He wasn't wrong.

This is true! Certainly, the relative share of the economic pie is not the same thing as the size of the pie. And policymakers should bear incentives and unintended consequences in mind.

That said... https://twitter.com/alexwsalter/status/1336342750099279873

If we observe that relative and absolute measures of wealth are different, then it also follows that growth in absolute levels of wealth can coexist with other kinds of problems caused by skewed distribution.

Indeed, one of the kinds of power that those with a disproportionate share of wealth tend to amass to themselves is the ability to direct the benefits of future growth to themselves--because of their existing market power, or because of political influence, or (usually) both.

...and we've seen a lot of that in recent decades.

Christian Democracy is not egalitarian in an absolutist sense. Some people having more than others is not something the state can *eliminate* without causing worse problems.

But if property is power, than a society that aspires to be a democracy needs widespread ownership.