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Remember that capitalism works in favor of big numbers. 1 person has to earn as much as 1000 people in order to have the same power as them. So while your poin
by plutooo 11y ago
Remember that capitalism works in favor of big numbers. 1 person has to earn as much as 1000 people in order to have the same power as them.
So while your point still stands, if you have a decent middle-class then it will be much more powerful than any billionaire will ever be.
- drabiega 11y agoThe problem isn't power, it's the behavior generated by rules of the system. Because agents only receive output proportional to the capital they possess, they are incentivized to accumulate capital and the system ends up optimizing for capital instead. As the system progresses, agents get the choice between loosing their allocation or using it to accumulate capital. This is unfortunate since, theoretically, the whole point of capitalism is to maximize long term consumption.
- plutooo 11y agoBut what is capital but investment in the long term?