what if we trained central bankers by having them run a video game economy for a few years first
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also urban planners:
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The observed 30-year history of land and housing crises in MMO's, as well as observed economic history from the real world, famously noted by David Ricardo, Adam Smith, and Henry George, tell us what will happen:
Speculators buy the land, and now the Rent is too Damn High
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also Ramin Shokrizade, who solved 's housing crisis by adding a Land Value Tax: gamedeveloper.com/business/digit h/t
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I don't really understand this - people tend to do what's most profitable; why own a valuable factory and *not* additionally get exceedingly rich by actually running it? It seems like it might have balanced out over time, as secondary buyers would be more likely to use them?
Price control through controlling supply can be very profitable. Artificial scarcity is a thing. A huge amount of office properties in Western cities is empty at any given time to prevent rents going down from too much competition.
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It's a videogame so the effect of people preferring to do things that are easy and fun over things that are hard and profitable was greatly exacerbated.
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People are not as rational as economists think they are. Many don't value profit over everything else. There are other things in life then wealth and competition. You can only eat til you get full. After that will you only get sick of eating.
Because running the factory yourself takes a lot more effort than just renting it out to someone else who will
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For the same reason that ranchers don't rent their beef cattle out to pull plows or run on power-generating treadmills.
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