{"@context":"http://iiif.io/api/presentation/3/context.json","id":"https://iastate.aviaryplatform.com/iiif/319s17t80w/manifest","type":"Manifest","label":{"en":["Thurow, Lester C., Who Owns America"]},"logo":"https://d9jk7wjtjpu5g.cloudfront.net/organizations/logo_images/000/000/004/original/ISULogo.png?1601681107","metadata":[{"label":{"en":["Preferred Citation"]},"value":{"en":["Who Owns America. Iowa State University Lecture Series (RS 8/6/53). Special Collections and University Archives, Iowa State University Library, Ames, Iowa."]}},{"label":{"en":["Publisher"]},"value":{"en":["Iowa State University. Special Collections and University Archives"]}},{"label":{"en":["Rights Statement"]},"value":{"en":["There are no restrictions on access. (access)","This item is protected by copyright and/or related rights. You are free to use this item in any way that is permitted by the copyright and related rights legislation that applies to your use. 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all","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=17.55,19.26"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/3","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for braving this cold winter weather","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=19.26,21.32"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/4","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so as to attend this evening's lecture.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=21.32,23.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/5","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"A great deal of effort goes into coordinating","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=23.63,25.95"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/6","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"our National Affairs week","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=25.95,27.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/7","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"both on behalf of the faculty as well as students.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=27.53,30.513"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/8","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Yet it makes it all worthwhile","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=31.41,32.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/9","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when so many interested people come out","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=32.98,34.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/10","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to participate in the event.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=34.98,37.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/11","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So on behalf of the National Affairs Committee","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=37.01,39.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/12","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we hope you enjoy this evening's lecture,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=39.99,42.08"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/13","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as well as those events to follow","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=42.08,43.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/14","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the remainder of this week.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=43.83,45.18"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/15","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"This evening's speaker is professor Lester Thurow.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=46.09,49.46"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/16","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Currently he is professor of Economics and Management","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=49.46,53.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/17","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at Massachusetts Institute of Technology.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=53.34,56.22"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/18","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"His most significant contributions have been in the 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have","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=68.07,70.18"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/23","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or we all share a common interest in.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=70.18,72.52"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/24","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'm happy to say, after late planes, broken cars,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=72.52,76.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/25","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"late television tapings, delayed seminars","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=76.35,79.08"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/26","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that professor Thurow is here on schedule","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=79.08,81.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/27","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to talk about Who Owns America.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=81.91,84.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/28","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So without further delay","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=84.1,85.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/29","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if you will please help me in extending a warm Iowa welcome","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=85.62,88.55"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/30","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to professor Lester Thurow.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=88.55,90.678"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/31","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(students clapping)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=90.678,93.678"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/32","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Actually, you have a very simple task tonight","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=99.677,102.39"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/33","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and it was a task that was pointed out","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=102.39,103.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/34","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to me a couple of years ago when I was being introduced","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=103.9,106.51"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/35","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at Brigham Young, at the Mormon University.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=106.51,108.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/36","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I was told that in the book of Mormon","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=108.89,110.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/37","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there was the following parable","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=110.67,112.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/38","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that is at the beginning of the world God and the devil","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=112.72,114.92"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/39","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"were putting the world together.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=114.92,116.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/40","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"God would do something good","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=116.58,117.65"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/41","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the devil would do something bad.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=117.65,118.92"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/42","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They went back and forth for a while.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=118.92,120.19"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/43","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"God created day and the devil created night.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=120.19,122.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/44","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Finally, God created an 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heels.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=125.46,127.28"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/47","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He sat there for awhile","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=127.28,128.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/48","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"he scratched his 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truth","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=134.74,136.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/53","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is that when I was born","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=136.7,137.88"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/54","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"my parents lived in Paradise Valley, Montana.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=137.88,140.55"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/55","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So you know what side I come from. (students laugh)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=140.55,143.823"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/56","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I tell that story for another reason though","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=143.823,145.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/57","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because people are often fond of saying","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=145.87,147.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/58","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If there are 12 different economists in the room","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=147.59,149.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/59","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there are 12 different opinions.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=149.44,151.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/60","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think that's true and it's false.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=151.29,153.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/61","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's true, if you ask a group of economists","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=153.87,156.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/62","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the wrong question and its false","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=156.01,157.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/63","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if you ask a group of economists the right question.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=157.96,160.559"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/64","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The wrong question that people often ask is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=160.559,163.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/65","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what should I do about some particular problem?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=163.82,166.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/66","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And they tend to get 12 different answers back.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=166.99,169.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/67","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the reason they get 12 different answers back","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=169.91,171.71"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/68","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is that when you think about economic problems","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=171.71,173.36"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/69","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there are really two sets of things","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=173.36,174.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/70","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that have to go into an answer.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=174.91,176.61"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/71","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"One is some technical economics of what's going on","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=176.61,180.18"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/72","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but the other equally important thing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=180.18,182.25"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/73","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is some ethical value judgements","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=182.25,184.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/74","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as to whose income you think ought to go up","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=184.24,186.09"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/75","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and whose income you ought to go down.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=186.09,187.927"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/76","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because the basic problem is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=187.927,188.837"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/77","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if you think about real world economic policies","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=188.837,191.8"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/78","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that's what we're gonna think about tonight","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=191.8,193.312"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/79","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there are no policies so good","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=193.312,195.018"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/80","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that everybody's income goes up.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=195.018,197.17"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/81","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There are no policies so bad","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=197.17,199.09"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/82","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that everybody's income goes down.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=199.09,201.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/83","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Occasionally when I've taught","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=201.21,202.344"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/84","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the beginning economics courses at MIT,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=202.344,204.65"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/85","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I've tried to drive this home","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=204.65,206.56"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/86","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by offering a large reward to anybody who could think","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=206.56,209.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/87","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of any policies so bad that everybody's income went down.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=209.7,212.154"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/88","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I couldn't think of the counter example","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=212.154,214.57"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/89","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or any policy so good that everybody's income would go up.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=214.57,218.131"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/90","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I couldn't think of the counter example.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=218.131,220.79"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/91","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Students are often fond","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=220.79,221.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/92","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of coming back with something like,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=221.94,222.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/93","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"well what about a 10% tax cut for everybody?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=222.99,225.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/94","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, if you're gonna cut taxes by 10%","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=225.96,227.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/95","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you have to cut public expenditures.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=227.47,229.061"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/96","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And somebody's income is gonna go down","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=229.061,231.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/97","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because those public expenditures go down.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=231.91,234.19"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/98","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But even if you leave that out","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=234.19,235.61"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/99","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we have inferior goods in our economy like potatoes","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=235.61,238.68"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/100","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the higher your income, the fewer potatoes you will eat.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=238.68,241.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/101","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so when you cut taxes by 10%","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=241.76,244.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/102","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the demand for potatoes falls and the income","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=244.59,247.52"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/103","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of Idaho and Maine potato farmers goes down.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=247.52,249.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/104","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The best thing that could happen","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=249.94,251.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/105","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for a Maine potato farmer is a whopping big tax increase","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=251.34,254.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/106","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that would drive all of us to eat less meat","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=254.13,256.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/107","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and more potatoes, which would make that person better off.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=256.69,259.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/108","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that's an absolutely fundamental thing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=259.96,261.756"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/109","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and what we're gonna talk about tonight","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=261.756,264.12"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/110","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because tonight we're talking about the paradigm problem","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=264.12,267.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/111","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"where one group of people are gonna gain","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=267.43,269.04"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/112","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and another group of people are going to lose.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=269.04,270.927"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/113","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And there's no way to get away from that conflict.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=270.927,273.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/114","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That conflict is always there in any economic policy","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=273.64,276.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/115","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but the problem is in the area we're talking about tonight","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=276.82,279.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/116","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it's right on the surface.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=279.24,280.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/117","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If you increase transfer payments to the poor","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=280.59,284.02"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/118","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"somebody's taxes are going to go up","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=284.02,285.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/119","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to pay those transfer payments","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=285.84,287.25"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/120","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and their income is gonna go down.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=287.25,289.08"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/121","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Somebody's gonna get those transfer payments","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=289.08,291.28"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/122","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and their real income is gonna go up","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=291.28,293.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/123","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and you have to balance those two.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=293.1,295.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/124","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now an economist can't tell you exactly","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=295.41,298.19"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/125","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"how to balance those two","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=298.19,299.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/126","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"although I think there's some intelligent things to say","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=299.41,301.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/127","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"about that, which I'll talk about later.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=301.67,303.339"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/128","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But the important thing to understand is what","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=303.339,305.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/129","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the economists can tell you is,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=305.35,307.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/130","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"well if you raise taxes by a certain amount","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=307.0,309.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/131","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and you transfer money in different ways,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=309.43,311.57"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/132","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"how much of it will get through","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=311.57,312.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/133","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to the ultimate beneficiaries?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=312.73,314.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/134","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's the economic analysis, but you basically","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=314.6,317.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/135","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"have to plug your value judgments into that system.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=317.41,319.263"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/136","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I really wanna emphasize that at the beginning","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=319.263,321.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/137","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because I will try and keep reasonably clear when","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=321.9,325.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/138","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'm playing my economist's role","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=325.01,327.25"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/139","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as opposed to when I'm playing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=327.25,328.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/140","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"my ethical value judgment role in this area.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=328.63,332.282"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/141","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What I wanna do to start, however, is give you all a test.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=332.282,335.51"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/142","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So I want you to take out a piece of paper and a pencil.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=335.51,338.04"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/143","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I'm gonna ask you 10 questions","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=338.04,339.477"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/144","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and I want you to write down the 10 answers.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=339.477,342.05"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/145","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And then at the end I will give you the right answers","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=342.05,345.