Zohran Mamdani is a mistake – of course billionaires should be present

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The writer is the director of economic policy studies at the American Institute of Institutions

Zahran Mamdani was the democratic socialism that won the preliminary elections for the democratic municipality in New York City, to request By NBC News if billionaires have the right to exist. “He replied:” I don’t think we must have billionaires. “

Mamdani has this back. We must want more billionaires, not less – and certainly nothing.

To support his point of view, Mamdani argued that anyone had “a lot of money in a moment of this inequality” was a problem. It seems that the economy is a zero game, where if you are better, this should mean that I am worse. This is a deep mistake. While collecting their wealth, the rest billionaires make us richer, not poorer.

Take Jeff Bezos, whose wedding in Venice Arrested The world’s attention is at the end of last week, along with its wealth somewhere in the region with a value of $ 240 billion. How did the Amazon founder made society richer while he is born a lot of wealth for himself?

William Nordos, Nobel William Nordos, studied the revenues and concluded that the creators acquired a “only a little part” of the benefits of technological developments. Nordos estimated This fracture is 2.2 percent. The application of this estimate involves that bezos has created about 11 Train in wealth for the rest of us. It is not a bad deal.

This wealth takes lower prices, which enhances the purchasing power of wages and income for millions of people who shop Amazon. In addition, we are in a better position because we spend less time driving to and from retail stores, and we find time to work for longer hours or to be with families and friends, and because we can reach a larger range of consumer goods.

This is not unique for Bezos. Even without taking charity in mind, billionaires make positive contributions to the total luxury. For example, Bill Gates and Michael Del made hundreds of millions of workers more productive by creating better programs and computers, and raising their wages. Larry Big and Sergey Breen revolutionized e -mail and online search and technology in mapping – many of us will raise money with passion every month for these services, if not provided by Google for free. Wall Street has more efficiently, which over time increases productivity and workers ’wages throughout the economy.

Moreover, if the billionaires are not present, the motivation for young people will be reduced to become very successful. Today’s entrepreneurs and professionals feed the aspirations of tomorrow’s leaders. Paper 2013 Find The two -thirds of the richest 400 Americans did not grow up in rich families, and that seven out of 10 out of ten are the first generation in their families running their work.

The debate on billionaires is part of a broader discussion on whether the democratic capitalism system has been essentially broken. not so. One of the central ethical promises of democratic capitalism is that people receive their fair rewards. In our system, economic inequality is acceptable if it reflects the differences in effort and risks in risk, skill and options. Evidence strongly Suggest This promise is kept – rewards are mainly determined by productivity.

Billionaires, then, have a great wealth because they make great contributions. The income was not “distributed” to them – they got it. The appropriate response from the elected leaders is to celebrate and encourage success, not to distort it.

There is nothing new about Mamdani’s message, unfortunately. Senator Bernie Sanders-which is also a self-democratic socialist described- Previously said “The billionaires should not exist.” that it common To hear Al -Shaabawi left that “every billionaire is a failure of politics.” While on the right, Steve Bannon, a great priest of Maga, Argue In 2023 to obtain a “huge tax increase on billionaires” to encourage Fealty to US President Donald Trump.

It is an outrageous billionaire for punitive policies. They should not be treated as ostracism, they need to connect, two, or as revenues that are revenue for the rest of the community. Instead, they deserve to be treated because we all must be – as complete citizens, with rights and duties, who benefit from society and contribute to it.

Mamdani is wrong – morally and experimental. In the long run, perhaps political as well. It should be remembered that populists who achieve the executive position often feel frustrated when their ideology collides with reality. If you arrive at the mayor’s office after the elections in November, he will find himself wanting to get more billionaires in New York – not less.