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by olalonde
6 days ago
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Sure. Having billionaires allocate their own capital driven by profit motive and market feedback results in more efficient allocation than having some random bureaucrats do it. That's what it's really about. For example, Elon Musk probably doesn't personally consume much more than the average American. He perhaps consumes 10x or 100x more, whereas his net worth is actually 5,000,000x. There are likely millionaires who live more lavish lives than him. The bulk of his fortune is actually just resources allocated in the economy. |
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