Don’t Blame Billionaires – Blame the Incentives

As wealth inequality continues to rise, many are quick to blame billionaires for society’s ills. However, focusing on individual wealthy people obscures the underlying institutional factors that shape economic outcomes. Rather than vilifying the rich, we should examine how government policies and central bank interventions create perverse incentives that concentrate wealth and distort markets.

The following article was originally published by the Mises Institute. The opinions expressed do not necessarily reflect those of Peter Schiff or SchiffGold.

If you read enough commentary you’ll find various versions of the idea that our ruination is the result of powerful private interests driving government decisions that benefit them at our expense. Simply put, rich guys can buy votes that favor them, and only them. In some cases they augment their bribes with blackmail. 

Does the problem lie with the billionaires or government?