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Seth Bannon has a good post rebutting Graham's. He cites a number of studies, as well as a great analysis by Bill Gates.In the essay, his overarching point seems to be that an ever-increasing level of economic inequality is a necessary function of living in a healthy society where wealth is created for the benefit of all and innovation flourishes. Further, he argues that attempts to limit such inequality would mean “ending startups.” Neither argument stands up to scrutiny.