I often see people say, "[Rich person] has 2000x your wealth - are they 2000x times smarter, more driven, more talented than you? No! Then how could they deserve it?" This seems like a really gross misconception of value. Example:
-
-
Interesting point. I think nowadays it's a lot less clear than your example - a lot of people's work goes into a company's success, but a few people in the company benefit a lot more than the rest.
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
Yep. This is also basically why sports athletes, supermodels etc make more money than teachers and nurses. It’s about distribution, which is very unintuitive to lots of people
-
Also, refusing to accept that value can be provided in more ways than you're ready to consider The value a guy playing FIFA on YouTube provides to his viewers might be quite illegible to you. Doesn't make it any less valuable. Value is what people are willing to pay for it
End of conversation
New conversation -
-
-
And then a guy buys the water pump design for a fraction of its value and rents it out to more villages, despite never actually inventing anything or doing any useful work, simply owning the means of production.
-
Meanwhile the people actually installing the pumps get a one-time cut despite apparently providing daily value to thousands
- Show replies
New conversation -
-
-
So well put. That hardwork and intelligence is rewarded in free market is such a shallow defence of free market, when it ought to be argued on the basis of value one is adding to the lives of people..
-
I guess the emphasis on hardwork/intelligence as defence of free market comes from religious/elite notions which place great weight on these. People trade only for the value they get out of something, not how intelligent or hardworking someone is which are just indicators.
End of conversation
New conversation -
-
-
Distribution is a very important factor as you point out. However often people are trying instead to capture the r > g issue
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
Agree. Now try explaining that in the context of the finance industry. Value to society can be heavily obfuscated. Especially when there’s huge leverage. You might be 3 or 4 gear cogs away.
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
This Tweet is unavailable.
-
that's not.... that's not what i'm talking about.
End of conversation
-
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.