Paul Graham：How People Get Rich Now, Excerpt 5

Once you understand how these mechanisms work, and that startups were suppressed for most of the 20th century, you don't have to resort to some vague right turn the country took under Reagan to explain why America's Gini coefficient is increasing. Of course the Gini coefficient is increasing. With more people starting more valuable companies, how could it not be? Notes [ 1 ] Investment firms grew rapidly after a regulatory change by the Labor Department in 1978 allowed pension funds to invest in them, but the effects of this growth were not yet visible in the top 100 fortunes in 1982. [ 2 ] George Mitchell deserves mention as an exception.

Source： https://paulgraham.com/richnow.html
Locator：Essay, additional excerpt 5 · Verified：2026-10-19 · Verification：Short excerpt

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