The Upside of Inequality

 

Upside.jpg

Format: Dead Trees

Source: Public Library

Rating: 3.25

In 1964 the world’s economy was only as large as China’s economy is today.  They way things have changed is what this book discusses.  Conard explains how the huge jump in wealth and ability to make wealth has changed with technology because people can now access more customers easier.  His example is Taylor Swift.  She is selling more than the Beatles ever did because the ability to get your hands on her music is easier than it has ever been.  You can download from your computer, you can order online and have it shipped, or you can do things the old fashioned way and go to a store and buy it.  Where-as Teachers are still only able to service close to the same amount of kids as they did 50 years ago.

Mr. Conard points out that raising minimum wage will have an outcome unlike what most people believe.  Conrad states that by raising minimum wage the lowest skilled working will be pushed out altogether for a higher skilled, who now will be working for less money than before.  The lowest will be pushed out because where their low skills may have been worth $7.25/hr, they are not worth $10/hr.

Another point Mr. Conard tries to make throughout the book is that the 1% are the ones who innovate.  I agree that they can throw down money to help innovators get their products to the next level.  But people innovate all the time.  Look at the TV show Shark Tank.  The Sharks sitting in that room did not come up with the ideas, the innovators are coming up to them for help running the business side of things, or to tap into their knowledge on scaling production.

This book seemed to be well researched and even though many things discussed I do not completely agree with my view of life is not let us get as rich as possible.  To me there is more to life than being rich.  Mr. Conard may tell me that is only because I am not rich.  This could be, but you always have an obligation to society to play the cards you are given and improve as you can along the way.

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