Comment by titzer
2 days ago
I don't think it's unreasonable to limit a person's total wealth to, say, 100x the median person's lifetime earnings. In America, the median income is about $50k/yr. So 40 years as a wage earner means $2 million. With compounded interest, inflation, and wage growth, it's still under $10 million. So if we capped individual net worth at 100x that, it'd be $1 billion.
The fact that we live in a society where people don't bat an eyelash at people who have literally 100,000x the median lifetime earnings of a person (literally, 1000x what I personally consider reasonable) and yet want more says that our society has passed one of these absurdity tests and just suck down whatever stupid propaganda they promulgate.
So you're not allowed to own a company whose share is worth more than $1b? So everyone would cease productivity after that point because you'd essentially be working for free. Even worse, you have downside.
Suppose you own 10% of a company worth $10b and you love grinding so you keep working, grow it to $20b and your net worth is now $2b on paper so you have to give up 5% to the government, leaving you with 5%, bringing you down to $1b cap. Now the company drops back down to $10b and you now have $500m.
Bezos would have retired when Amazon was worth ~4-5b. But according to the kind of people that want this kind of cap, Amazon would just continue to grow to 50x over the next 25 years just through inertia. Because it's totally normal for a book retailer to 50x over 25 years.
Makes no sense.
> So you're not allowed to own a company whose share is worth more than $1b?
I don't find it unreasonable either to limit this. A 1B company should probably not be in the hands of a single person.
Why wouldn't that person just go start their company in a country that isn't going to yank away their ownership?
You seem to be confused.
A person can have an ownership share of $1B and not own the entire company if the entire company is worth more than $1B. For instance, if you own 1% of a company that's worth $100b, the company isn't "in the hands of a single person".
But even still you're saying that one person cannot create a $1B company which would mean a lot fewer $1B get created. Which under "big company bad" mentality, sure maybe it's a good thing. But that's obviously an insane position to take
Most uberwealthy aren't doing it for the extra money. And if they are, I think it's fine if they call it quits early. There are plenty more people who could be rich if Bezos/AMZN didn't suck all the air out of the room.
Right, because it's totally normal for an online book retailer to grow to $2.5t company. It was just coincidental that Bezos was involved. Plenty of companies grow at this pace for this long.
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I honestly haven't done enough thinking on it, but it doesn't strike me a priori as ridiculous to limit people's ownership of these nation-sized companies, and to possibly limit the size of the company as well
If it was illegal for someone to own enough Amazon stock that they had a net worth of larger than some limit you think is reasonable, then either the government would own and run every major corporation, or those corporations (like Amazon) simply wouldn't exist. I don't think I or ordinary non-rich people in general are better off in that world.
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> Makes no sense.
It makes no sense if you reason backward from "I should be allowed to have infinite dollars" as a premise. You simply can't do enough work to create a billion dollars[1]. It is just not physically possible to create that much value through sheer effort, nor is it even possible to keep that much value stored anywhere you can physically defend yourself. We're not talking about some chest of gold you keep in a bedroom closet in your very big house. It's so much more than that. Every billionaire is a beneficiary of a large organization of hundreds, usually thousands of people, that they've managed to put themselves at the top of or make a direct beneficiary of, or owns a special kind of currency that the markets have inflated to a valuation. Similarly, defending the integrity of a sprawling set of assets like that takes a virtual army of security, even if it's just the stock certificates you supposedly have in your name.
And I reject the premise that there isn't a limit on ownership. Ownership is a social construct. Ownership requires a functioning justice system and police force to maintain. Both of said things are collectively agreed upon social contracts that absolutely are negotiated. If you disagree, then by all means, build a moat around your island with a trillion gold bars and man it with automated sentry guns. No one does that because we've negotiated a system that actively helps wealthy people maintain their wealth and defends them against pitchforks, which have a nasty habit of turning up when said justice and organization breaks down and leads to anarchy.
Don't want anarchy where rich people a lynched by mobs? Well, yeah, that's why we negotiate limits. I'm saying the social contract just doesn't let you have more than a billion dollars.
[1] And incidentally, one cannot even enjoy that much wealth, even if they dedicated themselves to it! The kind of enjoyments that us regular people enjoy, like hockey games and surf trips, wouldn't even put a dent in a billion dollars, even if done for a lifetime. It's absurd that we think hundred million dollar yachts and private jets for the lucky ones are a birthright of our system or something. Because that's what we're really talking about--obscene wealth, not just living comfortably.
You can't individually do enough work to do much of anything we take for granted in our modern era but you can design and build systems, mechanical and social, to do that work. A corporation is such a system often put in motion and helmed by a single person for a significant portion of its existence. It accumulates many people and a lot of capital along the way by means of exchange, cash for goods and services rendered, physical capital in exchange for cash or debt and people's work in exchange for wages. Those people don't own the corporation unless they are given or purchase stock in it. They have already been paid for their input. Expecting otherwise is like expecting to use my lawn for your picnic or vegetable garden if I pay you to mow it twice a week.
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They're never going to let you into the club, dude
Who let Elon in?
Once someone has a billion dollars do we really want them to continue accruing more wealth (power)? Isn't billion dollar people and companies unduly influencing our government the source of many of our problems?
You don't "have" a billion dollars, you created a billion dollars. Wealth is created. If Amazon stopped in 1998, it's not like the $2.5t Amazon is worth today would be distributed across Barnes and Noble, Pets.com and other retailers. Maybe some of it, but it's likely that the world would just be ~$2.5t poorer, likely more since AWS is the backbone of much of the online economy.
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No, it's not; the people complaining that billionaires are the source of many of our problems cause more problems than the billionaires do.
Seems pretty evident that once you get beyond that point you stop considering regular people fully human, and start doing crazy things like threatening to destroy entire civilizations or buying and selling children.
> So you're not allowed to own a company whose share is worth more than $1b? So everyone would cease productivity after that point because you'd essentially be working for free.
Or, you know, pay your employees better¹. You want more money? Help other people earn more, get your rich friends on it, raise the median. Then you can earn more. And on a multiplier! The more you give everyone else, the more you can raise your cap.
¹ Seeing as we’re talking Bezos, not exploiting people to the point they have to pee in bottles and work next to dead collapsed coworkers would already but an improvement.
billionaires are a flaw in the system. it's an obscene amount of wealth for one person to have. A million is a lot for most people but a billion is 1000 of those.
Just so happens those people are in power, and, checks notes, you are not in power to do anything about it.
It is not a flaw in the system if the system is theirs.
Do you really think your world would be any better? Big corporations would still act under the same incentive structures as they do today (and in fact would continue to do so even if you forced them all to become workers’ cooperatives), you’d just find that these companies’ owners just try a little harder to hide their assets.
Complaining about billionaires instead of about greedy mega corporations just makes your objections seem like they’re based in jealousy, not fairness.