[quote=EconProf]Perhaps a lot of Gate’s and Buffett’s increased generosity later in life is due to a natural inclination to be more reflective and giving as we age. Their consumption appetites are satisfied by a tiny fraction of their wealth, so they look around and discover how much good that wealth could be doing.
Come to think of it, the world might be worse off if they had decided at a younger age to discover philanthropy. All the money Gates and Buffett piled up in their 40’s and 50’s would not have materialized and be doing good things now.[/quote]
Would Bill Gate’s money “not be there” if he had given his money away instead of growing his company more? Not sure about that. Maybe his competitors would have made it instead, and perhaps they would have given even more to charity. And/or, maybe his customers would have been able to buy another, equally good product for less money if he didn’t create a monopoly (which is one of the main reasons he could “build his company” to the extent that he did), leaving more money in their pockets for charity. What if he had paid his employees better, instead of keeping perma-temps, so that they could have given more to charity?
We know of Bill Gates’ charity because his wealth is so concentrated…leaving a legacy, as livin’ pointed out. Do we know for sure that this money wouldn’t have been put to better use if it had gone to other competitors, or employees, or customers?
