Do you Compete with Billionaires for Assets?

Billionaires. Should They Exist? Politicians and content producers love to say they are bad for the economy.

Attempting to debunk so-called myths, Wired launched a video, "Economists Debunk Top 5 Billionaire Myths" putting forth some misleading claims. It was so riddled with errors that we had to bring in Professor Antony Davies, Associate Professor of Economics at Duquesne University, to respond.

As always, his insight was clear, logical, and backed up with data.

►► More from Professor Antony Davies:

LEARN LIBERTY:

[augmenautus]

Unless you're buying a mega yacht, Jeff Bezos probably isn't competing for your assets.

[scienceinc.]

Replace the word assets with income generating assets

[BrutusAlbion]

The world is not a zero sum game. That's true. But at the same time that pie isn't growing that fast that any normal average wagie slave can compete with chad bigbucks. This is also true.

The truth is that labor is taxed more proportionally than wealth meaning that labor as a method of producing income is inferior to simply owning wealth outright. This is the true crime of our society, where we reward those who merely possess money more than those who actually produce and maintain our society.

Thus the poor can never catch up and the rich can never fall behind bar some exceptions here and there of course.

[RandomHuman]

And assets are constantly changing owners, soo you could own Andrew Tate's Buggati or Jeff Bezos's Mercedes GT one day and they will own brand new cars probably.(Example applyes to every other asset, not only cars)

[joseluisvazquez]

One thing that video probably doesn't recognize is that billionaires reach scape velocity thanks to how Fiat money works. Once they get enough equity or wealth, they can borrow monopoly money against it forever. And spend without spending their wealth in any meaningful way.
That would not be so easy to do on a hard money standard. Credit would be more restricted and good liquid collateral less of a "rich people only" thing.
But the ones that want you to hate billionaires do so to distract you from the parties that are really making you poor, the central planners! (Some of those are also billionaires, but not by the free market.)

[PedanticAntics]

Right! Wealth keeps doubling...
And all my friends and family continue to get poorer and lose their housing and Healthcare, while food and medicine prices rise and billionaires get richer.

Funny how you can spin that to sound like we're all doing so much better together.
Unsubbed. I'm out.

[Dmitrisnikioff]

Sorry, did I miss the part where we live on an infinite planet with constantly growing assets?

[atlanteansword]

Billionaires bought the state that keeps me poor.