Only a few people actually produce anything, while 95% of all other people live by selling each other some kind of silly services that we basically buy out of boredom to be entertained or fed, instead of providing these things for free by ourselves.

Want economic success? Step one: Identify where wealth creation occurs in the economy… but here’s where the problem starts. Economists do identify where real wealth creation in the economy occurs, but this is a most inconvenient truth: any serious attempt to study the capitalist system always reveals the same inconvenient truth. Many at the top don’t create any wealth.

Much of their money comes from wealth extraction rather than wealth creation, and they need to get everyone thoroughly confused so we don’t realise what they are really up to. This is basically the purpose of neoclassical economics: confusing making money and creating wealth

The classical economists had identified the parasitic rentiers at the top of society. They differentiated between the beneficial “earned” income and the parasitic “unearned” income. The early neoclassical economists hid the problems of rentier activity in the economy by removing the difference between “earned” and “unearned” income and they conflated “land” with “capital”. They took the focus off the cost of living that had been so important to the Classical Economists as this is where rentier activity in the economy shows up. Now everyone trips up over the cost of living, even the Chinese.