We need more billionaires to exist. They create wealth through enterprise.
It is astounding how many people naively just think "Too much money = bad". Billionaires don't really have cash sitting in their houses. They created companies, often from scratch, that wouldn't otherwise exist.
GDP per capita grew because the wealth was created, not stolen. The entire pie got larger. We lifted people out of poverty from 90% in 19th century to what it is today 10% through capitalism and trade.
We need more billionaires to create wealth and propel society forward.
Crony billionaires, politicians, inheritance wealth, etc. need to be condemned and we usually throw the baby with the bath water along with the whole tub.
Billionaire hate is getting out of control because people are convinced naively. I suspect some malaise in economics education.
Has there ever been a study on how many "productive" billionaires there are, as compared to those who are simply rent-seekers?
Or a study that has shown that billionaires ("job creators") are those who are the primary driving force for wealth creation?
Or are the much-bandied Gates/Musk entrepreneur-industrialist types just a minority of billionaires, many of whom are just wealthy heirs or hedge fund owners or whatever
You don't need an economics education to understand the implication of wealth being concentrated in the hands of a few people. This idea that billionaires generate wealth is myth.
It is astounding how many people naively just think "Too much money = bad". Billionaires don't really have cash sitting in their houses. They created companies, often from scratch, that wouldn't otherwise exist.
https://ourworldindata.org/economic-growth
GDP per capita grew because the wealth was created, not stolen. The entire pie got larger. We lifted people out of poverty from 90% in 19th century to what it is today 10% through capitalism and trade.
We need more billionaires to create wealth and propel society forward.
Crony billionaires, politicians, inheritance wealth, etc. need to be condemned and we usually throw the baby with the bath water along with the whole tub.
Billionaire hate is getting out of control because people are convinced naively. I suspect some malaise in economics education.