The One Percent
Posted on October 14, 2014 — 1 Minute Read
It goes without saying that, in this day and age, the rich gets richer and the poor gets poorer, or as the French economist Thomas Piketty put it, in his book Capital in the Twenty-First Century, the rate of return to wealth is higher than the growth rate of the economy. Simply put, money begets money, and it does it faster any other means. This is backed by research going as far back as to the 18th century.
Now we are at a point where the world's richest 1 percent will, by 2016, be wealthier than the remaining 99 percent, according to a research conducted by the charity group Oxfam, that is, 1% of people will own more than the rest. I struggle to see how this is fair.