Re: hard work
On Feb 9, 2007, at 3:37 PM, Michael McIntyre wrote:
Yes, but why do they? The returns to the “hard work” of the rich
can be broken down (analytically, if not empirically) into: *interest: what the rich could earn from their accumulated capital
as rentiers *rent: what the rich earn due to ability to exploit deviations from
the mythical market *pure profit: the residual - a sort of entrepreneurial wage
Inherited fortunes are nice, but they’re small next to those
generated by hedge funds. It’s hard to be seriously rich as a
rentier. There are trust fund kids DJing all over Williamsburg, I’m
sure, but they don’t count for much in the social structure.
Doug