Heterodox
by Steve Roth Wealth Economics Imagine a five-player poker game. Assume all the players have equal skill, so the flows across the table over the course of the game are just a random walk. “It’s just how the cards fall.” All the players start with the same number of chips. But there’s one difference: four of the players don’t have any more assets/money to buy new chips. If they lose all their chips, they’re out. The fifth player has...
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