Income Generating Quotes

When the rate of return on capital exceeds the rate of growth of output and income, as it did in the nineteenth century and seems quite likely to do again in the twenty-first, capitalism automatically generates arbitrary and unsustainable inequalities that radically undermine the meritocratic values on which democratic societies are based.

In a truly free society, individuals are granted responsibility for themselves. Freedom necessitates that we learn how to provide for ourselves, contributing value in whatever form, to generate personal income. We then decide how we wish to spend or save earned income; freedom is the reward for fulfilling personal responsibilities.

If you're like most members of the Baby Boom generation, you decided somewhere along the line, probably after about four margaritas, to have children. This was inevitable. Mother Nature, in her infinite wisdom, has instilled within each of us a powerful biological instinct to reproduce; this is her way of assuring that the human race, come what may, will never have any disposable income.

Their hands are tied not by ropes but by the greed of the intermediaries that the system has generated, who eat up the farmer’s income while it is on its way into his hands.

From a business perspective, an asset is anything that generates consistent reliable cash flow/revenue. One of the core duties of business management is to nurture business assets to ensure that the business’s income continues and grows perpetually. Because ultimately, assets are what make a business a business.

Because we’re gonna get so interested in entertainment that we’re not gonna want to do the work that generates the income that buys the products that pays for the advertising that disseminates the entertainment.

the nation's young men have been proved by surveys to be completely unmarriageable, and as a result there's a whole generation of single girls like me with their own incomes and homes who have lots of fun and don't need to wash anyone else's socks.

The ugly truth is that more people are still motivated by the desire to prioritize men's income generating and reputations than they are by the desire to ensure women's rights and safety.

Our rulers, who rule our symbols, and so rule a symbolic class of life, impose their own infantilism on our instituitions, educational methods, and doctrines. This leads to maladjustment of the incoming generations which, being born into, are forced to develop under the un-natural (for man) semantic conditions imposed on them. In turn, they produce leaders afflicted with the old animalistic limitations. The vicious circle is completed; it results in a general state of human un-sanity, reflected again in our instituitions. And so it goes, on and on.

Money has the power to buy you things. But a much bigger power of money is in generating more money for you. Those who are able to manifest the latter, are never short of it.

In today's world, the elites are growing even more comfortable with one another across national lines, yet at the same time, less comfortable with low-income people who share their nationality. How we create those bonds of community that are truly global as well as national is one of our generation's great challenges.

Ethical AI systems aim to end the practice of using people from low-income backgrounds as test subjects in clinical trials and also support their equal rights in patent claims and revenue generation from the medicines.

To obtain financial freedom, one must be either a business owner, an investor, or both, generating passive income, particularly on a monthly basis.

Generosity generates income. This works whether you are selling paintings or innovation or a service. Linus

It's not about income, it's about assets that generate income.

A high concentration of power in one place is rarely a good idea in the long run.

This should remind us to value the many people whose jobs do not generate huge incomes but are worthwhile, essential, even noble—from scholars and teachers to janitors and street cleaners. The market may not reward them, but we should respect them.

A true revolution of values will soon look uneasily on the glaring contrast of poverty and wealth. With righteous indignation, it will look at thousands of working people displaced from their jobs with reduced incomes as a result of automation while the profits of the employers remain intact, and say: “This is not just.” It will look across the oceans and see individual capitalists of the West investing huge sums of money in Asia, Africa and South America, only to take the profits out with no concern for the social betterment of the countries, and say: “This is not just.” It will look at our alliance with the landed gentry of Latin America and say: “This is not just.” The Western arrogance of feeling that it has everything to teach others and nothing to learn from them is not just. A true revolution of values will lay hands on the world order and say of war: “This way of settling differences is not just.” This business of burning human beings with napalm, of filling our nation’s homes with orphans and widows, of injecting poisonous drugs of hate into the veins of peoples normally humane, of sending men home from dark and bloody battlefields physically handicapped and psychologically deranged cannot be reconciled with wisdom, justice and love. A nation that continues year after year to spend more money on military defense than on programs of social uplift is approaching spiritual death. America, the richest and most powerful nation in the world, can well lead the way in this revolution of values. There is nothing to prevent us from paying adequate wages to schoolteachers, social workers and other servants of the public to insure that we have the best available personnel in these positions which are charged with the responsibility of guiding our future generations. There is nothing but a lack of social vision to prevent us from paying an adequate wage to every American citizen whether he be a hospital worker, laundry worker, maid or day laborer. There is nothing except shortsightedness to prevent us from guaranteeing an annual minimum—and livable—income for every American family. There is nothing, except a tragic death wish, to prevent us from reordering our priorities, so that the pursuit of peace will take precedence over the pursuit of war. There is nothing to keep us from remolding a recalcitrant status quo with bruised hands until we have fashioned it into a brotherhood.

In a truly civilized society there wouldn't be any billionaire, nor will there be any homeless, for all the revenue generated through taxing the rich would be distributed among the people through welfare initiatives.

Housework’s modern status,” writes Ann Oakley, “is nonwork.” A recent study shows that if housework done by married women were paid, family income would rise by 60 percent. Housework totals forty billion hours of France’s labor power. Women’s volunteer work in the United States amounts to $18 billion a year. The economics of industrialized countries would collapse if women didn’t do the work they do for free: According to economist Marilyn Waring, throughout the West it generates between 25 and 40 percent of the gross national product.

Within two generations, the transplanted hillbillies had largely caught up to the native population in terms of income and poverty level.

52 percent of all new income generated is going to the top 1 percent.

The main substantive achievement of neoliberalization, however, has been to redistribute, rather than to generate, wealth and income. …[T]his was achieved under the rubric of ‘accumulation by dispossession’. By this I mean the continuation and proliferation of accumulation practices which Marx had treated of as ‘primitive’ or ‘original’ during the rise of capitalism. These include the commodification and privatization of land and the forceful expulsion of peasant populations (compare the cases, described above, of Mexico and of China, where 70 million peasants are thought to have been displaced in recent times); conversion of various forms of property rights (common, collective, state, etc.) into exclusive private property rights (most spectacularly represented by China); suppression of rights to the commons; commodification of labour power and the suppression of alternative (indigenous) forms of production and consumption; colonial, neocolonial, and imperial processes of appropriation of assets (including natural resources); monetization of exchange and taxation, particularly of land; the slave trade (which continues particularly in the sex industry); and usury, the national debt and, most devastating of all, the use of the credit system as a radical means of accumulation by dispossession.

Maybe money sits at the heart of every controversy about monarchy. Britain has long had trouble making up its mind. Many support the Crown, but many also feel anxious about the cost. That anxiety is increased by the fact that the cost is unknowable. Depends on who’s crunching the numbers. Does the Crown cost taxpayers? Yes. Does it also pay a fortune into government coffers? Also yes. Does the Crown generate tourism income that benefits all? Of course. Does it also rest upon lands obtained and secured when the system was unjust and wealth was generated by exploited workers and thuggery, annexation and enslaved people? Can anyone deny it? According to the last study I saw, the monarchy costs the average taxpayer the price of a pint each year. In light of its many good works that seems a pretty sound investment. But no one wants to hear a prince argue for the existence of a monarchy, any more than they want to hear a prince argue against it. I leave cost-benefit analyses to others. My emotions are complicated on this subject, naturally, but my bottom-line position isn’t. I’ll forever support my Queen, my Commander in Chief, my Granny. Even after she’s gone. My problem has never been with the monarchy, nor the concept of monarchy. It’s been with the press and the sick relationship that’s evolved between it and the Palace. I love my Mother Country, and I love my family, and I always will. I just wish, at the second-darkest moment of my life, they’d both been there for me. And I believe they’ll look back one day and wish they had too.

