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But he has made clear that in his view the pace of wealth generation stemming from the long run-up in stock prices will have to be tempered if demand is to be restrained -- a distinction that is lost on many analysts.
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But this has not been enough to transform the overall level of giving, which has just about kept pace with the rate of wealth creation during a 15-year economic boom, but no more than that.
With equity prices weakening in response to reduced earnings from higher costs and a more moderate pace of sales, the "wealth effect" that spurred consumer spending is being significantly attenuated.
First let's plot the pace of technological progress and wealth creation throughout history on an imaginary graph.
In the late 19th and early 20th centuries, many liberals began to worry that persistent inequalities of wealth and the tremendous pace of social change were undermining democracy and threatening other classical liberal values, such as the right to moral autonomy.
And the pace of change is extraordinary; the wealth creating potential quite staggering.
Secondly, behind this shift in the power dynamics is the increasing pace of globalisation and the extraordinary wealth transfer from west to east.
The extraordinary wealth and pace of research ushered in by the functional genomic and proteomic era will pose a particular challenge to the translation of such findings for the benefit of human health.
However, the pace of the transition depends on the structure of wealth transmission and specification of the utility functions.
Thus, pace Dr. Kolko, there has in fact been a redistribution of wealth — in favor of the well-to-do and the rich at the expense of the poor and the very rich.
Goldman Sachs reckons that some $3 trillion of wealth was transferred from oil consumers to oil producers between 2001 and 2007 and the pace of transfer is running at $1.8 trillion a year.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com