The allegorical tale of Ants and Grasshoppers is often used to drive home the inevitable connection between handwork and success, as well as laziness and hardship. Or between talent and riches, indolence and penury. Here is another story that may run contrary to this message.
In the last post, I gave vent to all my left-wing righteousness against the growing income disparity. Then it occurred to me — a totally uniform wealth distribution is stochastically unlikely. In fact, it is over seven billion times less likely than one person in the whole world holding all the wealth in the world. That brings me to the topic of this post – what is the most likely wealth distribution?
I read on BBC yesterday that the richest 62 people in the world now earn as much as the poorest half, which would be about 3.5 billion people! Although there is some confusion about the methodology, it is clear that the wealth and income have been getting more and more polarized. The rich are certainly getting richer. Income inequality is more acute than ever.
Most people (who are likely to read this post) think of their financial station as middle class, so you might find it strange that I should say the middle class is disappearing. But the polarization in the wealth distribution of the world is very real, and it is visible at every strata of the society. I would like to convince you by anecdotes and examples before getting logical and formal about it.