Nov
25

Billionaire Bias

While taxing billionaires is now very chic, the notion that they are the result of bad/failed government policy is wrong. It heavily depends on the competitiveness of the market. Google and Facebook are monopolists and earn excessive profits as competition has failed, moreover, those firms have hired many lobbyists to protect their advantage. By contrast, athletes, video game makers, restauranteurs, and musicians face ruthless competition, and their wealth is justified.

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