Sure the rich hold some gold & BTC but most of their wealth is in investments (stocks, bonds, infrastructure etc.) to generate positive real returns - given inflation. This is far from hoarding
What the paper shows is that the increment in potential investments by the wealthiest don't seem to improve growth, but does worsen inequality.
The individually wealthy are not required for the aggregation and allocation of capital. Governments and financial systems are typically more capable at achieving this requirement in a welfare-maximising manner.
The individually wealthy are not required for the aggregation and allocation of capital. Governments and financial systems are typically more capable at achieving this requirement in a welfare-maximising manner.