Rory Sutherland

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.

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 one of the things that strikes me as genuinely horrific is the extent to which I think the tax system is kind of garantophilic in that, you know, there are huge, huge concessions in terms of pensions that are given out, huge concessions in terms of inherited property, huge concessions in terms of capital gains and existing property.

And one of the things that strikes me as genuinely horrific is the extent to which I think the tax system is kind of garantophilic in that, you know, there are huge, huge concessions in terms of pensions that are given out, huge concessions in terms of inherited property, huge concessions in terms of capital gains and existing property.

And one of the things that strikes me as genuinely horrific is the extent to which I think the tax system is kind of garantophilic in that, you know, there are huge, huge concessions in terms of pensions that are given out, huge concessions in terms of inherited property, huge concessions in terms of capital gains and existing property.

You also get this utter absurdity, which fascinates me, which is that, um, there are four-bedroom houses which have one or two pensioners knocking around in them. Nothing wrong with that, you might argue, except those pensioners are often skint. OK, now it's a weird kind of way of being a millionaire that you live in a massive house that you don't entirely need.

You also get this utter absurdity, which fascinates me, which is that, um, there are four-bedroom houses which have one or two pensioners knocking around in them. Nothing wrong with that, you might argue, except those pensioners are often skint. OK, now it's a weird kind of way of being a millionaire that you live in a massive house that you don't entirely need.

You also get this utter absurdity, which fascinates me, which is that, um, there are four-bedroom houses which have one or two pensioners knocking around in them. Nothing wrong with that, you might argue, except those pensioners are often skint. OK, now it's a weird kind of way of being a millionaire that you live in a massive house that you don't entirely need.

Now, if you simply saved a hell of a lot of money and you just like living in a big fuck off house, well, you can argue that's kind of, you know, you're entitled to that. But you literally get people living in these extraordinary houses who are, you know, going to Lidl and worried about the price of lemons. Yeah. Okay. Pretty weird.

Now, if you simply saved a hell of a lot of money and you just like living in a big fuck off house, well, you can argue that's kind of, you know, you're entitled to that. But you literally get people living in these extraordinary houses who are, you know, going to Lidl and worried about the price of lemons. Yeah. Okay. Pretty weird.

Now, if you simply saved a hell of a lot of money and you just like living in a big fuck off house, well, you can argue that's kind of, you know, you're entitled to that. But you literally get people living in these extraordinary houses who are, you know, going to Lidl and worried about the price of lemons. Yeah. Okay. Pretty weird.