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The US is becoming more and more a technology based economy which is less reliant on physical factors. What does wealthy people consumption have to do with ine
by mym1990 5y ago
The US is becoming more and more a technology based economy which is less reliant on physical factors.
What does wealthy people consumption have to do with inequality? The wealthy create wealth by investment, and there is a massive amount of investment going on in the past few years, yielding unheard of returns.
- spaetzleesser 5y ago"The US is becoming more and more a technology based economy which is less reliant on physical factors. " I don't think that's really true. There is a lot of physical stuff going on but it's being pushed out of sight and done by cheap labor. A lot of the shiniest companies wouldn't look that great if they didn't have this supply of cheap invisible labor.
- mym1990 5y agoUhh it is absolutely true. The top 100 companies in the US by market cap are predominantly tech and healthcare based. We are increasingly outsourcing production of physical good to outside markets. 'There is a lot of physical stuff going on' isn't a useful assessment. Of course there is a lot of physical stuff going on, we are the largest economy in the world, there HAS to be. The shiniest companies look great because they are able to automate and scale with incredible margins.
- imtringued 5y agoWhy is the bay area so fully dependent on the proximity to rich people? >The wealthy create wealth by investment, and there is a massive amount of investment going on in the past few years, yielding unheard of returns. Who is doing the work? Are these rich people working 1 billion hour work days?