Rationality does not imply wisdom, nor intelligence, nor far-sightedness. But most of the elite are more Rupert Murdoch than Elon Musk - they are rational rather than irrational.
All it implies is that rich folk, generally, will do what most people will do in situations involving one’s livelihood and assets - assess it according to their biases, determine their possible profit or loss and its likelihood, and choose the course of action that seems most suited to their risk tolerance.
I think it’s pretty clear that the rich are not rational actors and neither can they be trusted.
Rationality does not imply wisdom, nor intelligence, nor far-sightedness. But most of the elite are more Rupert Murdoch than Elon Musk - they are rational rather than irrational.
All it implies is that rich folk, generally, will do what most people will do in situations involving one’s livelihood and assets - assess it according to their biases, determine their possible profit or loss and its likelihood, and choose the course of action that seems most suited to their risk tolerance.