My last post highlighted Paul Krugman’s accusation that the top 1% richest people support bad monetary policy because they have more to gain from low inflation than the bottom 99%. But I don’t think that bad monetary policy really helps…
Yearly Archives: 2014
Who wins when monetary policy prioritizes low inflation over wage growth or unemployment?
I’ve previously argued many times that the Fed is overly worried about inflation and not worried enough about the wages of the median American and about unemployment. Today Paul Krugman gives some back-of-the-envelope estimates of who benefits from the Fed’s…
The US Has High Mean Wealth, But Low Median Wealth
Ray Person sent me an article from Money Magazine that compares mean wealth with median wealth which suggests that although the US is one of the wealthiest countries in the world on a per-capita (mean) basis, unfortunately the US is…
A Parable About Efficiency and Equality
Updated Dec 13, 2023 A commentator recently asked how efficiency and equity could both increase at the same time. I have outlined the idea in previous posts, but I also think a parable is a good way to illustrate the…
Posted in Inequality, Medianism
Updates About MELI
I added some additional pages about Median Expected Lifetime Income (MELI) to the Medianism FAQ this week: M1. What is Median Expected Lifetime Income (MELI)? M2. Why is MELI better than GDP? M3. Why is MELI better than the United…
Posted in Medianism
MELI Is Better Than The Human Development Index (HDI)
I added a page to the Medianism FAQ to explain why Median Expected Lifetime Income (MELI) is better than the United Nations’ Human Development Index (HDI). There are four main reasons: MELI is simpler to understand, more transparent in its…
Posted in Medianism
Median Expected Lifetime Income (MELI) vs. GDP
I added another article to the Medianism FAQ: Why Is Median Expected Lifetime Income (MELI) Better Than GDP? As I was writing it, I noticed a nice infographic at the Social Progress Imperative which tells about the long history of…
Posted in Medianism
Medianism 