What distinguishes feudal lords from capitalists is that whereas the former consume all the surplus they extract, the latter reinvest at least some of the surplus.
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As long as capitalists reinvest most of the surplus income rather than engaging in conspicuous consumption, people will tolerate capitalists. Conversely, ostentatious displays of conspicuous consumption by the rich are fundamentally corrosive—political poison to the system.
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Maybe we need to bring back sumptuary laws, or their modern equivalent: punitive (Pigouvian) taxes on every kind of positional good.
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Replying to @BuddyYakov @nils_gilman
Are you both are familiar with Nordhaus' work on this, and the extent to which the general public radically overestimates the rent-to-surplus ratio in modern schumpterian capitalism? https://papers.ssrn.com/sol3/papers.cfm?abstract_id=820309 …
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it would be great to see the thesis reworked with better numbers then, seems like an important set of summary statistics to get right about the capitalist process
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