President Nixon presented a bill providing for a modest basic income, calling it “the most significant piece of social legislation in our nation’s history.” According to Nixon, the baby boomers would do two things deemed impossible by earlier generations. Besides putting a man on the moon (which had happened the month before), their generation would also, finally, eradicate poverty.

Is it moral that, when millions of seniors are unable to afford the medicine they need, the top one-tenth of 1 percent owns as much wealth as the bottom 90 percent? Is it moral that, when we have the highest rates of childhood poverty of almost any major country in the world, the twenty wealthiest people in the country have more wealth than the bottom half of America—160 million people? Is it moral that, when our citizens are working longer hours for lower wages, 52 percent of all new income generated today is going to the top 1 percent?

One simple answer is that there has been a massive rise in the incidence of sanctimony and smugness among the successful that has nothing to do with any change in the underlying reality. Rather, it has been stimulated by politicians who have realized that it is possible to win power by recruiting the most economically successful forty per cent or so of the population in a crusade to roll back the gains made by their fellow citizens in the previous forty years. And how better to rationalize this than to tell people that they deserve the incomes that the market generates?

The second reason caregivers may be silent about the dark side of epidurals is that they generate big bucks for anesthesiologists and hospitals. Epidural charges range from $500 to $2500. A hospital consultant explained to me that hospitals have to maintain staff anesthesiologists around the clock to handle obstetric emergencies. In order for these doctors to make what they consider an adequate income, the hospital has to maintain something like an 80 percent epidural rate. Given this, how strongly do you think medical staff would resist the notion that epidurals are not always a good thing and most women can cope without them?

In an era of generative AI, trust will accrue greater value in the marketplace. People will elevate trust on their list of prerequisites to purchase and prerequisites to engage with content. Furthermore, there will be a redistribution of income and assets from companies and people who are less trusted to those companies and people who are more trusted.

As it is not a settled question, you must clear your mind of the fancy with which we all begin as children, that the institutions under which we live, including our legal ways of distributing income and allowing people to own things, are natural, like the weather. They are not. Because they exist everywhere in our little world, we take it for granted that they have always existed and must always exist, and that they are self-acting. That is a dangerous mistake. They are in fact transient makeshifts; and many of them would not be obeyed, even by well-meaning people, if there were not a policeman within call and a prison within reach. They are being changed continually by Parliament, because we are never satisfied with them.... At the elections some candidates get votes by promising to make new laws or to get rid of old ones, and others by promising to keep things just as they are. This is impossible. Things will not stay as they are. Changes that nobody ever believed possible take place in a few generations. Children nowadays think that spending nine years in school, oldage and widows’ pensions, votes for women, and short-skirted ladies in Parliament or pleading in barristers’ wigs in the courts are part of the order of Nature, and always were and ever shall be; but their great-grandmothers would have set down anyone who told them that such things were coming as mad, and anyone who wanted them to come as wicked.

Do you want a level of income to fit your lifestyle or a lifestyle to fit your income level?

I am suggesting that we don’t put the “income” cart before the “contentment” horse.

What do you expect, lose everything or go outside to put into practice your ability to generate income to support your family? I am coming to you!

I count him braver who overcomes his desires, than him who conquers his enemies, for the hardest victory is the victory over self. ARISTOTLE

Working income is taxed at a higher rate than the non-working income

The gambling industry actually generates more income than the music, sports, and movie industries combined.

Your mindset determines your destiny, so choose positivity and watch you life transform.

Your mind must be stronger than your feelings.

Your mother is the only woman who will love you unconditionally.

Choosing to invest in income-generating assets allows you to break free from the shackles of a limited income, opening doors to a world of possibilities.

First, if you’re so good they can’t ignore you, you can negotiate a premium for your services. And second, an excellent way to boost your income is to generate multiple income streams.

The issues the Panthers organized around fifty years ago are still with us. Our justice system is unjust. Police conduct in nonwhite neighborhoods generates systematic abuses. The middle class is shrinking. Our education system not only continues to fail poor children, it often propels them to prison. In addition to these continuing issues, there are new wrinkles. The spectacular rise in economic inequality—“99 percent of all new income today goes to the wealthiest 1 percent”12—has caused the barons at Davos, Switzerland, to note that the immense political power the 1 percent wield because of their control of resources is skewing society and creating instability. Scientists warn us our planet is in jeopardy due to global warming. The future is uncertain.

The motivation for taking on debt is to buy assets or claims rising in price. Over the past half-century the aim of financial investment has been less to earn profits on tangible capital investment than to generate “capital” gains (most of which take the form of debt-leveraged land prices, not industrial capital). Annual price gains for property, stocks and bonds far outstrip the reported real estate rents, corporate profits and disposable personal income after paying for essential non-discretionary spending, headed by FIRE [Finance, Insurance, Real Estate]-sector charges.

Americans are more tolerant of income inequality than the citizens of other countries, in part because of this faith that in each generation the poor run a fair race against the rich, and the brightest succeed. Americans

Well, there'll be an outcry, of course, but then it'll die down and something else will come along for people to get annoyed about. The important thing is that we save ourselves a lot of money, and meanwhile a whole generation of children from working-class or low-income families will be eating nothing but crisps and chocolate every day. Which means, in the end, that they'll grow up physically weaker and mentally slower.' Dorothy raised an eyebrow at this assertion. 'Oh, yes,' he assured her. 'A diet high in sugars lead to retarded brain growth. Our chaps have proved it.' He smiled. 'As every general knows, the secret of winning any war is to demoralize the enemy'.

One of my greatest fears is family decline.There’s an old Chinese saying that “prosperity can never last for three generations.” I’ll bet that if someone with empirical skills conducted a longitudinal survey about intergenerational performance, they’d find a remarkably common pattern among Chinese immigrants fortunate enough to have come to the United States as graduate students or skilled workers over the last fifty years. The pattern would go something like this: • The immigrant generation (like my parents) is the hardest-working. Many will have started off in the United States almost penniless, but they will work nonstop until they become successful engineers, scientists, doctors, academics, or businesspeople. As parents, they will be extremely strict and rabidly thrifty. (“Don’t throw out those leftovers! Why are you using so much dishwasher liquid?You don’t need a beauty salon—I can cut your hair even nicer.”) They will invest in real estate. They will not drink much. Everything they do and earn will go toward their children’s education and future. • The next generation (mine), the first to be born in America, will typically be high-achieving. They will usually play the piano and/or violin.They will attend an Ivy League or Top Ten university. They will tend to be professionals—lawyers, doctors, bankers, television anchors—and surpass their parents in income, but that’s partly because they started off with more money and because their parents invested so much in them. They will be less frugal than their parents. They will enjoy cocktails. If they are female, they will often marry a white person. Whether male or female, they will not be as strict with their children as their parents were with them. • The next generation (Sophia and Lulu’s) is the one I spend nights lying awake worrying about. Because of the hard work of their parents and grandparents, this generation will be born into the great comforts of the upper middle class. Even as children they will own many hardcover books (an almost criminal luxury from the point of view of immigrant parents). They will have wealthy friends who get paid for B-pluses.They may or may not attend private schools, but in either case they will expect expensive, brand-name clothes. Finally and most problematically, they will feel that they have individual rights guaranteed by the U.S. Constitution and therefore be much more likely to disobey their parents and ignore career advice. In short, all factors point to this generation

In no sense are the robot dogs, automated vacuum cleaners and old-folks lifting machines just examples of yet another consumer society with nothing meaningful left to spend its disposable income on. No, robots are the future. They have been for generations.

