Attention Economy


Friday, June 16, 2017

Inequality in the Very Long Run

The only conquerors of inequality are the Four Horsemen of the Apocalypse by WALTER SCHEIDEL
Scheidel (author of The Great Leveler) notes:
“The thesis of my book is that if you look at the very long run of history over hundreds of thousands of years, wherever there is documentation, you see that pretty high levels of income and wealth inequality used to be a default condition. For long periods of time, inequality tends to either go up or be stable at pretty high levels. But every single time we observe a major reduction in economic inequality, it is linked to some massive, violent shock — an upending of the established order. And that’s true across history.
The levelers come in four flavors. For most of history, two predominated. One was the collapse of states. That wiped out elites — the rich and powerful — and narrowed the gap between rich and poor. The second was disease: massive epidemics that killed so many people that a scarcity of labor resulted.”