What the Poor Owe the Rich

[@aphyd23]

Currently, individuals provide capital and manage the company while hiring additional workers. You want every worker to be part owner and paid equally. The part about everyone being part owner is fine as long as they're putting some of their own capital into it. That's what exists right now with stocks. But everyone can't be paid equally because there would be no incentive for people to excel. If people are paid the same whether they work or shirk then most people will shirk.

[@muckypup595]

Great stuff Mr. Biddle, I watch all your videos. Why did you select rich and poor? Versus productive and non productive.

[@muckypup595]

Great stuff Mr. Biddle, I watch all your videos. Why did you select the word "rich" and "poor"? Versus productive and non productive?

[@robertovilela9016]

Hello Craig, nice video. But I have a problem with this subject. Why would that be good for someone to have a house much bigger than the human necessity requires? I don't intend here to determine what one can own, but in many cases, for me, it characterizes ostentation. Our society says that we have to have more things. For what? It doesn't seem moral to me to have ten times more than I need. And I don't support it when other people do. What objectivism says about it? Thank you. Nice channel.

[@DerbyPrime]

EXCELLENT video, Craig!! Thank you!

[@2112Danny]

So a Doctor who went to school for 4 years to get a bachelors, 4 years of medical school, and 4-6 years of residency should get paid the same as someone who didn't work hard and study hard, and dropped out of high school to flip patties? My grandfather was dirt poor growing up, he got into the buying and selling cars as teenager, saved up, and began his own restaurant, then me built several and became rich, how is that unfair?

[@muckypup595]

Great stuff Mr. Biddle, I watch all your videos. Why did you select the word "rich" and "poor"? Versus productive and non productive.

[@IJUSTLOVETURTLES]

Also, government by its very existence violates property rights via taxes, so it's strange to advocate the existence of a state in the name of protecting property rights.

[@aphyd23]

Also, I don't object to you trying any company structure you want. And there's no one keeping you from doing that. As long as you don't take away others' freedom of choice in the process. Nothing good will come of that. People will just figure out a way to exploit those laws and regulations. And without freedom of choice the workers will be trapped. More freedom of choice is in the workers' interests. More regulation is in the owners' interests.

[@2112Danny]

No a rich person doesn't work 1,000 times as hard as a poor person, but maybe that poor person (most) dropped out of high school to go "live life" while that rich person, who knew the consequences of making bad choices, stayed in school studied really hard and worked really hard in high school, then college, got a degree in Petroleum engineering, and is now the boss of that poor person, who is maybe working harder than he is now making less, paying the consequences.

[@jrshep]

To be clearer, the same could be said about the simply plastic grocery bag in as much as putting it on an alter of worship would come closer to identifying what's truly worth worshiping.

[@aphyd23]

I'm not familiar with Mondragon. As long as it's voluntary then I have no objection. But it's obvious that Mondragon isn't everything you imply or everyone would be working for them. Why aren't you working for them?

[@muckypup595]

I think he meant poor versus rich dichotomy. I agree it is not a good definition, perhaps productive or non-productive. However, if your argument is to help starving children in Africa then do it. He is saying that it is not my obligation to do it because you want me to. It would make me a slave to you. The morality of objectivism does not determine what you value, it just says that you should live up to your own rational values.

[@robertovilela9016]

You are right. But my thinking is not faulty, because it's personal. I don't expect people to live or to think like me.

[@Scriptorium_DanSilhavy]

Think for yourselve /or as being a richguy/ which succes in your life was done exclusively by you - without the information, without the material produced by others (not just rich) you woulnd have any success. Its not rich people who run or found this society - its rich and poor. This is just demagogy.

[@robertovilela9016]

I am not saying that I am going to determine what they do with the money. Surely they are who have to do it. I am just saying that, FOR ME, I don't see having more than you need as a noble thing, and something to be proud of, just because you have "worked hard and honestly" to get it. For example, having a 1 million dollars house, its not questionable, that too much for a family in any way you look at it.

