Pretty spot on, it’s a fairly popular criticism of the stock market that it’s disconnected from providing much social utility. For example that some companies have massively outsized valuations.
small people invest money in hopes of being less poor. They never get truly wealthy doing that.
The ultra-wealthy deploy or deny capital to mold the society to their views.
"Social utility" is just this mind virus the ultra-wealthy spread in everyone's mind to make their rule-by-proxy feudalism palatable to the peasant class.
Stock markets are tiny compared to private equity and privately held biz and real estate.
but to your point, you are exactly correct. Stock markets is a game, designed to methodically transfer wealth from the peasant pockets to the ultra-wealthy that write the rules of the game.
One, and most common, game is to have peasants as suckers of the last resort and have their pension funds buy all kinds of garbage because "mandates". Why would anyone want to hold negative yielding debt? But they do.
>Stock markets is a game, designed to methodically transfer wealth from the peasant pockets to the ultra-wealthy that write the rules of the game.
What the fuck are you talking about?
If the stock market didn't exist, it would literally be impossible for average people to own (parts of) extremely productive and profitable large companies.
The average Joe would just fall even further behind.
You obviously don't understand the pricing mechanism and utility of basically a decentralized equity valuation engine. I mean that is what the stock market ultimately is.
These articles are pointless. No one is going to bother reading Brian Arthur of all people to have any clue.
Just the same dumb conversations over and over and over.
The ultra-wealthy deploy or deny capital to mold the society to their views.
"Social utility" is just this mind virus the ultra-wealthy spread in everyone's mind to make their rule-by-proxy feudalism palatable to the peasant class.