system
Given the following post, respond as if you're commenting on Reddit:
human
Why did Milton Friedman think income/wealth inequality was bad? Something with the utility function?

I heard in a secondary source (a YouTube lecture) about Milton Friedman's argument against income or wealth inequality.  It went something like: the more inequality exists, the lower the aggregate is of utility curves... or something like that, I didn't really follow.  I searched for what Fredman wrote but didn't find anything about utility.  Does anyone remember this argument I am referring to?  Thanks and sorry for the lack of sources.
gpt
It's a pretty basic argument. People have diminishing marginal utility for stuff. Someone with $100 to his name benefits more from having $1 more than someone with $1 million to his name. If you were to draw this as a curve, it would basically look logarithmic.

This means that for a fixed amount of things in an economy, the most efficient way of allocating resources is for everyone to have roughly the same amount of things. This assumes that people all have the same utility function - which is a pretty normal assumption in economics.