Re:Wealth isn’t created at the top, it is merely devoured there
by heynowletsgo on Sunday April 16, 2017 @07:29PM
(#14128195)
Renting out the market one could say. And therein lies the problem.
Re:Wealth isn’t created at the top, it is merely devoured there
by vanderZwan on Monday April 17, 2017 @09:41AM
(#14130778)
Funny that ComputerPhile just talked about using blockchains to potentially solve this with smart contracts:
Facebook is a people market. Spotify is a music market. Airbnb a hotel market. Uber a taxi market Amazon and eBay... Well, literally markets, right? And so on.
Markets obviously do create wealth, as a lubricant for trade. It's a meta-level of the economy, just like money is a meta-good that makes bartering actual goods and services more efficient.
So saying that's it's all "rentier" without creating any wealth might be selling them short a bit.
Where I'm troubled is that they're not free markets, in any sense of the word. They are privately owned, and the owners try to control their markets for the sake of their own profit. That's where things get problematic, I'd say, especially when there is a monopoly.