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My take is this:
Purchasing power is, in practice, a zero-sum game. With a framework similar to the Laffer curve, one can imagine that the economy has a point of maximum performance somewhere along the spectrum. At this peak, purchasing power is balanced for optimal economic growth, innovation, and participation.
When purchasing power becomes too concentrated (for example, when one individual or group has “everything”), others’ ability to participate in the market decreases, which slows overall growth.
If, on the other hand, purchasing power becomes too evenly distributed, where everyone has roughly the same amount, the incentives for innovation, risk-taking, and productivity weaken. This leads to stagnation, as the economic rewards for creating new value diminish.
Maintaining a dynamic balance in the distribution of purchasing power is therefore crucial to preserving both fair and sustainable growth.
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