What if someone suddenly inherited 1bn from an estranged relative, or if they won the lottery? I’d say that’s an ethical way of gaining that much wealth
I think what defines an ethical billionare from one that isn’t, is how much they share with everyone else and how much they consume for themselves. Spending that much money properly would take time. They’d have to vet charities, hire people to help them spend it on the best things, research where to invest in (i’m talking about things like green energy) etc.
Just food for thought. I tend to like looking for exceptions to rules (idk why)
There is no ethical billionaire because to amass a billion dollar means other people that produced that much value did not get paid properly. Simple as that. If you inherit a billion dollars, it was still made on the back of workers.
If you’ve got no power to stop the estranged relative exploiting other people and their environment to acquire the money you’ll later inherit from them, then inheriting it won’t be unethical when it happens. There might be milage in the idea that it would be unethical to not give it to the people whose labour was exploited by the dead relative, but they’re not necessarily the most ethical option for donating the money once you’ve got it.
That’s just not true.
Let’s say a person became a billionaire running a consulting firm. The going rate for consultants at every other consulting firm is paying their employees $100/hour. Our billionaire paid their employees $200/hour.
Are you saying that wouldn’t be ethical?
No because if a person a billion dollars by paying someone 200$/h, it means that the worker produced way over that in value for the billionaire.
That’s fine that a company takes a cut on that, but to get to a billion dollars, that means that the the company brings in way more than that.
Usually, the salary of someone is roughly half the cost of the employee, so let’s say it cost the employer 400$/h for one employee. If the employer add a profit of 10% on that which is pretty reasonable, it would take 25 000 000 man/hour to get a billion dollars in profit. Or roughly 2800 years working 24/7, everyday of the year.
For a more realistic scenario (40h/week, 52 week a year), that’s 12 000 years.
That’s a scenario where there is only the billionaire employer taking a cut. Add other C-suites taking a chunk too and it gets more ridiculous.
It’s not because other companies pay less that means that the company paying more is ethical.
Yes, that wouldn’t be ethical. It’s not a question of paying more than others, it’s a question of taking more for yourself personally than the value of the work you personally do.
Let’s skip the consulting firm thing because that sort of business has a lot of ethical questions inherently, and just say they became a billionaire selling widgets. Let’s also posit that widgets are a useful, quality product that enhances the lives of those who purchase them in some way. And we’ll stick with your proposition that they pay $200 an hour to their employees.
If they became a billionaire, it is still unethical. It means two things: their employees wages should have been even higher, and/or their product should have been less expensive. It’d have to be more than a vague hypothetical to pinpoint where the most unethical stuff is happening, but it IS happening, because a human is not capable of doing work worth a billion dollars in their lifetime.
Inheriting a billion or more is not inherently unethical because you didn’t necessarily have a hand in accumulating it. However, few people will remain ethical after that, because it is difficult to possess that level of wealth without some of it being used unethically. Perhaps if you converted it all to cash and put it in a money bin, Scrooge McDuck style, you could know that your wealth isn’t out there doing unethical things, but there’s few other ways.
A billionaire that runs a consulting firm undoubtedly caused wages to stagnate, overworked employees, exacerbated inflation, and cost people their jobs. Consulting firms are parasites that leech off the economy to the detriment of workers.
Ethics within the concept of Production of Commodities (consulting is a commodity in the form of a service) isn’t determined by how much someone gets paid with respect to the median or average within said field, but by who owns and controls the wages, via ownership of the firm itself. It doesn’t matter how nice the boss is, if the firm isn’t democratically owned and operated, there is still a fundamental unchallengable hierarchy.
