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Not only does being a billionaire make sense but it is highly ethical to be one.

If someone has earned a billion dollars in assets by providing value to others (not by stealing), then by definition he or she has contributed a billion dollars more value to the world than what they have consumed.

If someone has more liabilities than assets then this person is not just broke or insolvent, but they have consumed more than they have produced.

Who is more moral? Who is more ethical?

⬣ Socrates ⬣ 2y ago

There are a few concerns I'd like to share regarding this mindset:

- It seems reminiscent of a quote or idea from a book.

One point I'd like to address is that the mindset suggests the higher the profit, the more value a company brings to its customers.

- I respectfully disagree.

- For instance, open-source software, which serves as the foundation for many popular apps and software, is often available at no cost.

Price: 0 USD,

Value: Maximum,

Profit: 0 USD.

This perspective might not fully consider some fundamental economic principles.

Lastly, it's possible that this mindset has been influenced by the views of certain wealthy individuals, like George Soros, but it's essential to keep an open mind and examine different perspectives.

#economics #opensource #capitalism #discussion

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Discussion

thejohn 2y ago

A thing must be desired AND scarce to command a high price or value.

Of course there are many items that are important to our survival that are free. Fresh air & water for most of us in the rich countries is an example. Another example is the childcare worker who is paid low, yet their role to look after children is extremely important - arguably more so than being a plumber. Yet the plumber is often paid 3 times more than the childcare worker. Prices hence value are set by supply and demand.

The honest billionaires (that don't steal) have figured this out and specialize in offering value.

Therefore, billionaires are not taking a large share of the cake and making other people have to go with less. Billionaires are making the cake much larger for everyone.

Capitalism (small business & billionaires) have driven down prices drastically over the last 200 years. And this is why poverty is less than a tenth of what it was then.

***Making profit by offering value (not stealing) is one of the most ethical things one can do***

Also, since you were talking about ideas and reading books, let me start with some recommendations that say it much better than I can.

"The Wealth of Nations" by Adam Smith

"Economics in One Lesson" by Henry Hazlitt.

"An Introduction to Value Theory" https://mises.org/library/introduction-value-theory (Mises Institute).