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BHPian ![]() Join Date: Oct 2013 Location: bangalore
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| Re: Understanding Economics Quote:
Staying with the issue of race, the new Democrats have recently started talking about reparations for slavery. What convoluted logic is that? Why should the present generation whites pay reparations to present generation blacks when none of the current generation whites enslaved any of the current generation blacks. These are the policies of the left that the Alt Right uses to gain prominence. Quote:
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By being "giants" their avoidance does not become a crime if my tax avoidance does not become a crime. Quote:
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Team-BHP Support ![]() ![]() | Re: Understanding Economics Quote:
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Did you know who all could vote when USA was created? Only property owning white men. The following folks couldn't vote: 1) Women of all color. 2) Indentured labour (mostly Europeans who came to work in USA) 3) Native Americans 4) Black slaves In other words, only 6% of the population could vote at first. This was legal and perfectly acceptable... right? By what convoluted logic should the remaining 94% be allowed vote? However, 200 years later all those ignored folks can vote. That happened because they fought back against the oppression decade after decade, until the ruling minority were forced to give up their privileges one by one. The fight isn't over yet. Now there are new kinds of ruling minority, the new 6% or more like 0.01% that rules the world, without any international border. The MNCs. And it is legal and perfectly acceptable... oh wait! Last edited by Samurai : 22nd March 2019 at 18:27. | |||
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BHPian Join Date: Aug 2009 Location: Bangalore
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This idea of "I hire the best guy to do a job" in itself is basically a farce when most of the corporations hand down leadership to friends and family. And applying semantics on discrimination to transform into bias may be a nice literary exercise, though it does not mean anything in real terms. If I had two resumes of two races equally competent, and I preferred one over the other purely on race terms, I am discriminating and I am a racist. If I preferred on based on youth, I am an ageist. Quote:
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The giant corp advocates are labelling socialist on him, so they can burn the socialist strawman. I cannot make it clearer than this. Quote:
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BHPian Join Date: Aug 2009 Location: Bangalore
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Team-BHP Support ![]() ![]() | Re: Understanding Economics Quote:
![]() This is a big fallacy, which ailed the feudal and monarchy system of governments since the dawn of time. The biggest empire (Mongols) ever built, didn't last beyond 100 years. The 3rd generation after Genghis Khan, didn't have the ability to even maintain the empire, that Genghis Khan built from scratch. | |
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Senior - BHPian ![]() Join Date: Aug 2006 Location: Bangalore
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But his title 'Winners Take All' is interesting. The premise of capitalism is if the individuals in a society act in self-interest while doing business, then it will benefit the economy of the state. All - most of the developed countries (read those with high per capita income) have followed this principle and improved the lives of its citizen. There are 2 problems with capitalism: 1) The self-interest of business may not be in the interested of citizens of the state. Hence the Govt steps in with regulations to prevent exploitation of citizens, environment in that business. For instance, minimum wage, working hours, paid vacation, pollution checks are some of the govt intervention. 2) The religious focus on the self-interest of the businesses will lead to a monopoly. If firm A and firm B are in the same business, if firm A gets a slight advantage, then firm A will make better products, which in turn translates to better sales, then to higher market share and eventually to a monopoly. This 'winner take all' will lead to the exploitation of the citizens and bad for the state. Hence Govt intervention is required to keep the businesses in check. Regulations on monopolistic practices, antitrust laws are instances of Govt intervention. Before 1850s, Govts didn't intervene in the affairs of the business. The head of the State reigned supreme and whoever swore allegiance had full rights to do business in however they want. The advent of the industrial revolution towards the latter part of the 19th century saw the rise capitalists and the 2 main problems associated with it. Govt had to intervene and form laws to safeguard the welfare of the citizens from capitalists' interests. The current labour laws, financial regulations are the result of Govt's intervention when the society moved from primarily agriculture to primarily industrial one. Cut to 21st century, we are in the early stages of IT/Internet revolution. We are moving from an industrial age to information age. The laws we have is for industrial society. The Govt and society have to figure out what is acceptable/not-acceptable, what is good/bad and how to go about the business in the information age. Some of friction areas are, * Skills required in the information age are different from industrial age. Hence the talk of UBI (Univeral Basic Income) to compensate for those who lack the new age skills. * In the industrial age, goods could be taxed when manufactured (locally built) or at the port of entry (imported). In the information age, goods (which is data) can be manufactured in the country where labour is cheapest, tax paid in the country which has least business tax and sold anywhere in the world without paying any import duty. This situation is *not* comprehended by Industrial age law. We are in this transition state. People like Anand Giridharadas point out one of the many anomalies during this transitional state. It is always healthy to debate on these issues. After listening to Anand Giridharadas, I feel he makes some strange recommendations like, * No individual should have worth more than $500,000. * Monopolistic business like Google, Amazon, Facebook must be split. How to go about these, or enforce these is not clear from him - how to split Google (by search, browser, maps, youtube?), Amazon (online retail & cloud?), Facebook (by regions?). Last edited by msdivy : 24th March 2019 at 00:52. | |
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BHPian Join Date: Aug 2009 Location: Bangalore
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BHPian ![]() Join Date: Oct 2013 Location: bangalore
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| Re: Understanding Economics I could appreciate having some element of compassion in everything we do in our lives, including those to do with economics. But I would resent an entire takeover of a system by emotion. I like how Bernie Sanders' compassion for the poor. But the problem is he wants the "unwilling" rich to pay for it. I would like if every socialist out there sells half his worth and distribute to the poor. Am sure that would melt the heart of every rich man and those evil corporations. No? Every socialist wants the people richer than themselves to pay for it. Socialism would work just fine if all the socialism supporters redistributed their wealth among themselves. Quote:
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BHPian Join Date: Aug 2009 Location: Bangalore
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Paying your taxes is not compassion, it is a requirement by the law. Tax dodgers need to be taxed, and that is whole root of Bernie sanders' campaign now and 4 years before. Quote:
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If there is an office which is supposed to regulate and businesses are bribing that office to get undue advantage, the issue there is the undue advantage. Getting rid of the office would only legalise the undue advantage. I know the capitalist answer for that -- the money spent in running the office should be disbursed to level the undue advantage. Nobody explains with numbers though. Quote:
The fair share is fixed by democracy. Those who undermine democracy to get their fair share reduced or eliminated are not some sort of winners. They are incidental criminals and must be brought to justice -- this is the crux of the thinking that AG represents. | ||||||
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BHPian ![]() Join Date: Oct 2013 Location: bangalore
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BHPian Join Date: Aug 2009 Location: Bangalore
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BHPian ![]() Join Date: Nov 2018 Location: New Delhi
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| Re: Understanding Economics There are some headlines today that say an eminent economist who very recently was the chairman of RBI thinks its a good idea (well, he's putting his weight behind a moron who came up with the idea in the first place) to redistribute wealth to the poor by taxing the "rich" a bit more. 2% more is the number being thrown around. "Rich" is defined as someone having assets more than 2.5 cr INR. Really? All retirement calculators say - we cannot afford to retire unless we have amassed at least 8 cr by the time we retire. This is making me livid to the point that I feel like it's time to consider leaving my country and moving elsewhere. I'm sick and tired of paying tens of lakhs in taxes every year and yet, see the tax rate go up as doles are handed out to lazy jobless folks who did not care to go to school, even though the opportunity was there. Anyone else feeling angry? (Sorry for venting!) |
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Team-BHP Support ![]() ![]() | Re: Understanding Economics Quote:
https://www.investopedia.com/taxes/c...-income-taxes/ | |
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Senior - BHPian ![]() Join Date: Aug 2006 Location: Bangalore
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