-
This is Fisher's most famous one.
-
Suppose you transfer money, transfer wealth,
-
from poor to rich.
-
What would happen?
-
We have to make an extra assumption here.
-
Fisher felt that the people who were rich were rich
-
because they were patient.
-
They could charge interest and get lots of money.
-
So if you change wealth you take away some money from the poor.
-
That's what's happened in the American economy
-
over the last 15 or 20 years.
-
The rich have gotten richer