We’ve discussed many times on these pages the Rich People 10X rule: in a free market economy people who get rich by starting a company or inventing a product create, on average, 10 times the benefit for other people – jobs and wages, consumer surplus/convenience, shareholder value, etc. – than the money they capture for themselves. So the key to improving the lives of the middle class is not to tax the rich out of existence, but to richly reward as many Thomas Edisons, Bill Gateses, Steve Jobs, Henry Fords, Sam Waltons, Tiger Woodses, Fred Smiths, Jack Welches and Elon Musks as possible.
The economic sophistry of the left is that an economy is a zero-sum game. They believe Peter’s gain is Paul’s loss.
We have the prototype example of how wrong they are in Jeff Bezos. He is worth roughly $200 billion. An ungodly sum. But the company Amazon that he started and built into the greatest online shopping company in history is worth $2.5 trillion. This means that just counting the wealth he’s created for shareholders is 10X his wealth. That doesn’t include all the wages and salaries paid out or the multitrillion consumer surplus from the products he sells at low prices.
We urge you to watch this Facebook video from a New York Times forum where Bezos explains this.
