On Tuesday, ReasonTV uploaded a new video featuring John Stossel in which the host dissects the notion that the wealthy are somehow harming the poor by earning more money.
Stossel sat down with Jim Caruso of Flying Dog Brewery to debunk the idea that wealth is a zero sum game.
Chances are you’ve seen one of Flying Dog’s creatively-named brews, such as "Bloodline" or "Snake Dog," at the supermarket. What you may not know is that Caruso took over a bankrupt brewery and made it into a $50 million company that currently employs 100 people.
In one illuminating exchange with Stossel, Caruso talked about Steve Jobs:
CARUSO: Last year I saw that there were one billion Apple devices actively being used. And last month, I saw that Apple was the first company to be worth $800 billion. I was curious, how much was Steve Jobs worth in 2011 when he passed away at too early of an age. $10 billion. I did some quick calculations, rough math ...
STOSSEL: Let's look at those calculations. Steve Jobs earned $10 billion, but Apple sold more than two billion devices. That means Jobs collected about $5 for every device. Certainly, your cell phone is worth more to you than $5. It must be because you willingly paid several hundred dollars for this.
CARUSO: I think Steve might have been underpaid here. The feeling tends to be that somebody like Steve Jobs took something away from everybody else — but what did Steve Jobs take from us? He had this idea, wouldn't it be great to have 1,000 songs in your pocket? One of the most massively important tools for productivity and communication in life. So, it’s that zero sum game mentality that somehow people who create stuff are taking it away from other people, and that’s simply inaccurate. It's not a zero sum game. They're creating stuff that didn't exist before.
STOSSEL: They are creating stuff, and unless they collude with government, they can get rich only by making our lives better.