In the film The Sound of Music (1965), one of the characters, Max Detweiler, declares, I like rich people. I like the way they live. I like the way I live when Im with them.
I get it. Indeed, many people do. But theres a heck of a lot more to rich people than fast cars, big houses, nice food, and yachts. From an economists perspective, there are three key reasons why rich people rock.
First, in a free market system, theres really only one way to legitimately earn considerable wealth, and thats by supplying goods or services that other people want or need. In another…

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