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/146","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and you can grade yourself.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=345.01,347.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/147","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, this is basically a test","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=347.85,350.12"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/148","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"about the distribution of income and wealth","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=350.12,351.78"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/149","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the United States.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=351.78,353.61"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/150","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I give it because obviously we can't start talking","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=353.61,356.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/151","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"about what ought we to do about the distribution","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=356.35,359.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/152","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of income and wealth, unless you know where you're starting.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=359.29,361.893"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/153","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I've given this test to lots of different audiences.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=362.84,365.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/154","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And just to jump ahead a little bit","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=365.53,368.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/155","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I tend to find that people don't give very accurate answers","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=368.07,371.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/156","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and so see if you fall into that category.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=372.04,374.363"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/157","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"First question is the following.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=375.54,377.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/158","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"These numbers all come from","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=377.53,379.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/159","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The Official Government Statistics,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=379.15,381.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/160","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the numbers on income and earnings all come out","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=381.0,383.02"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/161","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of The Annual Survey, which the federal government","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=383.02,385.19"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/162","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"does call The Current Population Report.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=385.19,387.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/163","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And then there are some wealth numbers","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=387.72,388.993"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/164","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that have been collected by the Federal Reserve Board","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=388.993,391.51"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/165","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the Internal Revenue Service.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=391.51,393.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/166","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"First question is if we looked at the bottom 20%","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=393.67,397.57"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/167","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of all households in the United States, what fraction","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=397.57,400.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/168","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of all the income in the United States do they have?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=400.53,403.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/169","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I want to warn you that I'm saying households","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=404.07,406.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/170","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and not families.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=406.41,407.92"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/171","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"A more common thing to talk about is families","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=407.92,410.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/172","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But the problem there is that you leave","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=410.01,411.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/173","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"out 25 million Americans","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=411.41,412.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/174","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when you start talking about families.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=412.99,414.77"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/175","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Households is a number which includes all Americans.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=414.77,418.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/176","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The second question is if you look at the top 20%","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=418.44,421.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/177","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of all the households in the United States,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=421.33,423.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/178","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what fraction of all the income of the United States","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=423.62,425.77"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/179","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"do they have?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=425.77,426.713"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/180","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Third question is if you look at the median black","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=428.45,430.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/181","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"household relative to the median white household","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=430.94,434.54"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/182","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what would be the ratio?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=434.54,435.66"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/183","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The blacks have 40% of what whites do 80, 120","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=435.66,439.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/184","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what's the relative income blacks versus whites","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=439.83,442.51"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/185","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the United 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available.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=446.6,448.483"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/188","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The fourth question is if you looked at Hispanic,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=449.38,451.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/189","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Spanish Heritage families, what's the ratio","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=451.75,454.57"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/190","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of Spanish family median family income","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=454.57,457.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/191","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to white median family income?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=457.03,458.923"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/192","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Fifth question is if you look at people","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=460.28,461.633"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/193","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that work full time, full year,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=461.633,463.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/194","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so you get rid of all part-time workers","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=463.63,466.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/195","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what would be the ratio of the average female earnings","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=466.1,469.14"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/196","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for full-time full year workers","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=469.14,471.09"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/197","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to the average male earnings","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=471.09,472.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/198","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for full-time full year workers?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=472.98,474.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/199","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The women make 110% as much 80% as much, 10% as much.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=474.84,479.363"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/200","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The sixth question,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=480.62,481.81"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/201","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in 1977 what was the average family income","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=481.81,484.86"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/202","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the United States?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=484.86,486.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/203","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now I'm shifting to families.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=486.07,487.573"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/204","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Hmm?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=488.89,489.788"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/205","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(indistinct)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=489.788,490.621"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/206","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Well either one I'll give you both numbers.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=490.621,492.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/207","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'm prepared to know the difference","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=492.24,493.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/208","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"between the median and the mean.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=493.76,495.36"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/209","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Seventh question, If your family income happened","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=496.96,499.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/210","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to be over $50,000.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=499.3,501.4"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/211","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now a family income means the income of the husband and wife","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=501.4,505.02"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/212","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and anybody living at home.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=505.02,506.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/213","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so to make it interesting","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=506.72,507.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/214","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for those of you who are students here","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=507.83,509.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/215","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"write down what you think your family income is,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=509.63,512.12"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/216","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"your parental family income.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=512.12,513.833"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/217","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So if you're over $50,000,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=515.65,518.04"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/218","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what fraction of the distribution do you fall in?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=518.04,520.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/219","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Top 10%, top 20%, top 50%, whatever.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=520.34,523.913"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/220","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"According to the official poverty line in the United States,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=524.93,527.66"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/221","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"question number eight","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=527.66,528.493"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/222","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what fraction of the Americans are poor?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=528.493,531.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/223","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The poverty line is set up for families of different size,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=531.24,536.17"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/224","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but if you were an urban family of four in 1977,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=536.17,540.11"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/225","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the poverty line is $6,200.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=540.11,542.8"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/226","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's simply the $3,200 that was set back in 1963","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=542.8,547.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/227","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"carried forward with cost of living escalators.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=547.1,549.483"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/228","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The ninth question shifts to wealth.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=550.78,553.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/229","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now physical wealth includes all of those things","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=553.29,555.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/230","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which private individuals can buy and sell.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=555.76,558.49"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/231","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Stocks, planes, cars, farms, land, houses, paintings.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=558.49,563.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/232","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It includes everything that physically exists","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=563.3,565.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/233","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the United States","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=565.59,566.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/234","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"except those things owned by government","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=566.63,568.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/235","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and those things owned by charities like churches.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=568.75,571.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/236","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So of all the wealth owned by private individuals","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=571.9,575.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/237","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what fraction of all that private wealth is owned","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=575.01,578.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/238","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by the poorest 25% of the population.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=578.62,581.293"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/239","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now this is net wealth.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=582.27,583.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/240","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So you take the person's assets","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=583.83,585.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/241","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and subtract their debts to get net wealth.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=585.63,588.243"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/242","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Obviously next question is what fraction of all the wealth","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=590.11,592.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/243","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the United States is held","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=592.41,593.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/244","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by the top 20% of the population.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=593.58,595.623"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/245","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, if I counted right, that's 10 questions.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=596.81,599.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/246","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'll ask you 11th question","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=599.34,600.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/247","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which you'll have to grade yourself on.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=600.73,602.65"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/248","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Write down your own family income","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=602.65,604.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/249","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and what percentile of the population you think you fall in.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=605.73,608.803"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/250","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In other words, if you have a $10,000 income","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=609.78,612.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/251","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"do you think that falls","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=612.62,613.68"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/252","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at the 20th percentile from zero to 100?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=613.68,616.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/253","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If you think you're the poorest person","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=616.29,617.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/254","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the United States, you write down zero.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=617.64,619.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/255","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If you think you're the wealthiest person","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=619.76,621.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/256","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the United States, you write down 100.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=621.33,623.14"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/257","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If you think you're absolutely average you write down 50.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=623.14,625.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/258","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Okay, everybody got their answers?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=628.77,630.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/259","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Let me give you the correct answers.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=630.96,633.425"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/260","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The first answer is that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=633.425,634.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/261","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the bottom 20% of all the households in the United States","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=634.76,638.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/262","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"have 4% of total income.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=638.13,639.833"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/263","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Second question was the top 20% of all households","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=641.39,644.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/264","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the United States have 44.5% of total income.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=644.5,648.683"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/265","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The ratio of black to white incomes in 1977 was 59%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=649.77,654.77"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/266","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The ratio of Hispanic to white incomes in 1977 was 75%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=655.21,660.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/267","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The ratio of the earnings of full-time full year women","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=660.9,664.25"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/268","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"vis-a-vis full-time full year men was 57%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=664.25,669.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/269","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The median family income in 1977 was $16,000","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=669.03,673.317"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/270","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the mean family income was 18,300.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=673.317,676.563"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/271","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"For unrelated individuals,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=677.52,678.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/272","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I didn't ask you this,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=678.98,679.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/273","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but for unrelated individuals the mean income was $6,000.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=679.85,683.813"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/274","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If you had over $50,000,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=684.76,689.18"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/275","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you were in the top 2% of the households","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=689.18,691.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/276","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the United States.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=691.43,692.483"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/277","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"11.6% of the population of the United States","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=694.91,698.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/278","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"lives below the poverty line.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=698.3,699.943"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/279","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Here's a question where very few people ever","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=701.07,702.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/280","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"get the right answer.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=702.87,704.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/281","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The bottom 25% of the United States own zero","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=704.27,707.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/282","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of all the wealth in the United States","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=707.84,709.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/283","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"their debts equal their assets.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=709.7,712.06"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/284","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So on net basis they own nothing.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=712.06,715.26"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/285","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The top 20% of the population own 80%","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=715.26,717.92"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/286","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of all the things there are to be owned","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=717.92,719.39"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/287","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the United States,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=719.39,720.78"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/288","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which means that the 55% in between own the remaining 20%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=720.78,725.