In an MMO… new money comes in the form of monsters… that provide adventuring objectives for players. The new money, in this case… goes straight into the hands of people who will spend it. … All of this points to the great weakness of the Federal Reserve’s attempts at monetary stimulus: hardly any of the money actually leaks out into the real economy.
MMO-style economies contain important monetary policy lessons for the central bank
The last great hope of preserving our democracy from the corrupting influence of money is carpal tunnel syndrome.
The reason why Wall Street continues to push the austerity line also has to do with a) class psychology and b) how elite conventional wisdom is shaped.
Think about the days of feudalism. Back then, nobody bothered to justify their position in an egalitarian ethical framework. Instead, there was the “natural” superiority of the aristocracy, which allowed landlords to pillage the peasantry without even a scrap of justification. Concepts like meritocracy or equality were barely even considered; most people simply accepted their place in society.