[jwesleyharding]

Did he read Piketty? It doesn't seem like he's even read it somehow: an awkward oversight if you're looking to contribute to high-level discourse about inequality.

He seems to assume that Ycombinator is a microcosm for the American economy, but this is a burdensome assumption for most who have even a casual interest in the subject.

For those who missed it: Capital, the recent intellectual best-seller on this topic, spent about 500 pages attempting to demonstrate that inherited wealth (NOT human capital) is the dominant force in the economy and that this tendency is only worsening, for fundamental structural reasons (r > g). In other words, we are entering a new gilded age.

Think Trump, not Zuckerburg.

So, I can't understand why Graham doesn't address this. If Piketty is correct, it renders meaningless almost every thing he writes in this piece.