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ChristianKl comments on Open Thread March 7 - March 13, 2016 - Less Wrong
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Responding to a point about the rise of absolute wealth since 1916, this article makes (not very well) a point about the importance of relative wealth.
I've had a short discussion about this earlier, and find it very interesting.
In particular, I sincerely do not care about my relative wealth. I used to think that was universal, then found out I was wrong. But is it typical? To me it has profound implications about what kind of economic world we should strive for -- if most folks are like me, the current system is fine. If they are like some people I have met, a flatter real wealth distribution, even at the price of a much, much lower mean, could be preferable.
I'm interested in any thoughts you all might have on the topic :)
How do you know?
I see it as a question of preference so I know by never having felt envy, etc. at someone richer than me just for being richer. I only feel interested in my wealth relative to what I need or want to purchase.
As noted in the comment thread I linked, I could start caring if someone's relative wealth gave them power over me but I haven't been in this situation so far (stuff like boarding priority for first-class tickets are a minor example I did experience, but that's never bothered me).
Have you ever been poor?
No. Thanks for making me notice how relevant that could be.
I see that I haven't even thought through the basics of the problem. "power over" is felt whenever scarcity leads the wealthier to take precedence. Okay, so to try to generalise a little, I've never been really hit by the scarcity that exists because my desires are (for one reason or another) adjusted to my means.
I could be a lot wealthier yet have cravings I can't afford, or be poorer and still content. But if what I wanted kept hitting a wealth ceiling (a specific type, one due to scarcity, such that increasing my wealth and everyone else's in proportion wouldn't help), I'd start caring about relative wealth really fast.