> Unproductive wealth is the real devil, the hoarding of inelastic goods like land, gold, and oil. They're not wealth if they're hoarded. Undeveloped land, or

> Unproductive wealth is the real devil, the hoarding of inelastic goods like land, gold, and oil. They're not wealth if they're hoarded. Undeveloped land, or gold and oil in the ground, are no use to anybody. They're only wealth if they're used. And that requires lots of productive effort to develop the land, or to get the gold and oil out of the ground and into productive use. I agree that unproductive wealth is the real problem, but we need to be careful how we define it.