>This is a very hard case to make when Graham's money quote, at the start of the essay, is from a Nobel-Prize-winning economist saying, pretty much in so many words, that rich people get rich by taking stuff from poor people--which is exactly the claim Graham is arguing against.
Not quite. All that Graham attempts to show in the essay is that rich people could, in principle, get rich without taking stuff from poor people. No-one really disputes that this is in principle possible. However, as Stiglitz points out in the book that Graham chooses to quote out of context, this doesn't appear to be how the rich have in fact got rich over the past decade or two.
Not quite. All that Graham attempts to show in the essay is that rich people could, in principle, get rich without taking stuff from poor people. No-one really disputes that this is in principle possible. However, as Stiglitz points out in the book that Graham chooses to quote out of context, this doesn't appear to be how the rich have in fact got rich over the past decade or two.