Placeholder Image

Subtitles section Play video

  • When I studied economics at the Sloan School of Business many, many years ago, one of my professors said, Uh, there's no free lunch.

  • And I'm sure you remember this phrase when you were in the city.

  • Uh, no free lunch for people that don't know what that means is there's no free lunch.

  • You never get anything for free.

  • You're always gonna pay for anything you get.

  • And you know, right now people are getting, you know, 80% of their wages in furlough, and they're thinking, Okay, things were pretty good.

  • But I'm curious.

  • If if they really realized that their savings just went down to negative maybe in real terms or their mortgage on their property just doubled or, you know, all these other costs in the future are actually going up massively because they are actually paying for their own subsidized salary.

  • If they would accept it, or if they would be behaving in the same way, I don't know.

  • What do you think of that thought?

  • Well, it's a good It's a good question on bond right now.

  • I suspect most people, but the people who have received, you know, continuing to get most of their income on furlough.

  • Um, I would imagine.

  • Probably think it za good deal in the sense that they've been hit extremely hard on.

  • In a sense, quite rightly.

  • The cost of that will then be spread out across the wider population, many of whom were alive now.

  • But some of them aren't even alive because the extra taxes may come 30 40 50 years down the road on.

  • I think there is an argument, actually, which is kind of like an insurance argument for people who, through no fault of their own, have taken a huge hit to their income to get a kind of insurance policy from the rest of society.

  • Um, whether or not people are aware of the scale of it on just how much higher taxes might be on when the bill will be picked up, Um, I rather imagine that most people don't look too closely at the numbers.

  • You haven't got the same interest.

  • But Aziz, you and I am looking at, you know, what is the scale of government debt?

  • What is the size of the deficit?

  • If you share that out amongst the population, how much would higher taxes be in the future.

  • So it's a bit hard to know how many people would still, um, support the policies the government was following if they were looking closely at the numbers.

  • My guests, though at the moment is that there would be fairly widespread support for EJ.

  • Um, I think that's because of the moment.

  • Most people, I think, rightly recognize that those people who are unable to work and have lost their job, you know, are in a sense the very unlucky ease people through no fault of their own, because things would change if one were allowed to more or less indefinitely stay on a furlough on the incentive then for some people might be well, I don't really thought that keen to go and look for another job, and I think that's why the government is very keen that these very expensive support measures people on furlough are seen to be very much time limited on restricted to periods where it's the government itself has in a sense, force people not to be ableto work rather than something we're just gonna roll forward and extend forward, you know, right through much of next year and beyond.

  • I think The chancellor, you know, is rightly very reluctant to be seen to be willing to let furlough schemes Just run and run and run.

  • Wait, My wife Wild stop my wife.

When I studied economics at the Sloan School of Business many, many years ago, one of my professors said, Uh, there's no free lunch.

Subtitles and vocabulary

Operation of videos Adjust the video here to display the subtitles

A2 furlough people lunch scale sense government

NO FREE LUNCH: Why People Are Not Aware Of The Scale Of What Is Left To Pay - Professor David Miles

  • 4 1
    林宜悉 posted on 2020/11/20
Video vocabulary