Monday, August 24, 2020

How Much Is Gold Really Worth?

Now if credentials as well as skills obtained by participants in education do develop human capital, even if this is only reflected in increased earnings, then access to high quality education is needed before these skills and credentials are attainable. It might even be argued that now the educational experience is not only sufficient for capital advancement but also necessary, since even the opportunity to wed capital may hinge on the attainment or not of educational levels that are preconditions for entering that particular market.

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And so if education has become just another commodity offered via a market, then the cost of accessing the most highly developed and effective delivery systems will rise, since these are the most effective means of securing access to capital, whether via earnings or marriage. Such costs will also rise since, having become a market, educational demand will be highest from those with a need to protect their existing ownership of capital, and they have the resources to pay for what they need. Education thus becomes a means of confirming and re-asserting wealth, rather than a potential avenue for social mobility. Perhaps today it is still easier to marry wealth than earn it. Except that today the option of marriage may be determined by an educational credential that can most effectively be secured by existing access to wealth.

This argument, it seems, closes the loop and illustrates how, even in a materialistic society, capital will always grow faster than the economy as a whole and why inequality will not only persist, but increase.

No book review should concentrate on what a book is not. So as a final note let me describe Thomas Picketty's book as essential reading for anyone with a brain. If you can disprove its analysis empirically, rather than merely deny its significance on ideological grounds, then please present your data. If you can't, then join the call for policies that will attempt to address the destructive imbalances that result in growing inequality. It must be remembered that, underpinning Capital In The Twenty First Century is a need to examine whether a certain text called Capital in the nineteenth century contained a grain of truth in asserting that eventually the capitalist system would collapse under pressure of its own inevitable imbalances. The conclusion appears to have been demonstrated, and the case for re-reading that other book is thus made.

Migwani is a small town in Kitui District, Kenya. My African novels, Mission and A Fool´s Knot examine how social, cultural and economic change impact on the lives of ordinary people in Migwani. They portray characters whose identity and futures are influenced by the distant globalised world. Themes addressed in Mission and A Fool´s Knot include economic and social change, religion, genital mutilation and initiation, liberation versus traditional theology, development and 

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