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I have an amateur theory on a similar idea and could use some feedback on it. I’m sure this isn’t an original idea, but I’m not an economist. The argument goes
by keiferski 3y ago
I have an amateur theory on a similar idea and could use some feedback on it. I’m sure this isn’t an original idea, but I’m not an economist.
The argument goes like this: the wealthy members of society have a higher quality of life when income inequality is not extreme. Not because of diminished social ostracism, but because the luxury products they want to consume would not exist without the markets and broad consumer base to fund them.
In other words, the average wealthy person today has access to technology, exotic food, plumbing, fast cars, etc. that even kings didn’t have a few centuries ago. These things only exist because wealth was sufficiently distributed to incentivize their development. Many or most of them would not exist in a world of extreme inequality, if only from lack of interest (e.g., a wealthy 17th century aristocrat isn’t going to start a plumbing business, but the son of a tradesman will.) All the money in the world won’t help the King of France build a private jet in 1770.
The conclusion of this is that from a purely selfish point of view, the wealthy have a vested interest in not centralizing all wealth.
Edit: it's so bizarre when people don't reply and just downvote a comment that is purely speculating.
- stagas 3y agoSeems reasonable to me, go with it. I mean, it also makes sense even at a societal level, would you rather people around you when you walk in the street be content/satisfied or looking out for a victim to steal from? I'd rather all people have sufficient access to life's needs so that selfishly i'm not scared that I'll be robbed. Your theory makes sense in many levels.
- Gravityloss 3y agoGood points. If one looks at military technology, it often tries to be ahead of mainstream off the shelf solutions. It ends up extremely expensive and slow to develop. After the development is finished, it might be that many of the commercial solutions could be better. In a field where the mainstream is making rapid progress, it often doesn't make sense to create your own bespoke solution.