May 18, 2022·edited May 18, 2022Liked by John Russell
Billionaires shouldn’t exist. But should business owners (someone who profits off labor of orhers) exist? The answer to that is probably yes since everyone working only for themselves wouldn’t really lead to much. So to me the question is at what point do we draw the line to say “ok too much of a discrepancy here between the wealth generated for the owner and the wealth/pay for the workers”. Maybe it could be answered by a simple rule, like, an owner of a business can never collect (in pay/stock value) more than 100x the pay of the lowest paid employee, or something. Similar to the disclosure on top pay vs bottom pay at the company, but incorporating the wealth generated from ownership too. I think it would lead to more long-term stock/ownership allocated to more workers. Flatten that pyramid.
Tim! One of my favorite subscribers to the newsletter! As expected, great comment. I think this discussion gets wrapped around the axel when we try to apply it to every business large and small when the true problem comes with scale. To me, the problem starts at the point where wealth begins to multiply inexorably at scale by itself regardless of who owns it. And with most industries approaching monopoly like concentration, we're all trapped in a cycle where the value we create for a handful of large companies is siphoned directly to the top of the economy. Only in this kind of system are billionaires even possible, and I agree they shouldn't exist.
Billionaires shouldn’t exist. But should business owners (someone who profits off labor of orhers) exist? The answer to that is probably yes since everyone working only for themselves wouldn’t really lead to much. So to me the question is at what point do we draw the line to say “ok too much of a discrepancy here between the wealth generated for the owner and the wealth/pay for the workers”. Maybe it could be answered by a simple rule, like, an owner of a business can never collect (in pay/stock value) more than 100x the pay of the lowest paid employee, or something. Similar to the disclosure on top pay vs bottom pay at the company, but incorporating the wealth generated from ownership too. I think it would lead to more long-term stock/ownership allocated to more workers. Flatten that pyramid.
Tim! One of my favorite subscribers to the newsletter! As expected, great comment. I think this discussion gets wrapped around the axel when we try to apply it to every business large and small when the true problem comes with scale. To me, the problem starts at the point where wealth begins to multiply inexorably at scale by itself regardless of who owns it. And with most industries approaching monopoly like concentration, we're all trapped in a cycle where the value we create for a handful of large companies is siphoned directly to the top of the economy. Only in this kind of system are billionaires even possible, and I agree they shouldn't exist.