By Arthur Wouk
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Is it an absolute number? £100,000+ per year, £1 million+ per year? 1%? Both absolute terms, like ‘millionaire’, and relative ones, like the 1%, are useful. And we should distinguish income (a flow over a period of time) from wealth (as the market value of someone’s total accumulated assets, minus any debts). The distribution of wealth is far more unequal than the distribution of income. So where do I draw the line between the rich and the rest? For much of this book I’ll be talking mainly about the top 1% in terms of share of national income and fractions within that.
More money for carers, or none? Who should pick up the bill when a company goes bankrupt, and who should pay for clearing up a derelict site left by deindustrialisation? Who should pay for pollution? These and other such questions are about moral economy. 30 Individuals may sometimes give more than they get, or get more than they give, for justifiable reasons, as in the case of parent–child relations, but sometimes they do so for no good reason other than power. Sexist men free-ride on the domestic labour of women for no good reason.
Should students pay for their university courses? Should you get interest on your savings? Should there be more/less/no child benefit? More money for carers, or none? Who should pick up the bill when a company goes bankrupt, and who should pay for clearing up a derelict site left by deindustrialisation? Who should pay for pollution? These and other such questions are about moral economy. 30 Individuals may sometimes give more than they get, or get more than they give, for justifiable reasons, as in the case of parent–child relations, but sometimes they do so for no good reason other than power.
A course of applied functional analysis by Arthur Wouk