Debunking Economics - the podcast

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22. Fixing the Issue of Hereditary Wealth

January 30th, 2017

The rich poor gap in modern society isn’t just related to income. In fact, recent statistics in the UK point to a narrowing of the income gap since the financial crisis. The bigger issue is the inheritance of wealth, giving some a head start and inflating house prices beyond the reach of many. In this edition Phil Dobbie asks Prof. Steve Keen whether a heftier inheritance tax is the answer. There’s discussion of the problems with that approach, how land tax is similarly distortionary, and a suggestion of a better way of narrowing the gap – but we’d better do something about it, before civil unrest reaches fever pitch.