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PaperclipPerfector  9mo ago (text post)   3204 thread views

Small-Scale Question Sunday for July 16, 2023

Do you have a dumb question that you're kind of embarrassed to ask in the main thread? Is there something you're just not sure about?

This is your opportunity to ask questions. No question too simple or too silly.

Culture war topics are accepted, and proposals for a better intro post are appreciated.

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I recently read this article, which seems to have awoken some latent bleeding heart in me. As a result, it’s got me thinking about wealth redistribution, whence the following questions:

  • What are some of the best “utilitarian” arguments against greater wealth redistribution in America? (When I say “utilitarian”, I don’t actually mean calculating out the utils involved— but I do mean arguments other than moral ones like “people ought be able to retain the results of their labor” (which argument I am particularly sympathetic to around tax season).) What are estimates of the argmax of the Laffer curve? Is there an inverse relationship between “innovation” and income tax rate that might explain why America is far more of a tech hub than Sweden? That sort of argument is what I would be looking for.
  • Are there any low-overhead charities out there where you can mostly-directly send money to poorer people? Preferably with options to filter by criteria such as number of kids, marital status, etc.

I understand that this post betrays a real naïveté in both economic knowledge and worldly experience— so I’ll admit that I’m a decent bit embarrassed about making it, but I figure that a Small-Scale Question Sunday thread is the best place to ask this.

Wealth distribution largely doesn’t matter. Consumption distribution does.

Honestly to deal with your question in some areas would basically be to tell you to read 50-100k of econ text then we can talk.

But for wealth and I’m too lazy to find the better origional posts this applies

https://crookedtimber.org/2021/09/25/the-scrooge-mcduck-theory-of-billionaires/

If you found a person with no desire to spend. They are perfectly happy playing video games in their mothers basement and let’s say ordering $50 of Ubereats a day. There is nothing they would rather do or think about. If Joe Biden printed $20 trillion dollar coin and gave it to this guy then wealth inequality would drastically increase. He would put the coin in his drawer. No other economic variables would be effected.

Of course this perfect example doesn’t entirely exists. Buffet wouldn’t change his consumption but he would control more assets and change a bunch of prices that way. But you still need to understand this model to realize that wealth distribution is less important and people care a lot more about their consumption than their bank account.

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