The statement, "We should have more billionaires," by Garry Tan ignited controversy, highlighting differing views on success and innovation. The need for billionaires who are builders and risk-takers is emphasized, as they significantly contribute to societal wealth. Research by Nobel laureate William Nordhaus shows that innovators capture only 2.2% of the social surplus generated by their innovations, with 97.8% benefiting society. Furthermore, high earners contribute significant portions of federal income taxes, countering claims against wealth consolidation and illustrating the economic realities of billionaires' contributions.
If we want progress-real, sustainable, transformative progress-we need more billionaires. Not the ones who sit atop dynasties of inherited wealth. Not the extractors.
For every $1 a tech founder earns, society gains $45. That billionaire's profit you resent? It may be the best bargain humanity gets.
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