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02
May
Professor Richard Epstein believes that more money for the wealthy eventually translates into more money for us all
by André Gayot
After hearing President Obama‘s recent speech advocating raising taxes on the wealthy, law professor Richard Epstein of New York University disagreed, claiming that society would be better off if we “let the rich get richer.” I am always ready to help academic luminaries, but sadly, there’s not much I can do for the professor. I have indeed come to know some beautiful people here and there, but they never asked for my permission or my help in accumulating another layer over their thick bank accounts. They managed to do it, anyway.
Seriously, how would the recommendation work in the world of restaurateurs and food? Would we get a better restaurant because the restaurateur is richer? What would happen if the restaurateur is “only” if one can say, rich and not really richer? Would he still do the job to our satisfaction? Would we miss something?
Generally speaking, the noted Libertarian Epstein says it’s not such a good idea to consider sharing a little bit of the wealth created on Earth because the market will take care of the imbalances. The author finds nothing wrong with the statistical fact mentioned by President Obama that with the tax cuts on the rich in place, the top 1% of the population each grew their fortune by more than a quarter of a million dollars. For Professor Epstein, that’s the only way the economy can work, because the rich are the only ones who know how to create wealth; so the richer they are, the more wealth they will produce. It is not specified how long and how far the process will continue to function and how rich the rich will get under the eyes of the 99%.
Writes the professor, “In the end, it is growth, and only growth, that can cure the national malaise. And that means letting the rich get richer so that they can bring the rest of us along with them.” Good tip! As soon as I am done with the complete assimilation of Epstein’s theory, my letter to Mark Zuckerberg is ready to go.
“Dear Mark,
As recommended by Professor Epstein, I support the limitless growth of your fortune and even more tax cuts. May I ask you, kindly, not to forget to bring me with you in your private jet soon so we can discuss how you will make me rich, too, because what you did so far did not produce that much for me. I feel your help will put me squarely on the road to riches. Thank you.”
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