Scarcity, Opportunity Cost and Competition impact our decision-making moment to moment. This makes economics the basis of life as we know it, after God. Nothing that people value is free, someone pays the cost. To gain that thing of value, scarce resources are given up and cannot be given up again for a different thing of value. And we all are competing to capture those scarce resources.
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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