“It was an agrarian economy a couple hundred years ago,” he said in an interview with CNN. “Very hard, you know, to get 20 times the wealth of the next guy because you were a little bit better farmer. But if you’re better at some skills now, you can become incredibly wealthy at a very young age … You get to capitalize [the] value of an idea. And so the wealth moves big time, even on an anticipatory basis.”
Now, he says, there’s a “mismatch” between the requirements of attractive jobs and the skills of the early American labor force, which is “simply a consequence of an economic engine that constantly requires more high-order talents while reducing the need for commodity-like tasks.”
https://finance.yahoo.com/news/warren-buffett-believes-vast-wealth-113000714.html
by ExtremeComplex
3 comments
It’s the inevitable consequence of refusal to tax the wealthy. That’s all. Nothing to do with jobs and skills.
The ideas he spouts here are poor.
I am a descendant of African Immigrants. Damn near every successful society in Africa has been Agrarian and they have ALL had wealth inequality on a scale not really seen in America.
As for the selective skills that make people rich he sounds like an old man yelling at the sky. There is no time in Human history better to live in than now. There is no better place to live in Human history than America. Unfortunately manufacturing will never come back en force like how it was in the 60s. However it’s incredibly ironic to not see that Manufacturing killed Agrarian dominance of the labor market 100 years prior to the 60s with the Industrial Revolution.
America’s problem is that Corporations are given too much sway in the gov and if we aren’t talking repealing Citizens United then we aren’t talking real progress.
CAPITALISM