Quite an interesting article with lots of good insights. This was particularly interesting to me:<p><pre><code> The increasing disparity in financial conditions is a major cause of the slowing of growth, because those in lower income/wealth groups have higher propensities to spend than those in higher income/wealth groups. Said differently, if you give rich people more money, they probably won’t spend much of it, whereas if you give poorer people more money, they will probably spend more of it, each motivated by the extent of their unmet needs and desires.
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I intuited poor people spent more than rich people, but never understood why, but this actually makes a ton of sense.