This makes sense. Each person has limited bandwidth... If the vast majority of the wealth becomes concentrated in very few hands, those hands will simply start

This makes sense. Each person has limited bandwidth... If the vast majority of the wealth becomes concentrated in very few hands, those hands will simply start making bigger deals. When you divide an investor's total thinking capacity by the total amount of money they have to invest, you end up with less thought going into each dollar. The average amount of thinking per dollar drops and you get less efficient allocation of each dollar... Allocating capital is clearly very challenging and yet the argument which advocates for increased concentration of wealth relies on the assumption that people are getting better at it on a per-dollar basis. All evidence would suggest that people are getting worse at allocating capital on a per-dollar basis. The more dollars someone has, the less they will care about each individual dollar. An increasingly complex world should require increasingly more thinking going into each dollar.