Success is finding purpose in what you do. Success is an expression of passion, the realization of a sustainable business. Success is contributing to the lives of others. And ultimately, I believe that success is generating enough income to fund your ideal lifestyle,

So these two classes, rising professionals and sinking workers, which a couple of generations ago were close in income and not so far apart in mores, no longer believe they belong to the same country. But they can’t escape each other, and their coexistence breeds condescension, resentment, and shame.

The first black borough presidents of Manhattan were West Indians. As late as 1970, the highest ranking blacks in New York’s police department were West Indians, as were all the black federal judges in the city. The 1970 census showed that black West Indian families in the New York metropolitan area had 28 percent higher incomes than the families of American blacks. The incomes of second-generation West Indian families living in the same area exceeded that of black families by 58 percent. Neither race nor racism can explain such differences. Nor can slavery, since native-born blacks and West Indian blacks both had a history of slavery.

RAGS TO RICHES     Anita Ahuja, Conserve India     Like many well-to-do women in Delhi, Anita Ahuja took up social work. But, deeply moved by the plight of ragpickers, she decided to do something to improve their lives. Today. Anita and her husband Shalabh run a unique income-generation program - recycling plastic waste to create

RAGS TO RICHES     Anita Ahuja, Conserve India     Like many well-to-do women in Delhi, Anita Ahuja took up social work. But, deeply moved by the plight of ragpickers, she decided to do something to improve their lives. Today. Anita and her husband Shalabh run a unique income-generation program - recycling plastic waste to create beautiful export-quality handbags.

This hostility has not stopped Mr. Sowell. He has shown that in 1969, while American-born blacks were making only 62 percent of the average income for all Americans, blacks from the West Indies made 94 percent. Second-generation immigrants from the West Indies made 15 percent more than the average American.46 Although they are only 10 percent of the city’s black population, foreign-born blacks—mostly from the West Indies—own half of the black-owned businesses in New York City.47 Their unemployment rate is lower than the national average, and many times lower than that of American-born blacks.48 West Indian blacks look no different from American blacks; white racists are not likely suddenly to set aside their prejudices when they meet one.

The lift that comes from sending girls like Sona to school is stunning—for the girls, their families, and their communities. When you send a girl to school, the good deed never dies. It goes on for generations advancing every public good, from health to economic gain to gender equity and national prosperity. Here are just a few of the things we know from the research. Sending girls to school leads to greater literacy, higher wages, faster income growth, and more productive farming. It reduces premarital sex, lowers the chance of early marriage, delays first births, and helps mothers plan how many children to have and when. Mothers who have had an education do a better job learning about nutrition, vaccination, and other behaviors necessary for raising healthy children.

Gilligan makes it very clear what the most powerful generator of shame and humiliation is in human culture, according to his extensive study. As corroborated by others in epidemiological research, socioeconomic inequality appears to be the greatest driver of behavioral violence in general. Gilligan states, “Worldwide, the most powerful predictor of the murder rate is the size of the gap in income and wealth between the rich and the poor. The most powerful predictor of the rate of national or collective violence—war, civil insurrection, and terrorism—is the size of the gap between income and wealth between the rich and poor nations.”46 This is a troubling finding as wealth inequity is a textbook characteristic of capitalism, effectively making capitalism itself a precondition for war and violence.

It is crucial to teach incoming students to be thoughtful in their interactions with one another. A portion of what is derided as "political correctness" is just an effort to promote polite and respectful interactions by discouraging the use of terms that are reasonably taken to be demeaning. But if you teach students that intention doesn't matter, and you also encourage students to find more things offensive (leading them to experience more negative impacts), and you also tell them that whoever says or does the things they find offensive are "aggressors" who have committed acts of bigotry against them, then you are probably fostering feelings of victimization, anger, and hopelessness in your students. They will come to see the world - and even their university - as a hostile place where things never seem to get better.

Washington is an example of the citizen-politician who goes to the capital of his state or nation, serves a few terms, and returns to civilian life – just as the Founding Fathers practiced and intended. Sadly, this has been almost completely disregarded by the pervasive career politicians of later generations. The current practice of politicians is to gain elected government positions and then refuse to honor voluntary term limits, thus obtaining lifetime security and prestige, exemption from laws legislated on others, and inappropriate padding of personal income through gifts from lobbyists, self-initiated increases in benefits, and lifetime pensions. Their lifestyles would shock and embarrass a selfless man like George Washington, who served eight years as commander in chief, accepting only expense reimbursements as his compensation. (See the stories on Haym Salomon and Dave Roever similar examples). On

The gross domestic product (GDP) was created in the 1930s to measure the value of the sum total of economic goods and services generated over a single year. The problem with the index is that it counts negative as well as positive economic activity. If a country invests large sums of money in armaments, builds prisons, expands police security, and has to clean up polluted environments and the like, it’s included in the GDP. Simon Kuznets, an American who invented the GDP measurement tool, pointed out early on that “[t]he welfare of a nation can . . . scarcely be inferred from a measurement of national income.”28 Later in life, Kuznets became even more emphatic about the drawbacks of relying on the GDP as a gauge of economic prosperity. He warned that “[d]istinctions must be kept in mind between quantity and quality of growth . . . . Goals for ‘more’ growth should specify more growth of what and for what.”29

Public R&D expenditures are already at their lowest level as a share of the economy in forty years, and they are slated to fall to their lowest level—0.5 percent of GDP in 2021—since before the great mobilization of science during World War II.85 If they were instead increased in line with the size of the economy, according to one cautious calculation, the economy would generate more than a half trillion dollars in additional income over the next nine years.86

In Lebanon, home to well over a million Syrian refugees, the UN Refugee Agency (UNHCR) decided to use its limited ‘winterization’ funds to pay cash transfers to vulnerable families living above 500 metres altitude. These were unconditional, although recipients were told they were intended for buying heating supplies. Recipient families were then compared with a control group living just below 500 metres. The researchers found that cash assistance did lead to increased spending on fuel supplies, but it also boosted school enrolment, reduced child labour and increased food security.55 One notable finding was that the basic income tended to increase mutual support between beneficiaries and others in the community, reduced tension within recipient families, and improved relationships with the host community. There were significant multiplier effects, with each dollar of cash assistance generating more than $2 for the Lebanese economy, most of which was spent locally.

Altering sensory gating parameters are most easily accomplished in one of three ways, and we’ve already talked in some depth about the first one: 1) having a task that demands a greater focus on incoming sensory data flows. The others are: 2) regenerating a state similar to that which occurred during the first few years of life, or 3) by altering the nature of the gating channels themselves by shifting consciousness (which is somewhat different from re-generating developmental stages).

