I think what're you're saying is built on top of many faulty, and frankly, pretty classist assumptions.
You want "smart" people to have more wealth and income than "less smart" people, making an argument for a intellectual based meritocracy or something - I think ignoring all the other factors that determine success in a our economy like luck, family wealth, and business smarts. There are plenty of smart people that aren't rewarded for their skills by markets (researchers anyone?) and plenty of "less smart" people who are successful simply because of the prior success of their family.
Meritocracy may be ideal, but having it as the foundations of your economy thinking seems pretty ignorant.
And then I think a silly correlation between higher wealth & income, and spending habits are made. More successful people don't invest their money to improve their future financial prospects. There are plenty of rich people who piss away all of their fortune or still manage to live paycheck to paycheck, and there are plenty of lower income people who vigorously penny pitch for a retirement account they won't see until they are 70.
Furthermore, frivolous items of consumption like alcohol, gambling, and fast food is present across all classes. Wanting to have a good time doesn't depend on your income. Higher rates of consumption may be seen in lower classes, but I would chalk that up to lack of opportunities and lack of information than inherent stupidity or something.
You want "smart" people to have more wealth and income than "less smart" people, making an argument for a intellectual based meritocracy or something - I think ignoring all the other factors that determine success in a our economy like luck, family wealth, and business smarts. There are plenty of smart people that aren't rewarded for their skills by markets (researchers anyone?) and plenty of "less smart" people who are successful simply because of the prior success of their family.
Meritocracy may be ideal, but having it as the foundations of your economy thinking seems pretty ignorant.
And then I think a silly correlation between higher wealth & income, and spending habits are made. More successful people don't invest their money to improve their future financial prospects. There are plenty of rich people who piss away all of their fortune or still manage to live paycheck to paycheck, and there are plenty of lower income people who vigorously penny pitch for a retirement account they won't see until they are 70.
Furthermore, frivolous items of consumption like alcohol, gambling, and fast food is present across all classes. Wanting to have a good time doesn't depend on your income. Higher rates of consumption may be seen in lower classes, but I would chalk that up to lack of opportunities and lack of information than inherent stupidity or something.