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I'll agree that poverty in Detroit alone isn't because of income inequality - there are other complex factors in play - some politically incorrect. But dynastic wealth, and the increased concentration of resources in the hands of a fewer families isn't good. The capital becomes less dynamic in this situation - which hurts society. And…
I'll agree that poverty in Detroit alone isn't because of income inequality - there are other complex factors in play - some politically incorrect. But dynastic wealth, and the increased concentration of resources in the hands of a fewer families isn't good. The capital becomes less dynamic in this situation - which hurts society. And as many of the children/grandchildren in these dynastic families are not as talented or as bright as their forefathers (regression towards mean phenomenon) - power starts going into the hands of more mediocre people. This winner take all economy is also disturbing. One chinese-canadian started an online crypto company about FOUR years ago - and is now worth about 100 Billion USD. How is that normal or good? https://www.9news.com.au/world/changpeng-cz-zhao-crypto-ceo-becomes-one-of-the-worlds-richest-billionaires/5a25a649-1220-4ea8-9526-7ac55bd9dc86