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When billionaires spend their wealth it is far more beneficial than if they lock it up in stock. When they buy a yacht it feeds that entire supply chain. not t
by nightski 5y ago
When billionaires spend their wealth it is far more beneficial than if they lock it up in stock.
When they buy a yacht it feeds that entire supply chain. not to mention all the other things along the way like docking fees, maintenance, insurance, etc...
Holding significant amounts of Amazon stock for example only benefits the billionaire, whereas if they sold the stock it could democratize ownership and allow many more to benefit from Amazon's growth.
- mumblemumble 5y agoThere's a scene in the Digha Nikaya where the Buddha says there's nothing particularly wrong with having a lot of money, as long as you spend it. The more lavishly, the better. If you spend it, that circulates the wealth and creates jobs. Potentially exciting jobs doing fun, fulfilling things that wouldn't be possible any other way. A couple thousand years ago that was making beautiful things, but making rockets is perhaps not so different? By contrast, if you just hoard it, Warren Buffett style, none of that wealth is doing anybody any good.
- maximus-decimus 5y agoThis doesn't disagree with the statement that space travel research is more useful to society than buying a personal yacht.