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/289","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, the interesting thing is that the top half","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=725.5,727.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/290","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of 1% of the United States own 26%","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=727.43,731.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/291","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of all the things you can see.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=731.41,733.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/292","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now on terms of your own family income.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=733.58,736.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/293","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If your family income is $16,000","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=736.5,739.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/294","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"then you're at the 50th percentile.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=739.01,741.42"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/295","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If your family income was above 50","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=741.42,743.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/296","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you are in the top 2% of the population, 98 to 100.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=743.69,747.37"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/297","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If your family income was above $25,000","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=747.37,750.033"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/298","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you are in the top 22% of the population.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=750.033,753.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/299","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If your family income was $10,000 or less","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=753.21,755.193"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/300","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you are in the bottom 28%,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=755.193,757.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/301","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and if your family income is $5,000 or less,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=757.53,759.517"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/302","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you're in the bottom 9%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=759.517,761.413"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/303","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, I don't know how accurate you were","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=762.31,765.17"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/304","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but why I occasionally","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=765.17,766.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/305","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when it's a slightly smaller audience","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=766.16,767.66"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/306","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'll have somebody working with me","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=767.66,768.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/307","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and I'll collect these answers and grade them.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=768.99,771.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/308","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So I can feedback to the group, what the answers are.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=771.21,774.237"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/309","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And now what I find is the following.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=774.237,776.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/310","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I have given this test in a room full of people","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=776.53,778.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/311","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"where the average family income was $4,000.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=778.91,782.36"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/312","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I've also given this test in a room where","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=782.36,784.26"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/313","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the average family income was $300,000","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=784.26,787.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/314","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and everybody thinks they're closer","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=787.76,789.26"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/315","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to the average than they are.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=789.26,791.28"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/316","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Those $300,000 people should all write down 99.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=791.28,795.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/317","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They know they're above average","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=795.23,796.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/318","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but they tend to write down 60 or 70.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=796.41,799.09"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/319","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Those $4,000 people should all write down the bottom three","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=799.09,802.25"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/320","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or 4%, but they tend to write down 30 or 40.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=802.25,807.04"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/321","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because nobody in America likes to admit even","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=807.04,809.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/322","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to himself that he's not average.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=809.38,811.293"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/323","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Nobody's rich and nobody's poor","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=812.19,813.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/324","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"even if when they view it themselves","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=813.73,814.708"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/325","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but of course the facts are that, that isn't true.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=814.708,817.199"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/326","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There are some people who are rich","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=817.199,818.81"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/327","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and in fact, those rich people own a very large fraction","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=818.81,821.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/328","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of all the things there are to be owned","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=821.44,823.51"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/329","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the United States.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=823.51,825.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/330","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, if we take that as the starting point,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=825.15,827.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/331","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you know that's what the facts show.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=827.62,829.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/332","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Then the question is, what if anything","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=829.75,831.77"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/333","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"should we do about it?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=831.77,832.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/334","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now that's not fundamentally an economic question.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=834.6,838.37"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/335","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's really fundamentally a question","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=838.37,840.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/336","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"about what is your vision","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=840.72,842.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/337","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of what the good society ought to look like.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=842.62,844.679"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/338","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But that doesn't mean there aren't intelligent things","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=844.679,847.252"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/339","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that you can say about it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=847.252,848.37"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/340","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What I wanna think about for a few minutes","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=848.37,851.71"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/341","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is this problem of how do you decide what's fair and unfair.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=851.71,855.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/342","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'll warn you at the beginning that I can't give you","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=855.38,857.4"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/343","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a hard answer at the end, but I think there are a lot","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=857.4,860.52"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/344","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of easy facile answers","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=860.52,862.4"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/345","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that people give that just aren't true","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=862.4,864.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/346","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and just don't work.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=864.13,865.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/347","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I want to point out the problems","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=865.99,867.86"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/348","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with these easy, facile answers.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=867.86,869.883"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/349","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The easiest way and the kind of common way","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=870.82,873.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/350","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that Americans try and escape is to say,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=873.87,876.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/351","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"well, let's hide behind the concept of equal opportunity","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=876.23,879.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/352","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and a fair game.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=879.45,880.796"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/353","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You know, I don't know what outcome is fair,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=880.796,883.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/354","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but if the economy itself","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=883.43,885.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/355","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or the economic game itself is fair","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=885.38,888.11"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/356","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"then whatever output is produced, I'll think that's fair.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=888.11,891.093"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/357","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The problem is what's a fair game?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=892.03,894.233"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/358","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Let's imagine that you were sitting down from scratch","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=896.53,898.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/359","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to design the rules of football.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=898.53,900.085"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/360","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There are at least three things you'd have to decide.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=900.085,903.003"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/361","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"First thing you'd have to decide","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=903.97,905.32"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/362","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is what's the starting score.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=905.32,908.09"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/363","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's a terribly important thing to start.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=908.09,910.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/364","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Second question you have to decide is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=911.22,913.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/365","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"how often does the game start over?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=913.33,915.51"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/366","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Every 60 minutes, once a lifetime","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=915.51,918.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/367","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or once in all of human history?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=918.7,921.05"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/368","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the third thing you have to 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history","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=997.66,1000.36"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/401","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the score remains continual for all of human history.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1000.36,1004.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/402","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, you have to 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taxes?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1007.803,1010.19"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/405","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That has to do with the starting score","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1010.19,1012.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/406","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the question is how often do you 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occurred","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1020.92,1023.11"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/411","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"back when my ancestors were clubbing your ancestors","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1023.11,1025.66"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/412","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the caves.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1025.66,1027.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/413","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's a very peculiar concept of equal opportunity.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1027.44,1029.931"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/414","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You know, I'm a Duke","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1029.931,1031.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/415","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because my ancestor clubbed your ancestors.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1031.31,1033.74"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/416","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that gives me the right to have a larger 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years,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1059.51,1061.02"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/427","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the first time it started out with everybody","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1061.02,1062.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/428","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at the same starting line.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1062.67,1063.97"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/429","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It no longer does that, but it did it once","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1065.04,1067.027"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/430","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and when does our game start over?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1067.027,1069.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/431","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So basically I don't think the fair game solves the problem.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1069.48,1072.233"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/432","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You're still got a problem of saying","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1072.233,1073.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/433","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what's a fair distribution of economic resources?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1073.85,1076.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/434","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Second way that we try and escape from this problem of","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1078.18,1081.25"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/435","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"really facing up to what's fair and unfair is we say,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1081.25,1084.52"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/436","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"well we'll try and look at individual preferences","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1084.52,1088.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/437","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we'll aggregate them in some way","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1088.07,1090.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/438","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we'll kind of look at democratic voting so to speak","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1090.5,1094.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/439","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we'll add it all up and we'll figure out","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1094.47,1096.37"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/440","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what's the fair thing to do.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1096.37,1098.05"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/441","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, the problem you have to think about there","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1098.05,1100.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/442","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is basically how do you weight things and add them up.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1100.76,1104.65"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/443","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Economists work with various types of preference functions.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1104.65,1108.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/444","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And you can have what's called","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1108.47,1109.79"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/445","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"an additive preference function","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1109.79,1111.74"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/446","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"where you basically take each individual's welfare level","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1111.74,1114.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/447","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you add them up and you say that's the welfare","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1114.41,1116.93"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/448","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the whole society","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1116.93,1119.05"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/449","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we're going to maximize total welfare","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1119.05,1121.17"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/450","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"simply by adding up those individual welfares.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1121.17,1124.08"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/451","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The problem with that approach is what do you do","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1124.08,1126.51"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/452","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"about a miser who so much loves money","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1126.51,1131.12"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/453","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that it would really improve welfare","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1131.12,1132.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/454","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if we all had to give our money to that miser.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1132.96,1135.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/455","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because he gets more enjoyment out of money than you do.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1135.94,1138.74"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/456","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now in an additive, if you believe","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1139.79,1142.04"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/457","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that the world can really be added up in that way,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1142.04,1143.95"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/458","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you have a duty to give all your money to that miser,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1143.95,1146.36"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/459","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because that's gonna maximize welfare","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1146.36,1148.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/460","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"since that person gets more enjoyment out of money","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1148.48,1150.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/461","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"than you can get enjoyment out of that money.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1150.47,1152.247"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/462","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, we'd wanna say, well, that's crazy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1152.247,1154.297"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/463","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And there are various other techniques people have used","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1156.31,1158.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/464","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to add up these preferences","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1158.87,1160.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/465","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but they all run into problems of that sort.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1160.89,1163.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/466","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They lead to results that we don't like.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1163.21,1165.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/467","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"One of the other things we like to deal with","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1166.95,1169.833"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/468","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it's very much like the starting game","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1169.833,1171.65"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/469","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is that we say, \"Well, we'll pay people based on merit.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1171.65,1175.463"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/470","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"Whatever they merit they will get.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1176.587,1179.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/471","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, the problem is what you've merit","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1179.29,1181.14"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/472","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"also, isn't independent of the starting position.