> The moneyed classes of America don't like redundancy and they don't like long term investments.
This class denigrating language does nothing to elevate the discussion and it is absolutely false (in the sense that it is only a "truth" within your worldview and the worldview of others who share it), and it is false in the sense that it doesn't accurately describe the behaviors of individuals in the "moneyed class".
The "moneyed classes" as you call it if anything have more redundancy and longer term investments that most other classes. It is incredibly rare for anyone in the "moneyed classes" to not have a balanced portfolio of investments that add in fiscal redundancy in case one investment goes bad. The portfolios are also balanced insofar as balancing short term and long term growth depending on their investment horizon.
The problems you've identified have far more to do with a coordination problem than the vices of individuals.
The "moneyed class" is not one coordinated hive mind mass that all conspire with one another to avoid redundancy and eschew long term investments.
The "moneyed class" like the "unmoneyed class" are all individual actors each acting in their own self interest and trying to figure out an optimal solution given limited imperfect information and handicapped by many cognitive biases.
Any system that is going to solve the issue of redundancy and long term investments needs to acknowledge the reality of limited imperfective information and cognitive biases and the impact these have on human reasoning and the subsequent actions of individuals.
This class denigrating language does nothing to elevate the discussion and it is absolutely false (in the sense that it is only a "truth" within your worldview and the worldview of others who share it), and it is false in the sense that it doesn't accurately describe the behaviors of individuals in the "moneyed class".
The "moneyed classes" as you call it if anything have more redundancy and longer term investments that most other classes. It is incredibly rare for anyone in the "moneyed classes" to not have a balanced portfolio of investments that add in fiscal redundancy in case one investment goes bad. The portfolios are also balanced insofar as balancing short term and long term growth depending on their investment horizon.
The problems you've identified have far more to do with a coordination problem than the vices of individuals.
The "moneyed class" is not one coordinated hive mind mass that all conspire with one another to avoid redundancy and eschew long term investments.
The "moneyed class" like the "unmoneyed class" are all individual actors each acting in their own self interest and trying to figure out an optimal solution given limited imperfect information and handicapped by many cognitive biases.
Any system that is going to solve the issue of redundancy and long term investments needs to acknowledge the reality of limited imperfective information and cognitive biases and the impact these have on human reasoning and the subsequent actions of individuals.