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That's not quite accurate, otherwise there wouldn't be a wide variety of things to choose with lower incomes. You forget that the market responds to the total
by hueving 9y ago
That's not quite accurate, otherwise there wouldn't be a wide variety of things to choose with lower incomes.
You forget that the market responds to the total volume of buyers at various levels. There are a lot more people in the 0-150k bracket than the people in the 150k+ bracket and when you count the total spending in dollars by each category as a whole, the first group is significantly more powerful.
The most successful companies sell to the masses (McDonald's, Walmart, Google, Facebook). The rich have a much smaller influence on the market than you would like to think.
- nicoburns 9y agoThe rich surely have influence in proportion to the total amount of wealth that they have. Wealth is unevenly distributed enough (a quick google says top 1% have control of 38% of wealth) for this to be a significant skewing factor away from an ideal market.
- Firadeoclus 9y agoThat seems to be exactly what Barraketh is saying, "the preferences of individuals weighted by their net worth" The preferences of rich _individuals_ have a much higher influence than those of poor individuals.