In Praise of the Idle Rich Wastrel
Bogdan Hofbauer
In 2014 the economist Thomas Piketty warned in his best-selling Capital in the Twenty-First Century that patrimonial capitalism, wherein inheritance is the dominant form of wealth acquisition, was making a comeback. The book is best-remembered for the formula r > g, where r is return on capital and g is economic growth. The United States isn’t there yet. The top ten slots in the Forbes 400 are still dominated by self-made men (these days it’s almost always a man), and, according to Forbes the
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