Been thinking about wealth and poverty lately

[truthman]

This will be a really basic post for all those who discuss economics all the time, but, wasn't Jesus basic when He said that we would always have the poor with us?

Anyways, I've been thinking about wealth and poverty. Most poor people want to be wealthy, and some wealthy people want to be poor.

The thing that the poor often forget, myself included, is that if all the poor became wealthy at the exact same time, then the level of poverty would simply be raised, and they would still be poor. Because, the billionaires would then be the wealthy and the millionaires would be the poor.

If all the poor worldwide immediately became multi-millionaires, the majority would quit their jobs and no one would want to perform labor. This would change everything.

Thoughts?

[Thersites]

This would only be true if there were not actual poverty in the world, i.e. people dying of hunger or easily treated diseases. There is relative poverty, then there's actual poverty.

[truthman]

OK, so, let's say that everyone gained millionaire-like status at the same time. Wouldn't that be the new poor because even many medical practitioners and food producers would quit.

[Thersites]

OK, so, let's say that everyone gained millionaire-like status at the same time. Wouldn't that be the new poor because even many medical practitioners and food producers would quit.

You'd run into inflation and therefore shortages very quickly.

That's not quite what I'm getting at, though. It's not about money, it's about access to resources. It's not just about enjoying luxuries, it's about securing necessities, and a lot of people in the world today don't have any easy way to get what they need to survive.

[seanD]

In regards to what Jesus said in that specific instance about the poor, the context is important there. He made that statement in regards to a choice between him and the poor. The dispute was whether the woman should have used her possession as a sacrifice to Christ or use it to help the poor. If it ever came down to a choice like that, then Christ comes first and then the poor was the message he was making, not a broad message about the poor in general.

[joel]

OK, so, let's say that everyone gained millionaire-like status at the same time. Wouldn't that be the new poor because even many medical practitioners and food producers would quit.

Take the extreme example, and suppose that everyone became so wealthy that everyone decides to retire.
That would imply that everyone begins to live entirely off existing wealth without producing new wealth.
With all consumption and no production, the total amount of wealth would be rapidly declining, with everyone heading toward utter poverty. This would not be sustainable.

[truthman]

Take the extreme example, and suppose that everyone became so wealthy that everyone decides to retire.
That would imply that everyone begins to live entirely off existing wealth without producing new wealth.
With all consumption and no production, the total amount of wealth would be rapidly declining, with everyone heading toward utter poverty. This would not be sustainable.

I agree. As this is not a debate thread, I just wanted a healthy discussion about it and have recent valuable input.

Thanks!