It all basically comes down to the question of how much of our spending is due to zero-sum games (or at least things that trend in that direction). That, I ten

It all basically comes down to the question of how much of our spending is due to zero-sum games (or at least things that trend in that direction). That, I tend to think, depends to a significant degree on where you are. In many areas of the US, housing (for example) is very cheap, and much of the cost is down to the construction of the building and its amenities. On the other hand, in parts of the UK with a decent jobs market, there's a shortage of available land, and housing is very expensive indeed. I spend three times what a friend in Wales spends for his (otherwise similar) house, and three times less than some other friends spend for their one bed flat in central London. That difference in cost has little to do with the difference in intrinsic value of our properties, and lots to do with the fact that the land they sit on has differing value, thanks to the UK's shortage of residential land in places with jobs. In the south of the UK, I would tend to argue that if everyone cut an hour or two off their daily work, we might be affected a little less than you might normally think - because everyone below a certain class has a lot of their income tied up in an area that approaches a zero sum game.