The Wealth We Ignore

The agenda of inequality and wealth focused only on the richest might not reconcile with reality. There have been increases in home ownership (even though buying always has its difficulties, from interest rates to inventory). There is a record of intergenerational wealth transfer from retirement savings and the Regan-era IRA legislation. In the West, family prosperity is higher than ever: assets, cash in banks, pension funds, etc. Daniel Waldenström's book Richer and More Equal makes a case that the West is richer and has less inequality than in the past.  US wealth concentration is higher than in Europe but is lower than before WWII. Major improvements that lower wealth concentration have been pension/retirement funds and home ownership.  Wealth improvement leads to successful business ventures, hiring, and investment, and the most net, new jobs. We are not there yet. Many inequities remain. Capitalism does a fine job generating wealth but not distributing it. It is an ethical and societal responsibility to help others who cannot generate wealth and/or who are denied the opportunity. One reason that we don't appreciate our well-being is that the media prefers to trumpet inequities and problems rather than progress and improvement. Another is that not every grievance expressed is legitimate because the loudest voices often are pursuing very private and personal interests. This podcast was stimulated by an article called The Great Wealth Wave by Daniel Waldenström, a professor of economics at the Research Institute of Industrial Economics in Stockholm. It was published in Aeon.

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