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April 25, 2018 / C H Thompson

Wealth and the wealthy

Some important points to consider about wealth:

  • most wealthy people do not work as hard as those earning low-incomes. For example cleaners tend to work long unsociable hours when all the offices or trains are not in use. While David Beckham only ‘works’ during a 90-minute football match or during training
  • the three classifications of wealth on the previous page illustrates how society values (and therefore pays) some people more than others. For example an actor ‘pretending to be a nurse’ will earn far more than an actual nurse
  • as Thomas Piketty, 2014, argues “wealth originating in the past automatically grows more rapidly, even without labour, than wealth stemming from work, which can be saved.” In other words wealth is increasingly coming from unearned sources such as inheritance rather than working (Economist, May, 2014) http://www.economist.com/blogs/buttonwood/2014/03/inequality

 

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