Suppose that is all true. At every juncture I would reject the notion that they are creating an opportunity or job that would not otherwise exist (nor, on the whole, paying those workers any better).
There are more than enough restaurants, gardens, houses, private hire vehicles, shipbuilders etc to support those chefs, gardeners, cleaners, drivers and shipwrights without ever having to do with anybody with any wealth.
More expensive items, such as fancy cars, do not create the same number of jobs commensurate with the price increase, they generally make less of them, and increased profit margins go to the benefit of investors, not workers.
I’m not an economist or AI BS user, so there are probably words for these phenomena that idk sry
Staff wise you’re probably right that they don’t get paid much more than the middle/high wages of that area. Like if a personal chef is typically $80k, maybe this one get $100-120k kinda thing, but I doubt it’d suddenly become $200k if we used these as example numbers.
But the businesses like the restaurants that cater to the HNW individuals will bring in more profits as they can charge stupid amounts for the meals. Their staff probably get tipped better, at least if it’s a tipping country, which then ends up in the economy even at the lower staff levels.
For things like the cars, like you said that probably employees less people job wise and the wealth concenrates into the owner of the fancy car shop and a small amount of sales staff, but they also will be able to spend their higher earnings at more expensive places too.
I’m not saying things would just collapse from all of this kind of spending going away, I’m just saying it’s not nothing and it does have an impact.
Suppose that is all true. At every juncture I would reject the notion that they are creating an opportunity or job that would not otherwise exist (nor, on the whole, paying those workers any better).
There are more than enough restaurants, gardens, houses, private hire vehicles, shipbuilders etc to support those chefs, gardeners, cleaners, drivers and shipwrights without ever having to do with anybody with any wealth.
More expensive items, such as fancy cars, do not create the same number of jobs commensurate with the price increase, they generally make less of them, and increased profit margins go to the benefit of investors, not workers.
I’m not an economist or AI BS user, so there are probably words for these phenomena that idk sry
Staff wise you’re probably right that they don’t get paid much more than the middle/high wages of that area. Like if a personal chef is typically $80k, maybe this one get $100-120k kinda thing, but I doubt it’d suddenly become $200k if we used these as example numbers.
But the businesses like the restaurants that cater to the HNW individuals will bring in more profits as they can charge stupid amounts for the meals. Their staff probably get tipped better, at least if it’s a tipping country, which then ends up in the economy even at the lower staff levels.
For things like the cars, like you said that probably employees less people job wise and the wealth concenrates into the owner of the fancy car shop and a small amount of sales staff, but they also will be able to spend their higher earnings at more expensive places too.
I’m not saying things would just collapse from all of this kind of spending going away, I’m just saying it’s not nothing and it does have an impact.