Assume you have some wealth. Let us also assume I have embezzled that wealth. I spend as if it is mine. You spend and act as if you still have it, not knowing you do not. This is the bezzel.
Think of it as a quantum superposition of wealth that collapses when the illusion is revealed.
Related:
Why the Bezzle Matters to the Economy - https://carnegieendowment.org/china-financial-markets/2021/0... - August 23rd, 2021
This wiki article would have been helped by a good relatable [edit:] REAL WORLD PRIOR example.
Assume you have some wealth. Let us also assume I have embezzled that wealth. I spend as if it is mine. You spend and act as if you still have it, not knowing you do not. This is the bezzel.
Think of it as a quantum superposition of wealth that collapses when the illusion is revealed.
You gave me an abstraction. I was seeking a historical instantiation. I have edited my text accordingly.
Thank you for your abstraction. This appears to be Bernie Madoff, or possibly Anthony Trollop's Augustus Melmotte.