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If there are plenty of them, and they are ultra-rich, and they are buying, why can't it be the basis of any serious economy?
by jtbayly 5y ago
If there are plenty of them, and they are ultra-rich, and they are buying, why can't it be the basis of any serious economy?
- nicoburns 5y agoIt can be the basis of an economy. But it will always be a very inefficient if you measure efficiency in terms of societal value with respect to the societal effort put in to create that value. Why? Because it necessarily entails a large section of our production being focussed on a small proportion of the people. And even ignoring issues of fairness, diminishing marginal utility means that those people don't derive nearly so much value as that same effort directed at the masses would create.
- sandworm101 5y agoIt can be an economy, but more of a disneyland economy totally supported by an external flow of cash. Someone has to make the energy/food and provide services for the masses before those masses are available to make luxury goods for the rich.
- jtbayly 5y agoI still don't get it. Are you telling me you grow your own food and make your own energy for your computers used for coding? Plus, Disneyland (ie Tourism/entertainment) seems like a pretty serious economy to me.