Source: Ludwig von Mises Institute
by George Ford Smith
“One way a person can become a billionaire is by providing people with a product or service they want. As various economists have pointed out, the money people use to acquire the product or service is like a vote cast. The votes can change overnight if the entrepreneur fails to deliver what people want at a price they can afford, or if a competitor offers something people perceive as better or cheaper. This process of voluntary production and exchange is the free market in action. But security agencies are needed to keep this process free of coercion. … If government stayed in the role of rights-protector the market might function smoothly. But it has never remained confined to that purpose. The idea of ‘protection’ has expanded over time to become a lucrative racket.” (07/13/26)
https://mises.org/mises-wire/dont-blame-billionaires-change-incentives