"r > g" societies are ones where the wealth is concentrating. This can be masked if g is positive and everyone else is also getting better off in absolute terms.
"r > (g=0)" is therefore one where the rich are getting richer in a zero sum way; because there isn't any growth, you can only make a fortune by taking it off other people.
"0 >= g > r" on the other hand looks extremely different from today: the return on capital is zero or negative. How can you invest in that environment? Negative interest rates? Negative retirement savings?
(My somewhat bleak conclusion is therefore "r > g > 0 will remain, but with increasing catastrophes that wipe out chunks of both r and g")
"r > g" societies are ones where the wealth is concentrating. This can be masked if g is positive and everyone else is also getting better off in absolute terms.
"r > (g=0)" is therefore one where the rich are getting richer in a zero sum way; because there isn't any growth, you can only make a fortune by taking it off other people.
"0 >= g > r" on the other hand looks extremely different from today: the return on capital is zero or negative. How can you invest in that environment? Negative interest rates? Negative retirement savings?
(My somewhat bleak conclusion is therefore "r > g > 0 will remain, but with increasing catastrophes that wipe out chunks of both r and g")