Jan Svejnar, The Guardian
Submitted by: Editor
Myth: Billionaires Drive Economic Growth
[Guardian] The top 1% globally will soon hold over half the world’s wealth. And their share is growing. This stunning fact makes it all the more important to ask what this means for the rest of us. Given the amazing level of accumulation of wealth at the top, improving our understanding of the economic role of billionaires has certainly become a public policy issue of the highest order.
[Guardian] Americans, in particular, have been taught to think that billionaires have a positive effect on the economy. Why? Because they are “exceptional” people who have proved that they can accomplish great things. The key finding that, on average, they have an insignificant effect on growth prospects, even in the case of the politically unconnected, represents a huge negative surprise for supporters of the billionaire class.