by Ingrid Robeyns on July 12, 2021
I spoke to some US-based scholars today about a study they are planning to do on the question whether American citizens think one can say that at some point, one is having too much money. Long-time readers of our blog might recall that in January 2018 I asked you for input on a study I was setting up in the Netherlands to find out whether the Dutch think there is the symmetrical thing of a poverty line – a riches line. And yes, they do. The study has in the meantime been conducted and published in the journal Social Indicators Reserach, and is open access – available to all. I am very grateful to my collaborators and (economic) sociologists Tanja van der Lippe, Vincent Buskens, Arnout van de Rijt and Nina Vergeldt, since I would never have been able to do this on my own: the last time I did empirical work was in 2002 (and in the good tradition of economics graduate training, I never collected my own data when I was trained as an economist, hence it was a great adventure to set up this survey).
Based on our data, we find that 96,5% of the respondents made a distinction between a family that is rich and one that is extremely rich, whereby the standard of living of the latter is described as: “This family has much more than they need to lead an affluent life. They never have to consider whether they can afford certain luxury spending, and even then, they still have plenty of money left to do extraordinary things that almost no one can afford. No one needs that much luxury.” [click to continue…]
by Ingrid Robeyns on September 21, 2019
I have no idea how he found it, but George Monbiot read an (open access) academic article that I wrote, with the title “What, if Anything, is Wrong with Extreme Wealth?‘ In this paper I outline some arguments for the view that there should be an upper limit to how much income and wealth a person can hold, which I called (economic) limitarianism. Monbiot endorses limitarianism, saying that it is inevitable if we want to safeguard life on Earth.
As Monbiot’s piece rightly points out, there are many reasons to believe that there should be a cap on how much money we can have. Having too much money is statistically highly likely to lead to taking much more than one’s fair share from the atmosphere’s greenhouse gasses absorbing capacity and other ecological commons; it is a threat to genuine democracy; it is harmful to the psychological wellbeing of the children of the rich, and to the capacity of the rich to act autonomously when it concerns moral questions (which includes the reduced capacity for empathy of the rich); and, as I’ve argued in a short Dutch book on the topic that I published earlier this year, extreme wealth is hardly ever (if ever at all) deserved. And if those reasons weren’t enough, one can still add the line of Peter Singer and the effective altruists that excess money would have much greater moral and prudential value if it were spent on genuine needs, rather than on frivolous wants.
Monbiot wrote: “This call for a levelling down is perhaps the most blasphemous idea in contemporary discourse.”
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