A recent report claims that the world’s top 10 richest men all saw their wealth double over the course of the Coronavirus pandemic, while 99 percent of global income dropped dramatically during the same period.
As reported by ABC News, a study published on Monday by the group Oxfam showed that the collective wealth of the top 10 doubled from approximately $700 billion to over $1.5 trillion between March of 2020 and November of 2021. During that same time, over 160 million people fell into poverty as incomes plummeted. The increase for the top 10 in less than two years represented a greater increase for their wealth than their growth over the previous 14 years combined.
The 10 men who were the focus of Oxfam’s study were: Elon Musk, Jeff Bezos, Bernard Arnault, Bill Gates, Larry Ellison, Larry Page, Sergey Brin, Mark Zuckerberg, Steve Ballmer and Warren Buffett. The data for the study was gathered from the World Bank.
Bret Weinstein and Heather Heying, evolutionary biologists and visiting fellows at Princeton University, have written a fascinating new book, A Hunter-Gatherer’s Guide to the 21st Century, which Penguin Random House released in September.
The instant New York Times bestseller is riddled with interesting ideas and clever insights, ultimately arriving at a radical conclusion about how humanity must be governed in the future if we are to avoid civilizational collapse. However, the book’s concluding argument is built upon one fundamental economic fallacy, and to understand the flaw in the proposal is to understand how truly catastrophic the pursuit of Weinstein and Heying’s vision would be.
The Fear of Abundance
Weinstein and Heying’s fundamental claim is about the human propensity to seek economic growth, and the ultimate unsustainability of that goal.
The top quarter of American income earners can expect to live a decade longer than the bottom quarter, medical research shows. This health disparity seems downright cruel. Not only do those in poverty have to pay more for things like credit and insurance, they also pay more years to the Grim Reaper.
Unlike income inequality, transferring years of life from the rich to the poor is not a feasible option. To find a real solution, we must know what drives the inequity.
by Natalia Castro Residents of Maryland were likely filled with pride when the USA Today state wealth index listed Maryland as the wealthiest state in the country. With the second lowest poverty rate and the highest median household income, one might assume Maryland has an engaged and efficient workforce.…
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