But this is why narratives about how rich he is matter. Because narratives feed sociology, politics, and policy.

Shadows on the wall may not stand up in the light, but that doesn't matter if you make decisions in the dark. So best to start with the right information.

People and societies acting together can far surpass his influence - e.g. the people of Luxembourg are more than three times more important than him.

Politics, policy, and sociology in developed countries, especially surrounding economics and markets, can far surpass this level of influence.

Obviously, there are reasons why Musk is important. His significance is as an economic dictator - as a government dictator commands a country, he commands capital equivalent to a small country.

Additionally, these figures don't capture the whole story.

But I worry it's too easy to focus on him.

There are other ways this can be viewed.

Musk (with equity risk) would capture c. 0.13% of US GDP - taking $1 of every c. $765 made.

The equivalent global figures would be 0.034% of GDP, or $1 of every c. $3,000.

Assuming a risk-free rare of return of 3.5%, Musk's risk-free gross product is c. $17bn. This is comparable to countries like Laos or North Macedonia.

Assuming an equity risk premium of 5%, giving a total RoR of 8.5%, Musk's risk-taking gross product is c. $41bn, comparable to Cyprus or Estonia.

Fortunately I have access at the moment, but greatly appreciate the offer :)

Ah looks like I need to read the whole article lol

Reads as though the OBR’s response to the NPPF reforms are lasting long in their memory? www.gov.uk/government/n...

Thanks both, really interesting to understand. Apologies for my ignorance here (and I'll be the first to admit I am very!) - if minimum wage isn't low income, who is? I suppose I had assumed it would be binding. Is the big concerns around part time and/or gig economy workers?

Caveating that I'm not a labour economist, so while this has been my experience with evidence and theory, this could be well off!

Think this may also show how economics has somewhat overcorrected from theory to empirics. The theory that wage floors destroy jobs was wrong at the time of Card's work due to other factors, but there would always be a point where the theory has bite again - and the impact comes before the data.

Between this thread and the new Government Policy Rule, you really are on fire today

Bit of a pharmas league, I’ve heard

Fwiw feel like a lot of this stuff rn is similar to the old warnings like “don’t urinate on electricity cables” – obvious to us now, but new risks take time to understand and warn against. And there will always be some who get caught by them

Feels a lot like Wilkes' Paradox of Nuance is affecting the voting public - the more "it's complicated" is given, the more the impatient people are for a radical solution.

It's giving "The Parable of the [Tom] Scholar"

University college, Oxbridge. And it would still be over represented on university challenge

I think UBI has to count as a real proposal here. Can’t speak to the outcomes of it, but certainly as a “restart economy and state” proposal I do think it ticks the boxes