The Rich Are Also Different From One Another – Bloomberg View The richest Americans are much less likely to have inherited their wealth than their counterparts in many supposedly more egalitarian countries. They’re not remarkably rich in degrees from elite universities. Rich Democrats have more social connections than rich Republicans….For all the talk of Sweden and Austria as relatively egalitarian societies, they are also the countries where the greatest proportion of high-net-worth individuals inherited their wealth: 43.8 percent and 49.6 percent, respectively. In the U.S., inherited wealth accounts for only 12.6 percent of the very wealthy individuals in the study’s sample.
The market for truck drivers – Marginal REVOLUTION That is from Patricia Laya. What does it say about the job prospects for the remaining able-bodied, male unemployed? There has been some recent coverage of video games, and incarceration, now it is time for more consideration of “can’t pass a drug test.”
Americans Believe Diversity is Our Strength – Marginal REVOLUTION Surveys from the Pew Research Center show that Americans are much more positive about diversity than Europeans. Remarkably only 7% of Americans think that diversity makes America a worse place to live–the next closest on that score is Spain where more than three times as many people think diversity makes Spain a worse place to live.
Do we need more antitrust?, Alberto Mingardi | EconLog | Library of Economics and Liberty My impression is that The Economist is using an old argument in favour of stronger antitrust. We need stronger antitrust to spread the idea that we care about the market economy being “fair”, and bigness just doesn’t look very “fair” at all. But do regulators, or The Economist for that matter, have a right to impose their vision of “fairness” on market participants?
The story of Donald Trump’s Atlantic City comeback is even worse than his collapse – Vox The fact of the matter is, however, that whatever mistakes Trump has made in his career, the Trump Hotels & Casino Resorts episode was a tour de force. The total sum Trump netted — not just in terms of salary and fees but in terms of cash paid to his other businesses, personal debts canceled, and overpriced assets bought — is incalculable. And while it would be a mistake to say it was all perfectly legal (there were money laundering fines, securities law violations, campaign finance fines, etc.), it was legal enough to work.
Uber Versus Taxi Cab Racism – Marginal REVOLUTION Vancouver B.C. does not have Uber or Lyft, the ridesharing service I mainly use in Seattle and New York City…the absence of ridesharing companies in Vancouver has meant the persistence of a problem that, in my experience, pretty much vanishes from the surface of things when you have an account with Uber or Lyft: taxi cab racism….I had all but forgotten this form of racism until this weekend, when I found myself in downtown Vancouver unable to hail a cab. They just simply passed by me, though many were not engaged. At first I thought I was not visible enough to drivers, but after a few cabs passed by my increasingly theatrical waving, I remembered the color of my skin. It’s important to note that many of the taxi drivers were not white but South Asians—some who were even blacker than me. But when it comes to taxi racism, the color of the driver often does not matter. White racism, in this sector, has been adopted, sometimes even intensified, by all other races, many of which have been and still are the victims of white racism. Even in Seattle, when Yellow Cab was the top dog, East African drivers would pass by me because I looked like them. All of that nonsense came to an end with ridesharing, whose apps made hailing unnecessary.
I’m About to Get Hit by Hurricane Matthew, So Here’s Hoping for Price Gougers | Tom Woods If prices stayed the same or increased only slightly, no one would bother conserving these scarce things. Instead of a family of five huddling in one hotel room, they might splurge and get two rooms — thereby leaving one fewer room available to another desperate family during an emergency. If the price of water stayed the same, they might consider washing their kitchen counter with it. But when the price is allowed to rise, they use the water only for its most urgent uses, thereby saving water for others who likewise have urgent uses for it — you know, like drinking.
Brazil Strikes Out on Labor Reform – Bloomberg View Given the prize — about $1.2 billion a year, according to the Labor Ministry — it’s no wonder unions keep multiplying. “In Brazil, two of the most lucrative business are founding churches and founding trade unions,” said University of Sao Paulo professor Helio Zylberstajn, a scholar of labor relations.