The "economic inefficiency" associated with a guaranteed minimum income, or wage subsidy, plus a basic level of government provided health insurance, has less distortionary consequences than the current system with a minimum wage and employer-provided insurance.

But really, this kind of reduction in inequality has generally quite positive effects on economic growth and productivity, and everyone in the society, including the rich, winds up better off after the improvements have compounded for a few decades.

But starting would be easier. That's his point.