A bag of true and completely false information. For example, wealth is not always inherited, it is often times self-made. What is true is that the tax and corporate system greatly favors elites at the expense of the middle class which leads to a society that is out of balance. The only way to prevent riots and a revolution is to manipulate the masses into thinking the American dream is alive and well and that anyone who works hard can make it. That is not true. Riches, especially enormous riches, are a very complicated combination of pure luck, hard work, smarts, and good timing. Not everyone who works hard gets rich.
He didn't suggest otherwise. He just pointed to its snowballing effect.
I cannot find a single fault with his presentation.
I suspect you both are describing sides of the same coin.
Without having watched the video (saving it on my watch list for weekend) if it already covers what I'm about to say: What the markets do is to take an initial wealth distribution and transform it into an exponential one. To see why that happens, model final wealth as a product of random trade outcome wealth multipliers.
Let's say you could either increase your wealth by 15% or decrease it by 10% every year (or whatever interval or multipliers). Then your final wealth will be something like InitialWealth * 1.15^Wins * 0.9^Losses. Whomever happened to get a lot more wins than losses will be massively more wealthy than everyone else. And as we know from the binomial distribution, those cases are rare.
So, at the right tail, you will necessarily have some obscenely wealthy people that simply were very lucky. In reality, for most people it's not about making wealth altering choices even every year, but a few critical choices with huge multipliers.
Of course, as we know, a guy like Musk is not where is he just because he was lucky, so it's a way simplistic argument. It also leaves out other important effects, like minimum living costs being a much greater proportion of a poor person's income. Nonetheless, in aggregate it's not an entirely unreasonable thought that in the way markets are designed, by chance alone, some people will necessarily become obscenely wealthy compared to the median person.
Obviously, I got this idea from somewhere but I can't remember the link or search term. If someone would enlighten me what it's called I would be more than happy.
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