I don’t think the primary reason rich people are rich is from having frugal lifestyles. I also would be surprised that the primary reason once-rich people become poor is through extravagant consumption (as opposed to bad investments).[1]
The takeaway is that for normal, non-wealthy people, there are two ways to gain praise for altruism: donations and lifestyle. In contrast, the ultra-wealthy only have only avenue for praise: donations.
This is very bad
To the extent that you think shaming works, you should/could instead shame people for not donating enough to charities, or donating to obviously-ineffective-but-feel-good causes.
I continue to think that in general we care way too much about the personal virtues and excesses of powerful people, and not enough about their consequences on the world.
I never claimed that the rich are rich because they are frugal. I made the normative claim that the rich ought to be much more frugal, and in order for them to do that, we should praise their frugality as altruism (so long as they donate the money and not pass it down as generational wealth).
I also never claimed that the rich “become poor” through spending. The rich seldom truly become poor, even if they make terrible investments.
I agree with your last point—that’s precisely the kind of argument I am trying to make with this piece: we care far too much about the ultra-wealthy’s virtue signaling and not enough about what they actually do with their money.
I don’t think the primary reason rich people are rich is from having frugal lifestyles. I also would be surprised that the primary reason once-rich people become poor is through extravagant consumption (as opposed to bad investments).[1]
To the extent that you think shaming works, you should/could instead shame people for not donating enough to charities, or donating to obviously-ineffective-but-feel-good causes.
I continue to think that in general we care way too much about the personal virtues and excesses of powerful people, and not enough about their consequences on the world.
Though I don’t have data on this, happy to be corrected otherwise.
I never claimed that the rich are rich because they are frugal. I made the normative claim that the rich ought to be much more frugal, and in order for them to do that, we should praise their frugality as altruism (so long as they donate the money and not pass it down as generational wealth).
I also never claimed that the rich “become poor” through spending. The rich seldom truly become poor, even if they make terrible investments.
I agree with your last point—that’s precisely the kind of argument I am trying to make with this piece: we care far too much about the ultra-wealthy’s virtue signaling and not enough about what they actually do with their money.