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Writer's pictureAdhitya Raghavan

In Money We Trust: The Price of Progress

Wealth shapes innovation, education, and our values. Who’s really in control?


Money has become the conductor of the orchestra we call life. And the rest of us? We’re just playing along. But before you think this is another lecture on money and happiness or some tale about buying yachts and beach houses, let me stop you there. No, this is about money’s role in society — its power to shape, control, and define how we live and what we value. And like any tool, it can be used for good or bad. So, are we using it as well as possible? Let’s take a look at how money influences some of the most critical aspects of our world.


Money’s Role in Innovation: The Billionaire Boys Club


Innovation today feels less like a collective endeavor and more like a spectator sport where a few select billionaires are the star players. What was once driven by curiosity and a sense of wonder has turned into an exclusive game of "who can go higher" — literally. The space race, once a symbol of human ambition and cooperation, has turned into a contest between the world’s wealthiest, with Elon Musk treating Mars like his personal summer house project. And it doesn’t stop there. Musk buys Twitter — now “X” — as if it's a plaything, reshaping global communication with all the finesse of a tweetstorm.


What’s concerning is that these billionaires aren’t just toying with their personal interests; they’re steering the future of innovation itself. Groundbreaking projects, the kind that could make a real impact on society, are at the mercy of a handful of ultra-wealthy individuals. The capitalist incentive system, meant to foster progress, seems broken. Shouldn't doing good for society be its own reward? Instead, we wait on the whims of philanthropists to decide whether it’s a good time to fund climate change initiatives or medical research 


Money in innovation should act as a catalyst for progress, not as an exclusive gatekeeper. Instead of relying on a handful of billionaires or large corporations to determine the future of innovation, funding should be decentralized and accessible to a broader pool of innovators, including grassroots and local projects that address real-world challenges. Mission-driven investments that prioritize long-term social and environmental benefits over short-term profits are essential. We should foster collaboration between innovators, encouraging open-source platforms and partnerships to share knowledge and resources. Ethical standards must guide these investments to ensure they align with the broader public good. Finally, risk and failure should be embraced as part of the innovation process, with dedicated funding for high-risk, high-reward projects that might not yield immediate financial gain but have the potential for significant positive impact.

Money’s Role in Education: The Invisible Hand in Academia


If you thought academia was a sanctuary from the influence of wealth, think again. The classrooms where we educate the next generation are not immune to the sway of deep-pocketed donors. In some cases, what we teach and the research we pursue are directly influenced by the interests of those who bankroll the institutions. Sure, cutting-edge research isn’t cheap, but when did the quest for knowledge become a branded commodity? Are we really advancing science, or are we just advancing the agendas of the people who can afford to make the largest donations?


Take universities, for example. It’s an open secret that many departments thrive or suffer based on the funding they receive from donors. Degrees in fields like the humanities, such as philosophy or literature, which are critical for fostering critical thinking and cultural awareness, often struggle with funding because they don’t promise immediate commercial returns. Meanwhile, business or tech-oriented programs receive significant backing because they align with corporate and donor interests. This disparity raises the question: Are we advancing knowledge for the sake of society, or just catering to the interests of those who can afford to influence it? Is there a way to disintegrate these financial incentives, or have we resigned ourselves to the fact that money equals power, even in the realm of learning?


Personal Reflections: The Freedom and Limitations of Money


Having spent time in the nonprofit sector and attempting to build a nonprofit myself, I’ve seen firsthand how money can steer good intentions awry. It’s hard not to notice the freedom that comes with wealth. I was floored when someone once told me that becoming a successful in the private sector is essentially a fast-track to a career in politics or philanthropy. Imagine that — the world’s ethical compass swinging between boardrooms and government offices. The notion that success in technology or business is a stepping stone to influence every other sector is both fascinating and alarming.


Closer to home, I’ve also witnessed how money — or the lack thereof — impacts how we value people. In conversations with loved ones, especially women, I’ve been told, “At the end of the day, you all glorify those in the family who’ve been financially successful. No one sings praises for those of us who sacrificed careers (willingly) for the good of the family.” It’s a sobering truth. The unsung heroes, the people who pour their time, energy, and love into others, are often overshadowed by those who bring home a larger paycheck. Why is it that money, above all else, seems to dictate who gets the applause?


Money: A Tool for Good or Bad


As I reflect on these ideas, I come back to the core question: Is money really freedom? It certainly feels like it at times, but I’m reminded of a Tamil proverb that loosely translates to: “If you have some money in your hands, you are its master. But if you have money up to your neck (metaphorically), it becomes your master.” As a broke student, money is more of a distant goal than a daily reality, but if I ever find myself in a position of financial comfort, I intend to be a good temporary steward of it — to use it wisely and ensure it flows to where it can make a meaningful impact.


In the end, money is a tool, just like a hammer or a bicycle. It can build or destroy, take you on a meaningful journey or leave you spinning your wheels. And it’s up to us how we wield it. This isn’t a disparagement of capitalism — I wear the HBS colors proudly, after all. But it is a call to use money in newer and better ways, ensuring that its power serves more than just the few. After all, in the right hands, money could be a force for good — but let’s not forget, it can also be a force for something else entirely.

Adhitya Raghavan (MBA ’25) is originally from Chennai, India. He learned about rockets during his undergrad at Princeton, studying Mechanical and Aerospace engineering. Adhitya loves playing sports and attempting to write poetry, and hopes to build his own energy company post-HBS.

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