Rory Sutherland

And that leads to, I think, a kind of absurdity, which is that one piece written about this is it's not actually intergenerational inequality that's the problem.

And that leads to, I think, a kind of absurdity, which is that one piece written about this is it's not actually intergenerational inequality that's the problem.

And that leads to, I think, a kind of absurdity, which is that one piece written about this is it's not actually intergenerational inequality that's the problem.

It's going to be intragenerational inequality when people start inheriting houses or not inheriting houses, because you can literally have the situation where you can work incredibly hard for 30 years and reach a position of some eminence in a business or in an institution.

It's going to be intragenerational inequality when people start inheriting houses or not inheriting houses, because you can literally have the situation where you can work incredibly hard for 30 years and reach a position of some eminence in a business or in an institution.

It's going to be intragenerational inequality when people start inheriting houses or not inheriting houses, because you can literally have the situation where you can work incredibly hard for 30 years and reach a position of some eminence in a business or in an institution.

And because your parents happen to live in an area of low house prices or didn't own a house at all, you're still living somewhere crap. Whereas your underlings, you know, whose parents lived in Surbiton or Kensington or whatever it may be, okay, are basically swanning around in palaces going on cruises all the time.

And because your parents happen to live in an area of low house prices or didn't own a house at all, you're still living somewhere crap. Whereas your underlings, you know, whose parents lived in Surbiton or Kensington or whatever it may be, okay, are basically swanning around in palaces going on cruises all the time.

And because your parents happen to live in an area of low house prices or didn't own a house at all, you're still living somewhere crap. Whereas your underlings, you know, whose parents lived in Surbiton or Kensington or whatever it may be, okay, are basically swanning around in palaces going on cruises all the time.

And that does strike me as a fundamental flaw that we've created this system where unearned income, which is not really particularly meritocratic, or inherited income, is treated incredibly generously, whereas earned income, I think the top... If I'm right, is it the top... 5% of taxpayers pay 50% or 60% of all income tax. So in America, it may be the same here too. Probably the same here.

And that does strike me as a fundamental flaw that we've created this system where unearned income, which is not really particularly meritocratic, or inherited income, is treated incredibly generously, whereas earned income, I think the top... If I'm right, is it the top... 5% of taxpayers pay 50% or 60% of all income tax. So in America, it may be the same here too. Probably the same here.

And that does strike me as a fundamental flaw that we've created this system where unearned income, which is not really particularly meritocratic, or inherited income, is treated incredibly generously, whereas earned income, I think the top... If I'm right, is it the top... 5% of taxpayers pay 50% or 60% of all income tax. So in America, it may be the same here too. Probably the same here.

I mean, that's, by the way, it's a kind of statistical artifact. You generally, you usually find those power law effects. So it's not quite as weird as it sounds. But nonetheless, that is quite weird when you think about it. Now, one thing I thought was extraordinarily interesting as an idea is, You know that chap who wrote The Trading Game? Gary Stevenson. Gary Stevenson.

I mean, that's, by the way, it's a kind of statistical artifact. You generally, you usually find those power law effects. So it's not quite as weird as it sounds. But nonetheless, that is quite weird when you think about it. Now, one thing I thought was extraordinarily interesting as an idea is, You know that chap who wrote The Trading Game? Gary Stevenson. Gary Stevenson.

I mean, that's, by the way, it's a kind of statistical artifact. You generally, you usually find those power law effects. So it's not quite as weird as it sounds. But nonetheless, that is quite weird when you think about it. Now, one thing I thought was extraordinarily interesting as an idea is, You know that chap who wrote The Trading Game? Gary Stevenson. Gary Stevenson.

He makes a very valid point, whatever else you think, which is that nearly all economic models use single representative agents to populate the models, which is they assume that the person whom they're trying to optimize for is an average of everybody. And as a consequence, inequality doesn't feature in those models because you're simply dealing with an average.

He makes a very valid point, whatever else you think, which is that nearly all economic models use single representative agents to populate the models, which is they assume that the person whom they're trying to optimize for is an average of everybody. And as a consequence, inequality doesn't feature in those models because you're simply dealing with an average.

He makes a very valid point, whatever else you think, which is that nearly all economic models use single representative agents to populate the models, which is they assume that the person whom they're trying to optimize for is an average of everybody. And as a consequence, inequality doesn't feature in those models because you're simply dealing with an average.

And so if Bill Gates walks into a football stadium, everybody in the football stadium is actually a millionaire suddenly on average. It's simply not a reliable thing to do.

And so if Bill Gates walks into a football stadium, everybody in the football stadium is actually a millionaire suddenly on average. It's simply not a reliable thing to do.