Is financial success zero sum game where someone has to
lose for others to win?
or everyone in this country can be millionaires?
Economically, is this possible?
Thank you.
2006-12-23 06:45:12 · 15 answers · asked by Jason K 1 in Social Science ➔ Economics
Thanks for an intriguing question!
If everyone in the US were given a million dollars so that they would all become millionaires.. the biggest effect you would probably see is that a common loaf of bread that now retails for one dollar.. would seek its new equilibrium price of one million dollars.
There is an analogy in the economic textbooks where a supreme dictator tells the populace that he is going to double all their wages starting tomorrow. Everyone gives a big hooray for the dictator. The outcome is when they walk into stores they find all the prices for goods and services doubled...
I'm guessing the moral of the story is that you cannot get something for nothing. You cannot make all the people millionaires or something has to give.. like fair market prices.
Does this help any?
2006-12-23 07:34:34 · answer #1 · answered by Anonymous · 1⤊ 0⤋
I think that if everyone was a millionaire, then someone who only has a million or two would be in poverty. The more money that is injected into the economy will cause the price index to rise. Imagine if everyone was rich, then how much would a gallon of gas cost? How much would a snicker's cost? The retailers would have to pay wages to the employee's that would raise the prices of the products ...etc.
2006-12-23 12:50:13 · answer #2 · answered by Ben R 1 · 0⤊ 0⤋
With the economy of today we will see many more millionaires. Of course these millions of dollars will not pay for or buy what a millionaire of yesterday could buy or pay for.
So yes if we are talking money there will be more and more millionaires, no these millions will not sustain a millionaires lifestyle as it once did.
2006-12-23 06:51:11 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Well there will always be SOME people who are impoverished or homeless for whatever reason. But for the bulk of the population, not only is it possible, it WILL certainly happen in time. It merely requires the average productivity of US workers to increase a lot -- but productivity does in fact increase gradually and it's only a matter of time.
Someone in the year 1900 might have asked an analogous question -- could everyone have the lifestyle of someone of that era who had $100,000? (I'm adjusting your question for inflation). And I'd say that today, not everyone, but the VAST majority of Americans live far better than any centi-thousandaire of 1900 did, what with our computers and cars and cell phones and internet and cures for diseases and whatnot.
2006-12-23 08:46:41 · answer #4 · answered by KevinStud99 6 · 1⤊ 0⤋
No , it would be economically impossible for this to happen because if everyone became millionaires the value of our dollars would drop accordingly thus leaving things relatively as they are today. So then it would take a trillionaire to maintain the same lifestyle as today's millionaire.
2006-12-23 06:58:47 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Most mutli millionares in America drive cars that low wage workers drive, and quite a few live in crap holes also. Can jugde a book by its cover. A muti-millionare peson can be lead wallet and only buy second hand cars, second hand goods too. Millonare lifestyles are by people wanting to keep up with the Joneses and has nothing to do about how money you have.
2006-12-23 11:11:31 · answer #6 · answered by ram456456 5 · 1⤊ 0⤋
anyone and everyone can become a millionaire! millionaires do what others have not done! specifically ask a millionaire what he or she did to get where they are. duplicate what they say and did, and you will be on your way.
2006-12-23 07:13:29 · answer #7 · answered by greg b 1 · 0⤊ 0⤋
his question was not, could the economy survive it.....
it was, can ANYONE make theirself a millionaire.
Yes, everyone in this country has the same oppertunities
If they push hard enouph
want it bad enouph
take the right steps at the right time
ANYBODY can become a millionaire. It's not that hard.
What's hard is KEEPING a million dollars!!
2006-12-23 07:04:21 · answer #8 · answered by semperfi 2 · 0⤊ 1⤋
There's only one way to find out for sure. Let's try it.
I'm going to be a millionaire. Who else will join me? C'mon, raise your hands.
2006-12-23 09:10:00 · answer #9 · answered by teran_realtor 7 · 1⤊ 0⤋
As sad as it is no it is not possible because no economic system can't survive without poor people. The poor people sustains the rich so they can get more money. This way the rich gets richer and the poor get poorer. It is a tragic fact especially in a capitalistic society.
2006-12-23 11:17:07 · answer #10 · answered by Anonymous · 0⤊ 2⤋