At Mayflower-Plymouth, we believe in having a long term view with investments. We believe that maximizing long-term ROI requires having a big picture view in terms of business and economics. We believe that equity without income is unnatural – so every portfolio should generate consistent income. We believe in prioritizing not just growth, but also resilience. And we believe that we should employ a multitude of traditional investment approaches toward the achievement of our investment goals.

In the decade to 2011, the world’s largest oil, metal and agricultural trading houses – Vitol, Glencore and Cargill, respectively – enjoyed a combined net income of $76.3 billion (see table on page 332). That was an astonishing amount of money. It was ten times the profits the traders were generating in the 1990s.16 It was more than either Apple or Coca-Cola made over the same period.17 And it would have been enough money to buy entire titans of corporate America, such as Boeing or Goldman Sachs.18

Consequently, while in the main and abstractly the rising generation may be distrustful of authority and people, younger people are also especially susceptible to seduction by demagogic politicians, propagandizing academics, charismatic cultural idols, and other authority and popular figures propounding splendid notions of aggressive government activism for and through such corresponding militant causes as “social justice,” “environmental justice,” “income equality,” and other corollaries of radical egalitarianism.

Even so, spaceships have to take care in the outer atmosphere, particularly on return trips to Earth, as the space shuttle Columbia demonstrated all too tragically in February 2003. Although the atmosphere is very thin, if a craft comes in at too steep an angle—more than about 6 degrees—or too swiftly it can strike enough molecules to generate drag of an exceedingly combustible nature. Conversely, if an incoming vehicle hit the thermosphere at too shallow an angle, it could well bounce back into space, like a pebble skipped across water.

For centuries, it wasn’t government that kept the best records; merchants did. They were the ones who refined methods of accounting, bookkeeping, costs, and incomes, and they were at the core of the development of banking and notes of credit that are the precursors to all contemporary finance. Rulers, however, needed and coveted the revenue that merchants generated. Hence the evolution of the mercantile system, which saw various empires attempt to monopolize trade with their far-flung colonies and keep out foreign powers and foreign merchants.

Contemporary discussion of inequality in America often conflates two related but distinct issues: • Equality of income and wealth. The distribution of income and wealth among adults in today’s America—framed by the Occupy movement as the 1 percent versus the 99 percent—has generated much partisan debate during the past several years. Historically, however, most Americans have not been greatly worried about that sort of inequality: we tend not to begrudge others their success or care how high the socioeconomic ladder is, assuming that everyone has an equal chance to climb it, given equal merit and energy. • Equality of opportunity and social mobility. The prospects for the next generation—that is, whether young people from different backgrounds are, in fact, getting onto the ladder at about the same place and, given equal merit and energy, are equally likely to scale it—pose an altogether more momentous problem in our national culture. Beginning with the “all men are created equal” premise of our national independence, Americans of all parties have historically been very concerned about this issue.

We had a massive budget shortfall with a structural budget deficit and seemingly no way to close it; the city had been spending at levels way beyond its recurring revenue for years, and the nonrecurring revenue streams were drying up as we entered office, leaving us with no good options. The structural deficit was about $180 million on a roughly $600 million general fund—which meant that if we were to eliminate our debt, we would have to develop or attract new housing and businesses that could generate tax income, identify other sources of revenue, or cut our government by one-third.

In the early 1970s, racial and gender discrimination was still prevalent. The easy camaraderie prevailing in the operating room evaporated at the completion of surgical procedures. There was an unspoken pecking order of seating arrangements at lunch among my fellow physicians. At the top were the white male 'primary producers' in prestigious surgical specialties. They were followed by the internists. Next came the general practitioners. Last on the list were the hospital-based physicians: the radiologists, pathologists and anaesthesiologists - especially non-white, female ones like me. Apart from colour, we were shunned because we did not bring in patients ourselves but, like vultures, lived off the patients generated by other doctors. We were also resented because being hospital-based and not having to rent office space or hire nursing staff, we had low overheads. Since a physician's number of admissions to the hospital and referral pattern determined the degree of attention and regard accorded by colleagues, it was safe for our peers to ignore us and target those in position to send over income-producing referrals. This attitude was mirrored from the board of directors all the way down to the orderlies.

Money depends on the scarcity of what props it up for its value, but isn’t that also an illusion? Rare and precious metals like diamonds are controlled by blood merchants who modulate their flow to keep the value at an acceptable level. And if gold is so rare, how are there enough gold bars to build a home for a family of two in Fort Knox alone? It doesn’t help that all things are constantly devalued. Before Gutenberg made type movable, only the wealthiest could afford books, and a Bible with tooled leather cover, gold-edged pages, and jewel-encrusted bindings was a symbol of not just piety but status, wealth, and taste. Within a few generations, the rabble were able to follow along in the hymnals from the cheap seats, forcing the wealthy to find another symbol to lord over the hoi polloi. ’Twas ever thus. The battle between the rich man and the poor man is fought on many battlefields, not all of them immediately obvious. Today the wealthy dress in sweatsuits and the homeless have iPhones. People with no discernible income buy flawless knockoff watches with one-letter misspellings to thwart copyright. And then wealthy people buy the same “Rulex” so their six-figure real watches won’t get stolen when they are out at dinner.

In the real world of globalised finance, where investment portfolios for the major centres are combined, where the markets (stock, bond, money, real estate, government securities, forex and commodities) tick almost round-the-clock from Tokyo Monday morning to New York Friday 5 pm, via London, Frankfurt, etc, in between (and the digital books are passed at the appropriate times), tracking such practices as “round tripping” – discovering the real footprints – is going to be exceedingly difficult. It would be better to focus on tracing the footprints of the black incomes where they are generated, i e, in India itself.

They are more inward looking by nature, and for them the outward movement into form is minimal. They would rather return home than go out. They have no desire to get strongly involved in or change the world. If they have any ambitions, they usually don’t go beyond finding something to do that gives them a degree of independence. Some of them find it hard to fit into this world. Some are lucky enough to find a protective niche where they can lead a relatively sheltered life, a job that provides them with a regular income or a small business of their own. Some may feel drawn toward living in a spiritual community or monastery. Others may become dropouts and live on the margins of a society they feel they have little in common with. Some turn to drugs because they find living in this world too painful. Others eventually become healers or spiritual teachers, that is to say, teachers of Being. In past ages, they would probably have been called contemplatives. There is no place for them, it seems, in our contemporary civilization. On the arising new earth, however, their role is just as vital as that of the creators, the doers, the reformers. Their function is to anchor the frequency of the new consciousness on this planet. I call them the frequency-holders. They are here to generate consciousness through the activities of daily life, through their interactions with others as well as through “just being.” In this way, they endow the seemingly insignificant with profound meaning. Their task is to bring spacious stillness into this world by being absolutely present in whatever they do. There is consciousness and therefore quality in what they do, even the simplest task. Their purpose is to do everything in a sacred manner. As each human being is an integral part of the collective human consciousness, they affect the world much more deeply than is visible on the surface of their lives.

social workers today are hardly radicals; few engage in social and political action even of a reformist nature. In 1996, when President Bill Clinton signed legislation that “end[ed] welfare as we know it,” there was little organized protest from the social work profession. Although the act terminated a 60-year-old entitlement to assistance for low-income children and their caretakers that social workers had helped to create and had defended vigorously for decades, NASW endorsed Clinton for reelection with little reference to the issue. In marked contrast to past generations, the protests of radical social workers received scant attention inside and outside the profession.

