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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 :)
It's complicated. It seems clear to me that right now a huge number of people want to increase their absolute wealth more than their relative position. People who move from poor countries to rich countries often wind up in a lower percentile in the new country, but are better off in an absolute sense. Relatively few independently wealthy first-worlders move to poor countries to increase their relative wealth (although a handful of people do, admittedly.) This is complicated somewhat by the fact that recent migrants might still have enough connections to their old country that their higher relative position in the old country is more salient to them than their lower relative position in the new country.