The Elephant on the Chart and the Man in the Mirror: Paradoxes of Economics

This article provides a multidimensional analysis of contemporary economic phenomena, combining the theory of inequality with behavioral psychology. The author explores Branko Milanović's concept of the Elephant Curve, which illustrates the impact of globalization on the incomes of various social groups—from the Asian middle class to the global elite. The text moves from historical forms of money to modern general-purpose technologies, pointing to artificial intelligence as a key factor in the future polarization of the labor market. The reader will learn how cognitive biases and Kahneman's System 1 influence our financial decisions and why the phenomenon of homoploutia is changing the traditional perception of capital. This is a comprehensive look at the challenges facing the global economy in the era of the impending technological singularity and regulations such as the AI Act.