Theoretical models encompass a wide range of assumptions about domestic public debt. The overwhelming majority of models simply assume that debt is always honored. These include models in which deficit policy is irrelevant due to Ricardian equivalence.7 (Ricardian equivalence is basically the proposition that when a government cuts taxes by issuing debt, the public does not spend any of its higher after-tax income because it realizes it will need to save to pay taxes later.) Models in which debt is always honored include those in which domestic public debt is a key input in price level determination through the government’s budget constraint and models in which generations overlap

What plagues the US healthcare system is not universally poor outcomes, but poor outcomes for the bottom rungs of society. Low income populations and racial minorities. As with much inequalities, the factors that result in this outcome feed on one another to make the problem worse. Black Americans are less likely to be able to find a physician who will treat them. The physicians they do find are less likely to give them a needed prescription for pain relief as they are more likely to be seen as drug seekers. They are also less likely to be able to afford the prescriptions they are given, they are more likely to have unaddressed trauma, often multi-generational and childhood trauma.

In the three years I spent working on this book, making dozens of line graphs, reading campus newspapers, and listening to the stories and opinions of young people during in-depth interviews, I’ve realized this: iGen’ers are scared, maybe even terrified. Growing up slowly, raised to value safety, and frightened by the implications of income inequality, they have come to adolescence in a time when their primary social activity is staring at a small rectangular screen that can like them or reject them. The devices they hold in their hands have both extended their childhoods and isolated them from true human interaction. As a result, they are both the physically safest generation and the most mentally fragile.

In the 21st century, infant and child mortality is lower, education takes longer, and people live longer and healthier lives. In this environment, the risk of death is lower, but the danger of falling behind economically is higher in an age of income inequality, so parents choose to have fewer children and nurture them more extensively. As an academic paper put it, “When competition for resources is high in stable environments, selection favors greater parental investment and a reduced number of offspring.” This is a good description of the U.S. in the 21st century: It is a stable (low-death-rate) environment, but also one with considerable competition for resources due to income inequality and other factors.

The principal reason that districts within states often differ markedly in per-pupil expenditures is that school funding is almost always tied to property taxes, which are in turn a direct function of local wealth. Having school funding depend on local wealth creates a situation in which poor districts must tax themselves far more heavily than wealthy ones, yet still may not be able to generate adequate income. For example, Baltimore City is one of the poorest jurisdictions in Maryland, and the Baltimore City Public Schools have the lowest per-pupil instructional expenses of any of Maryland's 24 districts. Yet Baltimore's property tax rate is twice that of the next highest jurisdiction.(FN2) Before the funding equity decision in New Jersey, the impoverished East Orange district had one of the highest tax rates in the state, but spent only $3,000 per pupil, one of the lowest per-pupil expenditures in the state.(FN3) A similar story could be told in almost any state in the U.S.(FN4) Funding formulas work systematically against children who happen to be located in high-poverty districts, but also reflect idiosyncratic local circumstances. For example, a factory closing can bankrupt a small school district. What sense does it make for children's education to suffer based on local accidents of geography or economics? To my knowledge, the U.S. is the only nation to fund elementary and secondary education based on local wealth. Other developed countries either equalize funding or provide extra funding for individuals or groups felt to need it. In the Netherlands, for example, national funding is provided to all schools based on the number of pupils enrolled, but for every guilder allocated to a middle-class Dutch child, 1.25 guilders are allocated for a lower-class child and 1.9 guilders for a minority child, exactly the opposite of the situation in the U.S. where lower-class and minority children typically receive less than middle-class white children.(FN5) Regional differences in per-pupil costs may exist in other countries, but the situation in which underfunded urban or rural districts exist in close proximity to wealthy suburban districts is probably uniquely American. Of course, even equality in per-pupil costs in no way ensures equality in educational services. Not only do poor districts typically have fewer funds, they also have greater needs.

Dr. Thomas Sowell, senior fellow at the Hoover Institute, Stanford University, notes that “There was a time when the purpose of taxes was to pay the inevitable costs of government. To the political left, however, taxes have long been seen as a way to redistribute income and finance other social experiments based on liberal ideology.”3 The consequences for the rising generation and future generations of the statists’ immoral, politically expedient, and economically ruinous behavior and policies are unambiguous as evidenced by statistic after statistic, which are mainly ignored, discounted, or excused by most of the media, academia, and, of course, governing statists. Nonetheless, there is no mistaking the eventual societal turmoil these facts and figures portend—evidence all Americans, and especially younger people, must heed.

The auditory cortex seems to perform a simple calculation: it uses the recent past to predict the future. As soon as a note or a group of notes repeats, this region concludes that it will continue to do so in the future. This is useful because it keeps us from paying too much attention to boring, predictable signals. Any sound that repeats is squashed at the input side, because its incoming activity is canceled by an accurate prediction. As long as the input sensory signal matches the prediction that the brain generates, the difference is zero, and no error signal gets propagated to higher-level brain regions. Subtracting the prediction shuts down the incoming inputs—but only as long as they are predictable. Any sound that violates our brain’s expectations, on the contrary, is amplified. Thus, the simple circuit of the auditory cortex acts as a filter: it transmits to the higher levels of the cortex only the surprising and unpredictable information which it cannot explain by itself.

George Romney’s private-sector experience typified the business world of his time. His executive career took place within a single company, American Motors Corporation, where his success rested on the dogged (and prescient) pursuit of more fuel-efficient cars.41 Rooted in a particular locale, the industrial Midwest, AMC was built on a philosophy of civic engagement. Romney dismissed the “rugged individualism” touted by conservatives as “nothing but a political banner to cover up greed.”42 Nor was this dismissal just cheap talk: He once returned a substantial bonus that he regarded as excessive.43 Prosperity was not an individual product, in Romney’s view; it was generated through bargaining and compromises among stakeholders (managers, workers, public officials, and the local community) as well as through individual initiative. When George Romney turned to politics, he carried this understanding with him. Romney exemplified the moderate perspective characteristic of many high-profile Republicans of his day. He stressed the importance of private initiative and decentralized governance, and worried about the power of unions. Yet he also believed that government had a vital role to play in securing prosperity for all. He once famously called UAW head Walter Reuther “the most dangerous man in Detroit,” but then, characteristically, developed a good working relationship with him.44 Elected governor in 1962 after working to update Michigan’s constitution, he broke with conservatives in his own party and worked across party lines to raise the minimum wage, enact an income tax, double state education expenditures during his first five years in office, and introduce more generous programs for the poor and unemployed.45 He signed into law a bill giving teachers collective bargaining rights.46 At a time when conservatives were turning to the antigovernment individualism of Barry Goldwater, Romney called on the GOP to make the insurance of equal opportunity a top priority. As

