The Money-Empathy Gap

[njtosd]

[quote=livinincali][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]

The generosity could also be for more selfish reasons like leaving a legacy. We talk about Ford, Carnegie, and Rockafeller today, but will we be talking about Buffet, Gates, and Jobs 20, 30 40 years into the future. Without someway to establish a lasting legacy you can certainly be forgotten. Did Jobs establish a legacy or is he just a going to end up as a cult hero that those geezers in their 70’s are talking about 50 years from.[/quote]

In 2012 (or so) dollars, Rockefeller had a fortune of somewhere between $400 – $650 billion; Gates is supposed to have something closer to $75, less than Sam Walton, Henry Ford, Astor, etc. Now, Gates isn’t done yet, but he’s unlikely to unseat the Carnegies, Rockefellers, etc.

[CA renter]

[quote=AN]There are way too many what ifs in your post to know for sure. But what we know is, he does give more $ to charity as a % of his total life time income/wealth than an average American.

FYI, Microsoft didn’t put a gun to their customers’ head and force them to buy Windows. Windows became a monopoly because it was the cheapest and easiest OS to use at the time. They were held back for many years because they were afraid of being broken up due to the monopoly lawsuit. Now that they no longer are as dominant, they can finally bundle more of their services together. Even if Windows gotten 100% of the market share, Android will still happen and the move to portable devices would still happen. But if they were allowed to bundle more of their services together, end user would have given a more cohesive user experience earlier, instead of having to wait till the last few years to have that.[/quote]

Of course he gives a greater percentage of his income/wealth to charity than the average American. It’s much easier to do that when you have a net worth in the billions and annual earnings in the millions, as opposed to a net worth in the tens or hundreds of thousands (if one is lucky).

But charity isn’t the only “good” way to spend money. How about putting more money into the hands of “regular” people, like customers and employees — money that is more likely to be spent on goods and services…creating a greater demand for goods and serives…thereby, creating more jobs.

I would rather have a good job than be the recipient of charity. But that might not garner the idol worship for the rich that highly concentrated wealth (and their “benevolent generosity”) tends to generate.

[an]

[quote=CA renter]Of course he gives a greater percentage of his income/wealth to charity than the average American. It’s much easier to do that when you have a net worth in the billions and annual earnings in the millions, as opposed to a net worth in the tens or hundreds of thousands (if one is lucky).[/quote]Yes, but that’s exactly my point. The poor people of the world benefits much more because Bill Gates has his billions instead of it being spread out between a few million middle class American.

[quote=CA renter]But charity isn’t the only “good” way to spend money. How about putting more money into the hands of “regular” people, like customers and employees — money that is more likely to be spent on goods and services…creating a greater demand for goods and serives…thereby, creating more jobs.

I would rather have a good job than be the recipient of charity. But that might not garner the idol worship for the rich that highly concentrated wealth (and their “benevolent generosity”) tends to generate.[/quote]This is purely your opinion. That’s OK, but not everyone agree with it. I think middle class Americans are doing just fine. I would much rather have that money goes to the truly poor people of Africa or South East Asia or any other 3rd world countries. But regardless, neither you or I have Bill Gates’ money, so ultimately, it’s he who decides what he would rather spend that money on.

[CA renter]

He has customers and employees in developing countries, as well. Wouldn’t it be better if they could have more of that money instead of Bill Gates?

[an]

[quote=CA renter]He has customers and employees in developing countries, as well. Wouldn’t it be better if they could have more of that money instead of Bill Gates?[/quote]
I would say the disabled of those countries are more deserving of his money than those countries’ middle class. Again, you and I have different perspective on who is more deserving of help. Also, what make you think MSFT wasn’t/isn’t paying market or higher wages?

[FlyerInHi]

Gates and buffet could be building museums, big buildings and universities. But it seems better to spend the money on vaccines and healthcare for those who have none.

I don’t think they care to be remembered 100 years from now.

[no_such_reality]

It’s good to know every still think they know what’s best for someone else to do with their money.

[CA renter]

[quote=no_such_reality]It’s good to know every still think they know what’s best for someone else to do with their money.[/quote]

The bolded part is where our differences lie. Many of us think that the rich have often “earned” their money by monopolizing markets, mistreating workers, and ripping off customers. They create laws that ensure there is no competition for themselves, massive competition for their workers (they sponsor cheap immigrant labor, and/or offshore jobs, etc.), and create environments in which everyone must use their products in order to make it in life (try living without the internet or smart phones…most people can’t even apply for a job without them). Is it “their” money if they do this? You might think that it is, but I don’t.

[no_such_reality]

[quote=CA renter][quote=no_such_reality]It’s good to know every still think they know what’s best for someone else to do with their money.[/quote]

The bolded part is where our differences lie. Many of us think that the rich have often “earned” their money by monopolizing markets, mistreating workers, and ripping off customers. They create laws that ensure there is no competition for themselves, massive competition for their workers (they sponsor cheap immigrant labor, and/or offshore jobs, etc.), and create environments in which everyone must use their products in order to make it in life (try living without the internet or smart phones…most people can’t even apply for a job without them). Is it “their” money if they do this? You might think that it is, but I don’t.[/quote]

Cool, I’m come inhabit your house then. It’s not your house. You haven’t earned it.

[Coronita]

[quote=no_such_reality]It’s good to know every still think they know what’s best for someone else to do with their money.[/quote]

lol! You pretty much nailed it…

[CA renter]

[quote=no_such_reality][quote=CA renter][quote=no_such_reality]It’s good to know every still think they know what’s best for someone else to do with their money.[/quote]

The bolded part is where our differences lie. Many of us think that the rich have often “earned” their money by monopolizing markets, mistreating workers, and ripping off customers. They create laws that ensure there is no competition for themselves, massive competition for their workers (they sponsor cheap immigrant labor, and/or offshore jobs, etc.), and create environments in which everyone must use their products in order to make it in life (try living without the internet or smart phones…most people can’t even apply for a job without them). Is it “their” money if they do this? You might think that it is, but I don’t.[/quote]

Cool, I’m come inhabit your house then. It’s not your house. You haven’t earned it.[/quote]

Where did you get the notion that I’ve ripped off workers, customers, etc., and changed laws that enable me to profit more than I would have otherwise? I’ve never done that, and never would. Some people do earn their money honestly; some don’t. Most **very wealthy** people don’t…I’m not one of them.

[paramount]

Affluenza

[Author]

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