Paul Graham has written some great essays: like here.
But “Economic Inequality” is not one of them.
I’ll make just a few points here.
- Nothing in Paul’s essay is incompatible with a policy of taxing the wealthy more and instituting a basic income in the United States.
- Taxing the wealthy more and instituting a basic income would reduce inequality.
- Taxing the wealthy more and instituting a basic income would not reduce entrepreneurship and wealth creation much at all if any.
- In fact, with the safety net of a basic income in place, more people, not fewer, would be able to get into the entrepreneurship and wealth creation game.
- Taxing the wealthy more and instituting a basic income would make the wealthy a little less wealthy, but leave them still very wealthy.
- You can be concerned about highly concentrated wealth for more reasons than simple envy. Concentrated wealth is also concentrated power. A democracy has some interest in making sure a small collection of individuals doesn’t have too much power over everyone else.
I’ll leave it at that for now, and pass the baton to Russell Okung, who makes some very good points from a different angle: