Debunking Economics - the podcast Milking inheritance
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Nov 13, 2024 The discussion kicks off with the implications of a new inheritance tax on family farms in the UK. Concerns about land as a familial legacy collide with issues of wealth inequality. The hosts critique existing economic theories and highlight pressures on younger generations. They advocate for a more equitable approach to inheritance tax, contrasting it with systems in countries like Australia. The potential imposition of land taxes on farming practices is explored, questioning how taxes influence property speculation and agricultural productivity.
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Inherited Wealth and Feudalism
- Conventional economics struggles to explain inherited wealth, attributing income to productivity, not ownership.
- This can lead to a form of feudalism where birthright determines income, not merit.
Keen's Mother's Home
- Steve Keen's mother lived in her home for over 60 years and was a vital part of her community.
- A wealth tax on her home could have forced her to move, highlighting the potential for community disruption.
Housing as Speculative Investment
- People invest in assets like houses as security and inheritance, viewing it as a speculative investment.
- This speculative mindset is fueled by the belief that house prices always rise.
