I can justifiably claim that equality is rising in the world. Meaning, the world used to be less equal than it is today, and that in the future it will become more equal than today. The reason that claim appears to contradict reality is that I have not specified the dimension for the comparison implicit in any measure of equality. When it comes to comparisons of material wellbeing, there are three distinct dimensions — consumption, income, and wealth.
My claim is that consumption equality is increasing, not wealth or income.
Here’s a trivial case that illustrates what I mean. Warren Buffet’s income and wealth is six orders of magnitude greater than mine. Meaning his wealth is measured in units of “000,000,000” and mine is measured in units of “000.” Billions as opposed to thousands. Similarly his income per year is measured in billions and mine in thousands. Certainly, compared to Buffet in terms of wealth and income, I am dirt poor. But I am not dirt poor compared to Buffet in consumption. Continue reading “Rising Equality”
Siddhartha Gautam, aka Sakyamuni (the sage of the Sakyas), became a buddha around 2,500 years ago. Today, known as Buddha Purnima, the day of the full moon in May, is celebrated as his birthday. Here’s the Chinese singer Imee Ooi singing the Prajna Paramita Hridaya Sutra, aka The Heart Sutra. Listen.
I am persuaded that the word ‘democracy’ is one of the most abused words in India (another being ‘secular’.) The common people certainly don’t know what it really means or entails, but even the “intellectuals” (second-hand dealers of ideas, as Hayek defined them) and assorted pundits have only a feeble grasp of the concept at best.
In a comment to a post, Prabhudesai asked “Is competition always good?” The simple answer is “It depends.” It depends on the circumstances and on whether one gains or loses from competition.



