in general we have forgotten the hard fought lessons of the 20th century, that workers are also customers, and that unless they receive a fair share of the proceeds, they will one day be unable to afford our products.
What Paul Graham Is Missing About Inequality
Tim O'Reilly
74469

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.

Show your support

Clapping shows how much you appreciated Dan Garfield’s story.