Steven Levitt at the Freakonomics blog recently drew attention to Bill Gates's speech at Davos, and described it as "probably right" and "beautifully argued".

I disagree.

Bill Gates is essentially making this case:
As I see it, there are two great forces of human nature: self-interest, and caring for others. Capitalism harnesses self-interest in helpful and sustainable ways, but only on behalf of those who can pay. Philanthropy and government aid channel our caring for those who can't pay, but the resources run out before they meet the need. But to provide rapid improvement for the poor we need a system that draws in innovators and businesses in a far better way than we do today.
Here's my reaction:

Bill Gates’s reasoning is thoroughly and completely wrong. Not only that, but it is wrong in very dangerous ways.

If Bill Gates’s argument were true - that a system innovation is necessary to harness people’s creativity to serve the needy - then hundreds of millions of people in China would not currently be climbing the economic ladder in a capitalist environment.

The fact is, all those people are climbing the economic ladder, while billions of people in Africa are not.

In order to understand why capitalism does not appear to be improving the lives of people in Africa, Bill Gates ought to read Richard Lynn’s book “IQ and Global Inequality”.

However, I’m afraid that reading that book, and accepting it, would require him to perform a 180-degree turn on the values and principles that his work at the Bill & Melinda Gates Foundation shows he has completely embraced.

Unfortunately, such an about-face, on such an important issue, by such a prominent person, is near infeasible, which is a pity, because Bill will continue to squander billions in futile ways - and worse, he might influence millions of other people, possibly to actually come up with “system innovations” such as he described, and turn the whole world for the worse.

Naturally, I am smarter in these things than Bill Gates, but of course you already knew this ;) :P

No, seriously. I think Bill is wrong, and the reason he's wrong is, he didn't take years to contemplate and research this issue before he invested his billions.

Meanwhile, I did, and this may be partly why I don't yet have billions.

Maybe I'll have them, say, if the dollar collapses enough. :)

But for him, now, it's already too late, he's already too far in. Even if he wanted to do an about-face, it is much more difficult now, because now he has to counter the sunk cost fallacy.