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1181.14,1184.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/473","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because let's imagine you have a society where all","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1184.53,1187.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/474","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the income is initially allocated","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1187.9,1189.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/475","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to people who love symphonic music.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1189.99,1192.503"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/476","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that's a society symphonic musicians will have","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1193.55,1195.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/477","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a very high income.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1195.99,1197.92"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/478","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In another society where all of the money","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1197.92,1200.68"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/479","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is originally allocated to people who hate symphonic music","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1200.68,1204.46"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/480","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"symphonic musicians will never have any income.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1204.46,1206.81"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/481","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What's the merit of symphonic musicians?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1207.74,1210.77"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/482","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, the merit depends very much on how the game started","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1210.77,1213.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/483","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"who had money in the first place","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1213.84,1215.8"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/484","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and what did they choose to spend that money on?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1215.8,1218.2"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/485","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If the game is started off","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1219.41,1220.61"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/486","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with a race of people who didn't need to eat","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1220.61,1223.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/487","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"incomes would not be terribly high on Iowa farms.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1223.15,1226.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/488","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If you start off with a race of people who love to eat","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1226.41,1229.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/489","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and indeed, then incomes are gonna be a lot higher","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1229.29,1232.61"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/490","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on Iowa farms than there otherwise would be.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1232.61,1234.8"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/491","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so the merit thing also doesn't","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1234.8,1236.97"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/492","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"get you out of the problem","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1236.97,1238.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/493","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because there, again, you have to say","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1238.38,1240.57"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/494","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what's the starting score because you can't say","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1240.57,1243.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/495","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what is anybody's economic merit","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1243.3,1245.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/496","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"without knowing that starting score.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1245.6,1248.93"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/497","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, one of the other interesting things in this area","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1248.93,1251.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/498","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is if you look at arguments that have classically","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1251.01,1253.86"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/499","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"been made about fairness","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1253.86,1255.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/500","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is both the extreme left and the extreme right","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1255.73,1258.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/501","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"have exactly the same answer to the problem.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1258.75,1261.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/502","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's called satiate wants.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1261.1,1263.25"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/503","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If you read Marx's Utopia, Marx was not an egalitarian","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1263.25,1267.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/504","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Marx really believed that productivity could be so high","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1268.21,1272.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/505","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that everybody would have everything they wanted","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1272.96,1275.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/506","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the marginal values of goods and services would be zero","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1275.43,1278.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/507","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and therefore nobody would want anything more.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1278.87,1281.42"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/508","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now everybody would be equally well off","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1281.42,1283.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/509","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because everybody would have everything.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1283.34,1285.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/510","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But he was not an egalitarian in the sense of believing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1285.27,1287.353"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/511","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that everybody would have exactly the same income","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1287.353,1289.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/512","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that would be fair.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1289.85,1291.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/513","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so he had this doctrine of satiated wants.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1291.7,1294.77"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/514","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now what does the extreme right belief?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1294.77,1297.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/515","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, the extreme rival basically say,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1297.16,1298.537"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/516","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"Well forget about this whole business about distribution.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1298.537,1301.197"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/517","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"Let's concentrate on economic growth","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1301.197,1303.567"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/518","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"and we'll eventually have so many goods and services","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1303.567,1305.887"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/519","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"that everybody has everything they want","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1305.887,1307.397"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/520","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"and we won't have to solve the problem.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1307.397,1309.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/521","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that's exactly what Marx said","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1309.67,1312.09"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/522","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in just slightly different language.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1312.09,1313.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/523","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The problem is that they're both wrong.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1313.75,1315.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/524","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That was a reasonable belief in the 19th century","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1316.88,1320.2"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/525","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the 20th century it's not a reasonable belief","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1320.2,1321.95"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/526","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because we know you can't satiate wants.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1321.95,1324.293"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/527","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Wants depend on relative factors","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1325.52,1328.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/528","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and they escalate just as fast as our incomes escalate","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1328.3,1331.22"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/529","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and so you can't solve the problem of equity","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1331.22,1334.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/530","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by basically saying we're gonna satiate everybody's wants.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1334.38,1337.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/531","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, interestingly enough in the early 1960s,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1337.67,1340.92"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/532","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"people admitted that and they said,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1340.92,1342.197"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/533","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"Well, you can't satiate wants","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1342.197,1344.517"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/534","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"but you can satiate physiological needs.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1344.517,1348.05"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/535","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In other words, we'll design what the minimum income is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1348.05,1352.19"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/536","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or should be based on what's the minimum amount of money","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1352.19,1355.95"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/537","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you need to have a perfectly balanced medical diet,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1355.95,1359.18"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/538","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"lead the normal life expectancy, et cetera.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1359.18,1363.11"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/539","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And there were a lot of studies done","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1363.11,1364.95"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/540","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in various universities around the United States","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1364.95,1366.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/541","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the early 1960s","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1366.84,1367.673"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/542","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on what was called the minimum diet problem.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1367.673,1370.027"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/543","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But it could just as well have been","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1370.027,1371.51"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/544","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the minimum housing problem or anything else.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1371.51,1374.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/545","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, let me ask you the question.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1374.23,1376.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/546","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If I were to ask you how much money would you need to have","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1376.5,1381.32"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/547","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to have a perfectly balanced medical diet for one year","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1381.32,1385.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/548","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"how much money do you think it would take?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1385.5,1388.02"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/549","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The answer in 1978 prices is about $190 per person per year.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1388.02,1393.02"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/550","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's a diet made up of four things.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1393.26,1395.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/551","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Soybeans, lard, liver, and a little bit of orange juice.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1395.67,1399.8"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/552","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's mostly soybeans and lard.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1399.8,1402.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/553","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You would be healthier than you now are,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1402.27,1404.552"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/554","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you would have a perfectly balanced medical diet","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1404.552,1407.57"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/555","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and I could even cut the cost.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1408.47,1410.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/556","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because if I would get you to eat slightly unusual things","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1410.58,1413.51"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/557","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"like dandelions which don't taste terribly good","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1413.51,1417.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/558","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but are quite nutritious","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1417.64,1419.19"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/559","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I could even cut the cost below $190 per person per year.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1419.19,1423.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/560","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now is that satiation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1423.41,1424.66"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/561","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when everybody in the United States has $190?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1424.66,1426.509"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/562","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I could ask the same question about heat.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1426.509,1429.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/563","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"How much heat do you have to have to live to be 76?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1429.07,1431.903"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/564","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now the answer is you could live","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1432.825,1434.61"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/565","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in a tent at 40 and probably be healthier","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1434.61,1437.235"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/566","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"than you are in your overheated houses.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1437.235,1440.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/567","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so we would come to the conclusion","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1440.21,1441.303"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/568","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that you needed very little heat","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1441.303,1443.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/569","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to live to be 76 years of age","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1443.47,1445.119"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/570","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we would go with it down the line","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1445.119,1447.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/571","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we would build up a very low income level","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1447.35,1449.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/572","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we would say, well, everybody's above satiation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1449.75,1451.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/573","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"therefore there is no problem.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1451.89,1454.474"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/574","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But of course that's not true","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1454.474,1455.92"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/575","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there is a problem","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1455.92,1457.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/576","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that number's not meaningful.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1457.31,1459.09"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/577","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now that number's not meaningful for the same reason","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1459.09,1461.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/578","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that satiation in general is impossible","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1461.6,1463.95"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/579","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because anytime people have something other people want it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1463.95,1467.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/580","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so it is really a relative economic ball game","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1467.35,1469.222"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/581","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that you're playing.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1469.222,1471.14"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/582","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, the question is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1471.14,1473.152"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/583","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"how do you get your equity decisions out of that?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1473.152,1475.55"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/584","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because I think all of the common ways we go at it,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1475.55,1478.66"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/585","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"don't give you the answer.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1478.66,1480.18"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/586","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They'd all begged the question.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1480.18,1481.783"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/587","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Let me suggest to you one way to think about it","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1482.64,1484.194"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/588","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"although I can't give you an answer.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1484.194,1485.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/589","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It seems to me that there's a fundamental starting point","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1485.83,1488.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/590","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"where you have to start thinking about this equity question.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1488.96,1492.25"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/591","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The basic question is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1492.25,1493.66"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/592","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I like to phrase it in the current terminology,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1493.66,1495.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/593","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"are you a Greek or a Russellian?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1495.83,1497.513"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/594","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The Greeks, in my sense","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1498.37,1499.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/595","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"believe that all men are created unequal.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1499.48,1502.166"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/596","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The Russellians in my sense believe","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1502.166,1504.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/597","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that all men are created equal.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1504.01,1505.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/598","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, Russell was not stupid.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1505.62,1507.113"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/599","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He didn't mean all men are equal.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1507.113,1510.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/600","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He meant all men are created equal, which means","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1510.13,1513.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/601","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that you start out with the assumption","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1513.1,1514.452"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/602","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that they're equal until they prove they're unequal.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1514.452,1517.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/603","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that's exactly like, are you guilty","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1517.44,1519.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/604","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"until proven innocent or innocent until proven guilty.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1519.47,1522.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/605","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"A different set of people will go to jail","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1522.98,1524.528"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/606","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in those two circumstances.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1524.528,1526.023"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/607","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The Greeks also didn't believe everybody was unequal","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1526.023,1528.