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Grant comments on Helpless Individuals - Less Wrong
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I'm not sure I buy the Harvard story (even if it had some truth to it, there are lots of ways to get around this sort of thing, and if it were ever a serious constraint I'd imagine Harvard would be pretty good at finding those ways by now). But your broader point is valid; it would be good to have actual data about this.
The Harvard story is actually true, and yes, they have found the ways around it.
Basically, one main strategy is that you invest the original donation in such a way that the dividends and capital gains go into the general endowment. Within a generation or two the problem is solved. You can do that when you're immortal.