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by YZF
4 days ago
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What matters isn't Elon Musk (or any other person's) net worth. What matters is how this money is being deployed. If Elon has $1T in his basement and he's not doing things with this money then the net outcome is the removal of this money from the economy which is deflationary - makes your money go farther. If Elon invests it in things that produce broader value (e.g. create jobs, improve productivity, etc.) then it can be a net positive. It's not about the amount- it's about how it is deployed. One rich person (or country e.g.) can be your "oppressor" (more likely in non-democratic countries) and another could be your benefactor. Making money is the incentive we have in capitalism for individuals to create value. Capitalism isn't perfect but it's the best system we know of. In systems where we don't allow people to become rich (in theory) we typically produce less value and end up with most of the value concentrated into one dictator (e.g. Russia, China, Saudi Arabia). We can argue about taxation etc. but fundamentally this is the system that has proved to be the best for everyone. We can argue about checks and balances as well but again in practice having rich people and western democracy correlates with better outcomes for everyone historically. If you propose we get rid of this system you need to make a reasonable argument for an alternative that is better. If you're arguing that life isn't always fair and luck plays a role- well yeah. |
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