, 5 tweets, 1 min read
The 'billionaires shouldn't exist' hullabaloo is very revealing. It's assumed to be some kind of radical leftist position. Actually, it's a pretty plausible position for liberals too. You're very unlikely to accumulate that kind of wealth in a competitive market.
1/
It's likely to be the result of either: 1) a monopoly market 2) intellectual property (certainly uncompetitive, likely imperfect; we need incentives, but very difficult to say the returns are the 'correct' amount) 3) inherited wealth 4) asset former nationalised industries
2/
You don't have to be a Marxist to think these aren't legitimate or desirable ways of accumulating wealth. In fact, it goes hand in hand with thinking that markets can be good to think that market failures are harmful and may need addressing.
3/
It's interesting, if sad, that these views find don't find much political expression outside the fringe left. There is an analogue with the austerity debate: there is no good reason that the case for expansionary fiscal policy had to be left to Corbyn and McDonnell.
4/
For what it's worth, I'm not hugely keen on the turn of phrase. I think "a healthy economy isn't one that produces billionaires" is perhaps better.
5/
Missing some Tweet in this thread? You can try to force a refresh.

Enjoying this thread?

Keep Current with Will Bott

Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

Twitter may remove this content at anytime, convert it as a PDF, save and print for later use!

Try unrolling a thread yourself!

how to unroll video

1) Follow Thread Reader App on Twitter so you can easily mention us!

2) Go to a Twitter thread (series of Tweets by the same owner) and mention us with a keyword "unroll" @threadreaderapp unroll

You can practice here first or read more on our help page!

Follow Us on Twitter!

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just three indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3.00/month or $30.00/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!