A very creative and insightful piece by Steve Randy Waldman on income inequality makes the case that social resilience in a productive modern society is greatly weakened by an aristocratic/feudal income structure.
It’s hard to summarize. Here’s how it starts:
I think there is a tradeoff between inequality and full employment that becomes exacerbated as technological productivity improves. This is driven by the fact that the marginal benefit humans gain from current consumption declines much more rapidly than the benefit we get from retaining claims against an uncertain future.