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What do you think would happen if all money was redistributed equally amongst everyone?
If the poor were suddenly put on an equal playing field, would the thrive? Or would they find themselves poor again?
Thoughts?
I personally think that within a short time, the rich would be wealthy again and the poor would be poor again. It is not what you make, but how you manage the money you have. So unless they had a crash course, they would continue making the same choices that put them in the poor house previously.
I personally think that within a short time, the rich would be wealthy again and the poor would be poor again. It is not what you make, but how you manage the money you have. So unless they had a crash course, they would continue making the same choices that put them in the poor house previously.
I think there would be a few exceptions but the majority would end up back where they are. There is always the guy that can't seem to catch a financial break and the guy that inherited he has without lifting a finger so I think a few would drastically reverse given the right chance but for the most part we do get what we have and where we are from the decisions we make. I'd like to think people learn from mistakes and would maybe not make the same poor choices but I have been proven wrong on that repeatedly.
I'm not at all convinced that such redistribution would in short order result in return to prior circumstances.
Some people are patient, frugal and good stewards of money. But they're unimaginative and unsuited to business. Give them a billion, and they'll put it in a S&P 500 index fund, and will forget about. Leave them without such remuneration, and they'll continue to dutifully save $500 every month, stretching to do so... and thus, never amassing significant capital.
We need to distinguish between responsibility with money, and creativity with money. The two are orthogonal.
I'm not at all convinced that such redistribution would in short order result in return to prior circumstances.
Some people are patient, frugal and good stewards of money. But they're unimaginative and unsuited to business. Give them a billion, and they'll put it in a S&P 500 index fund, and will forget about. Leave them without such remuneration, and they'll continue to dutifully save $500 every month, stretching to do so... and thus, never amassing significant capital.
We need to distinguish between responsibility with money, and creativity with money. The two are orthogonal.
The overall society would sum up to less, due to discouragement of being rich.
North Korea had an event a few years ago like that scenario: Government suddenly declared currency expiration. If you accumulated a lot wealth, then you'd be reduced to zero. After that, everyone is allowed to convert a low limit of wealth to a new currency. Essentially, all refreshed to zeros and started all over again. That kind of events serve as a deterrent to get rich, because knowing it can happen anytime.
We would lose all top doctors, architects, professors, mechanics, etc, etc, etc. What is the incentive to better oneself if you are going to be even with the lazy POS who doesn’t get off her fat a$$? The answer is NONE.
We would lose all top doctors, architects, professors, mechanics, etc, etc, etc. What is the incentive to better oneself if you are going to be even with the lazy POS who doesn’t get off her fat a$$? The answer is NONE.
I don't think that's entirely true. There are always people that excel at things that don't provide any sort of financial reward. I do agree that less people would aspire to these professions if there is no financial reward but I think there may also be a few that would go into these careers because of a genuine desire to have that career. People that maybe would not have had the chance if they had been born to parents that couldn't afford to send them to medical or law school. If the playing field is level then we'd presumably all have the chance to go to an 8 year program rather than just a 2 year degree. That said I do agree, for the most part we are chasing the dollar in our careers and that's usually the measure of whether we've succeeded or not.
I don't think that's entirely true. There are always people that excel at things that don't provide any sort of financial reward. I do agree that less people would aspire to these professions if there is no financial reward but I think there may also be a few that would go into these careers because of a genuine desire to have that career. People that maybe would not have had the chance if they had been born to parents that couldn't afford to send them to medical or law school. If the playing field is level then we'd presumably all have the chance to go to an 8 year program rather than just a 2 year degree. That said I do agree, for the most part we are chasing the dollar in our careers and that's usually the measure of whether we've succeeded or not.
Again I would say that the original premise here is nonsense. But if were to happen, many if not most societal expectations would change. And IMO some would still go into these fields.
When we took the 'Communist Tour' in Bratislava on our Danube trip a few years ago, people who lived through it said that most people were content enough with what they were given by the state. Those fortunate few with previous means were robbed and unhappy. Perspectives of course have changed since then.
No one is going to kill themselves studying for 10 years, working all night, take on massive responsibility, etc, and live the same life as the guy who cleans toilets for a living. You may find a handful of people who are compelled to do something. At best, you would get some to do the more complex jobs but there would be no incentive to go above and beyond and all competition would be gone. We would be mediocre at best. Just witness a Canada heatlthcare. Not good. Barely adequate. No thanks.
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