Modeling a Wealth Tax: http://paulgraham.com/wtax.html
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The US has a lot to offer that isn’t tax benefits. So then the question, I think, is how do we invest in those opportunities that make the US so attractive for, say, the Collisons to leave a tax haven like Ireland to start a business here?
The things that make the US attractive to founders are mostly network effects, not the result of government spending. Founders and investors want to be in startup hubs like SV because that's where other founders and investors are.
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This may be true now (arguable it’s not), but doesn’t have to be if we reimagine govt spending. A takeaway from Loonshots from
@SafiBahcall and his depiction of Vannevar Bush was that government spending in the right way has the capability to nurture major boom cycles.Thanks. Twitter will use this to make your timeline better. UndoUndo
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I think it’s be hard to argue that public spending did not play a major factor in helping to establish those networks, whether that’s by creating markets (eg Fairchild Semiconductor), R&D, or creating technology and providing initial capital (eg Apple).
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It’s too much to get into all this in tweets, but if you are honestly curious, I’d recommend reading The Entrepreneurial State by Mazzucatto to get a sense of how much public funding made SV possible.
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