3 ms·
I have to disagree here, rising wealth inequality can be better measured through the impact that things such as private equity have on our economy. It contribut
by zjaffee 8y ago
I have to disagree here, rising wealth inequality can be better measured through the impact that things such as private equity have on our economy. It contributes to the rising cost of real estate, and it holds unnecessary leverage over the ability to raise the needed funds to implement critical investment projects since risk adjusted profitability matters more than how it will benefit society or even the individuals that will consume said products.
The rich aren't a necessary piece of the puzzle when it comes to investment in areas that help the public good either, the money that is handed out by NASA, NSF, NIH, DOJ, ect is just as effective at enabling research as money from private benefactors. The reason we it looks like the private sector has provided such huge benefits here is the amount of money they are spending has risen considerably while public funding has fallen considerably.
Now, I'm not saying there is something wrong with multi billionares existing, but to suggest that they are in anyway a positive force beyond what can be provided by the public sector (where at least then there's accountability), shouldn't be a reason to let the rich run around and do whatever they want gobbling up even more of the resources within our economy.