Krugman: "Musk, a Dangerous Power of a Billionaire with an Insecure Ego"

▲Paul Krugman, Professor at City University of New York

[Asia Economy Reporter Kwon Jae-hee] Paul Krugman, Nobel laureate in Economics and professor at the City University of New York, warned about Elon Musk, CEO of Tesla, saying there is "a danger in the immense power held by a billionaire with an insecure ego."

According to a column by Professor Krugman published on the 2nd (local time) in The New York Times (NYT), he argued that the Democratic Party's failure to raise taxes on the wealthy was due to opposition from "petty billionaires," and that the entire society will pay a tremendous price because of the ego insecurity of those with powerful influence.

He pointed out that in the United States, with a population of over 300 million, the money of billionaires exerted overwhelming power to block the Democrats' efforts to raise taxes on a few hundred wealthy individuals in order to help those in need.

Professor Krugman raised two questions regarding the persistent opposition of the ultra-wealthy when attempts are made to tax them like ordinary people.

The first question is whether the billionaires' claim that taxing them would stop the unique contributions they make to society is true.

The second question is what genuine reason there could be for the wealthy to be so determined to protect every penny of their fortune.

Republican Senator Mitt Romney argued that if capital income is taxed, billionaires would stop creating jobs and instead buy ranches or art.

The claim that economic and social collapse would follow if the wealthy cease their activities in opposition to taxes and regulations is not new.

▲Elon Musk, CEO of Tesla [Image source=Reuters Yonhap News]

Novelist Ayn Rand depicted in her 1957 work "Atlas Shrugged" a character named John Galt who, disappointed that others were taking the fruits of his efforts, stops contributing to society.

However, Professor Krugman argued that even in the 1950s, when tax rates were significantly increased and strong antitrust policies were implemented, productive members of society did not stop contributing due to taxes, suggesting that there must be other reasons for their opposition to tax hikes.

He analyzed that even if billionaires like Elon Musk or Jeff Bezos paid $40 billion in taxes, it would have no impact on their enjoyment of life, as they treat making money like a game with the goal of beating competitors.

Although it cannot be proven, he interpreted that what drives people like Musk is an "insecure ego" and a desire for the world to recognize their unparalleled greatness.

He explained that if billionaires were taxed like Wall Street employees earning $400,000 a year, they would interpret it as meaning they are not unique treasures and that everything they possess is not properly valued.

When asked whether the wealthy are more petty than ordinary people, Professor Krugman answered, "Usually, yes," pointing out that billionaires find it difficult to maintain their perspective due to sycophants who circle around their enormous wealth.

Billionaires are often surrounded by people who only talk about how great they are and never mention how much they make themselves look ridiculous.

He added that the important point is that the pettiness of billionaires comes with immense power, warning that because of their ego insecurity, we all might have to pay a tremendous price.

This content was produced with the assistance of AI translation services.