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Thread: Economics 101

  1. #11
    Senior Member ptgatsby's Avatar
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    Quote Originally Posted by Economica View Post
    (with all due respect to ptgatsby )
    Psssh... Like I deserve any respect when it comes to economics

  2. #12
    Senior Member Maabus1999's Avatar
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    Quote Originally Posted by untypable View Post
    Given the many unanswered questions I have, I have decided to start an economics thread of my own. Anyone can post their queries about economics here, and the rest of us will do our best to answer.

    These are my unanswered questions:

    (1)What drives economic growth of a country?
    (2)does increase of money supply means the increase of wealth of an economy?
    (3)If everyone loses money in the economy, why are some people rich and some people poor?
    (4)How does individual business activity stimulate growth in an economy?
    (5)How does 10% of the population copntrol 90% of our wealth?
    (6) What is the market ? Is it invisible? how do you know what the demand of the market is? Where are the buyers, or people who pay money?
    For number 5, try 1% controls 90%. That is the current statistic. Now I am very anti socialist when it comes to redistribution of wealth (being I believe it promotes entitlement and laziness) however this is unsustainable. I am a person that believes in order and long term stability, and this statistic is not healthy and is increasing the chaos quotient related to society. Just imagine if that 1%'s wealth was dropped in half. It would almost double the income of everyone else.

    By comparing this statistic to the main growth of the middle class 40-50 years ago, basically the average median household income should between 80 and 110K a year to sustain a non debt society.

    Again taking the money and redistributing is bad but there needs to be something that makes the generation of said wealth distributed more evenly throughout the economy.

    The American Dream is different for everyone, but many people who are wealth driven are possibly creating their American Dream and the expense of too many others. Hard decision here.

  3. #13
    Senior Member ptgatsby's Avatar
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    Quote Originally Posted by Maabus1999 View Post
    For number 5, try 1% controls 90%.
    IIRC, even globally, top 1% is about 40%.

  4. #14
    Senior Member Maabus1999's Avatar
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    Quote Originally Posted by ptgatsby View Post
    IIRC, even globally, top 1% is about 40%.
    I believe he is talking about the US. And I might have misstated it slightly but it is close to what I wrote. Basically less then 1% of the US population has more wealth then 90% of the rest of the US combined.

    Here is an article that just came out this week and was also on TV. Was a great show.

    Untold Wealth: The Rise of The Super Rich - CNBC.com

  5. #15
    pathwise dependent FDG's Avatar
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    Quote Originally Posted by Maabus1999 View Post
    I believe he is talking about the US. And I might have misstated it slightly but it is close to what I wrote. Basically less then 1% of the US population has more wealth then 90% of the rest of the US combined
    That's rather extreme; the USA does have an high Gini Index, higher than most developed countries, but I'd need some reliable sources to believe that there is such an high concentration of wealth.
    ENTj 7-3-8 sx/sp

  6. #16
    Senior Member ptgatsby's Avatar
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    Quote Originally Posted by Maabus1999 View Post
    I believe he is talking about the US.
    The US is lower than the global distribution. US has always been top 1% between 30-40%, AFAIK.

  7. #17
    Alexander the Terrible yenom's Avatar
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    The problem is Economica, I read alot of textbooks and I don't feel like they make sense in the real world. Any theortical knowledge that has no power in the real world has only ivory tower value.

    I have much more interest learning how economic laws work in real life and help me make millions.

    But thank you for the bnook reccomendation,
    The fear of poverty turns people into slaves of money.

    "In this Caesar there are many Mariuses"~Sulla

    Conquer your inner demons first before you conquer the world.

  8. #18
    Alexander the Terrible yenom's Avatar
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    ptgasby. people want everything, but people cannot buy everything. this is always true.

    But there are goods that people will always spend money on. Fopr instance:

    Electricity
    Car
    Petroleum
    Water
    Battery
    etc etc... thjere are more but this is only what i can think of now


    This is how some buysiness becomes powerful while other business stay small and weak.

    For instance, there is a dude down the street that sells poorly made plastic dragons, and he is pratically living like a bum. Becuase no one likes to buy plastic dragons. This is how ruthless the market really is.
    The fear of poverty turns people into slaves of money.

    "In this Caesar there are many Mariuses"~Sulla

    Conquer your inner demons first before you conquer the world.

  9. #19
    Senior Member Maabus1999's Avatar
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    Quote Originally Posted by FDG View Post
    That's rather extreme; the USA does have an high Gini Index, higher than most developed countries, but I'd need some reliable sources to believe that there is such an high concentration of wealth.
    Check my link....

    Not sure how much more reliable you can get then that. Maybe the WSJ? It is a fact according to US census data combined with the SEC data that this is a true statistic.

    Speaking of which we need a business sub-forum somewhere!

  10. #20
    Senior Member Maabus1999's Avatar
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    Quote Originally Posted by ptgatsby View Post
    The US is lower than the global distribution. US has always been top 1% between 30-40%, AFAIK.
    Again, feel free to check the link I posted (read the quote underneath 1,000 billionaries statement). I watched that documentary and it was amazing. Just the thought of millionaires feeling poorer then the average American due to the fact the people the usually work with/for/around are much richer then they are at times causing a bigger social shock then what most middle class Americans would feel being around their normal peers and bosses. Strangely insightful into a lot of things.

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