John Burn-Murdoch in the Financial Times today on the effect wealth distribution has on living standards.
By comparison with other countries
Income inequality in US & UK is so wide that while the richest are very well off, the poorest have a worse standard of living than the poorest in countries like Slovenia
He develops this in a twitter thread which is well worth reading:
twitter.com/jburnmurdoch/status/1570832839318605824
and in his FT article.
www.ft.com/content/ef265420-45e8-497b-b308-c951baa68945
(The FT is usually paywalled. This article doesn't appear to be. But if you can't access it via this link you can through the link that Bur-Murdoch gives in his twitter thread)
I think this bears out a point that I was trying to make in another thread, that GDP indicates the over all wealth in a country, but not its distribution.
In his FT article, he poses the question:
Where would you rather live? A society where the rich are extraordinarily rich and the poor are very poor, or one where the rich are merely very well off but even those on the lowest incomes also enjoy a decent standard of living?
I'd ask the question: Which is more important to you; that the UK is an over all wealthy nation or that the wealth is better distributed within the UK population?
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