[@robertovilela9016]

That's what I mean when I critic very rich people. Certainly Ayn Rand didn't buy I bigger house because she didn't need it, if she did need it she would have done. And for me, no human being need to have certain quantity of goods. It's definitely waste, which for me, isn't appreciable.

[@robertovilela9016]

I posted that to respond the video. The video makes a point over other people's lives as well, its just an opinion, nothing wrong with that at all. So don't say I should focus in my life when I am just saying my opinion. You say we should be thankful to rich people, in some way I agree. I just don't think that having certain quantity of goods is a thing for us to be proud of, or to see it like a good thing, when it's just waste. Its a personal opinion, based on my convictions.

[@robertovilela9016]

Maybe I am wrong, but I don't think we need these millionaire goods to help us to develop our technology. If you see, people who study hard to develop knowledge don't care too much for money, they just wanna see their names in history like people who have changed the way of society. I believe there should be richer people in society, but when you start having things you have just because you can buy it, you wanna show everybody it, and I don't appreciate it, they have the right though.

[@Willsturd]

Especially in a free market because you actually have to earn money through voluntary transactions, meaning, somebody needs to value the things you do. In order to become rich, you need to do this on a massive scale. How the hell do people hate them when they make everybody better off?

[@aphyd23]

"u would define that arrangement as voluntary and free?" No. I would define that system as marxism.

[@IJUSTLOVETURTLES]

There are no "legitimate" (whatever that means) functions of government. No one has any right to extort you or rule over you or otherwise coerce you. Putting on a costume and calling oneself a state agent does not grant you special rights. It's weird how you can be pro-market and understand that government is inefficient at producing consumer goods but then expect it to be efficient at producing a framework of laws within which you are then supposed to conduct yourself.

[@aphyd23]

What you said was irrational. No one forces anyone to do anything in a free market.

[@aphyd23]

"so now u admit that free markets arent free, that there is force involved." I didn't say that. You pulled that out of your ear. Free markets are just that -- FREE! Each party has freedom of choice & voluntarily enters into transactions. Employers should no more be forced to hire someone for higher wages than employees should be forced to work for lower wages. It should be mutually agreed. You're the one who wants to force people to do things they don't want to do.

[@deeduran4421]

What about SCIENCE? Science is perhaps the most valuable field of endeavor in society, yet very few scientists get rich from that. Both the rich and the poor owe a lot to creative, original thinkers in philosophy, science, engineering and other fields where ideas have originated and spread to society at large, often without compensating the originators of those ideas very well. This is often overlooked, but most easy to see in the sciences -- where scientists usually share their ideas and discoveries freely and openly, without keeping it secret or charging for their intellectual property or otherwise charging a big bundle of money for the highly valuable knowledge that they share.

[@TravelingCoder]

Banking is so obviously dependent on having many non-bankers around, that it is not a good symbol of individual achievement.

[@jrshep]

It needs to be said, and often. I've often thought that people would come closer to knowing what's truly worth worshiping were they to put a simply styrofoam cup on an alter. That simple object is a creation of human ingenuity: it's inexpensive and functions well; formed to fit a human hand, it keeps a hot drink hot or a cold drink cold. The same could be said of the simple plastic grocery bag that has now been banned here in Austin, Texas, a tribute to the irrationality of environmentalism.

[@2112Danny]

Really because of luck? So hard working Scientist, Doctors, Lawyers, Business men, and hard-working risk-taking men and women didn't work hard to become rich? So a Doctor who went to school for 4 years to get a bachelors, 4 years of medical school, and 4-6 years of residency should get paid the same as someone who didn't work hard and study hard, and dropped out of high school to flip patties? My grandfather was dirt poor growing up, he made his own money, saved up, and started his own business

[@ryohn5468]

The Poor don't owe the rich people shit!

[@muckypup595]

You say that his thinking is far from reality and then you argued it with a hypothetical? Give a real World example and what your morality is? You sound like you believe that it is moral to steal and give it to yourself.

