Land of opportunity?
From a new report on wealth inequality in America:
The three wealthiest people in the United States — Bill Gates, Jeff Bezos, and Warren Buffett — now own more wealth than the entire bottom half of the American population combined, a total of 160 million people or 63 million households.
Read it here.
Shares of the 1 percent
Check out the graphics at the World Wealth & Income Database:
Source: http://wid.world/
“Five Things They Don’t Tell You About Law & Economics”
A new video from APPEAL – the Association for the Promotion of Political Economy and the Law – challenges the “pro-efficiency” and “anti-regulation” ideology purveyed under the banner of “Law and Economics”:
Source: https://www.youtube.com/watch?v=qoak05emri4&feature=youtu.be
The human & economic costs of pollution
A new report identifies the #1 cause of death worldwide: pollution.
Environmental pollution — from filthy air to contaminated water — is killing more people every year than all war and violence in the world. More than smoking, hunger or natural disasters. More than AIDS, tuberculosis and malaria combined.
One out of every six premature deaths in the world in 2015 — about 9 million — could be attributed to disease from toxic exposure, according to a major study released Thursday in the Lancet medical journal. The financial cost from pollution-related death, sickness and welfare is equally massive, the report says, costing some $4.6 trillion in annual losses — or about 6.2 percent of the global economy.
Read more here.
DNA for a new economy
Econ4’s David Bollier writes in The Nation:
The energy for serious, durable change will originate, as always, on the periphery, far from the guarded sanctums of official power and respectable opinion. Resources may be scarce at the local level, but the potential for innovation is enormous: Here one finds fewer big institutional reputations at stake, a greater openness to risk-taking, and an abundance of grassroots imagination and enthusiasm.
Beyond the Beltway’s gaze, the seeds of a new social economy are being germinated in neighborhoods and farmers’ fields, in community initiatives and on digital platforms. A variety of experimental projects, innovative organizations, and social movements are developing new types of local provisioning and self-governance systems. Aspiring to much more than another wave of incremental reform, most of these actors deliberately bypass conventional politics and policy. In piecemeal fashion, they unabashedly seek to develop the DNA for new types of postcapitalist social and economic institutions.
Read more here.
Fake infrastructure
Econ4’s Jerry Epstein writes on Trump’s infrastructure “plan”:
Infrastructure investment: it’s that economic policy sweet spot that everyone loves to love.
Fixing bridges, building roads, modernizing airports, improving mass transportation, keeping lead out of our water: nearly everyone can relate to the need for it and can imagine how much better their lives would be with more of it.
Read his post here.
Unnatural disasters
Disasters are not like rain that impartially falls on everyone beneath the cloud. Instead vulnerability is shaped by class, race, ethnicity and gender. Check out this trailer for a powerful new documentary:
Astrological economics
Mathematics can help to clarify ideas, but it can also put a scientific veneer on a load of bunk. A philosophy professor looks at the emperor’s clothes:
The success of math-heavy disciplines such as physics and chemistry has granted mathematical formulas with decisive authoritative force. Lord Kelvin, the 19th-century mathematical physicist, expressed this quantitative obsession:
When you can measure what you are speaking about and express it in numbers you know something about it; but when you cannot measure it… in numbers, your knowledge is of a meagre and unsatisfactory kind.
The trouble with Kelvin’s statement is that measurement and mathematics do not guarantee the status of science – they guarantee only the semblance of science. When the presumptions or conclusions of a scientific theory are absurd or simply false, the theory ought to be questioned and, eventually, rejected. The discipline of economics, however, is presently so blinkered by the talismanic authority of mathematics that theories go overvalued and unchecked.
Read the piece here.
Moral equality – and immoral inequality
From Robert Reich’s review of two new books about the perils of concentrated wealth & power:
The greatest threat to Western liberal democracies in the future is more likely to come from extreme inequality than from Islamic extremism. This is because inequality erodes two foundation stones of modern society — openness to new ideas and opportunities, and a conviction that all citizens are morally equal.
Read more here.
Trumped
Bernie Sanders offers an analysis of why Trump came to be president, and where we go from here:
I’m often asked by the media and others: How did it come about that Donald Trump, the most unpopular presidential candidate in the modern history of our country, won the election? And my answer is—and my answer is that Trump didn’t win the election; the Democratic Party lost the election.
Read his speech here.