My family is a classic American-dream story. My great-grandparents fled Russia to avoid being murdered for their religion. Just two generations later, my parents fled New York City weekends for their country house. I never felt guilty about this. I was raised to believe America rewards hard work. But I was also raised to understand that luck plays a role in even the bootstrappiest success story. The cost of living the dream, I was taught, is the responsibility to expand it for others. It’s a more than fair price. Yet the people running the country didn’t see it that way. With George W. Bush in the White House, millionaires and billionaires were showered with tax cuts. Meanwhile, schools went underfunded. Roads and bridges deteriorated. Household incomes languished. Deficits ballooned. And America went to war. President Bush invaded Iraq to destroy weapons of mass destruction, a campaign which hit a snag when it turned out those weapons didn’t exist. But by then it was too late. We had broken a country and owned the resulting mess. Colin Powell called this “the Pottery Barn rule,” which, admittedly, was cute. Still, it’s hard to imagine a visit to Pottery Barn that costs trillions of dollars and thousands of American lives. Our leaders, in other words, had made bad choices. They would therefore be replaced with better ones. That’s how AP Government told me the system worked. In the real world, however, the invasion of Iraq became an excuse for a dark and antidemocratic turn. Those who questioned the war, the torture of prisoners—or even just the tax cuts—found themselves accused of something barely short of treason. No longer was a distinction made between supporting the president’s policies and America’s troops. As an electoral strategy, this was dangerous and cynical. Also, it worked. So no, I didn’t grow up with a high opinion of politicians. But I did grow up in the kind of environment where people constantly told me I could change the world. In 2004, eager to prove them right, I volunteered for John Kerry’s presidential campaign.

Much of the so-called environmental movement today has transmuted into an aggressively nefarious and primitive faction. In the last fifteen years, many of the tenets of utopian statism have coalesced around something called the “degrowth” movement. Originating in Europe but now taking a firm hold in the United States, the “degrowthers,” as I shall characterize them, include in their ranks none other than President Barack Obama. On January 17, 2008, Obama made clear his hostility toward, of all things, electricity generated from coal and coal-powered plants. He told the San Francisco Chronicle, “You know, when I was asked earlier about the issue of coal . . . under my plan of a cap and trade system, electricity rates would necessarily skyrocket. . . .”3 Obama added, “. . . So if somebody wants to build a coal-powered plant, they can. It’s just that it will bankrupt them because they’re going to be charged a huge sum for all the greenhouse gas that’s being emitted.”4 Degrowthers define their agenda as follows: “Sustainable degrowth is a downscaling of production and consumption that increases human well-being and enhances ecological conditions and equity on the planet. It calls for a future where societies live within their ecological means, with open localized economies and resources more equally distributed through new forms of democratic institutions.”5 It “is an essential economic strategy to pursue in overdeveloped countries like the United States—for the well-being of the planet, of underdeveloped populations, and yes, even of the sick, stressed, and overweight ‘consumer’ populations of overdeveloped countries.”6 For its proponents and adherents, degrowth has quickly developed into a pseudo-religion and public-policy obsession. In fact, the degrowthers insist their ideology reaches far beyond the environment or even its odium for capitalism and is an all-encompassing lifestyle and governing philosophy. Some of its leading advocates argue that “Degrowth is not just an economic concept. We shall show that it is a frame constituted by a large array of concerns, goals, strategies and actions. As a result, degrowth has now become a confluence point where streams of critical ideas and political action converge.”7 Degrowth is “an interpretative frame for a social movement, understood as the mechanism through which actors engage in a collective action.”8 The degrowthers seek to eliminate carbon sources of energy and redistribute wealth according to terms they consider equitable. They reject the traditional economic reality that acknowledges growth as improving living conditions generally but especially for the impoverished. They embrace the notions of “less competition, large scale redistribution, sharing and reduction of excessive incomes and wealth.”9 Degrowthers want to engage in polices that will set “a maximum income, or maximum wealth, to weaken envy as a motor of consumerism, and opening borders (“no-border”) to reduce means to keep inequality between rich and poor countries.”10 And they demand reparations by supporting a “concept of ecological debt, or the demand that the Global North pays for past and present colonial exploitation in the Global South.”11

Chronic stress in infancy and early childhood has been identified as a major contributor to adult health problems. In 2009, Jack Shonkoff and colleagues published a major review in the Journal of the American Medical Association that stated that "adult disease prevention begins with reducing early toxic stress." Considering the state of American's health, this is something we should take quite seriously. A recent report from the Institute of Medicine (2013) noted the following: "For many years, Americans have been dying at younger ages than people in almost all other high-income countries. This disadvantage has been getting worse for three decades, especially among women. Not only are their lives shorter, but Americans also have a longstanding pattern of poorer health that is strikingly consistent and pervasive over the life course." One way we can improve the health of the next generation is to challenge the hegemony of the cry-it-out advocates. We need to stand by the others we serve as they make the decision to defy cultural norms and respond to their babies. The health of the next generation depends on it.

Piketty and some colleagues would later publish a paper containing a startling fact about 2014, the year of Cohen’s graduation and debut as a self-supporting earner. The study showed that a college graduate like Cohen, on the safe assumption that she ended up in the top 10 percent of earners, would be making more than twice as much before taxes as a similarly situated person in 1980. If Cohen entered the top 1 percent of earners, her income would be more than triple what a 1 percenter earned in her parents’ day—an average of $1.3 million a year for that elite group versus $428,000 in 1980, adjusted for inflation. On the narrow chance that she entered the top 0.001 percent, her income would be more than seven times higher than in 1980, with a cohort average of $122 million. The study included the striking fact that the bottom half of Americans had over this same span seen their average pretax income rise from $16,000 to $16,200. One hundred seventeen million people had, in other words, been “completely shut off from economic growth since the 1970s,” Piketty, Emmanuel Saez, and Gabriel Zucman wrote. A generation’s worth of mind-bending innovation had delivered scant progress for half of Americans.

was my first indication that the policies of Mamaw’s “party of the working man”—the Democrats—weren’t all they were cracked up to be. Political scientists have spent millions of words trying to explain how Appalachia and the South went from staunchly Democratic to staunchly Republican in less than a generation. Some blame race relations and the Democratic Party’s embrace of the civil rights movement. Others cite religious faith and the hold that social conservatism has on evangelicals in that region. A big part of the explanation lies in the fact that many in the white working class saw precisely what I did, working at Dillman’s. As far back as the 1970s, the white working class began to turn to Richard Nixon because of a perception that, as one man put it, government was “payin’ people who are on welfare today doin’ nothin’! They’re laughin’ at our society! And we’re all hardworkin’ people and we’re gettin’ laughed at for workin’ every day!”20 At around that time, our neighbor—one of Mamaw and Papaw’s oldest friends—registered the house next to ours for Section 8. Section 8 is a government program that offers low-income residents a voucher to rent housing. Mamaw’s friend had little luck renting his property, but when he qualified his house for the Section 8 voucher, he virtually assured that would change. Mamaw saw it as a betrayal, ensuring that “bad” people would move into the neighborhood and drive down property values. Despite our efforts to draw bright lines between the working and nonworking poor, Mamaw and I recognized that we shared a lot in common with those whom we thought gave our people a bad name. Those Section 8 recipients looked a lot like us. The matriarch of the first family to move in next door was born in Kentucky but moved north at a young age as her parents sought a better life. She’d gotten involved with a couple of men, each of whom had left her with a child but no support. She was nice, and so were her kids. But the drugs and the late-night fighting revealed troubles that too many hillbilly transplants knew too well. Confronted with such a realization of her own family’s struggle, Mamaw grew frustrated and angry. From that anger sprang Bonnie Vance the social policy expert: “She’s a lazy whore, but she wouldn’t be if she was forced to get a job”; “I hate those fuckers for giving these people the money to move into our neighborhood.” She’d rant against the people we’d see in the grocery store: “I can’t understand why people who’ve worked all their lives scrape by while these deadbeats buy liquor and cell phone coverage with our tax money.

