Overview

This book explores the economic principles of wealth disparity with use of the computer simulation by the Monte Carlo method, and shows that the underlying economic force causing wealth disparity is monetary inequality, namely, the earning power of a rich person's dollar, in a statistically averaged sense, is much greater than that of a poor person's dollar. This is consistent with the maxim that the second million is easier. The monetary inequality is not all evil. It can be the driving force for creating wealth, which can be fast and furious to lift a huge population out of poverty in a short time. However, monetary inequality may also result from political influence money can buy to transfer wealth from the public to the rich, and from monopoly power in the market position to transfer wealth from the poor to the rich. Given the limited resources within the bounded domain for a capitalist society, no enterprise is truly free. Without considering the load on the real world and vice versa, capitalism has the intrinsic characteristics incompatible with our social conscience and democratic values, namely, unsustainability, monopolistic beneficiary, rentier oppression, and corporate dictatorship. Nurturing an economy has to be like building a pyramid. It needs a broad and solid base in order to reach the great new height. The bottom-up economics based on the Principle of Survivorship - defined in this book as each person being assured the means to survive the economic challenges in his/her working life and a nonnegative asset at retirement - will support a strong and stable economy and would move toward vivid democracy, vibrant capitalism, egalitarian wealth, and creativity-inspired products.

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9781798500033

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