[@muckypup595]

Yes! Unless you have a morality of theft, slavery and brutality.

[@MrAdvancedAtheist]

Ironically Ayn Rand didn't seem to value the money she made after she scored from selling the film rights to "The Fountainhead," and then made a fortune with "Atlas Shrugged." Her friends had to nag her to buy new clothes because she tended to wear our her old clothes to rags, and when she moved to New York, she lived in a regular apartment when she could have afforded a more upscale one. She also didn't invest her savings, but instead just let the money pile up in a regular savings account.

[@Lad1033]

He didn't mention morals but instead simply spoke of basic economics. I'm not sure which is worse though; you're line of thinking or the quality of your English. The extreme example you presented is off topic and shows that if you did somehow attend school you were not talk how to think but rather what to think.

[@aphyd23]

"capitalism allocates income unfairly" Free markets are voluntary. It's your choice whether to buy and sell. And it's your choice whether you work for yourself or work for others. If incomes are allocated "unfairly" its because people have made poor choices. Socialism takes that choice away from you. And there's nothing fair about taking freedom away from others.

[@triathl33t]

> socialists say income should be allocated based on how hard u work and productive u r. lol, good luck allocating resources without price signals from the market! Have fun living in another USSR! :-D

[@micros43]

Great video! I totally agree with you. I'm so tired off socialists hating on rich people just beacuse they got money. It's ridiculous

[@oddballglass2845]

it seems to me this man likes the oligarchy that we have going on now. where the majority of us have no real political say. check out the princeston university study about how our government ignoring the majority will and regularly favoring the the rich corporate greed for decades. yes the rich help drive our economy but if it comes at everyone's else's expense. that is an oligarchy not a democracy.

[@bptim42]

Roberto vilela... because they work hard and earn it so they can do whatever they want with it... who is anyone to say what someone can or cannot do with their own money.... fascist!

[@TheBest-ff8zz]

Very hard sell

[@Lad1033]

His argument has nothing to do with morals. Morals are individual beliefs on what is right and wrong but he is talking about an economic system and attempting to dispel the belief drummed up by liberals that rich people are only rich at the expense of poor people. This tactic has gained many followers for them but its nothing new.

[@locogalt]

yes he/she is 1000 times more productive i really think that asked and answered move on

[@aphyd23]

How are you working to make labor owned firms an option? Are you trying to pass laws and government regulations? Are you trying to get workers to invest their own money to by the buildings and equipment? Are you going around giving speeches? "Capitalism" doesn't really say very much. Every economic system has large capital under control. The difference is how that capital is controlled -- free market vs tyranny.

[@abdallahbelhadj6462]

He said bankers earned their wealth honestly and through productive means. That's completely false

[@MarcScholtemeijer]

+Abdallah Belhadj Where did he say "all bankers"?

[@MarcScholtemeijer]

+Abdallah Belhadj Nobody forces anyone to put their money in bank accounts, you do this by free will. By doing this you also accept that banks use your money to invest and make a profit for themselves, and give you interest in return. This is how banks operate and you are free to not have a bank account if you so desire.

[@nytephntom]

+Abdallah Belhadj You don't listen very well, do you? He says at 1:46 that he is not talking about 'the Bernie Madoff types'. As Marc S. said - you can choose whether or not to use a bank. Now, go back to being a poor and unproductive looter. I'm sure you are 'feeling the Bern'.

[@TravelingCoder]

Bernie Madoff getting away with that for so long does show that people can get away with widespread fraud and the government won't do much to stop it and a lot of rich people, including bankers and investment firms, give money to the politicians. I think that's enough to raise suspicions. Free marketers are unfairly harsher on the poor than the rich.

[@TravelingCoder]

People have to put money in the bank to protect it. Arguably, the government should do that.

[@TyABaum]

Since when are means of transportation and necessary communication considered luxuries? You owe us thanks for actually, you know, working to produce the products that the rich then sell back to us.

[@blayne9425]

If the poor were smarter they wouldn't be poor. They would be rich.