A thing must be desired AND scarce to command a high price or value.
Of course there are many items that are important to our survival that are free. Fresh air & water for most of us in the rich countries is an example. Another example is the childcare worker who is paid low, yet their role to look after children is extremely important - arguably more so than being a plumber. Yet the plumber is often paid 3 times more than the childcare worker. Prices hence value are set by supply and demand.
The honest billionaires (that don't steal) have figured this out and specialize in offering value.
Therefore, billionaires are not taking a large share of the cake and making other people have to go with less. Billionaires are making the cake much larger for everyone.
Capitalism (small business & billionaires) have driven down prices drastically over the last 200 years. And this is why poverty is less than a tenth of what it was then.
***Making profit by offering value (not stealing) is one of the most ethical things one can do***
Also, since you were talking about ideas and reading books, let me start with some recommendations that say it much better than I can.
"The Wealth of Nations" by Adam Smith
"Economics in One Lesson" by Henry Hazlitt.
"An Introduction to Value Theory" https://mises.org/library/introduction-value-theory (Mises Institute).
thejohn
npub1hy…ww8ln
2023-04-24 05:57:27
in reply to nevent1q…cqkk
Author Public Key
npub1hyzknmraw54wgx3feeq0expyazgf5ead7p8hd290xrkfcwjuz88stww8lnPublished at
2023-04-24 05:57:27Event JSON
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"content": "A thing must be desired AND scarce to command a high price or value.\n\n\nOf course there are many items that are important to our survival that are free. Fresh air \u0026 water for most of us in the rich countries is an example. Another example is the childcare worker who is paid low, yet their role to look after children is extremely important - arguably more so than being a plumber. Yet the plumber is often paid 3 times more than the childcare worker. Prices hence value are set by supply and demand.\n\n\nThe honest billionaires (that don't steal) have figured this out and specialize in offering value.\n\n\nTherefore, billionaires are not taking a large share of the cake and making other people have to go with less. Billionaires are making the cake much larger for everyone.\n\n\nCapitalism (small business \u0026 billionaires) have driven down prices drastically over the last 200 years. And this is why poverty is less than a tenth of what it was then.\n\n\n***Making profit by offering value (not stealing) is one of the most ethical things one can do***\n\n\nAlso, since you were talking about ideas and reading books, let me start with some recommendations that say it much better than I can.\n\n\n\"The Wealth of Nations\" by Adam Smith\n\"Economics in One Lesson\" by Henry Hazlitt.\n\"An Introduction to Value Theory\" https://mises.org/library/introduction-value-theory (Mises Institute).",
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