this post was submitted on 17 Jun 2026
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Well, the less money people have, the more of their income they spend. This means that maximum spending would be achieved when all income is equally distributed. Hence, as money concentrates at the top, consumer spending drops, which reduces the number of viable businesses, but at the same makes more capital available, since people tend to invest money they don't spend.
Since people in general aren't that good at telling whether an idea will pan out or not, as capital starts concentrating at the top, dumb ideas are more likely to attract a ton of funding. Add to that that spectacular ideas attract more funding, while at the same time tending to be bad ideas.
Essentially, Elon Musk's businesses are valued so highly because his promises of AGI and space colonization are already being priced in as if they were real, existing things, instead of pipe dreams.