For John, BLUF: The system works by people getting rich and creating additional jobs, so others can prosper. Nothing to see here; just move along.
Here is a Tweet from Professor Stephanie Kelton (@StephanieKelton):
No one makes a billion dollars. You TAKE a billion dollars. You take it from your workers (Hi, Jeff, Jim, and Alice!). You plunder it from the environment (What up, Charles & David?). You strip it using patents/protections (Lookin' at you, Bill.)I can almost hear the voice of our Senior Senator, E Warren, in the background screaming "You didn't build that." That said, I realize it was not her line when first uttered.
Here is the Tweet Response of Nassim Nicholas Taleb (@nntaleb):
She is using Twitter and a computer to claim that those who invented them are rent seekers. And she, a parasite, lives from rent seeking, charities, and public funds.I am with Nassim Nicholas Taleb on this one.
And that isn't a Black Swan.
"Rent Seeking involves seeking to increase one's share of existing wealth without creating new wealth. Rent-seeking results in reduced economic efficiency through poor allocation of resources, reduced actual wealth-creation, lost government revenue, increased income inequality, and (potentially) national decline."
Hat tip to the InstaPundit.
Regards — Cliff