Relatively egalitarian society until the end of the 1970s
Read: until the end of immigration quotas.
the income share of the top 1 per cent has doubled, and the wealth share of the top 0.001 percent has tripled, and the share of the one-millionth richest (the top 0.0001 per cent) has quintupled.
Correct me if I’m wrong, but I believe that’s how compound interest works. People with more in the bank get more than people with less. Inequality is assumed to be bad with no further analysis. Seriously? Beyond sentimentality, what is the benefit of equalitarianism? Everyone is dramatically better off financially than they were 50 years ago. It’s a form of insanity to define the poverty line as 50% of median income; relative poverty is not absolute poverty. If you want to experience absolute poverty, go an see what it’s like to live in a TPLAC.
asymmetric access to technological change
And how much better is the technology in your pocket today than a decade ago, and has that computing power become cheaper or more expensive? We have never had more or better access to technology. Never in the course of human history has the ceiling of technology (as it stands) been so attainable by ordinary people.
‘“rent seeking” behaviour where wealthy, politically powerful and “privileged” companies, organisations and individuals use their position and resources to obtain economic gain at the expense of others without contributing to productivity
Surely that means we should reduce the ability of the ochlocracy to pick and chose winners in the market, rather than the absurd suggestion that modern governments should have more power to clean up its messes.
combined with the failure to ensure that social security benefits kept pace with inflation
I don’t get it. Why don’t we think the problem is inflation, rather than the rate of increase in spending? Moderns have a special insanity reserved specifically for their currencies.
1. Increase the fairness and adequacy of government revenue raising through taxation reforms
So increase the tax free threshold to the median income and abolish the minimum wage.
2. Implement fairer funding for schools
Vouchers and streaming. Finland gets it right.
5. Establish more job creation program[me]s in priority areas
6. Develop new models of employee management and cooperative ownership of business
Do we really consider this the government’s job?
It really is remarkable that the most free-market leader of the Liberal Party in Australian history has fallen so far into sentimentalism and emotional (poor) policy. Left is left and right is left. Unfortunately, old Hewson has become the new face of Australian rent-seeking.