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A least not as much as people think. Why? Because they do not compete for consumption at he proportionally higher rate of their wealth. And that is the core of what effects everyone else.
Consider the analogy of Ted. Ted invented a widget that saved vast amounts of time producing x. It was the best invention ever. Ted goes on to make a trillion dollars. Richest man in the world by far. As Ted earned his money, he buried it in the yard, all trillion of it. He lived in a one bedroom shack, he was an eccentric to say the least.
Has Ted hurt society? Is this wealth inequality damaging to others? To the contrary, Ted’s life was incredibly beneficial to society. His invention lowered the cost of goods and improved the wealth of everyone. His holding his wealth instead of consuming likewise benefited society by not competing for consumption and increasing prices.
Yet, based on confusion about wealth, Ted would be demonized by many as selfish for the way he lived.
This Confusion in part stems from our ideas of wealth. Wealth at its core is consumption. What we call wealth (financial wealth) are simply claims on that consumption.
Who was really wealthier, Ted, or an average person who enjoyed their financial wealth driving nice vehicles and eating nice food etc? Who led the wealthier life?
Consider the analogy of Ted. Ted invented a widget that saved vast amounts of time producing x. It was the best invention ever. Ted goes on to make a trillion dollars. Richest man in the world by far. As Ted earned his money, he buried it in the yard, all trillion of it. He lived in a one bedroom shack, he was an eccentric to say the least.
Has Ted hurt society? Is this wealth inequality damaging to others? To the contrary, Ted’s life was incredibly beneficial to society. His invention lowered the cost of goods and improved the wealth of everyone. His holding his wealth instead of consuming likewise benefited society by not competing for consumption and increasing prices.
Yet, based on confusion about wealth, Ted would be demonized by many as selfish for the way he lived.
This Confusion in part stems from our ideas of wealth. Wealth at its core is consumption. What we call wealth (financial wealth) are simply claims on that consumption.
Who was really wealthier, Ted, or an average person who enjoyed their financial wealth driving nice vehicles and eating nice food etc? Who led the wealthier life?