Inherited wealth is increasingly rivaling earned income in importance, especially in advanced economies. As populations age and accumulated wealth grows, inheritances are becoming larger and more frequent, flowing disproportionately to the already wealthy. This exacerbates inequality, entrenches existing class structures, and potentially undermines the meritocratic ideal of social mobility based on hard work. The article argues that governments need to address this trend through policies like inheritance taxes, not just to raise revenue, but to promote fairness and opportunity across generations.
The blog post "Money lessons without money: The financial literacy fallacy" argues that financial literacy education is largely ineffective because it fails to address the fundamental problem of insufficient income. Teaching budgeting and saving skills to people who barely have enough to cover basic needs is pointless. The post contends that focusing on systemic issues like wealth inequality and advocating for policies that increase wages and social safety nets would be far more impactful in improving people's financial well-being than traditional financial literacy programs. It uses the analogy of teaching dieting to starving people – the issue isn't lack of knowledge about nutrition, but lack of access to food.
HN users largely agreed with the article's premise that financial literacy education is ineffective without practical application and access to financial resources. Several commenters shared personal anecdotes reinforcing this point, describing how abstract financial concepts became meaningful only after encountering real-world financial situations. Some argued that focusing on systemic issues like predatory lending and wealth inequality would be more impactful than financial literacy programs. A few dissenting voices suggested that basic financial knowledge is still valuable, particularly for young people, and can help avoid costly mistakes. The discussion also touched on the importance of teaching critical thinking skills alongside financial concepts, enabling individuals to navigate complex financial products and marketing.
In a 2014 Dezeen article, Justin McGuirk reflects on William Gibson's observation that burgeoning subcultures are rapidly commodified, losing their subversive potential before they fully form. McGuirk uses the example of a sanitized, commercialized "punk" aesthetic appearing in London shops, devoid of the original movement's anti-establishment ethos. He argues that the internet, with its instant communication and trend-spotting, accelerates this process. Essentially, the very act of identifying and labeling a subculture makes it vulnerable to appropriation by mainstream culture, transforming rebellion into a marketable product.
HN users generally agree with Gibson's observation about the rapid commodification of subcultures. Several commenters attribute this to the internet and social media, allowing trends to spread and be exploited much faster than in the past. Some argue that genuine subcultures still exist, but are more fragmented and harder to find. One commenter suggests commodification might not always be negative, as it can provide access to niche interests while another points out the cyclical nature of trends, with mainstream adoption often leading to subcultures moving underground and reinventing themselves. A few lament the loss of authenticity this process creates.
Scott Galloway's "Addiction Economy" argues that major tech platforms, like Facebook, Instagram, TikTok, and YouTube, are deliberately engineered to be addictive. They exploit human vulnerabilities, using persuasive design and algorithms optimized for engagement, not well-being. This "attention arbitrage" model prioritizes maximizing user time and data collection, which are then monetized through targeted advertising. Galloway compares these platforms to cigarettes, highlighting their negative impact on mental health, productivity, and societal discourse, while also acknowledging their utility and the difficulty of regulation. He concludes that these companies have become too powerful and calls for greater awareness, stricter regulations, and individual responsibility in managing our relationship with these addictive technologies.
HN commenters largely agree with Galloway's premise that many tech companies intentionally engineer their products to be addictive. Several point out the manipulative nature of infinite scroll and notification systems, designed to keep users engaged even against their better interests. Some users offer personal anecdotes of struggling with these addictive qualities, while others discuss the ethical implications for designers and the broader societal impact. A few commenters suggest potential solutions, including stricter regulations and encouraging digital minimalism. Some disagreement exists on whether the responsibility lies solely with the companies or also with the users' lack of self-control. A compelling comment thread explores the parallels between social media addiction and gambling addiction, referencing similar psychological mechanisms and profit motives. Another interesting discussion revolves around the difficulty in defining "addiction" in this context and whether the term is being overused.
The blog post "Is Atlas Shrugged the New Vibe?" explores the apparent resurgence of Ayn Rand's philosophy of Objectivism and her novel Atlas Shrugged among younger generations, particularly online. The author notes the book's themes of individualism, self-reliance, and skepticism towards government intervention are resonating with some who feel disillusioned with current societal structures and economic systems. However, the post questions whether this renewed interest stems from a genuine understanding of Rand's complex philosophy or a superficial embrace of its "anti-establishment" aesthetic, driven by social media trends. Ultimately, it suggests the novel's resurgence is more a reflection of contemporary anxieties than a deep ideological shift.
HN commenters largely disagree with the premise that Atlas Shrugged is having a resurgence. Several point out that its popularity has remained relatively consistent within certain libertarian-leaning circles and that the author misinterprets familiarity with its concepts (like "going Galt") with a renewed interest in the book itself. Some commenters suggest the article's author is simply encountering the book for the first time and projecting broader cultural relevance onto their personal experience. Others note the book's enduring appeal to specific demographics, like teenagers and those frustrated with perceived societal injustices, but caution against equating this with mainstream popularity. A few commenters offer alternative explanations for the perceived "vibe shift," citing increasing economic anxieties and the appeal of individualist philosophies in times of uncertainty. Finally, several commenters critique the article's writing style and shallow analysis.
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https://news.ycombinator.com/item?id=43213143
HN commenters largely agree with the premise that inherited wealth is increasingly important for financial success. Several highlight the difficulty of accumulating wealth through work alone, especially given rising housing costs and stagnant wages. Some discuss the societal implications, expressing concern over decreased social mobility and the potential for inherited wealth to exacerbate inequality. Others offer personal anecdotes illustrating the impact of inheritance, both positive and negative. The role of luck and privilege is a recurring theme, with some arguing that meritocracy is a myth and that inherited advantages play a larger role than often acknowledged. A few commenters point out potential flaws in the Economist's analysis, questioning the data or suggesting alternative interpretations.
The Hacker News post "Inheriting is becoming nearly as important as working" sparked a lively discussion with a variety of perspectives on the increasing role of inheritance in wealth accumulation. Several commenters agreed with the premise, pointing to the rising cost of living, particularly housing, and stagnant wages making it nearly impossible for younger generations to amass wealth at the same rate as their predecessors. They argued that inheritance is becoming a necessary leg up, not just a bonus, for many to achieve financial stability, let alone prosperity. The concept of "unearned wealth" and its societal implications were also debated.
Some users challenged the article's assertions, questioning the methodology and data presented. They argued that the article oversimplified a complex issue and didn't adequately account for factors like differing savings rates, investment strategies, and entrepreneurial endeavors. One commenter suggested that the article focused too much on Western economies and overlooked the global picture.
A significant portion of the discussion revolved around the fairness and ethical implications of inherited wealth. Some commenters advocated for policy changes, such as higher inheritance taxes, to address wealth inequality and promote social mobility. They argued that inherited wealth perpetuates a system where opportunities and outcomes are heavily influenced by family background rather than merit. Others defended inheritance as a legitimate form of intergenerational wealth transfer, emphasizing the importance of family support and the right to bequeath assets to loved ones.
The discussion also touched upon the broader economic and social consequences of rising wealth inequality, including its potential impact on social cohesion, political stability, and economic growth. Several commenters expressed concerns about the long-term effects of a society where inherited wealth plays such a significant role in determining life outcomes.
Finally, a few commenters shared personal anecdotes about their own experiences with inheritance, offering nuanced perspectives on the emotional and financial complexities involved. Some described the relief and opportunities afforded by inheritance, while others reflected on the challenges and responsibilities that come with it.