It doesn't scale, is the thing. You can't walk into a macdonalds and walk out with a billion burgers just because you're a billionaire. What seems to make sense on a micro level is completely nonsensical on a macro level. Money is mostly tied up in property, stock, loans and financial derivatives anyway. It's largely a ficticious element, which is printed by the billions every day.
hn_throwaway_99|4 years ago
CornCobs|4 years ago
donmcronald|4 years ago
That's only because the super rich are dictating what's in demand. If you take all the money being spent on luxury watches and start spending it on dental care for children, the market should reduce the supply of watch makers and increase the supply of dentists in order to meet the demand for each.
samvega_|4 years ago
williamtrask|4 years ago
CornCobs|4 years ago
I wonder how much of our problems arise because our intuitions and assumptions on the small scale simply fail on the macro scale