Richard Murphy says:
November 13 2019 at 7:05 am
Rational economics addressing the market failure that lets billionaires happen
One analysis has it that the annual consumer value of the simple existence of the google search engine is $18,000 per person per year.
Larry and Sergey have a few tens of $billions each as capital, not annual, sums.
There are 7 billion people in the world.
The Waltons, the children of Sam, have $150 billion in that one off stack of wealth. The existence of Walmart is said to produce an annual consumer benefit to US peeps alone of $260 billion a year.
Bill Nordhaus, the economics laureate a couple of years back, did a paper showing that entrepreneurs, on average, capture 3% of the total value created by their innovations.
I’m not seeing markets failing here, I’m seeing them work.