Social power today does not nor has it ever accurately matched contributions to wealth creation. Of course neither does “institutional” power perfectly match this. But there are good reasons to expect it to be a better fit, foremost of those is how it can leverage the neat information properties of markets.
I should emphasise I am not at all saying the nature of institutional power in our society can’t perhaps be reformed to more closely match this.
I should emphasise I am not at all saying the nature of institutional power in our society can’t perhaps be reformed to more closely match this.