Fallacies about wealth from "summary" of Economic Facts and Fallacies by Thomas Sowell
Many people have misconceptions about wealth and its distribution. One common fallacy is that wealth is fixed, so one person can only gain wealth at the expense of another. This assumption ignores the fact that wealth can be created through innovation, entrepreneurship, and hard work. In a dynamic economy, individuals can increase their wealth without taking it from someone else. Another fallacy is the belief that the world is divided into fixed income classes, with the rich getting richer and the poor getting poorer. In reality, income levels are not static, and individuals can move between income brackets throughout their lives. People who start off poor can become wealthy through education, training, and career advancement. Conversely, those who are born into wealth can lose it through poor financial decisions or economic downturns. Som...
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