Thursday, January 17, 2008

Capitalism & Billionaires

.......that evil pair for the most part, leads to altruistic motives.

"I am impressed that the strong majority of the world's richest individuals (about 30 out of the 39 richest Americans) made their money rather than inherited it. The wealthiest individuals are mainly self-made because inherited wealth gets dissipated over a couple of generations through bad investments, or is given to various charities, or gets broken up and divided among many
grandchildren, cousins, and divorced members. For this reason, no descendants of John Rockefeller, Andrew Carnegie, or other titans of the beginning of the century are among the very wealthiest."

Read the rest by Gary Becker, Nobel Laureate in economics on The Proliferation of Billionaires


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