In Defense of Billionaires | by Michael R. Strain - Project Syndicate

The advance of human societies fundamentally requires that they continuously attain a balance between order and adaptability. Entrepreneurs are vital to the attainment and maintenance of prosperity because they are, by definition, the ones who push back against incumbent interests and, in so doing, maintain that balance.

Dr. Edward Banfield of Harvard studied upward social and economic mobility in the United States and other countries for almost fifty years. He was looking for the reasons why some individuals and families moved up from lower socioeconomic classes to higher socioeconomic classes, generation by generation, sometimes starting at laboring jobs and beco