This is a good book on the split personality we Americans have when it comes to money and prosperity: we want to be wealthier and we are somewhat ashamed of that desire. Brennan takes down three myths: It’s bad to want money; it’s bad to make money; and it’s bad to keep money. It’s a wide-ranging argument on behalf of wealth creation. I appreciated the take down of many myths, such as cotton being so critical to the Industrial Revolution, or colonialism, or slavery, among many others. There’s also a very interesting discussion of Peter Singer’s argument that we should give away nearly all of our extra income and wealth to various charities, along with his famous thought experiment of the drowning child. But what about many drowning children? Brennan writes:
"Readers agree that they are obligated to save one drowning child. Singer then tries to show readers that distance doesn’t matter, so they should agree that they must save at least one dying child they don’t encounter. But then he tries to argue, again on pain of inconsistency, that if they admit they must save one life, they are committed to saving lives up until the point of serious self-sacrifice. This last step, however, doesn’t quite work. ...How did the people in these recently poor countries go from being the kinds of people Singer thinks ought to be helped to the kinds of people Singer thinks ought to give help?"
It's a good question, since wealth is the only known antidote to poverty. This is an excellent defense of wealth creation and the desire to be rich.
Notable
Seneca: “It is the sign of an unstable mind not to be able to endure riches.”
[T]he gross national product does not allow for the health of our children, the quality of their education or the joy of their play. It does not include the beauty of our poetry or the strength of our marriages, the intelligence of our public debate or the integrity of our public officials. It measures neither our wit nor our courage, neither our wisdom nor our learning, neither our compassion nor our devotion to our country, it measures everything in short, except that which makes life worthwhile —Robert Kennedy, 19681
Philosophers often wonder whether egalitarian philosophy is merely about lionizing envy.
Hayek argues, “Our rapid economic advancement is in large part a result of inequality and is impossible without it. Progress at a fast rate cannot proceed on a uniform front, but must take place in an echelon fashion…”
The rich pay for experimentation and innovation and fund entrepreneurs in finding ways to market to the poor, though this is not the intention of the rich.