Saturday, March 19, 2016

Debunking Ayn Rand

Column: What Ayn Rand got wrong about human nature | PBS NewsHour:

The take-home point is this: The annals of history show that even if one is talented enough to create enormous wealth, monopolizing that wealth for oneself is a dangerous course of action. Or as billionaire Nick Hanauer puts it, “Beware, fellow plutocrats: The pitchforks are coming.” Wealth is never created in a social vacuum. You may have the genius to design a better mousetrap, but you will inevitably depend on the work of others to implement and distribute your produce and the income of others to enable them to buy your product. The auto industry needs more than a few billionaires to buy their cars in order to stay in business. The finance industry needs employees with surplus income to buy their investment products. Put simply, wealth must be distributed to keep the wheels of commerce turning.

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