By diminishing marginal utility of wealth, I presume you mean there is less incentive to spend money, the more of it you have. Because wealth is increasingly co

By diminishing marginal utility of wealth, I presume you mean there is less incentive to spend money, the more of it you have. Because wealth is increasingly concentrated, less of it gets spent. Monetary velocity never recovered since the financial crisis. In fact, from 2011 onwards, monetary velocity has been at its lowest levels ever recorded. https://fred.stlouisfed.org/series/M2V https://fred.stlouisfed.org/series/M2V