5 Matching Annotations
  1. Jun 2021
    1. As a result, Markovits calculates that three-quarters of elite income now originates from labor rather than inherited capital.

      Financialization of the economy may indicate that this isn't the case. What labor is really being done? Isn't more of it built on information and information flows?

      These numbers definitely need to be checked.

    2. A Harvard Business Review survey found that 62 percent of high-earning individuals work over 50 hours a week, more than a third work over 60 hours a week, and one in 10 work over 80 hours a week. According to Markovits, elites today work an average of 12 more hours per week than middle-class workers (the equivalent of 1.5 additional workdays).

      This may be the case for high-earners, but where do these people sit with respect to the higher elite or "leisure class"?

      Are these hard working high-earners a new class of people that has emerged that aren't the previous elite of the mid-1900s?

      What effect does the rise of finacialization (versus manufacturing or service sectors) since the 1970's have on this shift? Did these high-earners arise out of a hole in the market to service the elites on the highest rung up to make their wealth grow faster?

      There seems to be a hole in this argument with respect to the prior quote:

      Fifty, 60, 70 years ago, you could tell how poor somebody was by how hard they worked. Today, that relationship has been completely reversed. Elites work for a living. They work harder than they used to. They work harder in terms of brute hours than the middle class on average, and they get most of their income by working.

  2. Aug 2020
    1. It's a form of socialism for the very, very rich and brutal austerity for the rest of us, as the businesses around us implode for lack of access to capital and take the jobs with them.

      How long before people decide to do something about this? The guillotines are going to come out, or the rest of the world is going to come and take care of this.

  3. Jun 2020
  4. Feb 2019
    1. finance learned to make doubtful innovations that do not create wealth but merely lead to differential inflation, where financial assets increase their value faster than salaries, to the detriment of workers and small productive businesses. Massive bailouts have allowed finance to remain unscathed and focused on short-term speculation, expecting high returns from such activities.