Elizabeth Warren's wealth tax is based on the idea that the government knows how to use wealth better than the private sector. The plan also ignores that the wealthy have been shown to flee countries with a wealth tax.
Economists don't claim that self-interest is a moral good. They simply recognize it's an important part of human nature, and that government and social institutions must be designed for the human beings that actually exist — callous self-interest and all.
When entrepreneurs create profit, we know they are using resources in a way that benefit others. When entrepreneurs cause losses, they are destroying wealth.
The theory of class conflict did not begin with Karl Marx. It began with two French libertarians, and James Mill developed a similar theory in the 1820s and 1830s.
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