Capitalism and the concentration of philanthropy

The bourgeoisie, once again, is digging its own grave.

Megan McArdle, on philanthropy:

I prefer markets to central planning. Yes, rich person philanthropy will be idiosyncratic and many will disagree with individual priorities but it avoids the information problems, bureaucratic sclerosis and incentive issues that plague democratic policymaking.

McArdle may be a libertarian, but it would be a mistake to dismi…