Reddit reviews The Unheavenly City Revisited

>>It is not capitalism's fault if people fail to save.
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> It is if they can't afford to.

Only if there is an alternative system which produces more wealth than capitalism, which there isn't.

We live in a world where some people have accumulated million-dollar fortunes by retirement by saving a quarter a week and investing it. Literally.

The biggest problem of most poor people is not that they do not make enough money, that is a symptom of the real problem. The biggest problem is a high time-preference mindset that causes them to make different choices than people with a low time-preference mindset, the former is strongly correlated with poverty, for obvious reasons once you study the mindset, and the latter mindset with wealth.

Banfield wrong a book called "the Unheavenly City" where he goes into these concepts.

Another good one is "Life at the Bottom" by Dalrymple, where he explains the themes and outcomes of a high time-preference culture in the British underclass poor, which are primarily white (thus removing racial elements that could muddy such a study).

> raising or lowering minimum wage will not and cannot solve the problems that socialists have with capitalism.

True enough, and the ideal MW is also no MW.