He states the US unfunded liabilities are $3-4 Trillion. I'm guessing this lecture is from around 1980. Today unfunded liabilities are estimated to be $127 Trillion! The Millennial generation is SCREWED!
Adult media is a very interesting industry, not because of the nature of the content, but because of how innovative they've always been in getting that product to the customer in newer and better ways.
Q and A rounds normally show how sophisticated Professor Friedmans views are. Sometimes the preceding lectures seem a bit political but you realize it's full force with the sophisticated answers he gives.
Our society in the US, has a huge misallocation of resources, we have tax attorneys, tax accountants, estate tax specialists, etc, using the time and talent to people people navigate an egregious tax code. The point he's making is that if we lower the tax rates, these people wouldn't be needed and we would have greater tax compliance. e.g. it wouldn't be worth a investor's time and resources to hire multiple people to help him create a tax shelter in the Cayman Islands if he subject to a very low capital gains tax, he wouldn't spend more money to avoid the tax than to simply pay the tax. I hope that explained it more clearly for you :)
Ratio, only a small percentage of people inherit wealth. Vast majority of us start about the same, few hundred $$ of net worth in our early 20's. It is the choices we make over the next 35-40 years that matter. Distribution of resources would enable those who make bad choices to do so sooner.
Most inherited wealth is vine in two decades. It's a very select few hyper rich elites families that stay rich fro. generation to generation. You can't design the entirety of society around those exceptions.
Friedman's theory does not stand unless EVERY person was born resourceless and died at the same time (resources being reset in each round of competition), or unless it was considered in the long run, yet this meaning possible unnecessary hardships endured by many poor people at a disadvantage for generations (for golden boys inherit fortunes without economically meriting them). So SOME intervention is ALWAYS needed
ratio veritas Can one be a little bit pregnant? Can one have a little bit of government redistribution without it needing more and more and more until a little bit grows to a governmental leviathan that stifles the individual in servitude of the unelected unaccountable bureaucrat?
ratio veritas So is the Soviet way your theory? Are you willing we intervene and take some from you? If so, why wait, you can give your possessions to a good cause. I fear you only are willing for the 'intervention' to take from others and not yourself.
