(You’re a smart man — I’d LOVE to hear your reasoning why the national incomes pie is more valid than the GDP/purchasing power pie. Personally, I don’t know yet).
An open letter to Paul Graham
Rick Webb
1K67

First off, I’d like to compliment you on the work you did in the article.

I don’t think it matters which is more valid. And simplifying value into one metric of national income or GDP is a really narrow view. Value (defined in our current economic system) is changing and takes many forms. Examining only one metric fails to capture the entire equation of value flowing in and out of an economic system. Value can have intangible forms such as trust, professionalism, and goodwill. They are all unmeasured today, but in the future will probably be leveraged & signify value/wealth. I can’t speak for Paul, but if you consider these variables (which I think he would), I think its fair to assume there is an expanding wealth pie as opposed to zero-sum.

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