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..are billionaires real life utility monsters?

by hkt 6y ago

ben_w 6y ago
Not in and of themselves, no. They can be, but it isn’t a necessary state. Even if you assume their wealth is stolen and they do nothing for job creation etc., there is no reason to assume that their gains are correlated with anyone else’s losses. To be a utility monster, you have to say that the suffering they cause is still a net win specifically because of their pleasure. I suppose you could say it about budget airlines who nickel-and-dime you for everything and take you to an airport that is “near” your destination in the way that Dublin is “near” Belfast — lots of small irritations causing a small number of people to be very happy.
MereInterest 6y ago
Billionaires actually present the opposite problem. People's happiness tends to revert to a mean as they adapt to whatever situation they are in [1]. If somebody wins the lottery, or their startup makes a big win, then they will quickly adjust to their new normal. It takes more and more resources to add a single unit of happiness. If you pick a random person on the street and gave them a million dollars, it would be life changing. Paying off all debt, move to a new location, buy a house, set up investments to ensure that food and the mortgage are paid in perpetuity. If you give a million dollars to a billionaire, it is a rounding error on their total assets, and does not substantively change their lifestyle. Conversely, taking a million dollars, or even nine hundred million dollars, from a billionaire, will not significantly affect their lifestyle, and that amount could improve the lives of many others. This is one reason why taxation is ethical from a utilitarian perspective. [1] https://en.wikipedia.org/wiki/Hedonic_treadmill https://en.wikipedia.org/wiki/Hedonic_treadmill
- hkt 6y ago
  That's a great answer, thanks. Double thanks for the link to the hedonic treadmill, too.
mac01021 6y ago
Not in the strict sense that they derive much greater pleasure from an otherwise-identical experience. But they're often equipped to construct a much more valuable experience from an identical marginal wealth increase.
jl2718 6y ago
No. A utility monster does not accumulate. It only consumes.

..are billionaires real life utility monsters?

by hkt 6y ago

..are billionaires real life utility monsters?

Not in and of themselves, no. They can be, but it isn’t a necessary state. Even if you assume their wealth is stolen and they do nothing for job creation etc., there is no reason to assume that their gains are correlated with anyone else’s losses. To be a utility monster, you have to say that the suffering they cause is still a net win specifically because of their pleasure. I suppose you could say it about budget airlines who nickel-and-dime you for everything and take you to an airport that is “near” your destination in the way that Dublin is “near” Belfast — lots of small irritations causing a small number of people to be very happy.

MereInterest 6y ago

Billionaires actually present the opposite problem. People's happiness tends to revert to a mean as they adapt to whatever situation they are in [1]. If somebody wins the lottery, or their startup makes a big win, then they will quickly adjust to their new normal. It takes more and more resources to add a single unit of happiness. If you pick a random person on the street and gave them a million dollars, it would be life changing. Paying off all debt, move to a new location, buy a house, set up investments to ensure that food and the mortgage are paid in perpetuity. If you give a million dollars to a billionaire, it is a rounding error on their total assets, and does not substantively change their lifestyle. Conversely, taking a million dollars, or even nine hundred million dollars, from a billionaire, will not significantly affect their lifestyle, and that amount could improve the lives of many others. This is one reason why taxation is ethical from a utilitarian perspective. [1] https://en.wikipedia.org/wiki/Hedonic_treadmill https://en.wikipedia.org/wiki/Hedonic_treadmill

hkt 6y ago
That's a great answer, thanks. Double thanks for the link to the hedonic treadmill, too.

mac01021 6y ago

Not in the strict sense that they derive much greater pleasure from an otherwise-identical experience. But they're often equipped to construct a much more valuable experience from an identical marginal wealth increase.

jl2718 6y ago

No. A utility monster does not accumulate. It only consumes.