Noah Smith
· Noahpinion
· May 09, 2026 at 09:58
· ⏱ 4 min read
| Read on Substack ↗
Summary
The author introduces a discussion on whether billionaires earn their money, suggesting this is the wrong question to ask. The piece frames this in the context of a previous article about the feasibility of funding a welfare state by taxing only billionaires.
•The article opens with the philosophical and economic question of whether billionaires earn their wealth.
•The author immediately reframes the issue, stating that this is likely the wrong question to focus on.
•This discussion is linked to the practical policy question of whether taxing billionaires is a viable way to fund a welfare state.