Very astute insights backed with data. Thank you.
I admit I do not fully understand all the data you presented, but I agree the free market is essential to create the consumer surplus that is so vital to modern society. The great inventors and innovators of today should be rewarded by the free market. For me, the debate is not so much how much money they ought to be allowed to make but what loopholes should they be allowed to exploit and whether they should be allowed to make their profits while underpaying their employees.
As for how to deal with the “economic rents” plaguing the modern world, Denise Hearn would argue that we can’t have free markets if the oligopolies continue to exist and dominate government policies.
Anyways, I really appreciate the insights. I’ve learned a lot from your piece and I intend to research your thesis a bit more (urban zoning policies and the like).
I suppose the world would be a much better place if we had Democrats and Republicans who’d debate their policies like how you and I had with our respective articles on Medium :)