And you can only sell so many yachts to the 99%. Does that mean the economy is doomed?
There are other things rich people buy besides jeans. Buying yachts requires much more fabric and seamstresses than jeans do. It also employs more people and a greater diversity of people than making jeans do; lumber workers, software engineers, nautical engineers, construction workers, seamstresses, welders, interior designers, architects, plumbers, and the list goes on.
Buying a $30mil yacht results in a much greater economic stimulus than buying a million jeans ever would. There are a greater diversity of jobs required for luxury goods. This means people can work on what they want rather than all doing low skilled labor.
There are other things rich people buy besides jeans. Buying yachts requires much more fabric and seamstresses than jeans do. It also employs more people and a greater diversity of people than making jeans do; lumber workers, software engineers, nautical engineers, construction workers, seamstresses, welders, interior designers, architects, plumbers, and the list goes on.
Buying a $30mil yacht results in a much greater economic stimulus than buying a million jeans ever would. There are a greater diversity of jobs required for luxury goods. This means people can work on what they want rather than all doing low skilled labor.