Posts filed under “Technology”
“Wealth – any income that is at least one hundred dollars more a year than the income of one’s wife’s sister’s husband.”
On Fridays, I like to wax eloquent and philosophical — about investing, analysis and asset management. Often, there are lessons from other disciplines that are applicable to our own. Sometimes I point out an especially insightful work. But most of the time, I like to highlight misguided, faulty or just plain dumb analysis.
The latter is our subject today: a dishonest and disingenuous argument that is technically correct, but cynical and misleading. It only takes a bit of thinking to realize the absurdity of the claim.
Writing in the Washington Times during last month’s holiday week was this column from Richard Rahn of Cato Institute with the headline, “Common folk live better now than royalty did in earlier times. ”
The entire enterprise is a fatuous and politically inspired attempt to minimize the issue of income inequality, because after all, the poor today live better than kings did centuries ago! There, all problems solved, Here’s Rahn:
“The average low-income American, who makes $25,000 per year, lives in a home that has air conditioning, a color TV and a dishwasher, owns an automobile, and eats more calories than he should from an immense variety of food . . . Louis XIV lived in constant fear of dying from smallpox and many other diseases that are now cured quickly by antibiotics. His palace at Versailles had 700 rooms but no bathrooms (hence he rarely bathed), and no central heating or air conditioning.”
Let’s set about fisking this intellectual detritus:
West Uses Anti-Terror Laws to Murder Farmers, Small-Time Drug Dealers and Low-Level Taliban Members – Poppy Farmers, Drug Couriers and Drug Dealers Spiegel reported yesterday that drug dealers and low-level Taliban members were targeted for death by drone: NATO didn’t just target the Taliban leadership, but also eliminated mid- and lower-level members of the group on…Read More