Monday, May 18, 2020

Economy

I’m not very good with economics, so maybe you can help me understand this circumstance.

Billionaires and multi-millionaires have money beyond any reasonable needs they have. There are many artists, writers, scientists, government officials and others who are just as intelligent and creative as these wealthy individuals, but will never be as rich as them. These wealthy individuals could not be as wealthy as they are without customers, workers, public infrastructure, tax laws and dodges and advantageous legislation.

Many use their wealth to support politicians, the arts and other worthy causes, moving society and culture in ways they think important--and often for the general good. But this philanthropy still leaves them with considerable wealth.

Would society be better off if a reasonable chunk of the wealth of the rich were taken by the government and/or be shared by workers in a fairer way?  What would be that fairer way? Could this shift in wealth happen without higher prices on goods and services? Would lower profits still encourage the wealthy to invest and to continue their philanthropy? Is it better for society for the wealthy to redistribute their wealth by philanthropic giving?

Am I economically naïve?

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