Increasing inequality has been a thing here in the US for a few decades now, but it’s not universal, and it’s not an inevitable consequence of economic growth. Moreover, it does not (in the US) consist of poor people getting poorer and rich people getting richer. It consists of poor people staying poor, or only getting a bit richer, while rich people get a whole lot richer. Thus, it is not demand destroying.
One could imagine this continuing with the advent of AI, or of everyone ending up equally dead, or many other outcomes.
In the rate-limiting resource, housing, the poor have indeed gotten poorer. Treating USD as a wealth primitive [ not to mention treating “demand” as a game-theoretic primitive ] is an economist-brained error.
Increasing inequality has been a thing here in the US for a few decades now, but it’s not universal, and it’s not an inevitable consequence of economic growth. Moreover, it does not (in the US) consist of poor people getting poorer and rich people getting richer. It consists of poor people staying poor, or only getting a bit richer, while rich people get a whole lot richer. Thus, it is not demand destroying.
One could imagine this continuing with the advent of AI, or of everyone ending up equally dead, or many other outcomes.
In the rate-limiting resource, housing, the poor have indeed gotten poorer. Treating USD as a wealth primitive [ not to mention treating “demand” as a game-theoretic primitive ] is an economist-brained error.