Ever since the Great Recession of 2008–2009, national media outlets and think tanks have reported on the growing income inequality in the United States. Yet, the problem is more complex and troubling than just income inequality. Regulatory or tax solutions alone will not be enough to address inequality on the scale it is now occurring
Here I see at least 3 different definitions: The 1% ("upper class" elites, 300K+ USD salary), the 5% (upper gentry "rich" + elite "ultra-rich", 100K+ USD salary), The 20% (SME "owners" + UMC/PMC+ elite, 50K+ USD salary). The 1% mainly has Ivy League connection, the 5% includes also non-Ivy graduate high performers with high autonomy, while the 20% are the bulk of college graduates with or without autonomy.
This line of thought can hopefully transfer from generation to generation. 10% of ancient Japanese people were Samurai, about 10% of the French people before the revolution were either aristocrats or bourgeoisie, and about 10% of internet communities are contributors (including creators and critics) rather than passive consumer-gossipers. https://archive.ph/7YAa8
When this is done, should the future elite be pegged to wealth distribution quantiles (hard to tally)? multiple of median income (undermines absolute poverty)? multiple of average income (overreport size of elite in "good times")?
Excellent article. Really enjoyed your in-depth analysis.
thanks Jeremy. More coming every Wed. and Sat.
Perhaps we can start from here to clarifying the subdivisions of the elite? https://archive.is/aWliq https://www.swyx.io/breaking-barbarian https://archive.ph/1G2uz
Here I see at least 3 different definitions: The 1% ("upper class" elites, 300K+ USD salary), the 5% (upper gentry "rich" + elite "ultra-rich", 100K+ USD salary), The 20% (SME "owners" + UMC/PMC+ elite, 50K+ USD salary). The 1% mainly has Ivy League connection, the 5% includes also non-Ivy graduate high performers with high autonomy, while the 20% are the bulk of college graduates with or without autonomy.
This line of thought can hopefully transfer from generation to generation. 10% of ancient Japanese people were Samurai, about 10% of the French people before the revolution were either aristocrats or bourgeoisie, and about 10% of internet communities are contributors (including creators and critics) rather than passive consumer-gossipers. https://archive.ph/7YAa8
Applying Danco's typology (cross reference ACX), the 1% is eccentrically invested in politics, the 5% is Bohemian in its provocative speech, and the 20% are outraged hippies of bipolar political factions. https://danco.substack.com/p/michael-dwight-and-andy-the-three https://astralcodexten.substack.com/p/book-review-fussell-on-class/comment/1350556 https://astralcodexten.substack.com/p/book-review-fussell-on-class/comment/1358393
When this is done, should the future elite be pegged to wealth distribution quantiles (hard to tally)? multiple of median income (undermines absolute poverty)? multiple of average income (overreport size of elite in "good times")?