Attacking Prosperity

found online by Raymond

 
From libertarian Michael A. LaFerrara:

There is something wrong and unsettling in a culture in which a large segment of its population demonizes its highest achievers and greatest benefactors as villains. Such is the case with the anti-economic inequality movement.

A “report” emerged that purports to calculate that the “World’s eight richest people have same wealth as poorest 50%.”

The problem with these kinds of surveys is that they fail to properly calculate wealth. That is, they fail to calculate the value of the created wealth put into the hands of consumers. This survey, like many others, fails to distinguish between money, which is a claim on wealth, and real wealth—the goods and services that money can buy. You can’t just consider wealth held in the form of shares of stock or bank accounts or dollar bills or even gold coins. You must consider the big picture. A little introspection quickly exposes the fallacies behind reports like this one. Here’s what I mean.

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