4 ms·
That would be true if income was proportional to your added value to blowback wellbeing. I would welcome a citation on that but to me it does not seem like that
by mijamo 6y ago
That would be true if income was proportional to your added value to blowback wellbeing. I would welcome a citation on that but to me it does not seem like that would hold at all. The greatest minds of the past centuries and the ones who contributed to the progress you are talking about were not billionaires, and for some of them were even quite poor. Your wealth depends on what you can extract from the market and what you can extract from the past wealth of your family.
If I inherit 1 billion dollar and place it in the SP 500 I will increase my wealth progressively compared to basically everybody, but my productivity is 0. The state could have taxed my inheritance 100% and done a similar investment with the same effect to the economy except inequality would be lower instead of higher.