Finance and Economics Vision
Volume 7 nos.1 July 2024 ISSN 2755-3272
This paper delves into the controversial topic of billionaires,examining the mechanisms that enable their wealth accumulation and the potential impacts of policies aimed at limiting their wealth on innovation and economic growth. It argues that the existence of billionaires is largely a product of favorable tax laws and political lobbying, and explores various strategies for addressing wealth inequality, including wealth and inheritance taxes, antitrust laws, and restrictions on political lobbying. The paper also challenges the common belief that reducing the wealth of billionaires would hinder innovation, drawing on empirical studies that suggest innovation is not solely dependent on monetary incentives.
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