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/608","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they just said certain people were born","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1528.89,1530.399"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/609","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"into certain families and we assume they're unequal","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1530.399,1533.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/610","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"until they prove they're equal.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1533.43,1535.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/611","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so it's a different starting point.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1535.38,1537.02"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/612","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now the traditional American starting point","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1537.02,1538.74"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/613","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is all men are created equal","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1538.74,1540.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/614","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which means that you have to prove inequality.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1540.43,1542.523"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/615","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now that's important because to me it says","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1542.523,1545.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/616","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I don't have to prove that equality is good","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1545.53,1548.22"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/617","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you have to prove that inequality's good","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1548.22,1550.06"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/618","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if you believe in some degree of inequality.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1550.06,1552.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/619","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, I think some degree of inequality can be proven good.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1552.47,1556.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/620","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There are incentive problems,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1556.24,1557.46"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/621","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there are growth problems.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1557.46,1558.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/622","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There are a lot of other things","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1558.9,1560.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/623","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that you might wanna consider in that operation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1560.64,1562.81"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/624","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But I think that's the way the burden of proof lies.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1562.81,1565.81"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/625","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Let me suggest to you an interim equity goal","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1565.81,1567.769"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/626","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that you might wanna think about.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1567.769,1569.419"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/627","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If you look at white males in the American economy","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1570.73,1574.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/628","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and look at their earnings","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1574.0,1575.78"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/629","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and you take the earnings of the top 20%","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1575.78,1578.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/630","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of all white males and the bottom 20% of all white males","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1578.3,1582.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/631","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there's a four and a half to one gap.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1582.91,1584.913"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/632","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now that gap is plenty big enough","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1586.19,1588.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/633","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to keep all the white males in the United States, working","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1588.67,1591.57"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/634","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"presumably doing all the good things that they do.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1591.57,1594.66"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/635","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If you take women and minorities and do the same thing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1594.66,1599.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/636","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the gap between the top 20% and the bottom 20% is 20 to one.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1599.1,1603.023"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/637","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, why is it that you believe, or we believe","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1603.94,1607.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/638","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that it takes a 20 to one gap to keep women","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1607.21,1610.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/639","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and minorities virtuous","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1610.6,1612.37"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/640","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"while a four and a half to one gap","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1612.37,1613.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/641","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"will keep white males virtuous?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1613.94,1615.543"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/642","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I don't know of any reason.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1616.68,1618.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/643","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I would suggest to you as an interim equity goal","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1618.23,1622.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/644","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that if four and a half to one works for white males","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1622.29,1624.114"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/645","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it probably would work for everybody.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1624.114,1626.043"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/646","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that's a long ways from where we are.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1626.96,1629.136"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/647","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because if you add white males","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1629.136,1631.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/648","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"plus minorities and women together","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1631.45,1633.26"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/649","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we have about an 11 to one gap","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1633.26,1634.972"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/650","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"between the top 20% and the bottom 20%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1634.972,1638.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/651","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so if you went to four and a half to one","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1638.35,1640.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/652","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you would more than cut inequality in half.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1640.6,1643.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/653","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so when I think about what are my,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1643.38,1645.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/654","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in some sense, long run equity goals","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1645.58,1647.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/655","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I tend to take that approach to it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1647.84,1650.37"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/656","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I can't prove to you that that's what you ought to do","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1650.37,1653.46"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/657","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but I think you have to think along those kinds of lines.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1653.46,1655.731"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/658","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And if you wanna say, look, Hey, I'm a Greek","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1655.731,1658.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/659","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I believe that men are inherently unequal.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1658.6,1661.25"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/660","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And if you're Rockefellern boy was $6 billion,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1661.25,1664.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/661","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that's fair.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1664.91,1666.25"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/662","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, that's what you think","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1666.25,1668.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/663","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but I don't think that's the traditional American belief","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1669.82,1672.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/664","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or at least the one we like to talk about","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1672.38,1673.86"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/665","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on the 4th of July.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1673.86,1675.023"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/666","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Okay, now let's think about,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1675.88,1679.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/667","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"let's just play the game and assume","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1679.82,1682.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/668","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that we think something ought to be done about","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1682.63,1684.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/669","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the distribution of income and wealth","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1684.33,1686.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/670","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the sense of moving it towards more equality.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1686.53,1689.123"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/671","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What can we say about that?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1690.53,1692.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/672","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The first thing we need to think about","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1692.47,1694.2"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/673","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is many people say,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1694.2,1695.033"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/674","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"Well the social programs of the great society didn't work","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1695.033,1698.767"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/675","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"therefore we can't do it anything about it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1698.767,1701.097"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/676","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"We might not like what exists,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1701.097,1703.587"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/677","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"but it's impossible to cure.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1703.587,1706.26"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/678","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That just simply isn't factually true.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1706.26,1708.343"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/679","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The great society programs","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1709.61,1710.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/680","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the late 1960s certainly didn't cure the problems","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1710.96,1714.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/681","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but they certainly made them better.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1714.3,1716.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/682","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"As I said, black families make 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else.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1729.31,1730.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/687","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Hispanic families only make 75% of what fight families make.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1730.91,1735.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/688","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But back in the mid '60s, they only made 58% as 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income","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1790.21,1793.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/707","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the elderly now have exactly the same income","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1793.63,1795.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/708","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as the non elderly, they've caught 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fraction","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1806.86,1808.54"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/713","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of that income comes from government.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1808.54,1810.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/714","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so it just isn't true that those programs didn't 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severe","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1815.87,1817.95"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/717","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"than it would have been without those social programs.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1817.95,1820.32"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/718","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So you can't say,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1820.32,1821.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/719","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"well, we don't like the system","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1821.21,1823.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/720","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we think something else would be equitable","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1823.89,1826.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/721","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but change is impossible.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1826.01,1827.344"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/722","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The fact of the matter is change is not 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men,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1837.6,1839.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/727","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you know what the average full-time, full year woman made","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1839.94,1843.26"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/728","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"relative to the average full-time full year man in 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female","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1853.161,1856.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/731","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"versus male incomes in over 40 years.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1856.24,1859.253"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/732","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But on the other hand we haven't made any effort","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1861.045,1862.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/733","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on that dimension either.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1862.98,1863.813"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/734","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"None of the great society programs are focused on women.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1863.813,1867.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/735","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That was a problem that was discovered later","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1867.62,1870.61"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/736","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and by the time the problem was discovered","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1870.61,1873.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/737","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"those programs were over","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1873.44,1874.644"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/738","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and there was no longer the political muscle to do anything","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1874.644,1878.04"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/739","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on those kinds of dimensions.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1878.04,1879.603"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/740","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What about the other argument?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1880.572,1882.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/741","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We can't do anything because we've gotta fight inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1882.63,1885.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/742","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and inflation of course,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1886.4,1887.57"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/743","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"even as our president says hurts the poor.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1887.57,1890.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/744","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So the number one thing is to fight inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1890.1,1892.126"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/745","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We're gonna do that by slowing down the economy,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1892.126,1894.78"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/746","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"chopping social programs, et cetera.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1894.78,1897.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/747","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, I don't want to interfere","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1897.23,1898.49"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/748","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on professor Tobin's talk tomorrow night.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1898.49,1900.375"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/749","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But when the president says inflation's hurt the poor","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1900.375,1902.78"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/750","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"he's just plain telling a lie","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1902.78,1904.51"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/751","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or a mistake or he's ignorant.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1904.51,1906.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/752","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I don't know which of the nice words you like to say.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1906.75,1909.4"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/753","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In 1972, before the high level of stagflation broke out","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1910.38,1915.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/754","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the bottom 20% of the population had 3.7% of total income.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1916.11,1920.313"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/755","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"By 1977, they had 4% of total income.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1921.47,1924.78"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/756","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So the poor have a larger fraction","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1924.78,1927.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/757","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of total income now than they did in 1972.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1927.15,1930.57"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/758","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And real incomes have gone up.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1930.57,1932.323"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/759","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In the period from 1972 to 1977,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1933.39,1936.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/760","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"real, per capita, after tax disposable incomes.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1936.67,1941.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/761","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In other words, you've corrected for inflation, taxes","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1941.21,1944.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/762","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and population growth,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1944.7,1946.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/763","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they grew by 15%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1946.47,1948.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/764","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now that's a period of five or six years.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1948.98,1953.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/765","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Actually, I'm talking about data now","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1953.03,1954.65"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/766","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from 1972 to the third quarter of 1978","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1954.65,1958.18"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/767","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which when I did this was the latest numbers.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1958.18,1960.74"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/768","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's 23 quarters.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1960.74,1962.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/769","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If you take the 23 quarters prior to 1972","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1962.84,1966.368"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/770","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you know how much the same number went up,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1966.368,1968.57"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/771","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"real, after tax, per capita income, 18.1%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1968.57,1973.09"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/772","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In other words, in the heydays of the late 1960s","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1973.09,1977.2"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/773","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"real income went up slightly faster","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1977.2,1980.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/774","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"than these disastrous days of the 1970s","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1980.13,1982.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/775","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but not much, no big deal.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1982.76,1985.343"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/776","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, if you ask why people are unhappy","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1986.29,1988.4"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/777","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think there's a simple answer and it's money illusion","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1988.4,1991.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/778","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but no intelligent person","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1991.6,1993.57"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/779","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is supposed to worry about money illusion.