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"There is an expanding mass of rank-and-file “outsiders” ready to forgo income for future wealth, and a small core of “insiders” securing incomes largely at th
by joesmo 11y ago
"There is an expanding mass of rank-and-file “outsiders” ready to forgo income for future wealth, and a small core of “insiders” securing incomes largely at the expense of the mass. We can call it a winner-take-all market."
Interesting. If I didn't know any better, I thought he was describing the situation with many tech startups. The investors have all the money, the founders are the only ones with any hope of making good money, and the rest just serve as cannon fodder in the investors' and founders' games. This actually seems to be a common pattern in quite a few other industries as well, and from the perspective of an established business owner, is the ideal structure of any business.
- ghaff 11y agoThe difference is the power law chart of the incomes. Yes, the potential for the really big wins in startups is mostly with the investors and the founders. But most of the "cannon fodder" as you call them are still making what most would consider respectable salaries. There are exceptions certainly but, by contrast, most would-be actors who haven't hit a relatively high level of success are waiting tables or the equivalent.
- orkoden 11y agoCapitalism is always exploitation.