Why Does 1% of History Have 99% of the Wealth?

[Stefan]

[Prisoner Of Ice]

Something to do with nordicism, probably.

[Teyrn]

GOOGLE RON PAUL

[Linebacker]

Its obviously because of the Jews,and Obama.

[Stefan]

GOOGLE RON PAUL

Don't need to. Ron Paul was who made me realize my libertarianism. I hope you watched the video.

[Unome]

I presume you mean monetary wealth.

Not all forms of wealth revolve around money. What good is a pile of money without warriors with guns, willing to shoot and kill, to protect the plies of cash??? What good is a pile of cash during anarchy, when you're starving to death? What good is money when the banks shut down, as they do from time-to-time? Are people with the most money automatically trustworthy, or less so?

[Stefan]

I presume you mean monetary wealth.

Not all forms of wealth revolve around money. What good is a pile of money without warriors with guns, willing to shoot and kill, to protect the plies of cash??? What good is a pile of cash during anarchy, when you're starving to death? What good is money when the banks shut down, as they do from time-to-time? Are people with the most money automatically trustworthy, or less so?

We are talking about money as a substitution for product. If money can't buy food, then it is not money, it is a piece of paper. What is being said is that we have more money that we can buy more things with, particularly things which increase our standards of living.

[Unome]

We are talking about money as a substitution for product. If money can't buy food, then it is not money, it is a piece of paper. What is being said is that we have more money that we can buy more things with, particularly things which increase our standards of living.

So you mean wealthy as-in "owning lots of assets"?

Because the measure of wealth is different. Dollar values fluctuate and can change overnight. Hyperinflation can destroy many forms of "wealth". But inflation does not change the utility of a car. The car still drives you from one place to the next, regardless of its exchange rate. The object of value (asset) is not the medium of exchange ($$$).

[Stefan]

So you mean wealthy as-in "owning lots of assets"?

Because the measure of wealth is different. Dollar values fluctuate and can change overnight. Hyperinflation can destroy many forms of "wealth". But inflation does not change the utility of a car. The car still drives you from one place to the next, regardless of its exchange rate. The object of value (asset) is not the medium of exchange ($$$).

Inflation was adjusted for in the video. $3/day (when adjusted for inflation) vs. $120/day.

The modern concept of wealth is of significance in all areas of economics, and clearly so for growth economics and development economics yet the meaning of wealth is context-dependent. At the most general level, economists may define wealth as "anything of value" that captures both the subjective nature of the idea and the idea that it is not a fixed or static concept. Various definitions and concepts of wealth have been asserted by various individuals and in different contexts.Defining wealth can be a normative process with various ethical implications, since often wealth maximization is seen as a goal or is thought to be a normative principle of its own.

[Lohn]

I think the problem with this video and line of thinking is that it is too simple. Today wealth is hoarded and stored by fatcats when that wealth could benefit the entire nation much more in the hands of the state. We have the technology to create a dignified life for everyone but the chase for profit ends up hurting the environment and letting people cheat their fellow citizen.