WWL>Topics>>1-21-14 11:10am Garland: on the wealthy

1-21-14 11:10am Garland: on the wealthy

Jan 21, 2014|

Garland talks with Daniel D'Amico from Loyola University about why so few people hold so much of the world's wealth.

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Automatically Generated Transcript (may not be 100% accurate)

It's and whenever I'm reading other subject for a show moves of the issues. A keeps tumbling on these. Rule reports all over the world. By increasing. In column educational. Central front in the equality in just in the United States in the world. And this is and you proceed -- this thing was yesterday. World's 85 richest people. Only 46%. Of global. Were done by the search conducted by British charity ox man. It's it's interesting when true bleeds into the other -- dissent against -- when. I presented. Via a solid results of a couple of polls he said blood you know holds the old Pinto. Who skip whatever. We're we're used to to wage and where read these kind of things and ago. Can we really trust -- seems to be across the board and acted so. British charity Oxford and it and what they say the report titled working for the -- Claims that the one person richest people on the planet. Or rich. To the 200. In in the trillion. With the -- Four billion dollars. Seven out of every ten people in the world have been country -- inequality. Has increased since the 1980s. And one pursuit of the world's for -- is now own. Forties experts in the world than that it's a 110 trillion dollars. And all of that -- was public Justin to import via. Meeting the World Economic Forum big wounded it was Switzerland. And World Economic Forum has to -- provide income equality. As the great routes based in the world in 2014. So we thought we'd do a get ahold of some experts should try to veteran in this and we. Once again professor dental -- economic woes Robertson. Professor appreciate -- ago. -- it could be here. Okay that the question I'll always well number one. You're you're an economist do you receive this is a worldwide problem do you see this is an American -- I don't really he would much of a problem at all. But. Reality equality it's far more significant at the global local communities in the United States. A lot of people noticed that on any quality measures in the United States are a little bit higher that it country. But if you compare the degree of equality observed globally. Equality that observed the United States is sort of been significant. That makes sense. So -- you don't think it truly your problem. I in the same period of time you're. Quoting statistics. Consider making any. Globally equality has grown a little bit. But the reality of poverty. Elimination during that interior. People living below. Year. Old day I've been trapped. So the period of time in the 1980s. -- -- in the -- -- his economic development period in the history human civilization. We use the produced increase needed new forms well in that period of time that have never been paralleled in the course. Everything. So to recognize that that accumulation. Came back. Structure some countries experience a lot more than others wore some segments of the population exterior is a lot more than others. Isn't terribly surprising I mean think about it this way if you have. Super high -- ingredients. And super high talented. Workers labor unit to comply with those ingredients. They're ready. Value added in combining those two things together. Might be much easier and the -- added if you take very low quality ingredients in very low and cheap laborers. So it's not surprising that the rate of growth at high end of the spectrum would be higher in the -- oh low end of the spectrum. Which are actually talking about these sort of like real -- material quality. That thing I think that accurate to equality. Is -- Market reforms. But -- and the income distribution if you look at which. Hold it right their lips lips come back and talk about. The lack of market reforms that the -- and apparently it's picked it up right after this coming right back governor of the bigger celebrity AM and 53. Well we're doing a show on the purists clones of being your reports all over the world. Saying that inequality in incomes. Inequality in the -- between two. Climb up the social latter is educational -- Is becoming a gigantic problem. -- Switzerland -- -- the well he has most powerful. Best educated. People in the world. Very very elite group gathering and they say it is deep problem. And report out that the world 85 richest people 85 -- people. Now owned 46%. Global 12100. In ten trillion dollars. -- professor Daniel DiMicco with a severe economic load university professor bonds and correctly. A beauty you don't think that's watchable problem here in the states you're looking more -- A market changes at the lower and explain -- I think one. In equality is only problem when you have done. Unique political power. -- concentration of wealth which is definitely. An issue but that's. Less a function of equality and more a function of solving the challenges of corruption and political. So. I think the biggest. Reed in the -- in equality seems to be growing. At the global level as well -- countries like the united featured speakers at the top and you have growth accumulating. But up and it's it's not necessarily what -- -- the correct. Steps. Two in courage. Development from the bottom. The country that still lag behind in economic development. All our country's battle lacked the the basic institutions. Development of sound money system. The security of private property rights -- most of -- are