I worry about time passing for any existing stable industry where MBAs want to come in and “exploit inefficiencies.” It reminds me of Warren Buffet noticing how he can keep raising the price of See’s candies without losing customers. “Look at all that price elasticity l!” Meanwhile ordinary people become poorer.
There are a lot of reasons for wealth inequality, but finding ways to extract more profits off the same product or industry erodes society over time. I don’t know what could practically be done about all of this, but left unchecked, this will continue well into the future.
There are a lot of reasons for wealth inequality, but finding ways to extract more profits off the same product or industry erodes society over time. I don’t know what could practically be done about all of this, but left unchecked, this will continue well into the future.