Monday, August 23, 2010

Thank God for rich people

From a 2004 study out of Yale University School of Economics:
We conclude that only a minuscule fraction of the social returns from technological advances over the 1948-2001 period was captured by producers, indicating that most of the benefits of technological change are passed on to consumers rather than captured by producers. [emphasis mine]
In other words, when the "evil rich" get richer, everyone wins. This is why the "poor" in America typically have cars and TVs and microwaves and cell phones and air conditioning and on and on. Some "greedy, rich guy" wanted to get even richer, so he invented all these things and found ways to make them cheap enough so that even "poor" people can afford them. "Poor" people in this country enjoy luxuries not even the very rich had only a few decades ago.

Here's a huge THANK YOU to all the rich folks who make my life better every day.

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