
Why We Can't Afford the Rich (2015) - sawwit
http://www.alternet.org/books/why-we-cant-afford-rich
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prostoalex
> Their massive spending on luxuries distorts economies, diverting producers
> from providing goods and services for the more needy.

The article rather trivially omits the product adoption curve that in some
markets is heavily subsidized by luxury spenders. A bunch of car safety
features, for example, are offered at a high markup in luxury vehicles, like
Lexus or Infiniti, and with gradual adoption and diminished cost are passed on
to Toyota and Nissan models.

On a global scale a two-year upgrade cycle for smartphones in the US made
previous-generation smartphones affordable at many poorer markets.

Even common household goods and fixtures like LED lighting or dishwasher
machines first were considered luxuries, priced as luxuries, and eventually
became commoditized.