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1993.57,1996.32"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/780","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because real incomes went up 15% in this period of the 1970s","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=1996.32,2001.32"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/781","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"how much did money incomes go up?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2003.42,2005.393"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/782","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Per capita disposable money incomes went up 74.5%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2006.31,2011.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/783","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now the problem I think is the following.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2013.01,2014.627"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/784","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There were all Puritans at heart, and let's imagine","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2014.627,2017.683"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/785","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that you see the money man coming to the door as you wake up","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2017.683,2021.18"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/786","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and he delivers $75 on your doorstep.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2021.18,2024.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/787","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You carefully put on your bathrobe you go to the front door","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2024.47,2027.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/788","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and by the time you're there, there's only $15.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2027.43,2031.113"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/789","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, do you feel good or bad?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2031.113,2033.083"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/790","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You got 15 more than you used to have","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2034.7,2037.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/791","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but you've seen the 75","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2037.44,2039.698"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/792","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and you might even be able to convince yourself","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2039.698,2041.342"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/793","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that you're worse off in that kind of a process","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2041.342,2045.88"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/794","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but there's no evidence that we're worse off","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2045.88,2047.65"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/795","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in fact all the evidence says we're much better off.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2047.65,2050.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/796","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Real incomes are up and the incomes of the poor are up","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2050.07,2053.195"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/797","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"more than the incomes of the average American.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2053.195,2055.733"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/798","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so to say that we're gonna go off","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2057.11,2059.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/799","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we're gonna clobber the poor","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2059.98,2061.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/800","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the name of fighting inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2061.72,2063.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/801","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on the grounds that that's really helping them","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2063.64,2064.988"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/802","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because we know better than they know.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2064.988,2067.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/803","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It just isn't factual.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2067.43,2068.77"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/804","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It doesn't fit in with the data.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2068.77,2070.17"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/805","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Take these other things.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2070.17,2071.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/806","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Inflation hasn't hurt the other groups either,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2071.59,2074.36"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/807","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"black versus white, the ratio has gone up","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2074.36,2076.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/808","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from 58 to 59% from 1972 to '77.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2076.67,2080.42"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/809","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Hispanic versus white,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2080.42,2082.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/810","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's gone up from 71 to 75%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2082.0,2085.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/811","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The elderly have gone up by about three percentage points","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2085.07,2087.605"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/812","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"during this period of time.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2087.605,2089.173"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/813","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The famous poor and low income minority groups","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2090.52,2093.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/814","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"have not in fact been hurt.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2093.64,2095.642"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/815","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so when you go off and dismantle the programs","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2095.642,2098.155"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/816","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that are gonna help them","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2098.155,2100.4"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/817","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the name of fighting inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2100.4,2102.18"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/818","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you're not doing something that's helping them","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2102.18,2105.221"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/819","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because they haven't suffered any damage just","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2105.221,2108.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/820","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"like you and I on average haven't suffered any damage.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2108.44,2111.97"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/821","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Okay, if the social programs did do something","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2111.97,2114.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/822","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and you can't weasel out on the grounds","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2114.75,2116.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/823","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that it's more important to fight inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2116.63,2118.085"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/824","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because that's really hurting the poor.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2118.085,2120.223"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/825","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Where do we stand then?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2121.57,2123.835"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/826","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, one of the things you have to think about","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2123.835,2126.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/827","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is this whole question of how did the distribution","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2126.44,2130.8"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/828","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of income and wealth get the way it is?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2130.8,2132.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/829","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What's the process that produces it?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2133.66,2135.663"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/830","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, this not the place where you can go","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2136.63,2138.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/831","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"into detail on that process","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2138.3,2140.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/832","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but I think there is one important point","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2140.58,2143.11"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/833","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that I wanna make.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2143.11,2144.61"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/834","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And this really does come back to our Puritan heritage.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2144.61,2147.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/835","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We all tend to think that everything we got","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2147.9,2150.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/836","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we got based on our own personal merit.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2150.84,2153.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/837","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I have never been lucky in my life.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2153.44,2155.672"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/838","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Everything I've got I earned","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2155.672,2157.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/839","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in fact is I deserve some things I didn't get.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2157.48,2159.78"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/840","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Good luck has never happened to me,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2160.87,2162.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/841","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"good luck has never happened to you,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2162.53,2164.02"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/842","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it's all my own virtue.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2164.02,2165.313"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/843","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The fact of the matter is when you go into this","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2166.86,2169.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/844","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there's a lot of random luck,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2169.76,2173.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/845","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"good and bad that affects","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2173.13,2175.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/846","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the distribution of income and wealth","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2175.03,2176.77"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/847","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that's just as important to the poor","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2176.77,2179.52"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/848","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as it is to the wealthy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2179.52,2181.26"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/849","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"For example, let's look","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2181.26,2183.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/850","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at what economists call earnings functions.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2183.7,2186.033"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/851","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"When economists look at earnings functions","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2186.033,2187.729"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/852","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what they do is they try and find","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2187.729,2190.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/853","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a statistical equation that has the earnings","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2190.01,2192.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/854","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of individuals on the left-hand side","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2192.9,2194.88"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/855","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and then they try and explain those earnings","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2194.88,2196.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/856","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with a whole set of explanatory 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individual","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2200.84,2202.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/859","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the IQ of the individual,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2202.43,2204.11"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/860","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the number of books that their parents read,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2204.11,2207.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/861","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"dozens of variables.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2207.0,2209.027"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/862","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You know what part of the total variance and earnings","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2209.027,2211.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/863","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"those equations typically explain?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2211.87,2214.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/864","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"20 or 30% of the variance.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2214.64,2216.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/865","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In other words, all of the virtue explains 20 or 30%","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2216.91,2220.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/866","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of what goes on","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2220.99,2222.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/867","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and something else explains the other 70 or 80%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2222.75,2227.54"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/868","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now I don't wanna say it's all random, good and bad luck","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2227.54,2230.877"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/869","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because there may be some things we don't know about","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2230.877,2233.2"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/870","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that explain part of it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2233.2,2234.253"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/871","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But the fact of the matter","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2234.253,2235.086"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/872","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is that there's a very substantial amount","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2235.086,2238.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/873","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of random, good and bad luck when it comes to earnings.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2238.03,2241.443"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/874","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, in addition to 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white?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2245.25,2246.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/877","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because everything else being equal","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2246.69,2248.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/878","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you're gonna make less money having a black skin","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2248.15,2250.826"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/879","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"than you're gonna have having a white skin.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2250.826,2253.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/880","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But there again, we wanna keep things in perspective.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2253.43,2255.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/881","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's not to say that some progress hasn't been made.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2255.53,2258.78"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/882","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"For example, if you go off","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2258.78,2259.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/883","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and look at college educated, intact,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2259.75,2263.49"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/884","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and by that we mean male, female families","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2263.49,2266.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/885","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"living in the North, you will find that blacks make","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2266.7,2269.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/886","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a little bit more money than white.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2269.59,2271.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/887","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We have clearly opened up a lot of opportunities","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2271.3,2274.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/888","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for highly educated, stable black families","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2274.76,2277.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/889","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that didn't use to exist.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2277.91,2279.163"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/890","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because if you went back to the late 1960s","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2279.163,2282.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/891","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that was precisely the group that had","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2282.16,2284.11"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/892","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the greatest income gap vis-a-vis their white counterparts.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2284.11,2288.788"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/893","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I mean, in the early 1960s,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2288.788,2290.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/894","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the more education you got, the bigger the gap","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2290.98,2293.77"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/895","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"between black and white.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2293.77,2295.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/896","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There was a bigger percentage income gap","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2295.15,2297.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/897","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"between black college graduates and white college graduates","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2297.3,2299.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/898","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"than there were between black high school dropouts","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2299.85,2303.26"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/899","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and white high school dropouts.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2303.26,2304.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/900","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And we reversed that.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2304.33,2305.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/901","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So we haven't completely eliminated the discrimination","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2305.82,2308.032"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/902","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but we've made some progress","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2308.032,2309.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/903","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on those kinds of dimensions through these kinds of things.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2309.89,2313.06"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/904","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, I wanna drive home if I can kind of in a holistic way","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2313.06,2317.17"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/905","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the important part of luck in the following.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2317.17,2319.839"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/906","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, let's think about the distribution of physical wealth.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2319.839,2323.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/907","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The 25% of the people who own nothing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2323.45,2326.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/908","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the 20% of the people who own 80%","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2326.13,2329.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/909","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the things that you and I can see.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2329.6,2331.361"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/910","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"How did that come into being?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2331.361,2333.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/911","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now this is one of those cases","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2333.83,2335.241"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/912","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"where you can actually go off","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2335.241,2336.275"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/913","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and look at individuals,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2336.275,2338.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/914","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that great Capitalist Institution Fortune Magazine","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2338.62,2341.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/915","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"helps us.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2341.41,2342.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/916","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because about every five years","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2342.82,2344.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/917","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they have an article on \"The 100 Wealthiest Americans.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2344.84,2348.4"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/918","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And they tell you how they got to be","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2348.4,2350.2"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/919","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in \"The 100 Wealthiest Americans.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2350.2,2351.