New data: 138,000 people out of poverty every day for 25 years, while you claimed neo-liberalism ruined the world. pic.twitter.com/kvSoMSa9DY
— Johan Norberg (@johanknorberg) October 5, 2015
138,000 people out of poverty every day for 25 years while @oxfamnz claimed neo-liberalism ruined the world
25 Jan 2016 Leave a comment
in development economics, economic history, growth miracles, Marxist economics Tags: extreme poverty, global poverty, overseas aid, Oxfam, The Great Escape, The Great Fact
Deirdre McCloskey’s message for @oxfamnz @jeremycorbyn @BernieSanders
24 Jan 2016 Leave a comment
in applied price theory, development economics, economic history, economics of bureaucracy, economics of regulation, Marxist economics, politics - USA
Globalisation is Good – Johan Norberg on Globalisation
23 Jan 2016 Leave a comment
in applied welfare economics, development economics, economic history, growth miracles, international economics, Marxist economics Tags: capitalism and freedom, extreme poverty, global poverty, globalisation, The Great Escape, The Great Fact
@TheDailyBlogNZ’s only good tax cheat is a student loan defaulter?!
23 Jan 2016 Leave a comment
in economics of education, Marxist economics, politics - New Zealand, public economics
The life satisfaction gap between former workers’ paradises and capitalist economies is closing
22 Jan 2016 Leave a comment
in Marxist economics Tags: transitional economies
On the decline of socialism in the Americas
21 Jan 2016 Leave a comment
in applied price theory, development economics, economics of bureaucracy, growth disasters, Marxist economics, Public Choice, rentseeking Tags: 2016 presidential election, Argentina, Brazil, Venezuela
@jeremycorbyn betrays #Falklands self-determination
18 Jan 2016 1 Comment
in defence economics, Marxist economics
https://twitter.com/Mulder1981/status/681611193849634816
https://twitter.com/DGoodinson/status/688766431605968896
https://twitter.com/DavidJo52951945/status/688662517783113728
https://twitter.com/brokenbottleboy/status/686221142038806528
Socialism with an iPad @jeremycorbyn @JohnMcDonnellMP
18 Jan 2016 Leave a comment
in economics of bureaucracy, entrepreneurship, Marxist economics
Whose voting base has succumbed to unthinking populists?
31 Dec 2015 Leave a comment
in applied price theory, comparative institutional analysis, constitutional political economy, economics of education, economics of information, economics of media and culture, income redistribution, international economics, Marxist economics, politics - New Zealand, Public Choice, rentseeking Tags: 2016 presidential election
The Soviet Union’s flag came down for the last time today 1991
26 Dec 2015 Leave a comment
in economic history, liberalism, Marxist economics Tags: collapse of communism, fall of the USSR, Russia, unanticipated revolutions
Why do @fightfor15 @LivingWageNZ @LivingWageUK aim so low?
16 Dec 2015 1 Comment
in applied price theory, labour economics, Marxist economics, minimum wage, politics - New Zealand, politics - USA, poverty and inequality Tags: expressive voting, Leftover Left, living wage
HL Mencken on the @realDonaldTrump & @BernieSanders
13 Dec 2015 Leave a comment
in economics of bureaucracy, economics of media and culture, economics of regulation, income redistribution, Marxist economics, politics - USA, Public Choice, rentseeking Tags: 2016 presidential election, expressive voting, left-wing populists, Leftover Left, rational ignorance, rational irrationality, right-wing populists
Why didn’t @MaxRashbrooke chart the top 1%’s wealth?
10 Dec 2015 Leave a comment
in applied welfare economics, economic history, Marxist economics, politics - New Zealand Tags: top 1%, Twitter left
The latest research of Max Rashbrooke on trends in wealth was in the Dominion Post today. The breathless reporter used it to say that:
The elite and high-income earners of New Zealand have increased their wealth by almost $200 billion while debt among the poorest has climbed to $7b…
The net wealth of the top 10 per cent has increased dramatically while the bottom 10 per cent of Kiwis face increasing levels of debt in the billions of dollar…
The data in the Dominion Post today consisted of a time series of the top 10% and the bottom 10% share of net wealth and an interactive pie chart showing the distribution of wealth.
When you chart the data published by Max Rashbrooke as a time series rather than an interactive pie chart, today is not quite the day for the down-trodden proletariat to kick in the rotten door of neoliberal capitalism to start the permanent revolution.
It is not much of a call to the barricades to say that just about every section of New Zealand society became much richer in a short six-year period – their wealth increased by between 60-80% between 2004 and 2010 as shown in the chart below. The middle class has been doing just swimmingly between 2004 and 2010: up from $194 billion to $348 billion in a short six years. This is an increase of 80% in six years. So rapid an increase that the sceptics among you might start to doubt the accuracy of the data either at the beginning or by the end.
Furthermore, no section of society noticeably increased their share of wealth as shown in the chart below. Further evidence of how lazy is the top 1% is in New Zealand. Their wealth increased only by 56% between 2004 and 2010. Having the wealth of the top 1% increase by less than every group in society bar the bottom 10% qualifies as a dramatic increase in inequality by the journalistic standards of the Dominion Post. The wealth of the top 10% increased between 2004 and 2010 by 68% – no more than any other group in society bar the top bottom 10%. That too is a dramatic increase in inequality by Dominion Post standards.
Source: Geoff Rashbrooke, Max Rashbrooke and Wilma Molano, Wealth Disparities in NZ Institute for Governance and Policy Studies (November 2015) via The richest 10 per cent own $436 billion of New Zealand’s wealth: research | Stuff.co.nz.
Joan Robinson in the 1940s was on to this failure of capitalism to impoverish the proletarian when she said the battle cry of Marxists would have to change from the 1848 version “rise up ye workers, rise up for you have nothing to lose but your chains” to “rise up ye workers, rise up for you have nothing to lose but the prospect of a suburban home and a motorcar”.
Today that battle cry of the Marxist revolution would have to be “rise up ye workers rise up for you have nothing to lose but your iPhone and your air points”. As Joan Robinson observed in the 1940s, that’s not much of a basis for a revolutionary movement.
The Twitter Left are grumpy buggers because a rapid increase in wealth that is broad-based across New Zealand society – lifting up 90% of New Zealand society – for them is only another reason to complain.
Utopia, you are standing in it! 
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