“Interesting that the plutonomy analysis claims that the uber-rich are the key source of demand in the new economy. I see no evidence of that. They clearly have plenty of money to spend, and plenty of demands for luxury, but there aren’t enough of them to create trickle-down demand on a big enough scale to compensate for the stagnation of middle class real wages and the fall in working class real incomes. What they are doing is a stock-piling of cash and assets, quite possibly against the day when inequalities and externalities really bring the roof down. I’d love to see some depth interviews with plutocrats about all this, starting with Buffett and taking in Goodwin et al.”