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Russ, it sounds like you are defending crony capitalism. I suspect that "young people" are objecting to the concentration in wealth at the top .1%. If you want to defend crony capitalism, you need to describe how wealth concentration benefits the 99%.
Wealth concentration per se may not benefit the 99%. But things that cause wealth concentration, like startups, do.
Seems to me a great argument for high-inequality, high-transfer; starting with the US in the mid-twentieth century, and across the OECD, it is a reliable tonic for high growth and high happiness.
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