The Legendary Dragon Alephwyr, named Alephwyr, BA

I know a man who once bragged he was so rich that even given hyperinflation he would be entirely insulated from its effects, and be able to insulate everyone he cared about from them. It's interesting that people who are entirely insulated from market signals control the markets.

There must be some esoteric meaning to this. The HANDY model suggests that such levels of resource inequality are bad. Meanwhile, we also know that democracy is bad. A good compromise would be for higher levels of wealth creation to correspond to more votes, but with wealth caps

That way, the elite would actually receive the same signals as the rest of the world and be able to respond to them, and be better able to respond to them due to the attributes that make them elite in the first place.

Milton Friedman pointed out that proximity to a given area of interest is more important to understanding it than IQ or credentials. Probably true. But high IQ + proximity to a given area of interest is better still.

Laissez Faire and general market incentives seem to consolidate high IQ in only a few places though. This is bad: it's having all of your attention on a very narrow range of concerns and problems.

When peasants outcompete elites it means elites have insulated themselves from reality, not that peasants are pound-for-pound better. The natural instinct of elites is to insulate though.

If the state should do anything for social reasons, it should replace natural, insulating feedback loops of incentives with non-insulating but equally strong incentives.