The Forbes 400 As A Lesson In Economics

A lesson from the lives of the rich:

Far from a country where only the rich get richer, the wealthy in the US are very much a moving target. While there are 74 Forbes 400 members who inherited their entire fortune, 270 members are entirely self-made. Though many attended Harvard, Yale and Princeton, there are countless stories within of high school and college dropouts, not to mention others who grew up extremely poor... To read the Forbes 400 is to know with surety that the U.S. is still very much the land of opportunity.

Ludwig Von Mises once wrote that the entrepreneur who fails to use his capital to the "best possible satisfaction of consumers" is "relegated to a place in which his ineptitude no longer hurts people's well-being." Conversely, successful entrepreneurs give consumers what they want, and remove what Von Mises termed "uneasiness" from our daily lives by making us happier, healthier, and frequently, wealthier. When we read the stories of these brilliant capitalists, it becomes apparent that Von Mises knew well what he wrote.

Read the whole thing.

(HT to my dad for forwarding this to me.)