Extreme Wealth Is Bad for Everyone—Especially the Wealthy

wealthy not happy

 

The addendum of conventional success we have mostly adhered to sounds like this: “the more you achieve, the more dissatisfied you must be to continually perpetuate your success.” As creatures induced by desires and wants, it is inevitable for us to crave for some things, and try to do something, or anything, to get what we look out for. This applies for all the history, and it is also a driving force that makes our society advance.

But does ‘the more, the merrier’ rule apply indefinitely? If everything were left unconstrained, you would definitely encounter a perfect inequality. A ‘winner-takes-all’ situation where, in a realm of limited resources, people are racing savagely to gain something, like a zero-sum competition. And here, inequality has become one issue. It is not that competition is bad; we are, instead, being faced with ‘free-for-all’ mindset. And too much of it is increasingly a bad thing, not a good thing after all.

Read the full article in New Republic about the growing inequality in United States, and what should, ideally, be done about it.

 

Excerpt:

 

Billionaires seems to have been sparked by West’s belief that rich people, newly empowered to use their money in politics, are now more likely than usual to determine political outcomes. This may be true, but so far the evidenceand evidence here is really just a handful of anecdotessuggests that rich people, when they seek to influence political outcomes, often are wasting their money. Michael Bloomberg was able to use his billions to make himself mayor of New York City (which seems to have worked out pretty well for New York City), but Meg Whitman piled $144 million of her own money in the streets of California and set it on fire in her failed attempt to become governor. Mitt Romney might actually have been a stronger candidate if he had less money, or at least had been less completely defined by his money. For all the angst caused by the Koch Brothers and Sheldon Adelson and their efforts to unseat Barack Obama, they only demonstrated how much money could be spent on a political campaign while exerting no meaningful effect upon it.

As West points out, many rich people are more interested in having their way with specific issues than with candidates, but even here their record is spotty. Perhaps they are having their way in arguments about raising federal estate tax; but the states with the most billionaires in them, California and New York, have among the highest tax rates on income and capital gains. If these billionaires are seeking, as a class, to minimize the sums they return to society, they are not doing a very good job of it. But of course they aren’t seeking anything, as a class: it’s not even clear they can agree on what their collective interests are. The second richest American billionaire, Warren Buffett, has been quite vocal about his desire for higher tax rates on the rich. The single biggest donor to political campaigns just now is Tom Steyer, a Democrat with a passion for climate change. And for every rich person who sets off on a jag to carve California into seven states, or to defeat Barack Obama, there are many more who have no interest in politics at all except perhaps, in a general way, to prevent them from touching their lives. Rich people, in my experience, don’t want to change the world. The world as it is suits them nicely.

Infographic: America’s richest universities vs countries’ GDP

america richest universities

 

It’s the reason why these universities have never ceased to be exceedingly, globally prestigious, compared to their nation-state counterparts. Inequality in status, I suppose? (not much correlation, somehow)

 

Source: New Republic

What it takes to be a true author

updike

 

A worthwhile piece of advice from John Updike for aspiring writers:

Try to develop actual work habits and, even though you have a busy life, try to reserve an hour, say, or more a day to write. Very good things have been written on an hour a day. . . . So take it seriously, set a quota, try to think of communicating with some ideal reader somewhere. . . .

Don’t be contentious to call yourself a writer and then bitch about the crass publishing world that won’t run your stuff. We’re still a capitalist country and writing, as some would agree, is a capitalist enterprise… It’s not a total sin to try to make a living and court an audience.

Read what excites you… and even if you don’t imitate it, you will learn from it. . . .

Don’t try to get rich. . . . If you want to get rich, you should go into investment banking or be a certain kind of lawyer. On the other hand, I like to think that in a country this large and a language even larger, that there ought to be a living for somebody who cares and wants to entertain and instruct a reader. 

 

You can watch his interview videos by Academy of Achievement in Brain Pickings.