The Matthew Effect

The Matthew Effect

How Advantage Begets Further Advantage

Book - 2010
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Publisher: New York : Columbia University Press, c2010
ISBN: 9780231149488
Branch Call Number: 305.512 Rign
Characteristics: viii, 165 p.


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Oct 27, 2013

This is an intelligently written book, but there are underlying subtle fallacies to the thesis of the author. It is akin to hearing economists (of the submediocre type as represented by Swedish Central Bank prize recipients, incorrectly referred to as Nobel Laureates in economics) pontificate on aspects of the economy while ignoring all financial fraud and rigging of the markets! If the rich get richer, why don't the creators begat more creators, and today why don't we have an Edison dynasty, or a Tesla dynasty, or an Einstein dynasty, and on and on? Because prodigies and geniuses tend to be less likely to spawn such, just as sometimes average types spawn geniuses - - the reduction to the mean. (Otherwise we would have heard of great composers from the Wagner/Grieg marriage?) Why this doesn't apply to the rich getting richer? Because they've rigged the game, over and over and over again, which is why inheritance taxes which really function (and most don't today) are so very important to avoid the concentration of wealth in hands of the psychopathic element within society! Cumulative advantage "accrues" to the super-rich by skulduggery and fraud. The greatest advantage accrues to the party which controls the power to create the money! (Re: corporations, once a company could only be incorporated for a most limited time for a single purpose or objective, then it was changed to allow for corporations to exist forever, while owning other corporations, and along came foundations, trusts and offshore finance centers which allow for the hiding of ownership and wealth. That is the Big Picture! And that is how super-wealth "accrues".)


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