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How the rich get richer – money in the world economy?

富人如何變得更富有——世界經濟中的金錢

Wealth begets wealth. This simple concept of privilege has added to growing discontent with inequality that has escalated under the shadow of the COVID-19 pandemic.

財富帶來財富。這種簡單的特權概念加劇了人們對不平等的不滿，這種不平等在新冠疫情的陰影下不斷擴大。

Detailed data on wealth are extremely rare, but 12-years of tax records (2004-2015) from Norway have opened a new window into wealth accumulation for individuals and their offspring. The Nordic country has a wealth tax that requires assets to be reported by employers, banks and other third parties in order to reduce errors from self-reporting. The data, which are made public under certain conditions, also make it possible to match parents with their children.

有關財富的詳細數據極為罕見，但挪威12年的納稅記錄（2004-2015年）為個人及其后代的財富積累打開了新的窗口。這個北歐國家有一項財富稅，要求雇主、銀行和其他第三方報告資產，以減少自我報告的錯誤。這些數據在一定條件下公開，也使比較父母與其子女成為了可能。

The data show that an individual in the 75th percentile of wealth distribution who invested $1 in 2004 would have yielded $1.50 by the end of 2015—a return of 50 percent. A person in the top 0.1 percent would have yielded $2.40 on the same invested dollar—a return of 140 percent.

數據顯示，處于財富分配的第75百分位以內的個人，如果在2004年投資1美元，到2015年底將獲得1.50美元的收益——回報率為50%。同樣的投資，最富有的0.1%的人可以獲得2.40美元的收益——回報率為140%。

Another significant finding: High returns both bring individuals to the top of the wealth scale and prevent them from leaving it. Controlling for age, parental background and earnings, moving from the 10th percentile to 90th percentile of wealth distribution increases the probability of making it to the top 1 percent by 1.2 percentage points compared to an average probability of 0.89 percent.

另一項重要發(fā)現是：高回報既能讓個人登上財富榜的頂端，也能讓他們不會離開。如果考慮年齡、父母背景和收入等因素，從財富分配的第10個百分位到第90百分位，進入最富有的1%的概率就會增加1.2個百分點，而平均幾率為0.89%。

The wealthy get wealthier
Individuals at a higher level of wealth get higher risk-adjusted returns from their investments.(percent)

富人變得更富有
財富水平較高的個人從投資中獲得更高的風險調整后收益。（百分比）

Source: Fagereng et al. (2020) Heterogeneity and persistence in returns to wealth. Econometrica 88(1): 115-170.
Note: The figure shows the average return to the individual financial wealth portfolios adjusted for their volatility for 2005-2015 against the financial wealth percentile in 2004.

資料來源：Fagereng et al. (2020) 《財富回報的異質性和持續(xù)性》。計量經濟學 88（1）：115-170。
注：該圖顯示了2005-2015年個人金融財富投資組合的平均回報率，根據2004年的金融財富百分位數進行了調整。

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評論翻譯

Robert Forever Ago
We need a new documentary on this topic post corona virus.

我們需要一部后新冠疫情時代關于這個主題的新紀錄片

M S
@Robert Forever Ago Exposing all the fraud thats happening behind the corona excuse...... The rich are getting even richer and the poor are loosing everything, eve their shelter.... the middle class got wiped out...

@Robert Forever Ago 揭露隱藏在新冠疫情背后所有的欺詐借口……富人越來越富有，窮人失去了一切，失去了他們的庇護所……中產階級被消滅了……

Divyansh Dwivedi
So one day this system will crash and day will be very hard for everyone.

所以總有一天這個系統(tǒng)會崩潰，那一天對每個人來說都會很艱難。

CRM6718
"Today's slaves are those who willingly sign up a 30 year mortgage" -me

“今天的奴隸是那些自愿簽署30年期抵押貸款的人”——我認為

WG00
@Pani Poni Dash please try this yourself and then do an upxe

@Pani Poni Dash 請自己嘗試一下，然后進行更新

Pani Poni Dash
@WG00 Research "Enric Duran", a catalonian activist that took 40 bank loans, 450k euro in loans, he lives in brazil now, the total amount of prison asked for him is 8 years by the courts and for him to pay off his loans, He?s doing none of these things.
I am going to do this, once I have no reason to live or visit Europe anymore.

@WG00 Research “Enric Duran”，一個加泰羅尼亞的活動家，接受了40筆銀行貸款，45萬歐元的貸款，他現在住在巴西，法院判他的總刑期是8年，讓他償還他的貸款，他的啥也沒做。
一旦我要這樣做了的話，我就再也沒有理由生活或訪問歐洲。

Spartaculus Jones
"Honesty is less profitable than dishonesty." - Plato

“誠實沒有不誠實賺錢?！薄乩瓐D

nIndja
Give a man a gun he can rob a bank, give a man a bank and he will rob the world.

給一個人一把槍他可以搶劫銀行，給一個人一個銀行他就會搶劫世界。

chidubem
@nIndja Oh man that's deep.

