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Its kind of sad how many people dont get this. Its like the first thing you learn when you study economics at any level.
@rholb depends on the group, there are many causes at play.
Black communities for example are generally suffering from recent racism that explicitly kept them poor for a long time. Even once the bulk of the racist policies were gone it takes a long time for a community to recover from that. Bad habbits of poor parents (not their fault but there all the same) continue to get passed down over time and takes time to break, not to mention that racism isnt completely out of the equation either.
In other cases where there isnt a systemic cause such as with some minority communities it is just a matter of the fact that some people are going to be better performers than other through a combination of genetic abilities but also, and more importantly, bad habits being passed down, just as people who perform well have the privilege of being raised with good habits to perpetuate that.
But doesn't that mean that there is always generally speaking less money for a certain group of people if the system puts them at a disadvante from the beginning of their lives?
Of course everybody can work through that, but it's a lot easier if you get taught good habits by your parents and maybe inherit something, isn't it?
Absolutely yes, somepeople will have an easier time generating wealth than others.
The point of this post is not "The system is perfect there is no inequality".. the issue is "Billionaires are not inherently a bad thing and do not, in and of themselves, represent an injustice done to others"
@freemo @rholb
I think I unterstood the concept now. Very interesting, thanks for the explanation!
But still, wouldn't you say that it is more easy to generate wealth for some people than it is for other people?
Sticking to one of your examples, for building your luxorious house, wouldn't you need a certain starting set/skills to be able to do that? Like some kind of wealth (ex. free time, health) without which one wouldn't be able to generate more wealth? Or at least not as fast as somebody with more wealth at the start?
Like if somebody that has all his time as wealth and somebody that has a lot of money start building houses next to each other, the one with money would surely finish the house (and therefore the wealth generation) a lot faster, wouldn't they?
Maybe I still don't fully understand the theory, feel free to elaborate/correct me on that.