Investing in passive assets such as property that already exists does not create new economy.
"Rich people don't "hoard" the means of production, they create it."
Actually they do. Look at the GDP growth rates across western countries. 1-2%.
The wealthy people (since pandemic) have grown their wealth 10-20%. Where did that come from if the GDP didn't grow.
The only way they were able to do this was by literally hoarding wealth and by buying assets that already exist and by doing so displacing other people with less assets.
Indeed. There's a whole street in London (The Bishop's Avenue) that's essentially unoccupied - every house on it is owned by foreign billionaires. Every now and then one of them knocks down the house and builds a new, more garish one in its place. It used to be stunning, now it's grotesque.
"Rich people don't "hoard" the means of production, they create it."
Actually they do. Look at the GDP growth rates across western countries. 1-2%.
The wealthy people (since pandemic) have grown their wealth 10-20%. Where did that come from if the GDP didn't grow.
The only way they were able to do this was by literally hoarding wealth and by buying assets that already exist and by doing so displacing other people with less assets.