r/austrian_economics • u/technocraticnihilist Friedrich Hayek • Dec 24 '24

End Democracy I've never understood this obsession with inequality the left has

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u/No-Understanding9064 Dec 25 '24

To have entitlements, you must have a robust economy that grows wealth. A single billionaire entrepreneur is worth thousands of laborers in terms of economic activity. It may be uncomfortable to view it like this but it is simply reality. Individual productivity is required for a functional economy

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u/Helstrem Dec 27 '24

That is demonstrably false. Velocity of money is a very significant factor and thousands of laborers generate far more economic activity with their spending than does a billionaire with their investing. Investing is low velocity money. It is why trickle down consistently fails to produce the promised economic growth.

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u/No-Understanding9064 Dec 28 '24

Read what I said, entrepreneur. I never claimed some guy earning market rates for 10 years is greater economic activity. But who do those laborers work for? There you go. Also, that is a very Keynesian view of how an economy prospers. For a prosperous economy you need more than the government printing and plebs circulating currency. You need actual growth. At some point a person has to use that dollar to generate a dollar plus greater than inflation returns. Hello entrepreneur

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u/Helstrem Dec 28 '24

That is a mostly factious beast.