>The classic reply to this is that inequality reduces the agency of people to make decisions in the society - IOW it causes _power_ inequality.

The only agency it reduces is the agency for people to make decisions about what should be done with other people's wealth. Which is not a productive agency for them to have as they've got an incredible conflict of interest to just waste it on themselves.

I have changed my opinions on this. Land reform initiatives have been carried out globally at different points and it has been seen as broadly useful and necessary. Why?

Medial and pre-medieval times, debt cancellation was also broadly necessary and done. Why?