Timmy elsewhere

At the ASI.

Why are people worried about the poor getting rich?

3 thoughts on “Timmy elsewhere”

  1. Because a billion Chinese & another Billion Indians all as rich as us can’t help but run the world & leave us on the sidelines.

    The ethical answer is to match their growth level. The eco-fascist one is that they should be forced to saddle themselves with windmillery too. I have no doubt our political class would choose the latter if we weren’t already half way to the sidelines.

  2. Tim writes:
    there’s a division in universities between those who can only count and they’re sent off to become said beancounters, while those who can both count and think become economists.

    What did we do to deserve that?

  3. “And larger, richer, economies elsewhere will be making more things we will enjoy. Their getting rich is a good thing.”

    1) Almost everything those countries produce is a substandard copy of a Western invention, and the reason for this is cultural, not economic.

    2) People getting rich is only good if their wealth is generated and not redistributed.

    “The concentration upon countries is also incorrect: national borders might be convenient in counting but they’re not important in any economic manner. What matters, as in 2), is the living and trading patterns of the individuals there, not which flag they salute.”

    Countries are in essence law/regulation/taxation systems, so the borders do matter. In fact, this is what generates the lion share arbitrage that makes globalisation so profitable. (If I can open up a factory in the East end in London and pay 10p an hour per head to an agent who delivers me a steady supply of indentured workers and keep the H&S guys out, I will have no problem to undercut anything the Chinese can produce)

    “Finally, what’s wrong with the poor getting rich? Isn’t this what Oxfam, Action Aid, the Office of Overseas Development and every either liberal person or human with a heart devoutly desires? ”

    Nops, because then the donations would dry up and salary and pension packets would shrink… not to mention no more free trips to sunny climes and cool 4×4 rides and luxury hotel stays, duh 🙂

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