The Mugwumpery

Forget Musk’s efforts to save the human race, transition the world from carbon fuels, his other projects. And forget the Gates Foundation’s attempts to end malaria. And Andrew Carnegie’s libraries. Forget philanthropic projects of the wealthy. Or whether those projects are driven by ego or love of mankind. Put all that aside.

Our ancestors lived in caves, infested by parasites, chased by predators, constantly on the edge of starvation. Today we have nice things like indoor toilets and medicine. Electric light, refrigerated food, airliners, the Internet. We didn’t steal that wealth from other cavemen or from space aliens. Wealth isn’t a zero-sum game.

People created those technologies, that wealth. Out of plants and animals, dirt and air, and their own cleverness and work. Who did that? All of us, yes, but a few made vastly larger contributions than others.

Our society is wealthy because of Boulton’s engines, Carnegie’s mills, Vanderbilt’s railroads, Edison’s lights, Gates’ software, and Musk’s cars and rockets. Most of us have always plowed our farms, woven our cloth, done our jobs. And mostly broken even – fed ourselves, raised our children, helped our neighbors survive…and created very little that was new.

But some people are better at creating wealth than others. Just as an Albert Einstein is rare, or a Tiger Woods, or a William Shakespeare is rare, there are a few rare people who are vastly – incredibly – better at creating wealth than most everyone else. Today we call them “billionaires”.

They may not be better than most of us at physics, or golf, or literature, or in any other way, but they have a rare talent for creating wealth. Billionaire’s money (when honestly earned; I exclude crony capitalists and kleptocrats) mostly reflects value created. Value that benefits us all.

Earning a billion dollars is really difficult. See how many try, and how few succeed.

And the living standard at $100 million is virtually identical to that of $100 billion. Most rational people retire when they have enough – long before billionaire status. We are very lucky that a few of these astoundingly productive and capable people keep working – keep chasing dreams, keep creating wealth – long after their personal material needs are satisfied. They made our world, and will make our future.

Sure, Musk makes us look bad. But only in the sense that Mahatma Gandhi does. Nobody should feel jealous of Shakespeare’s writing, Edison’s inventiveness, Einstein’s discoveries. Nor should we resent them for their talent and success. Au contraire; we should celebrate them.

[adapted from a comment on https://fakenous.substack.com/p/elon-musk-is-better-than-you]