[sokoloff]

It is (unfortunately) more efficient for those of limited means to buy lifetime annuities than hold Treasuries. (Those will, in turn invest in bonds, but typically not exclusively government bonds.)

It is much more efficient for those who will leave an inheritance to invest primarily in equities (meaning they will invest relatively little, perhaps 0-30% in government/municipal bonds).

[birdsbirdsbirds]

The problem with equity is that if everybody does that, a company is not worth 15 times their profits but 150 times. That would turn company shares into a form of fiat based money.

Or if everybody is starting companies, competition would be so fierce that nobody would be making a profit.