A Quote by Guy Standing
In the old 20th-century income distribution system, the shares of income going to capital, mainly in profits, and labor, in wages and non-wage benefits, were roughly stable. But that system is no more.
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The income distribution system constructed in the 20th century has broken down, and it will not come back.
I don't see basic income as a panacea, but we must have a new income distribution system. The old one has broken down irretrievably.
Twentieth-century welfare state capitalism was historically unique in that national income was split between wages and profits, labour and capital.
In the course of the twenty-first century what may be called the "capital wage" could be added to the labor wage and the social wage, so that middle-class Americans - not merely an affluent minority - might derive income from three sources rather than just two.
The real scientific study of the distribution of wealth has, we must confess, scarcely begun. The conventional academic study of the so-called theory of distribution into rent, interest, wages, and profits is only remotely related to the subject. This subject, the causes and cures for the actual distribution of capital and income among real persons, is one of the many now in need of our best efforts as scientific students of society.
Two-factor economics makes it clear that our economic problem is not what one-factor (labor-centric) thinkers assert: an inequitable distribution of income. It is an inequitable distribution of productive power, from which an unworkable distribution of income results.
If surface water can be compared with interest income, and non-renewable groundwater with capital, then much of the West was living mainly on interest income. California was milking interest and capital in about equal proportion. The plains states, however, were devouring capital as a gang of spendthrift heirs might squander a great capitalist's fortune.
D-Day represents the greatest achievement of the american people and system in the 20th century. It was the pivot point of the 20th century. It was the day on which the decision was made as to who was going to rule in this world in the second half of the 20th century. Is it going to be Nazism, is it going to be communism, or are the democracies going to prevail?
By the beginning of the 20th century, the debate about monetary policy and the nation's financial system had been going on for over a century. Increasingly, the shortcomings of the existing system were causing too much harm to ignore.
Lower-income immigrant families might receive more in benefits than they pay in taxes. But that mathematical equilibrium is temporary, and an artifact of the way the tax-and-transfer system is structured to help lower-income families and to support families with kids.
Many people do not understand that business investment is a critical prosperity-booster, leading to more jobs, higher wages, and stronger family income. Put another way, rising tax and regulatory burdens that penalize investors and businesses also punish middle-income wage earners.
My rich dad taught me to focus on passive income and spend my time acquiring the assets that provide passive or long term residual income...passive income from capital gains, dividends, residual income from business, rental income from real estate, and royalties.
How is it that we have created an economic system that tells us it is cheaper to destroy the earth and exhaust its people than to nurture them both? Is it rational to have an pricing system which discounts the future and sells off the past? How did we create an economic system that confused capital liquidation with income?
Capital is taxed much less than labour; subsidies going to capital, the rich, and middle-income earners greatly exceed the benefits going to the precariat and underclass.
I will not cut benefits. I want to enhance benefits for low-income workers and for women who have been disadvantaged by the current Social Security system.
My research in this period centered around growth, technical change, and income distribution, both how growth affected the distribution of income and how the distribution of income affected growth.
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