The rich and public goods

Have we looked past the probability that our new Gilded Age is producing a new generation of Carnegies and Rockefellers, the robber barons who at times were also generous philanthropists? The question of interest to me is whether certain wealthy private individuals are driven to produce public goods and whether this is more efficient or effective than the collective approach of taxation and government sponsored public goods. My guess would be a resounding no on the effectiveness tally but it may be worthy of a more thorough review

Where will the future iterations of the Ford Foundation or the Rockefeller Foundation come from? Bill Gates leaps to mind as a good example but I'm more interested in speculating on what, if any, generosity may emerge from the financial industry types who represent a very high percentage of the new elite. As we shift income towards this highest echelon of society, can we expect a return in the form of public goods? While I'm not sure of the genesis of the Kennedy family fortune, an argument could be made that their wealth has allowed or perhaps even guided its subsequent generations to pursue careers in the public interest. A great responsibility seemed to come with wealth in the past. Is this just coincidence and can any predictions be made about the careers of the wealthiest offspring in decades to come? Would more middle class families produce fewer public leaders than fewer wealthy families? I'd also like to see a fair hearing for how or if private philanthropy or charity is a better mechanism for redistribution than progressive taxation and government services.

Who knows, maybe I'll be amazed at how tuned in billionaires are to the needs of others. Worries about inequality may be unfounded...