Paul Graham's interesting essay

Miklos Hollender — Thu, 06 Mar 2008 22:10:35 GMT

It's an good one I think - rarely I see such a well-worded defense of capitalism:

http://www.paulgraham.com/gap.html

I like especially this idea:

"Part of the reason this subject is so contentious is that some of those most vocal on the subject of wealth—university students, heirs, professors, politicians, and journalists—have the least experience creating it. (This phenomenon will be familiar to anyone who has overheard conversations about sports in a bar.)

Students are mostly still on the parental dole, and have not stopped to think about where that money comes from. Heirs will be on the parental dole for life. Professors and politicians live within socialist eddies of the economy, at one remove from the creation of wealth, and are paid a flat rate regardless of how hard they work. And journalists as part of their professional code segregate themselves from the revenue-collecting half of the businesses they work for (the ad sales department). Many of these people never come face to face with the fact that the money they receive represents wealth—wealth that, except in the case of journalists, someone else created earlier. They live in a world in which income is doled out by a central authority according to some abstract notion of fairness (or randomly, in the case of heirs), rather than given by other people in return for something they wanted, so it may seem to them unfair that things don't work the same in the rest of the economy.

(Some professors do create a great deal of wealth for society. But the money they're paid isn't a quid pro quo. It's more in the nature of an investment.)"

Political Theory

Paul Graham's interesting essay