To attack economic inequality at its source we really need to take on what I like to call ‘profit bludging’.
There are some businesses out there that have a great idea, and find a way to turn cheap resources into a product people really value. These are the wealth creators in our society. They make a healthy profit, and so they should. They have made a contribution to our collective well-being.
But then there is our anti-hero. The profit bludgers. These are the businesses that boost their profits in ways that don’t add to our wealth at all. They are not making the pie bigger, they are just taking a larger share of the pie. Continue reading “Profit Bludging and the Long Chain Economy”