Thursday, December 9, 2010

Who Has Control?

http://cafehayek.com/2010/11/bill-gates-has-as-much-control-over-my-life-as-i-have-over-his.html
"Except insofar as rich Americans succeed at getting government to protect their wealth with special privileges, such as tariffs, wealth is not “controlled.”  Wealth is created only by serving consumers – that is, by making others wealthier – and it flees from those who stop serving consumers.  Should Apple stop producing innovative products that consumers willingly buy, Steve Jobs’s fortune will disappear.  Should Southwest Airlines start charging uncompetitive fares, its shareholders’ wealth will dissolve.  Should a super-wealthy hedge-fund manager consistently fail to increase the value of his clients’ portfolio, he will become a not-so-super-wealthy ex-fund-manager."

This reminds me of how much I dislike the term 'redistribution.'  This term implies that the wealth was distributed in the first place.

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