I also found it very valuable; it was one of the factors that pushed me over the line into studying STEM at university (I was a better English and economics student in school).
129 karma · joined July 2, 2016
I also found it very valuable; it was one of the factors that pushed me over the line into studying STEM at university (I was a better English and economics student in school).
This question doesn't make a lot of sense. Of course they wouldn't be, because any middle- or working-class family can actually conceivably spend 90% of their wealth.
Instead of allowing Warren Buffett to accumulate such a large quantity of wealth and relying on his whim to donate that wealth to good causes -- something which most billionaires don't do -- shouldn't we have redistributive mechanisms in place to ensure this money goes to people who can actually use it?
> 2. The winnowing of the middle makes redistribution more palatable.
More palatable? If we accept that the rich are likely to attempt to hold onto their wealth, then why would they not spend much of their significant resources establishing and entrenching policy that does not affect redistribution?
> Why are they being perevented ?
Well, education is expensive -- and has an opportunity cost -- so low-income people often cannot afford to improve their skills and earn more income. If I am poor, and I have enough intelligence to become a good scientist, engineer, or artist, but cannot afford to go to university and gather the requisite skills, then this is a loss to society.