It's garbage opinions like this that makes PG so tiring. The superficial air of reasonableness makes it attractive to younger SF tech people who haven't experienced the context out of which these arguments arose and have no idea who he's plagiarizing/channeling. (For starters, the distinction between wealth and money/capital goes back at least to the 17th century.) For those who are more interested in being the "next unicorn" than engaging seriously with ideas, his little "essays" serve as kind of armor--we don't have to think about that problem because PG wrote about it!