The importance of ethical governance, exemplified by the Norwegian Pension Fund, is highlighted by a deplorable UK government proposal in 2016 to set up a Shale Wealth Fund.38 The fund would receive up to 10 per cent of the revenue generated by fracking (hydraulic fracturing) for shale gas, which could amount to as much as £1 billion over twenty-five years. This would be paid out to communities hosting fracking sites, which could decide to use the money for local projects or distribute it to households in cash. It is hard to avoid the conclusion that this is a bribe to secure local approval of environmentally threatening fracking operations, to which there has been considerable public opposition. Beyond that, there are many equity questions. Why should only people who happen to live in areas with shale gas be beneficiaries? How would the recipient community be defined? Would the payments go only to those living in the designated community at the time the fracking started? Would they be paid as lump sums or on a regular basis, and how long would they last? What about future generations? Can cash payments compensate for the risk of harm to the air, water, landscape and livelihoods? All these questions cast doubt on the equity and ethics of any selective scheme. They underline the need for the principles of wealth funds and dividends from them to be established before they are implemented, and for a governance structure that is independent from government and business. But

Ultimately, the World Top Incomes Database (WTID), which is based on the joint work of some thirty researchers around the world, is the largest historical database available concerning the evolution of income inequality; it is the primary source of data for this book.24 The book’s second most important source of data, on which I will actually draw first, concerns wealth, including both the distribution of wealth and its relation to income. Wealth also generates income and is therefore important on the income study side of things as well. Indeed, income consists of two components: income from labor (wages, salaries, bonuses, earnings from nonwage labor, and other remuneration statutorily classified as labor related) and income from capital (rent, dividends, interest, profits, capital gains, royalties, and other income derived from the mere fact of owning capital in the form of land, real estate, financial instruments, industrial equipment, etc., again regardless of its precise legal classification). The WTID contains a great deal of information about the evolution of income from capital over the course of the twentieth century. It is nevertheless essential to complete this information by looking at sources directly concerned with wealth. Here I rely on three distinct types of historical data and methodology, each of which is complementary to the others.25 In the first place, just as income tax returns allow us to study changes in income inequality, estate tax returns enable us to study changes in the inequality of wealth.26 This

among the young, a portent of the world’s future. Hate crimes, violence against women, and the victimization of children are all in long-term decline, as is the exploitation of children for their labor. As people are getting healthier, richer, safer, and freer, they are also becoming more literate, knowledgeable, and smarter. Early in the 19th century, 12 percent of the world could read and write; today 83 percent can. Literacy and the education it enables will soon be universal, for girls as well as boys. The schooling, together with health and wealth, are literally making us smarter—by thirty IQ points, or two standard deviations above our ancestors. People are putting their longer, healthier, safer, freer, richer, and wiser lives to good use. Americans work 22 fewer hours a week than they used to, have three weeks of paid vacation, lose 43 fewer hours to housework, and spend just a third of their paycheck on necessities rather than five-eighths. They are using their leisure and disposable income to travel, spend time with their children, connect with loved ones, and sample the world’s cuisine, knowledge, and culture. As a result of these gifts, people worldwide have become happier. Even Americans, who take their good fortune for granted, are “pretty happy” or happier, and the younger generations are becoming less unhappy, lonely, depressed, drug-addicted, and suicidal. As societies have become healthier, wealthier, freer, happier, and better educated, they have set their sights on the most pressing global challenges. They have emitted fewer pollutants, cleared fewer forests, spilled less oil,

Westerners, not just Lincoln Steffens. It took in the Central Intelligence Agency of the United States. It even took in the Soviet Union’s own leaders, such as Nikita Khrushchev, who famously boasted in a speech to Western diplomats in 1956 that “we will bury you [the West].” As late as 1977, a leading academic textbook by an English economist argued that Soviet-style economies were superior to capitalist ones in terms of economic growth, providing full employment and price stability and even in producing people with altruistic motivation. Poor old Western capitalism did better only at providing political freedom. Indeed, the most widely used university textbook in economics, written by Nobel Prize–winner Paul Samuelson, repeatedly predicted the coming economic dominance of the Soviet Union. In the 1961 edition, Samuelson predicted that Soviet national income would overtake that of the United States possibly by 1984, but probably by 1997. In the 1980 edition there was little change in the analysis, though the two dates were delayed to 2002 and 2012. Though the policies of Stalin and subsequent Soviet leaders could produce rapid economic growth, they could not do so in a sustained way. By the 1970s, economic growth had all but stopped. The most important lesson is that extractive institutions cannot generate sustained technological change for two reasons: the lack of economic incentives and resistance by the elites. In addition, once all the very inefficiently used resources had been reallocated to industry, there were few economic gains to be had by fiat. Then the Soviet system hit a roadblock, with lack of innovation and poor economic incentives preventing any further progress. The only area in which the Soviets did manage to sustain some innovation was through enormous efforts in military and aerospace technology. As a result they managed to put the first dog, Leika, and the first man, Yuri Gagarin, in space. They also left the world the AK-47 as one of their legacies. Gosplan was the supposedly all-powerful planning agency in charge of the central planning of the Soviet economy. One of the benefits of the sequence of five-year plans written and administered by Gosplan was supposed to have been the long time horizon necessary for rational investment and innovation. In reality, what got implemented in Soviet industry had little to do with the five-year plans, which were frequently revised and rewritten or simply ignored. The development of industry took place on the basis of commands by Stalin and the Politburo, who changed their minds frequently and often completely revised their previous decisions. All plans were labeled “draft” or “preliminary.” Only one copy of a plan labeled “final”—that for light industry in 1939—has ever come to light. Stalin himself said in 1937 that “only bureaucrats can think that planning work ends with the creation of the plan. The creation of the plan is just the beginning. The real direction of the plan develops only after the putting together of the plan.” Stalin wanted to maximize his discretion to reward people or groups who were politically loyal, and punish those who were not. As for Gosplan, its main role was to provide Stalin with information so he could better monitor his friends and enemies. It actually tried to avoid making decisions. If you made a decision that turned

The 12 Principles of Permaculture Investing are: 1. Accumulate & Compound Capital: Consistently save and invest to grow your capital base over time, leveraging the power of compound interest. 2. Utilize Capital: Actively deploy your capital into productive investments that generate returns, rather than letting it sit idle. 3. Retain Maximum & Gradiented Liquidity: Maintain a balance between liquid assets (easily accessible cash) and less liquid investments, ensuring you can meet immediate needs while still investing for the long term. 4. Actively Manage Passive: While focusing on passive income sources, actively monitor and adjust your investments to optimize returns and mitigate risks. 5. Prioritize Long-Term Growth: Focus on investments that offer potential for significant growth over the long term, even if they don't provide immediate high yields. 6. Prioritize Consistent Yields: Balance your portfolio with investments that provide reliable, consistent income to support your financial needs. 7. Add Net Value to all Stakeholders: Invest in ways that benefit not only yourself but also the broader community, environment, and all parties involved. 8. Provide Authentic Data: Be transparent and honest in your financial reporting, providing accurate information to all stakeholders. 9. Collect & Utilize Authentic Data: Base your investment decisions on reliable, verified data rather than speculation or rumors. 10. Diversify Holistically: Diversify your investments across different asset classes, industries, and geographical regions to reduce risk and maximize potential returns. 11. Harvest Yields Equitably: Distribute profits fairly among all stakeholders, ensuring everyone benefits from the investment's success. 12. Reinvest Yields in Most Profitable Assets: Continuously evaluate your portfolio and reinvest profits into the most promising opportunities to further compound your growth.