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/920","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, the interesting thing about","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2351.48,2352.583"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/921","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"The 100 Wealthiest Americans\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2352.583,2353.673"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/922","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is they own a substantial fraction","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2353.673,2355.57"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/923","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of all the things there are to own.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2355.57,2357.32"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/924","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's not a trivial part of the whole economy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2358.18,2360.543"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/925","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, what's the economic model","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2361.77,2364.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/926","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or the Puritan model of how you get wealthy?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2364.87,2368.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/927","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Puritan, model of how you get wealthy is the following,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2368.0,2370.54"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/928","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you go off and you work hard","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2370.54,2371.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/929","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and you make a little bit of money.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2371.99,2374.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/930","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You're Puritan and you save a lot of it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2374.41,2377.19"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/931","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You invest it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2377.19,2378.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/932","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You make the market rate of return.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2378.5,2380.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/933","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You save a lot of that.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2380.63,2382.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/934","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You invest it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2382.1,2383.17"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/935","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You make the market rate of return.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2383.17,2385.26"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/936","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You invest it, so forth.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2385.26,2387.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/937","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And gradually, slowly with all the justice","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2387.72,2392.17"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/938","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that God can master you will become wealthy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2392.17,2394.37"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/939","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, how long would it take you to have $200,000 doing that?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2395.68,2399.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/940","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Assuming that you started off","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2399.7,2401.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/941","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with a $25,000 income and could save half of it?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2401.64,2404.523"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/942","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, about 60 years, $200,000 is a trivial amount of money","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2407.27,2412.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/943","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the dimensions we're talking about.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2412.83,2415.26"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/944","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In fact, if you look at these richest people","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2415.26,2417.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/945","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that's not how they become rich at all.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2417.3,2419.378"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/946","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the way I could drive that home without going","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2419.378,2421.8"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/947","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"into the detailed economics, a couple of years ago","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2421.8,2424.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/948","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Fortune Magazine found 40 Americans","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2424.83,2428.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/949","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"who in the previous five years","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2428.7,2431.42"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/950","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"without ever inheriting any money","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2431.42,2434.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/951","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or starting with any money made from 50 to $700 million.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2434.1,2438.023"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/952","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now you don't make $700 million in five years","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2439.69,2442.51"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/953","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by saving out of your paper route.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2442.51,2444.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/954","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(students laugh)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2444.73,2446.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/955","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"How do you make this instant wealth?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2446.72,2448.694"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/956","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because the other thing that's interesting","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2448.694,2450.74"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/957","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if you go to those 100 wealthiest Americans","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2450.74,2453.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/958","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and you say how did they get wealthy?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2453.83,2456.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/959","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"About half of those people are instant wealthy","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2456.84,2459.42"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/960","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the other half inherited their money.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2460.3,2462.163"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/961","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If you go back and trace those families and say","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2463.16,2465.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/962","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"how did they get their money?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2465.72,2467.19"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/963","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They also got it in an instant process.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2467.19,2469.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/964","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The Rockefeller Family made their great fortune","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2469.41,2471.56"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/965","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in 10 to 15 years in the late 19th century.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2471.56,2474.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/966","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It was no long run process of saving out of earnings","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2474.94,2478.4"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/967","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"out of old John Dee's paper route.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2479.7,2481.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/968","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It was a very different process.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2481.87,2482.902"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/969","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so you have this process of instant wealth","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2482.902,2485.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/970","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that you have to think about.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2485.96,2487.32"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/971","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The other thing you have to think about","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2487.32,2488.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/972","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what's the economic model","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2488.41,2489.86"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/973","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or it's not so much the Puritan model","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2489.86,2491.606"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/974","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or the economic model.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2491.606,2493.32"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/975","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Economic model says you only save money","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2493.32,2496.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/976","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to improve your future consumption possibilities.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2496.64,2500.665"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/977","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's the only rationale for having money.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2500.665,2503.023"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/978","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"How do you consume $700 million?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2503.877,2506.113"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/979","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It takes time to consume.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2508.36,2510.143"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/980","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Many things that you and I think of as consuming,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2511.24,2513.88"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/981","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"like buying a house or a yacht are not consumption,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2513.88,2516.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/982","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they're substantially investment.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2516.59,2518.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/983","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Why do you want $700 million?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2519.63,2521.543"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/984","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You can't spend it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2523.01,2524.203"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/985","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, in economic model there is no answer.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2525.99,2528.153"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/986","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Of course in the real world model","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2529.041,2529.874"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/987","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there is a very simple answer.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2529.874,2531.793"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/988","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that is money creates power.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2533.31,2535.613"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/989","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There's many type","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2537.1,2538.22"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/990","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and although you can't consume it, you can use it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2538.22,2541.515"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/991","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You know, if you even at a public university","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2541.515,2544.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/992","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and I can guarantee you at my private university","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2544.73,2547.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/993","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if you walk in with $700 million","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2547.69,2549.617"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/994","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you're gonna get treated with respect.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2549.617,2552.474"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/995","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(students laugh)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2552.474,2554.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/996","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"At Notre Dame we'll put your name","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2554.5,2556.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/997","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on a building one notch below God.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2556.89,2558.885"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/998","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(students 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laughing)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2562.384,2564.8"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1001","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And you have power, authority","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2564.8,2567.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1002","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and a lot of respect in society.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2567.67,2570.17"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1003","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You can play the political game","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2570.17,2572.56"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1004","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the man who can give political candidates a lot of money","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2572.56,2575.81"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1005","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"has a role that the man who can't","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2575.81,2578.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1006","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you can do it within the family.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2578.64,2580.283"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1007","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It creates power within the family.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2581.44,2583.238"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1008","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You know, one of the interesting things","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2583.238,2585.05"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1009","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in American inheritance tax law","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2585.05,2588.2"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1010","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is there is a loophole","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2588.2,2589.649"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1011","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which would mean that most families could transfer","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2589.649,2593.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1012","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"all of their wealth to their children","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2593.21,2594.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1013","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"without ever paying taxes.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2594.82,2596.393"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1014","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because you could take advantage of what are","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2597.55,2599.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1015","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the gift tax laws as opposed to the inheritance tax laws.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2599.47,2602.807"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1016","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, the problem with the gift tax laws","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2602.807,2604.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1017","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is you have to give all the money away more than five years","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2604.73,2608.06"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1018","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but before you die.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2608.06,2609.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1019","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There were enormous loopholes","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2609.89,2611.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1020","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you can give a large sum of money.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2611.34,2614.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1021","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think at the moment it's $120,000","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2614.01,2616.46"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1022","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to each child from both you and your wife.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2616.46,2618.672"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1023","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So you could give $240,000 tax-free,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2618.672,2622.49"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1024","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you and your wife can give each child $12,000 per year","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2622.49,2625.86"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1025","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in addition tax-free.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2625.86,2627.95"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1026","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So if your child is born when you're 20","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2627.95,2630.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1027","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and you die at 75, you have 50 years.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2630.27,2633.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1028","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So you can give them over $600,000 tax-free","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2633.24,2635.95"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1029","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that way we're now up to $840,000 tax-free","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2635.95,2640.32"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1030","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and money above that is taxed","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2640.32,2642.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1031","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at a much lower rate.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2642.5,2643.773"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1032","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But nobody does it or very few people do it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2645.14,2647.81"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1033","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Why?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2647.81,2648.643"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1034","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Simple answer.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2650.415,2652.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1035","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You really have to give it away","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2652.35,2654.276"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1036","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and you have to trust your children, and nobody does.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2654.276,2657.802"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1037","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(students laugh)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2657.802,2659.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1038","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Old Joe Kennedy supposedly gave","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2659.5,2661.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1039","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"each of his sons $1 million when they were 21","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2661.0,2662.848"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1040","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so they could tell him to go to hell.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2662.848,2665.02"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1041","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's exactly why your father","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2665.02,2666.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1042","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"hasn't given you $1 million.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2666.34,2667.74"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1043","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because you get respect and power in the family","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2668.64,2671.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1044","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as long as the money's yours,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2671.33,2672.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1045","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"once you've given it away, it's all over.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2672.82,2675.66"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1046","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The son calls the shots when he owns the wealth","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2675.66,2679.32"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1047","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that isn't desirable as far as the father is concerned.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2679.32,2683.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1048","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so there's tremendous desire to accumulate way","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2683.6,2687.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1049","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and beyond what consumption would call for.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2687.03,2689.61"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1050","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"How about the instant wealth?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2689.61,2691.06"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1051","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, the instant wealth is basically a process","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2692.19,2694.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1052","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which has been studied under the economic literature","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2696.04,2698.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1053","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"called \"The Random Walk.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2698.85,2700.507"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1054","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the basic argument's the following.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2700.507,2702.533"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1055","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that is at any moment in time,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2703.38,2705.66"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1056","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there's a series of entrepreneurial investments,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2705.66,2708.52"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1057","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which could be made.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2708.52,2709.633"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1058","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You were investing,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2758.13,2759.436"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1059","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there would have been a whole host","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2759.436,2761.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1060","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of office machinery companies.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2761.15,2763.46"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1061","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"One of them called Xerox","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2763.46,2765.56"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1062","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and other companies called other things.