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Politics : View from the Center and Left
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To: Sam who wrote (92711)10/31/2008 2:10:29 PM
From: thames_sider  Read Replies (1) of 541791
 
The other issue is to look at the median income, rather than the mean wealth.
One thousand people earning $100M each boost the mean enormously, but on average they're not making anyone else significantly richer. If anything, that's probably far worse than 1M people each earning $100K, since the very rich will tend to be big in sectors such as hedge funds which otherwise basically enrich only the managers, and don't even have the excuse of building productive industry as VC or PE might do.

(Which leads me to think of possible explanations why trickle-down fails when the wealth gets so concentrated... another time, perhaps).
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