@AOC The reason why socialists think that #billionaires are a problem is because they believe in the myth of a zero sum world: That people can only be rich, if they take away money from the poor. However, this is plainly wrong. In fact, the opposite is true. Most billionaires... 👇🏼
@AOC have earned their wealth by hard work and clever ideas. It didn’t exist before (and hence also couldn’t be 'taken away') but was newly created by them! This process is called 'value added', meaning that the value of a new product or service is worth more than the sum of its...
@AOC components - thus, creating NEW value (=money/wealth).
But not only did the billionaires not 'steal' their money: In fact, they even created MORE value for all of us than what they earned themselves! This is reflected (1) for the costumers in the so-called 'consumer surplus'
But not only did the billionaires not 'steal' their money: In fact, they even created MORE value for all of us than what they earned themselves! This is reflected (1) for the costumers in the so-called 'consumer surplus'
@AOC (i.e. your personal benefit from their product or service), (2) for the workers in the millions of jobs they newly created, as well as (3) for society in the technological innovation and tax revenues, we‘re all benefitting from. All of that wouldn’t be there without the one...
@AOC billionaire with this new idea and the courage to realise it.
However, now you might ask: But why are billionaires SO MUCH richer than other people? Well: This is just because they sell their products or services not only to one single person, but to many people (which is a good
However, now you might ask: But why are billionaires SO MUCH richer than other people? Well: This is just because they sell their products or services not only to one single person, but to many people (which is a good
@AOC thing, since this makes stuff affordable). Everyone of them is (voluntarily!) willing to pay a certain price for it, which benefits both the costumer (through consumer surplus) and the producer (through profit). Thus, in the end, everyone is happy = a win-win.
@AOC It is thus wrong to believe that if you only take away the money from the rich, everyone else would become richer. In fact, in the long run, the opposite would happen: Everyone would become poorer! That is what you could observe in EVERY SINGLE socialist experiment in history.
@AOC There has not been only one large pot of money since the beginning of time, which was only differently distributed. Instead, the pot has been constantly growing for all of us. That is why we ALL live in better conditions than 500 years ago.
@AOC And as long as this is the case, we shouldn’t care about others earning more than us...
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