sort of like war war and failed state environments. A lot of the African continent and post war. Areas in the Middle East. When the -- -- mortar mixture impose new. Is if you're saying here in the United States. It's not -- income equality. Of people. On the lower end of these economies -- own social skills those in poverty. We're not doing enough to bring them all. While the -- and continues to grow won't lead to. Loss of the middle class in an article. My -- isn't so much that we're not doing enough it's that we're doing a lot of the law. Are sadly enough blow that thing that we view to gain poverty. We exaggerate any quality. Directory distribution. Everything from welfare programs failed urban planning failed public housing public education. We basically what -- yet but it. Latter part of the century and early part of the 21 century how what is that. How were well the league -- option -- -- what. Job. Landing took six poverty because they don't know anything now what life is like in poverty communities. What borders so -- enters these things. Well I think if you can promote income -- Which seems to be a function of economic freedom. Income mobility rate which piece of work and who popped into higher number. Well from 1970s and 1980s there were less then. 30% of the people who started back that -- in the low income bracket. Progressed up. June 2 additional bracket so seven. Senate that that population and move into richer. Richard demographics that's a very good health indicate. That that. It's declined to close -- in Armitage in large part because our. Is -- environment is for getting complicated. Things like minimum wage programs create a barrier injury that we were forced. There's moral and sure it's used there's more liability. There's more regulatory compliance is more criminal liability in the environmental protections and all sorts of fiduciary. So we're virtually everything -- just mention incredibly. Well. It's like things that. Weaken -- -- goes in this country could take 2030. Years. The if and -- are we looking at in the quality growing. And when it's in the quality I mean the losses in the. -- a current book -- by Tyler Powell and economist at George may universities. The title it averages over. And he thinks that the political potential exit equality in our view we really caught and probably unlikely. And so yeah you're going to see increased inequality in the United States and what. Practical terms going to look like is that there will be. Hi there were terms for people who all are active with technology. Who could use computers to be productive. I mean what we're seeing a lot of what it is that people do in the production. Processed -- machines with computers. And so the people who burn incomes are going to be people who are most adept at using the. Would that Auckland and reduce some improvement article read. Or children or even working class. Supposed to get a good education in an era of declining support for and sharply rising tuition. At public universities nothing to -- alone and we -- like lack of employment opportunities. Do we use of these these jobs are going to be. Complicated technology jobs. And get people. Ready for those when they can report to get ready for. Well I mean one. What reaction would be outlook increased educational spending. We haven't seen. -- good job at a public education structure. Matching. -- We are educational reality we basically throw lots of money at a problem but produce. Labored. Educate in that that doesn't suit the economy. People are coming out of undergrad we. Technology degrees door like. A good workable. Skill that. Of knowledge at that relate to something tangible record -- And aunt and what's the answer to better breed group reached and steal all the -- about students getting student loans ones that can get the loans going and getting -- green is not funding not able to pay back the loans. How does one from the hands -- saying would be the direction ago. Well I think a lot of people look at our current higher education. Marketing call -- Bobble. Basically -- that we wrote a lot of money at something but without the knowledge of how to practically do it or what. Practically need to be dot. Well it or get that college web practically beat on you sort of upped its top. Over financing. Because of the over financing to keep doing things that don't work. Because it's cheap and easy money I don't like housing bubble. We threw money -- cheap easy housing construction and really want out that would be built they were just sort of like. Flipping Dan and transferring ownership over and over. You what you have to do -- sort of pop the bubble have to stop the cheap credit and and wait for people to make real based on real profitability. That would involve something like. Mixed basket everything from online training programs to attack trading programs to more awkward -- smaller business jurors are being presented at a possibility though exactly how the world war unfold. You think that there's a lot. How investment mismatched scene at the labor market and a lot of the result of bad landing at at the level higher education. And a lot of it is that the level of bad planning for poverty alleviation. We don't do the program or is it helpful for probably hurt them more. I think that struck the global level in those countries the argument there are still -- and -- reforms are some of the largest recipient of forty. -- For an eagle humanitarian attempts have done more harm than good that's true domestically and abroad. Professor. Always pleasure to have real mature appreciated -- -- a good day. -- --