Some reallize when we all play a game and understand its rigged, we tend to abandon IF WE ARE NOT WINNING. Thus, if there is no balance the game ends.. People need to win a little. Inequality means a lot doesnt earn itself to keep playing. "Economists" know this for over 2000 years now..
Actually records from the first Debt Jubille date as old as 2,400 BC
Four thousand years ago, the rulers of ancient Babylon discovered a technique to stave off violent revolts. In ancient times, there was a tendency for people to become hopelessly in debt to their creditors. Eventually, they would rise up and cause instability that could threaten the entire ruling system. The rulers of the ancient world recognized this dynamic. Their solution was to enact widespread debt cancellation—a debt jubilee. Debt jubilees acted as a societal pressure release valve when there were no other options. The practice spread in the ancient world and became codified in different civilizations. For example, the Book of Leviticus recognizes debt jubilees as the end of a 49-year biblical cycle—seven cycles of seven years. I think this ancient practice will make a big comeback soon as government, corporate, and personal debt have all reached unbearable levels today. In fact, the debt jubilees have already started…and the investment consequences will be profound.
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Some people will spend their entire lives dedicated to studying something that doesnt exist, I prefer fiction, trying to satiate your intellectual curiosity by math-ing out social phenomena seems like masturbation
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Also here's a quote from the article:
the jpe paper makes Mr Kopczuk “think that together with earlier papers we are now getting (wide) bounds for where the truth might be”.
To which I say: LMAO. There couldn't be a more apt description of the state of academic economics as a whole.
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