Comments on: Letting the gini out of the bottle http://crookedtimber.org/2008/08/06/this-is-your-life-climate-change-and-the-gini-genie/ Out of the crooked timber of humanity, no straight thing was ever made Sun, 27 May 2012 09:08:53 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Dave http://crookedtimber.org/2008/08/06/this-is-your-life-climate-change-and-the-gini-genie/comment-page-1/#comment-248708 Dave Thu, 07 Aug 2008 14:31:08 +0000 http://crookedtimber.org/?p=7311#comment-248708 @10: what will happen [barring miracles] is that for some rich people the effects of advanced old age will be further mitigated by enormously expensive drugs and wonder-surgeries, while for the rest of us they won't. Meanwhile, OTOH, medicine will continue to get better at making people not die quite so soon. Therefore, the danger will remain that, like some horrible Greek myth, we will just get older and older, weaker and weaker, and yet, hoorah! not actually dead [just might as well be... Not least since we won't have been in a position to actually earn an income for 30, 40, 50 years...] How soon before people have to start worrying about being a burden to their great-great-grandchildren? @10: what will happen [barring miracles] is that for some rich people the effects of advanced old age will be further mitigated by enormously expensive drugs and wonder-surgeries, while for the rest of us they won’t. Meanwhile, OTOH, medicine will continue to get better at making people not die quite so soon. Therefore, the danger will remain that, like some horrible Greek myth, we will just get older and older, weaker and weaker, and yet, hoorah! not actually dead [just might as well be… Not least since we won’t have been in a position to actually earn an income for 30, 40, 50 years…] How soon before people have to start worrying about being a burden to their great-great-grandchildren?

]]> By: Barry http://crookedtimber.org/2008/08/06/this-is-your-life-climate-change-and-the-gini-genie/comment-page-1/#comment-248696 Barry Thu, 07 Aug 2008 12:00:05 +0000 http://crookedtimber.org/?p=7311#comment-248696 Yes. Perhaps a few years later than now, look at the progress of the past 42 years. So far, magical potions of youth seem to be keeping 20 years in the future. Of course, what's happening now is not 'frail elderly unable to work', but '40 or over; no good job for you'. The average 50-year old person can work, just not perhaps at an 8 hour Wal-Mart shift of standing as a greeter, punctuated with 'breaks' involving rounding up shopping carts. Yes. Perhaps a few years later than now, look at the progress of the past 42 years. So far, magical potions of youth seem to be keeping 20 years in the future.

Of course, what’s happening now is not ‘frail elderly unable to work’, but ‘40 or over; no good job for you’. The average 50-year old person can work, just not perhaps at an 8 hour Wal-Mart shift of standing as a greeter, punctuated with ‘breaks’ involving rounding up shopping carts.

]]> By: Gareth Wilson http://crookedtimber.org/2008/08/06/this-is-your-life-climate-change-and-the-gini-genie/comment-page-1/#comment-248693 Gareth Wilson Thu, 07 Aug 2008 11:00:34 +0000 http://crookedtimber.org/?p=7311#comment-248693 Sometimes a little tech-evangelism is appropriate. For example, the article implies that in 2050 Irish people will still get frail in old age and won't want to continue working full-time. That's presumably what the savings are for. But after 42 years of progress in medicine, is that completely certain? Sometimes a little tech-evangelism is appropriate. For example, the article implies that in 2050 Irish people will still get frail in old age and won’t want to continue working full-time. That’s presumably what the savings are for. But after 42 years of progress in medicine, is that completely certain?

]]> By: Thers http://crookedtimber.org/2008/08/06/this-is-your-life-climate-change-and-the-gini-genie/comment-page-1/#comment-248673 Thers Thu, 07 Aug 2008 06:11:10 +0000 http://crookedtimber.org/?p=7311#comment-248673 The Irish Times took down the paywall? Had no idea. I now might start remembering that it exists! The Irish Times took down the paywall? Had no idea. I now might start remembering that it exists!

]]> By: bdbd http://crookedtimber.org/2008/08/06/this-is-your-life-climate-change-and-the-gini-genie/comment-page-1/#comment-248664 bdbd Thu, 07 Aug 2008 03:11:44 +0000 http://crookedtimber.org/?p=7311#comment-248664 Modern Mechanix, 1968, on how the world will be in 2008 http://blog.modernmechanix.com/2008/03/24/what-will-life-be-like-in-the-year-2008/ Modern Mechanix, 1968, on how the world will be in 2008

http://blog.modernmechanix.com/2008/03/24/what-will-life-be-like-in-the-year-2008/

]]> By: novakant http://crookedtimber.org/2008/08/06/this-is-your-life-climate-change-and-the-gini-genie/comment-page-1/#comment-248658 novakant Wed, 06 Aug 2008 23:52:06 +0000 http://crookedtimber.org/?p=7311#comment-248658 Saving is good - or is it? Countries like the US or the UK (couldn't find data on Ireland, but I think it's similar), where many people don't even think about saving, but are mortgaged to the hilt and seem to have no problem shuffling their debts from one credit card to another, seem to be much more dynamic economically, than countries like France or Germany where people traditionally tend to save more and are reluctant to spend money they don't have, but the economy is generally lagging. That at least has been my layman's impression and it seems to be somewhat backed up by the <a href="http://dataranking.com/table.cgi?LG=e&TP=ne08-2&RG=1" rel="nofollow">data</a> - household savings rate in 2005: US -0.3% UK 0.0% Germany 10.7% France 11.5% Are people in France and Germany saving too much, thus suffocating their economy? Or are people in the US/UK (and Ireland) building a house of cards that will be, or is already, crashing down on them? Saving is good – or is it?

