Posted by Steve on July 05, 2003 at 14:35:53:
In Reply to: Re: Microislet JDRF Hybrid Funding posted by klausen on July 05, 2003 at 09:21:21:
I think you would agree with me, however, that we could create the most human happiness by distributing wealth in the society so that the basic needs of all were met before anyone had any luxuries.
Of course it is only wealthy societies that have such a problem as equitable distribution. It is my view that it much more important for people to create wealth. Wealth is created when people buy the products they need, freely. Socialists tend to look at the world as static. There is only so much wealth and can we just cut up the pie a little fairer. They don't even think about creating a machine that will make more pies, enough for everyone.
I will use your billion-dollar example of Bill Gates to make an additional point. If we give Bill Gates a billion for his software it is likely because he provided us a product that was important to us (ignoring anti-trust issues). Now if he has a billion what does he do with that money? He can spend it or save it. If he saves it the money gets invested in jobs producing investments thereby benefiting the poor by providing them meaningful jobs. If he spends it he also provides jobs to those that are selling him products, even if he is eating a $300 dinner at Sardi's. So the poor indirectly are helped. It takes a dynamic view to see the effects brightly rather than the dim static view of economics that socialists hold.