Monday, June 20, 2011

Super Rich? Super!

Apparently, the Super-Rich are earning their income, whereas decades ago, they inherited it.  So, the Kennedies versus the Jobs of the world.  Guess who wins?  And who loses in the court of public opinion?  Here's a quote, "Many of today’s super-rich started out in the middle and make most of their money through work, not inheritance. Ninety-five years ago, the richest 1 percent of Americans received only 20 percent of their income from paid work; in 2004, that income proportion had tripled, to 60 percent."  So...what' s the problem?  Is it Nouveau Rich v Old Money?   In an ostensible meritocracy, our current crop of Super-Rich should be lauded as those who earned their way.  However, these facts get in the way of an oh-so fun beer fueled rant by the guy on welfare blowing his check at the bar inside the casino...       http://www.theatlantic.com/magazine/archive/2011/07/the-14-biggest-ideas-of-the-year/8556/12/

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Share your unique economics experiences. What did you have to give up to gain that which at the moment seemed so necessary to you? Imperfect information spanked you and now diminishing marginal utility smacks you upside the head, eh?