An economic blockbuster? A non-believer in the religion of wealth

Taking On Adam Smith (and Karl Marx) (New York Times)

     …In his new book “Capital in the Twenty-First Century” (Harvard University Press), Mr. [Thomas] Piketty, 42, has written a blockbuster, at least in the world of economics. His book punctures earlier assumptions about the benevolence of advanced capitalism and forecasts sharply increasing inequality of wealth in industrialized countries, with deep and deleterious impact on democratic values of justice and fairness.
. . .
     …“Capital in the Twenty-First Century,” with its title echoing Marx’s “Das Kapital,” is meant to be a return to the kind of economic history, of political economy, written by predecessors like Marx and Adam Smith. It is nothing less than a broad effort to understand Western societies and the economic rules that underpin them. And in the process, by debunking the idea that “wealth raises all boats,” Mr. Piketty has thrown down a challenge to democratic governments to deal with an increasing gap between the rich and the poor — the very theme of inequality that recently moved both Pope Francis and President Obama to warn of its consequences.
. . .
     His findings, aided by the power of modern computers, are based on centuries of statistics on wealth accumulation and economic growth in advanced industrial countries. They are also rather simply stated: The rate of growth of income from capital is several times larger than the rate of economic growth, meaning a comparatively shrinking share going to income earned from wages, which rarely increase faster than overall economic activity. Inequality surges when population and the economy grow slowly.
. . .
     “It’s very difficult to make a democratic system work when you have such extreme inequality” in income, he said, “and such extreme inequality in terms of political influence and the production of knowledge and information. One of the big lessons of the 20th century is that we don’t need 19th-century inequality to grow.” But that’s just where the capitalist world is heading again, he concludes….

See also FORCES OF DIVERGENCE (New Yorker, 3/31/14)

A Russian and his eggs

In the district, FIVE YEARS AGO:

The IVC clock tower (1979-2006)

Original post: The Spirit of the Clock Tower
TUESDAY, APRIL 21, 2009

     Irvine Valley College once had a clock tower. It was a good clock tower, as clock towers go. But some of its timber was rotten.
     So they tore it down.

     We managed to rescue the clock’s hands. That’s all that’s left. Plus our memories.
     The clock tower is gone. But the spirit of the clock tower survives.
     Here are some pictures that the Reb and I took today around campus and inside the new BSTIC building.

The A-quad: somebody told us that they put this slab of concrete "right on top of the bricks."

"So the bricks are OK," he said.

"Oh."

SEE

• The replacement clock tower adventure
• How to replace a landmark
• His vision

(Just a little humor mostly.)

LATE NEWS:

• JOHN YOO STARS IN A MOST CIVILIZED DEBATE ON TORTURE: The big debate today at Chapman University. (Matt Coker gives us the blow-by-blow in OC Weekly.)
• Bush lawyer defends waterboarding in local debate: John Yoo, whose memos justified controversial interrogation tactics, defends the practices during a Chapman University debate. (Martin Wisckol in the Reg.)

Outdoor sculpture invitational

ORIGINAL POST:
Breaking news! 
MONDAY, APRIL 20, 2009

     I was Googling today and came across a “Social Media Release” dated April 20 about an event that occurred a full week ago. (See.) Here it is:

Irvine Valley College Foundation Awards Dinner - Raises More Than $43,000

     The 21th annual Irvine Valley College Foundation Awards Dinner sponsored by Grainger raised more than $43,000. The gala was held on April 13, 2009 at the Irvine Marriott. [Note: Grainger is a supplier of facilities maintenance products.]
     Patrick Healy, NBC Channel 4 News reporter, was the keynote speaker, and Maria Hall-Brown, producer of KOCE-TV’s “Real Orange,” served as the master of ceremonies. [Hall-Brown has done some decent journalism in recent years. In the 80s and 90s, she was an actress, appearing in David Carradine’s Open Fire (1988), among other movies.]
     The evening wouldn't have been complete without an auction of city officials for charity. [I’ll spare you the corny details.]
     Four individuals were recognized for their outstanding contributions to the college with presentation of the IVC Medal, the Foundation’s highest honor. Medal winners were:



• Howard J. Klein of Klein, O’Neill & Singh…
• Fawn Tanriverdi, a counselor at the college, ….
• Raymond A. Lee and Jeffrey C. Joy of Greenberg Traurig LLP….

     Since 1985, IVC has been serving students…. [etc.]

     This “media release” appears on the pitchengine site.
     I’m told that a real effort was made to make this particular Foundation dinner a class act—to raise it to a "new level," as one person put it. Those who attended tell me that Hall-Brown did a fine job as MC and the person who ran the auction was also good. Almost everything was first-rate.
     I’m also told that, unfortunately, KNBC reporter Patrick Healy, the keynote speaker, bombed bigtime. All seem to agree that the fellow was dreadfully longwinded and dull.
     How is that even possible? I mean, isn’t he out there every night to cover such events as treed cats, traffic accidents, decapitated horses, and, in general, the day of the locust—while looking fairly natty? C’mon!
     Whoever booked Healy obviously didn't ask the right questions—such as, Is he a dull speaker?
     And how come Mr. Tom Fuentes wasn’t the MC? Isn’t he always the MC? You've gotta admit: Tom always brings something beyond his florid, over-the-top "master of ceremonies" performance. With Tom, especially if he's had a few belts, there's always the possibility that—oh, I don't know—he might suddenly break down and finally explain what his goddam problem is. The tension and excitement can be incredible!
     Well, no. No doubt the switch to Hall-Brown was an unexpected ray of sunshine, a delightful pocket full of posies. Plus Fuentes' presence just reminds everyone that, since 2000, the Foundation seems to have drifted increasingly toward the ever-narrowing and staunch world of Tom Fuentes Republicans. That's some serious staunchitude, man. And some serious narrowification.
     Next year, I plan to attend and to provide a detailed report, cuz enquiring minds wanna know about snazzy events at IVC where people dress up and somebody might trip and knock over Raghu or say something completely ridiculous that nevertheless reveals the horror, the heart of darkness, of that man's soul.