Mickey Z
Cool Observer
Thursday, June 09, 2005
Who wants to be a millionaire?
The thing that bothers me the most about the unfair distribution of wealth in the U.S. is the myth that surrounds it. The myth that the super-wealthy aquired all of it because of their hard work and talent. Yes, it was hard work and talent, but not theirs.The scapegoating of the poor in this country is a serious problem. The prejudice against the poor is accepted without question. Think about this...even the low income people killed in the WTC on 9/11 were awarded less money that the upper income people (I think, unless they changed the formula). Also if a poor worker is killed and his family sues, they will receive less because legal awards are often based on earning power. The predjudice is institutionalized and almost never challenged. In the legal system, the life of a poor person should be worth at least as much as that of a wealthy person...maybe more.
Posted by rosemarie jackowski on from 06/09 at 09:14 AMI’m an economics major - first an undergrad, and now pummelling myself with a Masters. With all the tidy math, self-justifying theories, and abstract references to labour and resources, economists never address the question - how is a single year of one man’s labour worth more than that of more than a million Chinese manufacturing labourers, working 70 hours a week, assuming one week off, and earning 23 cents an hour?
Maybe we can’t mathematically backup the argument, but who wants math to prove what is so blatently wrong. This shit is fucked-up. Not the academic in me speaking, but when faced with obscenity such as this—#### academics.
Posted by troy on from Ottawa, ON 06/09 at 01:24 PMRosemarie,
With a hedge fund manager it isn’t even the exploitation of the poor, it’s all speculation. He’s successfully leveraged billions and billions of dollars in an illusion of wealth creation. The thing is, when his hedge comes tumbling down, he’ll already have the house in the Adirondacks, the SUV, the trophy spouse, and the 20,000 dollar Rollex, while millions will be pushed out of work and into starvation. This is thievery waiting to happen. Yet, if one of those starving people buys a few grams of weed to try and deal with the suffering, they’ll go to jail and he’ll get an ambassadorship.
Posted by troy on from Ottawa, ON 06/09 at 01:28 PMTroy, you seem so smart and so nice. Why are you in school studying Economics? I am sure that you have a good reason. Maybe you will be the one to fix things and make everything better.
Posted by rosemarie on from 06/09 at 04:26 PMTroy, Any tips on recent heterodox economics research or writing?
Thanks!Posted by sk on from 06/09 at 09:28 PMThanks Rosemarie,
I went into Economics after reading an article about the flaws with using GDP as a measure of well-being. I had recently floated to sociology from the sciences, and I wasn’t that certain I wanted to be in that field. Something in the article about economics and GDP clicked with me. I decided that I wanted to know why economists say the things they do, and then learn their language in order to critique them. At the time, I didn’t know if there were radical economists out there, and if I was undertaking a kamikaze fools mission. Thankfully, my work as an activist and my self-directed study have helped keep me grouded and away from the sun of neo-classical ideology. Eventually, the Icarus of unfettered “growth” will lose its wings, I just hope the rest of us have stopped holding on before that happens.Sk,
Check out Robin Hahnel, he has a new book which I haven’t read, but he previous one “The ABCs of Political Economy” is a nice antidote to standard economic fare. Also, “Panic Rules” is a very readable explanation of how the international economy dis-functions.I’m currently reading Wolfgang Sachs. I’m not sure that’s he’s an economist, but his writings on development - the current vanguard of capitalist ideology - are indespensible. Herman Daly’s work on sustainable economy and steady-state growth are very eye opening. My current advisor, Michel Chossudovsky’s critique of development policy is great ammunition for anyone critical of the global capitalist system. Also, Douglas Dowd’s “Capitalism and Its Economics” is a convincing exploration of how economic theory contorts itself to say whatever the capitalist needs said at a particular moment in history.
Hope some of that helps.
Posted by Troy on from Ottawa, ON 06/10 at 08:28 AMOne word sprang to my mind when I read this poignant entry Mickey - OBSCENE!! Thanks for enlightening your readers.
Posted by Helga Fremlin on from Daylesford, Australia 06/10 at 05:37 PM
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