@nIndja 哦，天哪，太有內涵了！

Nelson Carter
@nIndja The old saying that it takes money to make money is true.

@nIndja 老話說得好，有錢才能賺錢。

Ivan Espinoza
@Daniel Hama Life for most people: Go to primary and secondary school just to get a piece of paper that piece of paper with a score attached to it will determined which university you go to just to get another piece of paper. Get debt so you can get another piece of paper. Slave away 40 years of your life away to your employer just to realised that your company will abandoned you by not giving you your pension and insurance. Live the rest of your life working in Mc Donald or other low paying jobs. Not the life I want to live.

@Daniel Hama 大多數人的生活:上小學和中學只是為了得到一張紙，那張附有分數的紙將決定你去哪所大學只是為了得到另一張紙——借債，這樣你就能得到另一張紙。在你的雇主那里苦干了40年，才發(fā)現你的公司會拋棄你，不給你養(yǎng)老金和保險。在麥當勞或其他低薪的工作中度過你的余生。這不是我想要的生活。

Serpent ZAchary
@Ivan Espinoza True. American dream is a hoax and people are still buying into that illusion. I am just shaking my head by thinking about how these people haven't wake up to the fact that they're being robbed of their dream day by day.

@Ivan Espinoza 美國夢是一個騙局，人們仍然相信這種錯覺。我只是搖著頭，想著這些人怎么還沒有意識到他們的夢想正一天天被剝奪。

Mehmet Do?an ?zdemir
Coronavirus came in such a timely manner. It's really interesting. The world is gonna change quicker than we thought, that's for sure.

冠狀病毒來得真是時候。真的很有趣，世界的變化肯定比我們想象的要快。

James Sohn
But the effing Fed dumped trillions of fake money into the system. Powell should be locked up

但該死的美聯儲卻向金融體系投放了數萬億的假幣。鮑威爾應該被關起來

Don Vreeland
@James Sohn Dumped trillions? Fake? What's the damage? That $1.5 T is going to help the economy. $1.2k helps (should be $15k). Send me your $1.2k and all your 'Fake cotton paper' with 'green ink...'
Which Powell?

@James Sohn 投放數萬億？假幣？有什么損失？1.5萬億美元將有助于經濟。1200元的救濟金（應該發(fā)1.5萬美元）。把你的1200美元和你所有的“綠色墨水”的“假棉紙”寄給我……
哪個鮑威爾？

NTH THN
How the rich get richer: ''Financial bailout'', according to COVID-19

富人如何變得更富有：“金融救助”，由于新冠疫情

Dean Aly
The rich are using debt, usury and inflation to become richer against the poor who get poorer.

富人利用債務、高利貸和通貨膨脹來讓自己變得更富，而窮人變得更窮。

Din Joekhannaz
@Dean Aly Its the main reason why Christian and Islam forbid usury and interest whatsoever,.. the price will always gone up due to inflation

@Dean Aly 這就是為什么基督教和伊斯蘭教禁止高利貸和利息的主要原因……由于通貨膨脹價格總是上漲

Baby Tho.
@Mark Golding
How about the individuals get the same right as the banks. With $100 in bank , we should be able to write a check of $10,000.00 with the law applicable to everyone.

那么個人和銀行擁有同樣的權利呢?銀行里有100美元，我們應該可以寫一張10000美元的支票，法律適用于所有人。

Max de Later
?@Baby Tho. The way a bank works is that when you hold your savings in the bank, the bank assumes that enough people will keep enough of their savings in the bank so that the bank can lend off that money to people who seek a loan to buy a house or start a business, but require those people to pay interest on the loan. This financial leverage actually adds a lot of value to society. Otherwise everyone would have to pay for their house, car, or anything that you need to open a business in cash, which is not possible for most. Without these banks, house prices would be even higher than they are today. Only the rich would be able to buy a car, because only they would have the money to pay for it in cash and the market for new cars would be way smaller because of it, so good luck getting your hands on one second hand. This decreased demand would make cars more expensive too. And to add to that; the companies that build these cars would need to pay for their factories in cash too. I'm left-leaning too, but all these comments are based on a total disregard for basic economics.

?@Baby Tho. 銀行的工作方式是，當你把存款存在銀行時，銀行會假設有足夠的人會把他們的儲蓄存到銀行里，這樣銀行就可以把這些錢借給那些想貸款買房或創(chuàng)業(yè)的人，但要求這些人支付貸款利息。這種金融杠桿實際上為社會增加了很多價值，否則，每個人都必須用現金支付他們的房子、汽車或任何你需要的東西，這對大多數人來說是不可能的。如果沒有這些銀行，房價將比現在更高。只有有錢人才能買車，因為只有他們有錢用現金買車，而新車的市場也會因此而縮小，所以祝你有一輛二手車。需求的減少也會使汽車更貴。此外，制造這些汽車的公司也需要用現金支付工廠的費用。我也有左傾傾向，但所有這些評論都是建立在完全無視基本經濟學的基礎上的。

Heidi
@Mark Golding
Yep! That is why I prefer living a simple minimalist lifestyle than being in debt.

