An excerpt from a great WSJ letter by our Economic Advisory Council member and financial wizard Rob Arnott, on how much the much-maligned super-rich contribute to the rest of society:

I was en route to the airport in Moline, Ill., nearly three decades ago. I was speaking on my chunky cellphone with a client about Alan Greenspan’s “irrational exuberance” speech, reassuring him that equities were still a good investment.

When the call ended, the driver said something startling: “Thank you for your success.” I asked why my success made him grateful. He replied, “First, because of your success, you’re a paying customer for me. Second, you would not be successful unless you have a product that makes your customers happy, and that makes the world a better place.”

In a healthy capitalist system with strong rule of law and a light regulatory burden, success means producing something people value more than its price and are therefore happy to buy…

Thirty years on, I still remember my driver’s insight. His wisdom wasn’t his gratitude for me; he didn’t know me. It was his rejection of resentment and his respect for those who succeed. Most success is earned by improving an ever-changing world. In a world awash in the politics of envy, he practiced a politics of gratitude. Instead of resenting success, can’t we be grateful when achievement is fairly earned?