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.
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.