Do you think this centralization of wealth is having an impact on inflation?
Larry and Sergei may be worth 60 billion dollars but most of that is in Equity. They’re not spending it, so it’s staying out of the economy. If that was distributed among thousands of people, the cumulative spending would go up, more than when the wealth is concentrated.
It would follow that one unintended consequence of our increasing levels of income inequality is that inflation remains relatively low, even though wealth creation seems drastically higher.