Each of us expects the others to behave rationally.
While each of us rationalizes their own biases.
And considers this to be normal!

Not so long ago – evolutionary speaking, things were free. As in ‘up for grabs’.
Our not so distant forefathers fed and clothed themselves by picking ‘things’ from nature.

By talking to each other they had become conscious human beings.
Then came up with the notion of property.

‘If I/we have this thing, you cannot have it too’.

Using this notion, they introduced some order unto the social stage.
Some things, albeit fewer and fewer, remained free/up for grabs while the rest – specially ‘the things of interest’ had become private.

Entertaining the notion of property means that individuals are able to link an object to its owner.
This link is a piece of information.
Discussing and remembering who owns what, our forefathers realized that information is important. Not only the information regarding the link between owners and their property but also information in general. Whatever ‘useful’ things had been learned, remembered and passed around.
Thus information became ‘a thing’.

The order created by the communities using the concept of property and by actively circulating information among the members had become the premise for those communities to thrive.

Somewhat naturally, the members of those communities had reached the conviction that:
Property is good. And that more property is better.
Old people are precious. For the simple reason that they deposit what had happened. By sharing their memories, old people make it so that the younger ones don’t need to learn again and again.

Since property and remembered information were good for the community, the communities using them developed faster and had a way better survival rate than those who didn’t. For whatever reasons.

Since in reality people rationalize rather than think rationally, they have reached the conclusion that the rich and old people were the ultimate cause for the well being of the community.
The individuals, not the modus operandi of the community.