Wednesday, May 27, 2009

An "Idiotarian" Viewpoint

Tim Worstall reckons us "idiotarian" lefties should be celebrating the rise in equality resulting from falling asset values.

The number of millionaires in the UK has more than halved since 2007 as house prices, share values and bonus payments have tumbled.

About 242,000 people now have assets of more than £1 million, down from 489,000 in 2007, according to estimates from the Centre for Economics and Business Research (CEBR). Millionaires have seen nearly a quarter of their wealth wiped out over the past two years.
Personally, if it wasn't for the accompanying unemployment I'd be over the moon at this kind of rise in equality.

To me, it's all about the idea of utility, the actual usefulness we derive from our posessions. Let's discount bonuses for a moment and look at the other two main causes of this decline in wealth; property and shares. The utility I derive from a house would be from it's many rooms, the garden, the fittings and the like. It's not as if rooms start disappearing as the market value drops. As for shares, I'd say the main utility here is the regular dividend payment, the yield may have dropped for the moment, but it's unlikely that these payments will remain permanently depressed.

So, although there are 247,000 people who are no longer millionaires, many will have lost little in terms of their quality of life. Further to this, for those of us who aren't millionaires it would appear that many of the trappings of the millionaire lifestyle are a little more affordable to the rest of us.

Equality Rocks!

1 comment:

Oliver said...

1) Take a credit card.

2) Place credit card on blank piece of paper, trace around card and cut out the outline.

3) Stick passport photo of yourself on this credit card-shaped bit of plain paper.

4) Write 'Eye-D Kaard' and 'Certified by JacquiBootsButtPlug Smith' on paper next to passport.

THIS IS THE CLOSEST LABOUR -- 20 POINTS BEHIND IN THE POLLS, ANDREAS! TWENTY! POINTS! BEHIND! -- IS GOING TO GET TO FORCING US ALL TO HAVE ID CARDS!!!

Labour = ID cards = DOOMED!

DOOOMMED!!!