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by Spooky23
4111 days ago
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Wealth is different than growth. I think the point is that if you move towards rent-seeking vs. value creation, people with a critical mass just hoover up capital and get richer. Even if the economy contracts, you can still take more chips off the table. We have historical examples of this as populations start bumping against local ceilings that illustrate that this scenario is very possible. The Roman aristocracy was living it up, while the plebeians in many cases were subsisting on bread and circuses. |
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