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Mr. Phillips, a lifelong Republican, is most concerned not by economics per se but by the political consequences of wealth concentration.
What is important is the rise in asset prices, the resulting growth in wealth, and the consequences of wealth concentration for political and social stability.I'd also make two other points about housing wealth in the economy.
The impact of illegal immigrants on the US economy, the origins and consequences of wealth inequality in US society, and the dynamics of economic and political development in the Middle East and Africa — all questions that the NSF funds social scientists to think about — are clearly of tremendous relevance to Americans' collective well being and security, and hence of concern to politicians.
Understanding how ownership of real estate and financial assets differs across levels of wealth helps economists evaluate other consequences of wealth inequality, such as disparities in safety, social power and consumption, said Maximilian Kasy, a Harvard University economist who has collaborated with Fessler in the past.
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If they happen to get rich, and make their friends rich in the process, that is just the unbidden consequence of wealth being the natural reward of the righteous, in their moral universe.
This is obviously the consequence of wealth inheritance practices, as illustrated by the fact that firstborn sons were more likely to own a land than other men.
But idealism and political realism must find a way to shake hands with each other, or the world will suffer the consequences of less wealth or even war.
In the last quarter century, we have seen the surprising and sobering consequences of this wealth, producing what is now known as the "resource curse". Countries with large endowments of natural resources, such as oil and gas, often do worse than their poorer neighbors.
(You may remember from high school that one of the themes of The Great Gatsby revolves around the consequences of extreme wealth).
What should be clear is that this is not an inevitable consequence of greater wealth.
As a consequence of the wealth of binding modes, the molecular architectures observed for cobalt II) complexes of carboxylate ligands are extremely rich and varied.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com