Paul Volcker, at 91, Sees ‘a Hell of a Mess in Every Direction’:
“The central issue is we’re developing into a plutocracy,” he told me. “We’ve got an enormous number of enormously rich people that have convinced themselves that they’re rich because they’re smart and constructive. And they don’t like government, and they don’t like to pay taxes.”
I agree. They’re not rich because they’re smart, they’re rich because they’re lucky. You can find the scientific summary of this in a piece by Scott Barry Kaufman:
In an attempt to shed light on this heavy issue, the Italian physicists Alessandro Pluchino and Andrea Raspisarda teamed up with the Italian economist Alessio Biondo to make the first ever attempt to quantify the role of luck and talent in successful careers. In their prior work, they warned against a “naive meritocracy”, in which people actually fail to give honors and rewards to the most competent people because of their underestimation of the role of randomness among the determinants of success. To formally capture this phenomenon, they proposed a “toy mathematical model” that simulated the evolution of careers of a collective population over a worklife of 40 years (from age 20-60).
In general, mediocre-but-lucky people were much more successful than more-talented-but-unlucky individuals.
And Volcker’s statement loops right back around to this piece by David Roberts in Vox:
It’s not difficult to see why many people take offense when reminded of their luck, especially those who have received the most. Allowing for luck can dent our self-conception. It can diminish our sense of control. It opens up all kinds of uncomfortable questions about obligations to other, less fortunate people.
So, here’s the point: you’ve got the Gilded Age in the early 20th century, where the increase of inequality, the dizzying heights of wealth reached by the 0.1% were stopped by a Great Depression, a World War (the second), and a rebuilding of American society based on sane taxes and regulations that reduced inequality. Today, we’re right back at that gilded level of inequality. A bunch of selfish humans want more. Some of them get more. Some of them get much much MUCH more. Introspection is limited. Philosophy non-existent. Myths of personal exceptionalism and meritocracy abound and suffocate independent, compassionate, and logical thought. Which leaves you with an eye-wateringly rich class of human who think they got there as an award for being special.
Both of the following upper-class garbage statements spell doom for a liberal democracy:
- “Anyone who deserves it will succeed, just like I did.”
- “My superior skills guaranteed my success.”
My journey into misanthropy grows ever darker. I wonder where the bottom is.