This paper is focused on the United States and California, which have specific income and capital gains taxes. It doesn't indicate what would happen in other co

This paper is focused on the United States and California, which have specific income and capital gains taxes. It doesn't indicate what would happen in other countries, or what happened under different tax structures in the past in the US (say right after WWII). I don't buy that the message that one should take from this paper is to abandon capital investment, rather that such investment is best accompanied by programs that help those that do not directly benefit from the investment. And that re-educate and help those who feel the sharp edge of creative destruction.