[ExI] Leveraging temporary income
lubkin at unreasonable.com
Wed Oct 3 21:49:23 UTC 2012
I asked in "Re: [ExI] riots again":
>A general question about jurisdictions that have substantial
>oil revenues (Kuwait, Venezuela, Alberta, Alaska, etc.) is are
>they doing anything useful for their future prosperity with their
>current revenue. Beyond overseas investment into other
>businesses, like buying Marks & Sparks.
>They are trying, sometimes.
>But I don't understand how they could succeed when their society,
>because of Islam, make free inquiry and innovation a capital sin.
Venezuela, Alberta, and Alaska do not have Islamic societies.
My question is about *all* oil-rich jurisdictions. More generally,
what can any society do with a temporary (years or decades,
not longer) surge of cash to create a sustainable advantage?
Or narrow it down to an individual, since we're mostly individualists.
You are given $1 million after taxes now, or when you are/were 25.
What would you do with it to maximize its long-term benefit to you --
Go to school? Invest it? Start a business? Relocate somewhere you
can live off it indefinitely? Use $100K for survival training and
(I chose $10^6 specifically because it's a useful chunk, but it's
not 10^8 or 10^10, where the issue is how to change the world
with it, not improve your personal lot. And I already posted that
question a few years ago.)
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