this post was submitted on 04 Jul 2023
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I get what you’re saying, but this is what they call anecdotal evidence. Plus, the article doesn’t claim that a person’s choices can not affect their financial outcome, it says that [edit: “biased decision-making”] alone do not account for the amount of income inequality prominent in the countries studied.
What you’re saying may be true, but if a terrible fate befell one of you, you would both have the assets to weather it. However, someone in the lower income bracket would not, no matter what choices they made, for reasons many times beyond their control.
Jerome and Tina attend ACME High School. Jerome spends his evenings studying for tests and completing homework assignments. Upon graduation, Jerome enrolls in college and eventually gets a degree in Mechanical Engineering. Shortly after leaving college, Jerome obtains employment as an engineer and is prudent with his financial decisions, positioning himself to enjoy a comfortable life.
Tina spends her evenings smoking pot and hanging out downtown with her friends. She thinks being successful in school is for suckers, and chooses to live in the moment. Thanks to today's lax education standards, she 'graduates' with effectively no marketable skills. She takes multiple low skill/low wage jobs throughout her life, all the while bemoaning the unfairness of it all.
Tina and Jerome made different decisions, there are different outcomes.
Anecdotal Evidence can certainly have value. Suppose I am sitting in a room with an empty box on the floor, and I notice a snake crawled into it. Then you enter the room and reach down to examine the contents of the box. I caution you that you may get bitten if you proceed....now, there hasn't been a scientific study completed on the box contents....so will you ignore my warning? I mean, it's anecdotal, after all..
But if at birth Tina has a trust fund of say $900,000 that is invested in index funds and blue chip stock, Jerome is likely to have significantly less money than Tina at retirement even though he worked hard and she just partied.
Capital outpaces labour, mathematically speaking.
Wait, did you write this non sequiter in defense of rebul's garbage take?
Christ no.
I was trying to explain the main point in Thomas Picketty's Capital in the 21st Century in a way they might understand, but I soon saw that I had vastly underestimated how hard that is to do.
That's my bad, next time I'll either take the time to spell it out a lot more clearly, or just walk on by.
Not sure how you came to the conclusion I'm defending their argument, when I can see you just downvoted me for telling them I don't understand them?