是的!這就是為什么我喜歡過一種簡單的極簡主義的生活方式而不是負債。

Sakura Chan
@Heidi
living like that scares me. It feels like the only way to be free and safe is by having a lot of money otherwise you're always a slave to someone. Like if you get cancer tomorrow or a car accident or something= homeless

那樣的生活讓我害怕。感覺上，獲得自由和安全的唯一方式就是擁有大量金錢，否則你就永遠是某人的奴隸。比如如果你明天得了癌癥，或者出了車禍，或者別的什么 = 無家可歸

piyush bhattad
Welcome to the dystopian society of capitalism where world has enough for everyone's need but not for everyone's greed

歡迎來到資本主義的反烏托邦社會，在這個社會里，世界有足夠的資源滿足每個人的需求，但不能滿足每個人的貪婪

MonkeySpecs301
stealing from the real producers of society, they've been doing it since the dawn of civilization.

從真正的社會生產者那里偷東西，他們從文明之初就一直在這么做。

gordon Nz
@MonkeySpecs301 it's called taxes used to wage war enslave and rob others

@MonkeySpecs301 它被稱為稅收，用來發(fā)動戰(zhàn)爭，奴役和搶劫他人

Go Digital Website
The person who doesn't know where his next dollar is coming from usually doesn't know where his last dollar went.

不知道他下一美元從哪里來的人通常也不知道他上一美元到哪里去了。

AndTheTimeGoesOn
It is funny how these people trying to stop the banks from making money are asking for the exact opposite of what they should be asking for. A bank creates money each time it deems a customer worth of credit. THIS IS TOTALY FINE. If the bank makes a mistake and the customer cannot pay, the bank will lose their own money because the bank still owes the money to the central bank. The problem comes when the central bank lends even more money to a failing bank just because they are friends or family. Then banks can not loose. The problem is not in the fiat system. The problem is in the opaque central banks that take decisions in secret and lend money to their friends without any accountability. Imagine you are a family member of a central bank controller. You give a loan or make an investment: if it works you make money legally. If it fails you ask the central bank for more money until you win. All legal. Losses are transformed into inflation and paid by all, gains are all yours.

有趣的是，這些人試圖阻止銀行賺錢，卻提出了與他們應該提出的要求完全相反的要求。銀行每次認為客戶有信用價值時就會創(chuàng)造貨幣。這完全沒問題。如果銀行出了差錯，客戶不能付款，銀行就會損失他們自己的錢，因為銀行還欠中央銀行錢。當央行僅僅因為一家瀕臨倒閉的銀行是朋友或家人，就借給他們更多的錢時，問題就來了。那么銀行就不能放松了。問題不在于法定制度。問題在于不透明的央行，它們秘密決策，不承擔任何責任的情況下把錢借給它們的朋友。假設你是一位央行行長的家庭成員。你提供貸款或進行投資，如果這可行，你就可以合法地賺錢。如果失敗了，你就向中央銀行要更多的錢，直到你贏，一切合法。損失轉化為通貨膨脹，由所有人承擔，收益歸你所有。

Ken Richard
@AndTheTimeGoesOn Profit is privatized, loses are socialized. Heads they win, tails you lose.

@AndTheTimeGoesOn 利潤私有化，損失社會化。正面他們贏，反面你們輸。

Mr Egusi
This is unprecedented daylight robbery of the masses on an incredible scale.
Quantitative Easy is the biggest scam ever unleashed on people.

這是前所未有的光天化日之下對群眾的搶劫，規(guī)模之大令人難以置信。
量化寬松是有史以來對人民實施的最大騙局。

Amit Kumar
@Mr Egusi Federal Reserve Bank of USA has destroyed the lives of billions of people. We need an armed revolution. And an inside revolution in USA. No one should be allowed to print money.. least of all a private company

@Mr Egusi 美國聯邦儲備銀行摧毀了數十億人的生命。我們需要一場武裝革命，以及美國的內部革命。任何人都不應該被允許印鈔票……尤其是一家私人公司

brahim119
@Amit Kumar I totally disagree. That just creates chaos and misery and was and will never be a long term solution, History is witness.

@Amit Kumar 我完全不同意。這只會造成混亂和痛苦，過去和將來都不會是長期的解決辦法，歷史就是明證。

May the Science be with You
The gap between the poor and rich is ever widening. It's harder for the poor afford things, especially necessities like housing. The poor might have more money compared to previous times, but that is only due to inflation, that money isn't worth as much as it used to be anymore, so effectively, the poor are becoming poorer. The reason they don't have it worse but actually better in many ways than people in the past is thanks to the technolocial advancement. If it weren't for that, the poor would live like shit.

貧富差距在不斷擴大。窮人更難買得起東西，尤其是住房等必需品。與以前相比，窮人可能擁有更多的錢，但這只是由于通貨膨脹，這些錢不再像以前那樣值錢了，所以實際上，窮人正在變得更窮。他們之所以沒有比過去更糟，但實際上在很多方面都比過去的人好，這要歸功于技術的進步。如果不是這樣，窮人就會過得像屎一樣。