“We Should Really Reduce National Productivity!“ (?%#&@#??)
Are these people crazy? Steve Roth Wealth Economics This BlueSky bleet really raised my eyebrows. Check out the whole thread. I think my gentle readers will guess that I share these sentiments. But the...
View Article“We can have a democratic society or we can have the concentration of great...
Louis Brandeis says it all. Or did he? by Steve Roth Originally posted at Wealth Economics I do so love diligent lifelong scholars (“experts,” in today’s deprecatory usage) sharing with us their...
View Article“Rich Get Richer” Theories
Which of Piketty’s “Rich Get Richer” Theories Matters More? – by Steve Roth Wealth Economics For to every one who has will more be given, and he will have abundance; but from him who has not, even what...
View ArticleIt’s the Spending Stupid
Trade Balances: It’s the Spending, Stupid by Steve Roth Wealth Economics This post is dedicated to my sister, who (bless her heart) really follows the financial press and etc. and tries to understand...
View ArticleWe Should Abolish “Capital”
– by Steve Roth Originally posted at Wealth Economics “Capital” is polysemous; it has multiple meanings. People, notably including economists (who should know better), constantly muddle those meanings...
View ArticleEarned Labor Income Is a Small and Weak Lever
Earned Labor Income Is a Small and Weak Lever. Unearned Property Income, and Wealth, Rule. – by Steve Roth Originally posted at Wealth Economics (Clicking (once or twice) on any of the pictures should...
View ArticleAn American First. It’s the Law in WA
An American First. It’s the Law in WA: Accrued Holding Gains are Income – by Steve Roth originally posted at Wealth Economics Excluding these massive “economic flows” from income simply doesn’t make...
View ArticleCapital Gains: Realization
Capital Gains: Realization Does Not Matter – by Steve Roth Wealth Economics You’re looking at your asset portfolio and decide to sell or buy some ETF shares. Click. The transaction is a...
View ArticleHow Units of Account “Came About”
– by Steve Roth Originally posted at Wealth Economics This post is in response to a very brief Bluesky exchange I had with Dan Rohde and DT Cochrane about the origins of “The Dollar” (specifically...
View ArticleThere But For the Grace of God Go I
by Steve Roth Originally posted at Wealth Economics Please excuse two paragraphs of a personal insight up front here. I think it’s pertinent. What follows are some serious research results, just out,...
View ArticleThe Fed and the Press Should Stop Inflating Inflation Expectations
by Steve Roth Originally Posted at Wealth Economics (June 2023) Recent headline inflation prints are below the Fed’s target, and falling. That news is a powerful tool for controlling expectations, but...
View ArticleActually Understanding Corporate Share Buybacks
Who gets the money? Follow the assets. by Steve Roth Originally Published at Wealth Economics This post by Judd Legum at Popular Information (read and subscribe!) prompts me to revisit the issue of...
View ArticleWhy Consumption Taxes (VATs) are Insanely Regressive
Progressives and social democrats should be fighting them tooth and nail, not blithely embracing them. by Steve Roth Originally Posted at Wealth Economics The spreadsheet behind the tables and graphs...
View ArticleWhere Does Wealth Really “Come From”?
Short answer: Lending, government deficits, capital formation, and holding gains by Steve Roth Originally Published at Wealth Economics I ended my last post with an apparent conundrum: “One person’s...
View ArticleTen Fundamental Economic (Mis)understandings
It’s all about the words . . . by Steve Roth Originally Published at Wealth Economics This article was first published on Cameron Murray’s great Fresh Economic Thinking. It’s slightly revised here....
View ArticleAnother Look at the Bottom-50% Wealth Runup: Meh
by Steve Roth Originally Published at Wealth Economics Wealth concentration got just a tiny bit less extreme. The bottom 50% of American wealth holders got richer in the last three years: in 2021, ’22,...
View ArticleThe “Wealth Effect” on Spending from Stock-Market Price Changes
by Steve Roth Wealth Economics This post is prompted by Matthew Klein’s (very wonky) post about recent changes in QE/QT, and the Fed’s balance sheet. It prompted me to do a quick calculation that I’ve...
View ArticleHow Did Under-40s Get So Much Richer During Covid?
by Steve Roth Wealth Economics This picture from the Center for American Progress, and variations, have been making the rounds on the interwebs lately, eg here, here, and here. The headline is that...
View ArticleWhy Unlimited Wealth Is an Unassailable Advantage
by Steve Roth Wealth Economics Imagine a five-player poker game. Assume all the players have equal skill, so the flows across the table over the course of the game are just a random walk. “It’s just...
View ArticlePersonal Income and Personal Saving Make More than 40% of Households’...
by Steve Roth Wealth Economics Matthew Klein and Joey Politano have been singularly responsible in their discussions of “excess saving” in the covid era — not least by always putting that term in...
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