Commented on Fri Jul 25 05:02:04 2025 UTC
Turns out the 1% can’t be everywhere at once
Turns out the 1% can’t be everywhere at once
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│ Commented on Fri Jul 25 11:37:18 2025 UTC
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│ Late to this party, but Hobson wrote about this over a century ago, noting that with hyper-concentration of wealth, the super rich will never consume enough to offset the impoverishment of the masses in an industrialized economy. They cannot absorb enough excess production. Elon Musk does not need 100,000 iPhones or homes or automobiles.
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│ The great problem of the industrialized world is one of over supply (Orwell describes this darkly and succinctly in 1984) alongside lack of purchasing power. We can produce more than enough crap to go around, but hundreds of millions of people lack the capital to finance the demand... so countless masses live in squalor despite the most productive global economy in history (by far).
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│ Late to this party, but Hobson wrote about this over a century ago, noting that with hyper-concentration of wealth, the super rich will never consume enough to offset the impoverishment of the masses in an industrialized economy. They cannot absorb enough excess production. Elon Musk does not need 100,000 iPhones or homes or automobiles.
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│ The great problem of the industrialized world is one of over supply (Orwell describes this darkly and succinctly in 1984) alongside lack of purchasing power. We can produce more than enough crap to go around, but hundreds of millions of people lack the capital to finance the demand... so countless masses live in squalor despite the most productive global economy in history (by far).
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│ │ Commented on Fri Jul 25 11:53:50 2025 UTC
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│ │ Exactly. A billionaire has the net worth of 1,000ish middle class people… they can still only have so much. They aren’t buying 1,000 cars or bikes or 500 homes.
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│ │ Exactly. A billionaire has the net worth of 1,000ish middle class people… they can still only have so much. They aren’t buying 1,000 cars or bikes or 500 homes.
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