Many models are constructed to account for regularly observed phenomena. By design, their direct implications are consistent with reality. But others are built up from first principles, using the profession’s preferred building blocks. They may be mathematically elegant and match up well with the prevailing modeling conventions of the day. However, this does not make them necessarily more useful, especially when their conclusions have a tenuous relationship with reality. Macroeconomists have been particularly prone to this problem. In recent decades they have put considerable effort into developing macro models that require sophisticated mathematical tools, populated by fully rational, infinitely lived individuals solving complicated dynamic optimization problems under uncertainty. These are models that are “microfounded,” in the profession’s parlance: The macro-level implications are derived from the behavior of individuals, rather than simply postulated. This is a good thing, in principle. For example, aggregate saving behavior derives from the optimization problem in which a representative consumer maximizes his consumption while adhering to a lifetime (intertemporal) budget constraint.† Keynesian models, by contrast, take a shortcut, assuming a fixed relationship between saving and national income. However, these models shed limited light on the classical questions of macroeconomics: Why are there economic booms and recessions? What generates unemployment? What roles can fiscal and monetary policy play in stabilizing the economy? In trying to render their models tractable, economists neglected many important aspects of the real world. In particular, they assumed away imperfections and frictions in markets for labor, capital, and goods. The ups and downs of the economy were ascribed to exogenous and vague “shocks” to technology and consumer preferences. The unemployed weren’t looking for jobs they couldn’t find; they represented a worker’s optimal trade-off between leisure and labor. Perhaps unsurprisingly, these models were poor forecasters of major macroeconomic variables such as inflation and growth.8 As long as the economy hummed along at a steady clip and unemployment was low, these shortcomings were not particularly evident. But their failures become more apparent and costly in the aftermath of the financial crisis of 2008–9. These newfangled models simply could not explain the magnitude and duration of the recession that followed. They needed, at the very least, to incorporate more realism about financial-market imperfections. Traditional Keynesian models, despite their lack of microfoundations, could explain how economies can get stuck with high unemployment and seemed more relevant than ever. Yet the advocates of the new models were reluctant to give up on them—not because these models did a better job of tracking reality, but because they were what models were supposed to look like. Their modeling strategy trumped the realism of conclusions. Economists’ attachment to particular modeling conventions—rational, forward-looking individuals, well-functioning markets, and so on—often leads them to overlook obvious conflicts with the world around them.

Growth was so rapid that it took in generations of Westerners, not just Lincoln Steffens. It took in the Central Intelligence Agency of the United States. It even took in the Soviet Union’s own leaders, such as Nikita Khrushchev, who famously boasted in a speech to Western diplomats in 1956 that “we will bury you [the West].” As late as 1977, a leading academic textbook by an English economist argued that Soviet-style economies were superior to capitalist ones in terms of economic growth, providing full employment and price stability and even in producing people with altruistic motivation. Poor old Western capitalism did better only at providing political freedom. Indeed, the most widely used university textbook in economics, written by Nobel Prize–winner Paul Samuelson, repeatedly predicted the coming economic dominance of the Soviet Union. In the 1961 edition, Samuelson predicted that Soviet national income would overtake that of the United States possibly by 1984, but probably by 1997. In the 1980 edition there was little change in the analysis, though the two dates were delayed to 2002 and 2012. Though the policies of Stalin and subsequent Soviet leaders could produce rapid economic growth, they could not do so in a sustained way. By the 1970s, economic growth had all but stopped. The most important lesson is that extractive institutions cannot generate sustained technological change for two reasons: the lack of economic incentives and resistance by the elites. In addition, once all the very inefficiently used resources had been reallocated to industry, there were few economic gains to be had by fiat. Then the Soviet system hit a roadblock, with lack of innovation and poor economic incentives preventing any further progress. The only area in which the Soviets did manage to sustain some innovation was through enormous efforts in military and aerospace technology. As a result they managed to put the first dog, Leika, and the first man, Yuri Gagarin, in space. They also left the world the AK-47 as one of their legacies. Gosplan was the supposedly all-powerful planning agency in charge of the central planning of the Soviet economy. One of the benefits of the sequence of five-year plans written and administered by Gosplan was supposed to have been the long time horizon necessary for rational investment and innovation. In reality, what got implemented in Soviet industry had little to do with the five-year plans, which were frequently revised and rewritten or simply ignored. The development of industry took place on the basis of commands by Stalin and the Politburo, who changed their minds frequently and often completely revised their previous decisions. All plans were labeled “draft” or “preliminary.” Only one copy of a plan labeled “final”—that for light industry in 1939—has ever come to light. Stalin himself said in 1937 that “only bureaucrats can think that planning work ends with the creation of the plan. The creation of the plan is just the beginning. The real direction of the plan develops only after the putting together of the plan.” Stalin wanted to maximize his discretion to reward people or groups who were politically loyal, and punish those who were not. As for Gosplan, its main role was to provide Stalin with information so he could better monitor his friends and enemies. It actually tried to avoid making decisions. If you made a decision that turned out badly, you might get shot. Better to avoid all responsibility. An example of what could happen

I’ll gyrate my hips at irate guests to generate income for the generations.

Before it occurred to me that I might actually need an agent, I had generated well over three million dollars' worth of income, a good deal of it for the publisher.

Our planning consisted of starting up our project by generating some income through t-shirts and small products. Then we worked our way up with art shows and art projects that I’m creating under our collective. Only then did we announce the comic book, because if we don’t do these things before, no one is going to care what you’re doing for the bigger project that you’ve got coming next. We worked it up in steps, and once we announced the comic project it all came together.

If we compare the gap separating rich and poor, whether measured by overall assets or annual income, we find that in every continental European country as well as in Great Britain and the US, the gap shrank dramatically in the generation following 1945.

PROFITS AT THE BOTTOM OF THE PYRAMID | Idea in Brief 105 words THE PROBLEM Multinational firms’ socially beneficial ventures in low-income markets need to earn profits if they’re to command corporate resources, but operating in the black is harder than it looks. THE SOLUTION Companies can use the authors’ “opportunity map” to design and undertake ventures at the bottom of the pyramid that match their capabilities and financial expectations. THE DETAILS The map sorts ventures according to cost and complexity by analyzing two key challenges in selling to the poor: changing consumers’ behavior and changing the way products are made and delivered. The map can encourage companies to forgo overly ambitious, unsustainable projects and start with smaller ones that generate steady profits.

there is an inverse relationship between income and closeness to parents.

He had been in his earlier years a poor man as regarded his income, — very poor, seeing that he was an earl. But he was not at present by any means an impoverished man, having been taught a lesson by the miseries of his father and grandfather, and having learned to live within his means. Now, as he was going down the vale of years, men said that he was becoming rich, and that he had ready money to spend, — a position in which no Lord De Guest had found himself for many generations back. His father and grandfather had been known as spendthrifts; and now men said that this earl was a miser.