Entrepreneurialism is not the drive to accumulate wealth

Although it is difficult if not impossible to sympathize with the super-rich who are portrayed in this article by the New York Times, I think that multimillionaire John McAfee, one among their ranks, makes a good point when he  somewhat remorsefully says this in the Times comments section:

The Entrepreneurial spirit is what made America great. But we have over time equated entrepreneurism with the drive to accumulate wealth, which is a perversion of this spirit.

And this is why we have every reason to approach with skepticism those who suggest that investment bankers are owed the kind of pay and bonuses they have gotten–by the American taxpayer, no less. Figuring out ways to accumulate wealth is not entrepreneurship. Inventing or selling a good or service that improves other people’s lives is. Though certain investment instruments like the 401(k) might fit this bill, using opaque investment instruments to bet on risk does not.