#Money #Wealth #Billionaires #NewGildedAge #Neofeudalism #Inequality: "If unaccountable billionaires already wield too much undue social, cultural, and political influence, the last thing we should want is to give them even bigger public forums – for example, in the form of their own social network as Musk now has through his ownership of X. Instead, we should pursue stronger institutional means of limiting the power and influence of those who are already privileged, as well as reconsider the tax, regulatory, and spending policies that created such massive disparities in the first place.
But the most important step will also be the most difficult. We need to start having a serious conversation about what we should value, and how we can recognize and reward the contributions of those who do not command vast fortunes. While most people would agree that there are many ways to contribute to society, and that excelling in one’s chosen vocation ought to be a source of individual satisfaction and the esteem of others, we have disregarded this principle, and are at risk of forgetting it altogether. That, too, is a symptom of the problem."
https://www.project-syndicate.org/onpoint/wealth-inequality-billionaires-undue-influence-bad-for-society-by-daron-acemoglu-2024-09