"trickle down theory" seems obviously correct to me. Like, if a person has lots of money, it's stupid to sit on it - they invest it, found businesses, hire people, buy things - all of which are putting money back into lower tiers of the economy to me. Am I missing something big?
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There is some truth to that but it doesn’t compare to people actually spending their disposable income.
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Also I think that part of what's happening here is that 1) stock etc investments don't generate much real value for society 2) investments don't make their way to everybody, due to various systemic factors I don't understand but maybe
@RayDalio does
https://twitter.com/Malcolm_Ocean/status/1210640225044709376 …
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Savings in bonds or investing in public companies doesn’t create real value in the real economy. It doesn’t actually grow the pie. Investing in new ventures from the ground up may create value. SpaceX looks like real value to me. But not Uber.
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People also seem to be skipping over the fact that generally, to get rich, you have to have created something of value. Whether Bill Gates sits on his hundreds of billions or not isn’t the point, the point is that Microsoft has added far more than that in real value to the world.
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Also the idea that ‘poor people’ spend more than ‘rich people’ is obviously just flat out wrong. They spend more of their overall wealth, because more of their overall wealth needs to be spent to live normally.
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People who are rich, really rich, put their money into interest bearing instruments... they are not interested in risking money in unknowns or the untried. They spend substantially less on things than lower classes Because they have that stuff already. And they avoid taxes.
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