Countries like the US or the UK (couldn’t find data on Ireland, but I think it’s similar), where many people don’t even think about saving, but are mortgaged to the hilt and seem to have no problem shuffling their debts from one credit card to another, seem to be much more dynamic economically, than countries like France or Germany where people traditionally tend to save more and are reluctant to spend money they don’t have, but the economy is generally lagging. That at least has been my layman’s impression and it seems to be somewhat backed up by the data – household savings rate in 2005:

US -0.3%
UK 0.0%
Germany 10.7%
France 11.5%

Are people in France and Germany saving too much, thus suffocating their economy? Or are people in the US/UK (and Ireland) building a house of cards that will be, or is already, crashing down on them?

]]> By: matt http://crookedtimber.org/2008/08/06/this-is-your-life-climate-change-and-the-gini-genie/comment-page-1/#comment-248643 matt Wed, 06 Aug 2008 21:11:56 +0000 http://crookedtimber.org/?p=7311#comment-248643 At first glance I thought this was a post about letting the gin out of the bottle. That sounds like a great idea to me about now, so long as it made it to a glass on the way out. At first glance I thought this was a post about letting the gin out of the bottle. That sounds like a great idea to me about now, so long as it made it to a glass on the way out.

]]> By: Stephen Kinsella http://crookedtimber.org/2008/08/06/this-is-your-life-climate-change-and-the-gini-genie/comment-page-1/#comment-248640 Stephen Kinsella Wed, 06 Aug 2008 21:00:04 +0000 http://crookedtimber.org/?p=7311#comment-248640 @ Daddysteve, we've got the Irish government, so we're covered! @ Daddysteve, we’ve got the Irish government, so we’re covered!

]]> By: Maria http://crookedtimber.org/2008/08/06/this-is-your-life-climate-change-and-the-gini-genie/comment-page-1/#comment-248639 Maria Wed, 06 Aug 2008 21:00:02 +0000 http://crookedtimber.org/?p=7311#comment-248639 Hi Stephen, Many thanks for leaving a comment here. A longer perspective on the current doom and gloom fest in Ireland is very welcome. Looking forward to reading the full version, Maria Hi Stephen,

Many thanks for leaving a comment here. A longer perspective on the current doom and gloom fest in Ireland is very welcome.

Looking forward to reading the full version, Maria

]]> By: daddysteve http://crookedtimber.org/2008/08/06/this-is-your-life-climate-change-and-the-gini-genie/comment-page-1/#comment-248638 daddysteve Wed, 06 Aug 2008 20:55:40 +0000 http://crookedtimber.org/?p=7311#comment-248638 Oops, you're talking about the other side of the pond,not the U.S. Just substitute "financially irresponsible institution of your choice" in place of the Fed. Oops, you’re talking about the other side of the pond,not the U.S. Just substitute “financially irresponsible institution of your choice” in place of the Fed.

]]> By: daddysteve http://crookedtimber.org/2008/08/06/this-is-your-life-climate-change-and-the-gini-genie/comment-page-1/#comment-248636 daddysteve Wed, 06 Aug 2008 20:49:40 +0000 http://crookedtimber.org/?p=7311#comment-248636 Fiscal policy that would allow a savings account to earn decent interest? Where's that been for the last two decades? Oh yeah, the Fed is good for the economy. Fiscal policy that would allow a savings account to earn decent interest? Where’s that been for the last two decades? Oh yeah, the Fed is good for the economy.

]]> By: Stephen Kinsella http://crookedtimber.org/2008/08/06/this-is-your-life-climate-change-and-the-gini-genie/comment-page-1/#comment-248635 Stephen Kinsella Wed, 06 Aug 2008 20:37:17 +0000 http://crookedtimber.org/?p=7311#comment-248635 Hi Maria, I wrote the article, and the longer version of it is up at www.stephenkinsella.net. You're right about the lack of specifics though---the subtext of the piece is that all the bad news we're experiencing in Ireland is a temporary phenomenon, and a bit of perspective might be nice. Keynes wrote 'Economic Possibilities for Our Grandchildren' in 1930, after real household income fell by 40%. In Ireland today if the same thing happened, the average Irish industrial worker's income would drop from 35k a year to 21k. Anyway, love the blog, Stephen Hi Maria,

I wrote the article, and the longer version of it is up at http://www.stephenkinsella.net.

You’re right about the lack of specifics though—-the subtext of the piece is that all the bad news we’re experiencing in Ireland is a temporary phenomenon, and a bit of perspective might be nice. Keynes wrote ‘Economic Possibilities for Our Grandchildren’ in 1930, after real household income fell by 40%. In Ireland today if the same thing happened, the average Irish industrial worker’s income would drop from 35k a year to 21k.

Anyway, love the blog,

Stephen

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