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Not to be pedantic, but I’ll answer your question rhetorically: People want to go after billionaires because the common misunderstanding is that there is a lim
by jschveibinz 4y ago
Not to be pedantic, but I’ll answer your question rhetorically:
People want to go after billionaires because the common misunderstanding is that there is a limited supply of money/wealth, and the billionaires have “hoarded” it all and made it unavailable to everyone else. And, there is jealousy.
As you say, I agree that generally the net worth of certain individuals has no bearing on anyone else’s life or fortunes except for
1. the positive economic impact (e.g. billionaires spending money),
2. the positive tax and infrastructure impact,
3. the positive impact of donations to nonprofits, or
4. the potentially negative political impact (e.g. billionaires sending money to politicians) if one is aligned with a different political ideology.
Generally, a large yacht parked in the harbor or an expensive sports car on the highway does not affect anyone—-it just makes them feel bad.
- johnbcoughlin 4y agoHigh net worth spending has a large opportunity cost. Of course some people are employed making yachts, but they could instead be employed in more useful productive enterprises. That is, wealth inequality generates a misallocation of the productive capacity of society. It's perfectly reasonable to oppose that.