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Billionaires are not policy failures – far from it

Billionaires are not policy failures – far from it


Income inequality dominates our political and policy debates. Perhaps the latest example of this phenomenon is the extent to which proposals regarding how much the rich should be taxed have become ubiquitous in our discourse. The problem now surfacing in our public and political discussions is how they are creating a culture that frowns on success. This is particularly the case when we start denouncing that billionaires are policy failures or that they somehow take money from the rest of us, instead of thinking about their value-creation for society as a whole. Three things are often overlooked and/or underappreciated when thinking about billionaires, millionaires or really any successful entrepreneur for that matter and the system that fosters their achievements. First, one of the most consequential shortcomings of our ever more affluent society, is the extent to which the power and role of entrepreneurship for increasing opportunity and raising living standards is taken for…
Source: Billionaires are not policy failures – far from it

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