Good thing our loose regulations help those responsible individuals amass immense fortunes to be used to the benefit of mankind. Exactly like Paul Graham explained in his "thoughtful" essay.
Paul Allen has pledged to give the majority of his fortune away[1][2], and has already founded the Allen Institutes for Brain Science and Cell Science, among other charitable endeavours (not that he's under any obligation to do either). So he spent a tiny fraction of his wealth on a yacht (which also employs people for what it's worth). Should he be putting 100% of his savings toward the benefit of mankind instead of only 99%?
To me it seems obscene for an individual to own a 300ft yacht.
Well, OK, you're obviously entitled to your own opinion and principles. But where then do you draw the line between what is obscene and what is not?
If you've ever travelled to a foreign country on holiday, you've enjoyed more luxury in those few days than many people in the world ever will, and you might have spent more money on your holiday than it would take to build a well in Africa and save a whole village from multiple hours of walking every day just to access potable water.
If you've ever had major medical support paid for by some form of insurance or national healthcare provider, you've probably enjoyed better treatment than is accessible to most people in developing economies today.
If you've ever had a $5 drink in a coffee shop, the money you spent on that could have bought an entire meal for a homeless person in your own city who is going hungry instead.
There is always someone richer and always someone poorer. What we regard as obscene, in either direction, often seems to be more a subjective product of our own background and position on the scale than any objective measure.
Just a few decades ago it was obscene for some civil individual to express their opinion on the public world wide network without DoD permission and security clearance.
I bet that reef was in need of disrupting. And government managed, too, with the threat of fines! Classic rent-seeking behavior. I for one am glad cruise liners and yachts are moving in like this; it can only lead to the creation of value. In fact, the remaining reef got more valuable automatically due to decreased supply of reef!
Good thing indeed. Paul Allen's vast contributions to science funding alone are of immense benefit to mankind. Not that he needs to justify his existence or wealth; his wealth doesn't need to be in the service of mankind, it simply makes Allen that much greater that he routinely does good things with his wealth.
Oh, wait...