The Stock Market Is A Zero-Sum Game

This is a poorly conceived article.

Yes, the market has some of the properties of a zero-sum game. But it deviates from this in so many different ways that are obvious (and not addressed in the paper) that you can only conclude the writer is trying to push a biased viewpoint.

Of course.

The point isn't that the market somehow "creates" wealth. The point is that it efficiently allocates it to business. The latter is what creates wealth.

This article ignores the role of stocks issuing dividends and how that contributes to the game.