Timmy elsewhereJune 2, 2014 Tim WorstallTimmy Elsewhere2 CommentsAt the ASI. Why income inequality is a good thing. previousMarkets, don’tcha just hate ’em?nextSounds a bit odd really 2 thoughts on “Timmy elsewhere” So Much for Subtlety June 2, 2014 at 8:27 am Of course, we might always hope that humans will stop seeking status. But then at that point we’d not be describing the actions of the same species that we’re currently studying, would we? The standard counter to this must be that human beings are obviously infinitely malleable. So there is no reason why they shouldn’t seek status by being nice to each other. Or by very public good deeds. Or knitting if it comes to that. It does not have to be a market naked in tooth and claw any more than it has to be an arena of combat soaked in blood. The counter to that counter must be that inequality is good in and of itself. The best things in most societies are the product of the obscenely wealth. Look at a city like Paris, enriched by the monarchies of the past. Impoverished by the small minds of modern democracy. But if giant palaces being left as legacies to future generations is not enough, keep in mind car air conditioning. The first people to pay for it were the rich and stupid. Once they paid it off, it slowly became cheap enough to be standard. We need the stupid rich to drive new technologies. Whereas socialists add nothing to society and we don’t need them at all. smallbiz June 2, 2014 at 6:51 pm Needed to be said – well done! From the land of surprising sources may I present the study that the Joseph Rowntree Trust commissioned into inequality last year. http://www.jrf.org.uk/publications/wage-inequality-employment-polarisation The report by the Work Foundation commented: “The Gini coefficient of wages (a measure of inequality) is 0.337 in London, the most unequal city.” “Smaller cities and those that have experienced industrial decline – such as Sunderland and Burnley – tend to have the most equal labour markets. The most equal city, Sunderland, has a Gini coefficient of only 0.237.” “urban wage inequality is driven by affluence amongst residents, ” Surprise surprise it turns out that inequality has an inverse relationship to poverty on the UK. Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment Name * Email * Website Save my name, email, and website in this browser for the next time I comment.