My argument only relies on rich people having reasons of some sort for living in expensive areas that aren’t economically justified from a global perspective. But I would say that social networking between rich people is a net negative on the margin because it crowds out more objectively considered deals, and leads to more collusion and trading of eg board seats.
My argument only relies on rich people having reasons of some sort for living in expensive areas that aren’t economically justified from a global perspective. But I would say that social networking between rich people is a net negative on the margin because it crowds out more objectively considered deals, and leads to more collusion and trading of eg board seats.