Rich is an Economic Bad

From Zanecorpwiki

Overview

I'm using a very specific operational definition of rich here. Rich means you don't have to work to make money. Put another way, you experience economic growth without deferred consumption.

No Skin in the Game

Without deferring consumption, you make no personal investment. There's less reason for you to care about getting it right. There's less reason to make the best decision. There's less downside, less responsibility. Both relative personal benefit and global absolute benefit are negatively impaired.

Criticisms

There's one very clear, and very hard to answer criticism of this position: the rich acquire wealth faster than non-rich.

I believe in markets. I specifically believe that markets punish inefficiency. I also believe that our current economic climate generally approximates a free market, and, in broad strokes, is more or less the best approximation of a free market humans have ever had.

Part of my answer to this criticism is to point to Where Markets Fail. The upshot is that markets are inherently macro in nature and don't do a good job at allocating individual responsibility. So long as the rich are relatively few and don't muck things up too much, they can, as individuals, they can operate outside and even contrary to market forces without net ill effects.