> What's interesting is that it's the UK's former top financial regulator saying this. It's not a new idea, but it used to be the sort of thing you saw in Mother Jones, and occasionally heard from Warren Buffett.
I believe the canonical exploration of this idea belongs to he-who-shall-not-be-named. Rich people playing zero-sum games while the poor starve is the natural outcome of building an economy off of the notion that value creation is about doing what wealth-weighted-people want as opposed to what uniformly-weighted people want.
Obviously the best answer lies between the extremes and is a function of an economic sector's structure, growth rate, etc, rather than a single universal solution. The real tragedy is that the school of thought which pursues this angle has been so thoroughly demonized and shunned that its principles have to be rediscovered and rebranded before they can enter the arena of public discourse. On an absolute scale the ideas are simple and fundamental enough that they really ought to be a starting point for discussion rather than a conclusion.
I believe the canonical exploration of this idea belongs to he-who-shall-not-be-named. Rich people playing zero-sum games while the poor starve is the natural outcome of building an economy off of the notion that value creation is about doing what wealth-weighted-people want as opposed to what uniformly-weighted people want.
Obviously the best answer lies between the extremes and is a function of an economic sector's structure, growth rate, etc, rather than a single universal solution. The real tragedy is that the school of thought which pursues this angle has been so thoroughly demonized and shunned that its principles have to be rediscovered and rebranded before they can enter the arena of public discourse. On an absolute scale the ideas are simple and fundamental enough that they really ought to be a starting point for discussion rather than a conclusion.