>In a micro sense, people do not see that prosperity as basic wealth, and it manifests as their personal cost and risk exposure not matched to their income.
This isn't a magical mystery. It's very simple to explain. Wealth is a power law. An average is the most useless metric to use yet everyone still does it. In the same country with Manhattan, you have people with lead filled pipes and raw sewage on their front lawns because wealth is not distributed evenly.
And this isn't by accident. Wages for most working people have not kept up with inflation, and wages diverged from productivity since a little before the Reagan area. [0] The value people create doesn't evaporate, it goes to the top.
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>In a micro sense, people do not see that prosperity as basic wealth, and it manifests as their personal cost and risk exposure not matched to their income.
This isn't a magical mystery. It's very simple to explain. Wealth is a power law. An average is the most useless metric to use yet everyone still does it. In the same country with Manhattan, you have people with lead filled pipes and raw sewage on their front lawns because wealth is not distributed evenly.
And this isn't by accident. Wages for most working people have not kept up with inflation, and wages diverged from productivity since a little before the Reagan area. [0] The value people create doesn't evaporate, it goes to the top.
[0] https://www.epi.org/publication/understanding-the-historic-d...