Are billionaires good for the economy? Why or why not?

Now, I'm no economist but we do have something called the "rich gets richer"-phenomenon in network science, which says that a node with more connections will have a higher probability of gaining new connections than a node with fewer connections. In this situation this would translate into a person having more wealth is more likely to gain more wealth than a person with less wealth, which in the big scheme of things is not a good thing

You have examples of this phenomenon in a lot of areas:

-If you have several researchers working on an article, the one that already has the most recognition usually gets most of the credit, regardless of their actual contribution to the research.

-Scientific discoveries are usually attributed to more famous scientists even when it can be proven that another scientist published the same findings first.

-Children that have a harder time learning to read is more likely to accumulate learning disabilities (if you can put it that way).

-Famous actors get more job offers than actors that are better but less famous.

And the list goes on.

So, to sum it up, you could say that advantage begets advantage begets advantage - which in turn can lead to the rich getting richer and the poor getting poorer, and that is not a good thing for society overall.

/r/AskReddit Thread