions out there in possession of vast assets, simply because the services they provide to me are, if not essential to my lifestyle, at least something I wouldn't want to have to be responsible for providing for myself. From an economic perspective, the wealthy are really just those who have specialized in delivering services to a vast number of people, and specialization usually implies efficiency.
ReplyDeleteOf course, I'm not saying the situation is ideal, just that perhaps it isn't as bad as a first impression might lead one to assume. The fact of the matter is that currency as a measurement of wealth is really a very crude device when considered from a perspective of economics and social design. In my opinion, equality of wealth, or at least a general trend toward such equality, would be much better achieved within an economic system that did not utilize currency at all, but rather assigned predetermined measurements of wealth based upon an individual's functionality within his or her society, but that is perhaps a topic I would have to elaborate upon at some length in order to lend it credit.