Post #2103470
2026-05-02 15:45 UTC
Piketty pointing out that macroeconomic growth is counterintuitive because it is exponential and measured logarithmatically: "growth rate on the order of 1% is in fact extremely rapid... in generational terms. Over a period of 30 years, a growth rate of 1% corresponds to cumulative growth of more than 35%... in practice, this implies major changes in lifestyle"
Replies (1)
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@BartoszMilewski@mathstodon.xyz 2026-05-02 20:41
@julesh@mathstodon.xyz The main problem is that the exponentials diverge, so the rich are getting richer, while the poor are getting relatively poorer. A quarter of American household have zero or negative net worth, so they are getting poorer with time.