I just realized that another mechanism through which we can see increasing concentration (inequality, kurtosis) is by building systems on top of on another. If System B is driven by the behavior of System A, and System A itself is fat-tailed, we can expect to see the mechanisms of concentration playing themselves out in System B (chasing the winners again) and resulting in even fatter tails in System B.
In this sense we can expect the services industry to have fatter tails than the manufacturing industry.
It is the same mechanism by which derivative portfolios have fatter tails than their underlyings. Every level of abstraction will generate fatter tails.
