6. Leonhardt on Cowen vs. Meyerson; I view inequality as a residual of processes in the real economy. Some common factors are causing both inequality and stagnation (e.g, lack of major broad-based innovations, problems with the financial sector, aging), and to some extent inequality and stagnation have different causes. As Scott Sumner says: "do not reason from a price change," I say: "do not reason from a distribution change." Changes in distribution are not autonomous causes of stagnation.