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2765.56,2768.04"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1063","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In 1950 you couldn't have told","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2768.04,2769.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1064","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which would have been successful","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2769.85,2770.683"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1065","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and which would have been a failure.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2770.683,2773.12"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1066","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"By now you of course know that Xerox was a success","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2773.12,2776.2"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1067","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the people who initially were involved with Xerox","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2776.2,2779.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1068","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"were great winners in terms of that game.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2779.23,2781.849"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1069","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now that's not to say that everybody plays the lottery.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2781.849,2785.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1070","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because if you are thinking about the Massachusetts lottery","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2785.29,2788.95"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1071","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the only people who can win","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2788.95,2790.091"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1072","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"are the people who buy the tickets.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2790.091,2792.49"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1073","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In the economic lottery you've gotta have a certain set","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2792.49,2796.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1074","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of talents and entry credentials to play the lottery.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2796.16,2799.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1075","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So I'm not saying it's a random lottery","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2799.69,2801.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1076","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it's a conditional lottery.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2801.23,2802.063"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1077","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There are certain things you have to do to get in","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2802.063,2805.17"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1078","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but it's random among those people who can get in.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2805.17,2807.167"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1079","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You know, if you read these Fortune Magazine articles","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2807.167,2809.616"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1080","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on \"The 100 Wealthiest Americans\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2809.616,2811.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1081","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or \"The 50 Instant wealthy\",","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2811.35,2813.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1082","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"actually the one that just came on the news stands today","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2813.15,2814.958"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1083","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that I was reading on the airplane","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2814.958,2816.88"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1084","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"has \"The 59 Wealthiest Private Individuals in the Country\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2816.88,2820.028"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1085","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"where they have their money in private companies","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2820.028,2822.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1086","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and no public companies.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2822.29,2824.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1087","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"From 59 people with over $50 million in private companies.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2824.0,2829.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1088","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, if you have that lottery system somebody wins.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2829.23,2834.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1089","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now the biographies in Fortune are gonna say","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2835.59,2838.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1090","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that this person was smarter than smart,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2838.87,2841.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1091","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"brighter than bright and more industrious than industrious.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2841.13,2844.93"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1092","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But if you read them carefully","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2844.93,2846.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1093","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think you and I will both come to conclusion","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2846.44,2847.753"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1094","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that they had a great deal of good luck.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2847.753,2849.855"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1095","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And there are other people who were just as bright","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2849.855,2852.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1096","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"just as industrious, just as hardworking who didn't win.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2852.6,2855.683"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1097","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I think that's very important","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2856.83,2858.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1098","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for a very simple reason","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2858.48,2859.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1099","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is that we all tend to sit here self satisfied","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2859.9,2862.66"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1100","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and say I got where I am because of merit.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2862.66,2865.42"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1101","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Those people who didn't make it got where they are","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2865.42,2867.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1102","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because of merit and they're low income people","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2867.75,2870.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1103","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because they merit being low income people","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2870.85,2873.337"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1104","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and I'm at least a middle income or upper income individual","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2873.337,2876.246"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1105","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because I merit being a middle income","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2876.246,2878.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1106","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or an upper income individual.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2878.85,2880.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1107","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the fact of the matter is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2880.38,2881.213"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1108","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there are a lot of random good and bad luck","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2881.213,2882.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1109","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that all of us have participated in.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2882.99,2885.066"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1110","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, the people in this room probably have had more","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2885.066,2887.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1111","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"than their share of good luck.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2887.24,2889.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1112","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The poor have probably had more","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2889.13,2889.963"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1113","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"than their share of bad luck.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2889.963,2891.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1114","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I think it's important to recognize that factor.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2891.7,2894.213"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1115","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, I'm not saying there aren't a lot of other factors","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2894.213,2896.97"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1116","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that go into determining the distribution","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2896.97,2898.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1117","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of income and wealth, there are.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2898.64,2900.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1118","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But I think this idea that the world is deterministic","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2900.5,2904.52"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1119","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and if you only work hard you'll succeed","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2904.52,2906.68"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1120","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is pernicious 'cause it just isn't true.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2906.68,2909.202"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1121","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There are a lot of other things","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2909.202,2910.388"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1122","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that go into success and failure","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2910.388,2912.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1123","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and it's important that we as a society face those.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2912.31,2916.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1124","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so if you think about this process","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2916.58,2918.37"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1125","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of generating inequality, you have to recognize that role.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2918.37,2922.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1126","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, question is what can we do about it?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2922.73,2925.09"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1127","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, let me make a forecast.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2925.09,2927.739"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1128","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What are we gonna do about it?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2927.739,2930.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1129","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Answer in the immediate future is nothing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2930.33,2932.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1130","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because we're gonna con ourselves","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2933.222,2935.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1131","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"over the least the next half decade","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2935.96,2938.12"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1132","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that it's more important to go out and fight inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2938.12,2940.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1133","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or do something else, than address these problems.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2940.34,2943.342"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1134","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But one of the things","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2943.342,2944.52"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1135","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"about the distribution of income and wealth","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2944.52,2946.09"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1136","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is it's always with us, it'll come back.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2946.09,2949.116"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1137","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The fact of the matter is that blacks make 59%","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2949.116,2952.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1138","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of what whites do when they aren't satisfied.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2952.16,2954.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1139","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There are 20 million blacks in the United States.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2954.96,2957.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1140","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so even if that problem can be pushed","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2957.63,2959.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1141","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on the back burner in 1979,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2959.87,2962.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1142","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it clearly is not gonna be pushed","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2962.24,2963.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1143","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on the back burner forever.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2963.64,2965.063"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1144","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We now have over 50% of the women","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2966.25,2967.847"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1145","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the United States working.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2967.847,2969.363"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1146","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well women may have put up with earning 58%","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2970.29,2973.52"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1147","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of what men have done for the last 40 years,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2973.52,2975.853"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1148","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but I would doubt that they're gonna do it","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2976.72,2978.11"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1149","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for the next 40 years.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2978.11,2980.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1150","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Even if they do it for the next three or five.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2980.21,2983.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1151","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so I think the problems are gonna come back to us","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2983.58,2985.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1152","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we're gonna have to think about them.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2985.87,2987.81"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1153","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, I think there's one fundamental economic problem","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2987.81,2990.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1154","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you have to think about.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2990.13,2991.25"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1155","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And it is this question","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2991.25,2992.37"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1156","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that's getting debated in the DeBakey case","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2992.37,2994.88"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1157","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and some other things","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2994.88,2995.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1158","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it is the question","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2995.76,2996.593"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1159","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of equal opportunity versus affirmative action.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=2996.593,2998.79"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1160","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The simple fact of the matter is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3001.1,3003.65"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1161","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"an equal opportunity world won't solve the problem.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3003.65,3006.203"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1162","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And let me try and drive that home","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3007.59,3008.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1163","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with the following analogy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3008.94,3011.26"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1164","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Let's imagine that you have two groups of human beings","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3011.26,3014.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1165","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"equally talented, but differences in talents","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3015.85,3019.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1166","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"among each of the groups, and they're gonna run a race.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3019.73,3023.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1167","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So these two groups of people are equally fast","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3023.03,3024.924"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1168","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at running the race, but there are some--","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3024.924,3028.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1169","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Let's say they're white and black.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3028.0,3029.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1170","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There are some slow whites, some slow blacks,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3029.16,3031.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1171","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"some fast blacks, some fast whites.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3031.91,3034.457"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1172","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But if you started the race equally","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3034.457,3036.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1173","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the average black would cross the finish line","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3036.58,3038.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1174","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at exactly the same time, the average white did.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3038.69,3041.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1175","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now let's imagine that you start that race","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3041.63,3044.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1176","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"some discriminator waves a wand","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3044.1,3047.79"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1177","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and it makes all the blacks carry a load of rocks.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3047.79,3052.004"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1178","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now what's that gonna do to the race?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3052.004,3054.093"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1179","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, since the groups have equal ability it gradually means","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3055.15,3057.933"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1180","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that the whites are gonna get farther and farther ahead.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3057.933,3061.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1181","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Some very strong, fast Blacks will still be ahead","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3061.07,3064.04"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1182","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of some very slow whites.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3064.04,3066.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1183","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But in terms of the averages","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3066.31,3067.61"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1184","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the two groups will get farther and farther apart.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3067.61,3070.11"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1185","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now you've run the race for awhile,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3070.98,3072.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1186","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you've had slavery, you've had low black incomes, et cetera.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3072.98,3076.54"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1187","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now somebody creates an equal opportunity world.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3076.54,3079.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1188","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That means they take the rocks out of all the packs.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3079.21,3082.542"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1189","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What happens to the race in terms","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3082.542,3085.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1190","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the average white and the average black?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3085.38,3087.49"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1191","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The gap no longer expands, but it never gets smaller.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3087.49,3090.523"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1192","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"How do you make the gap smaller?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3091.438,3093.221"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1193","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There are only three ways that I know of","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3093.221,3095.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1194","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we resist all three.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3095.59,3098.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1195","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"One, you can start the race over,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3098.41,3101.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1196","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but in economic terms that means you redistribute income","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3101.01,3103.184"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1197","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and wealth equally and let it go again.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3103.184,3105.563"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1198","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Second thing you can do is you can have affirmative action","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3106.5,3109.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1199","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"give blacks some extra help until they catch up","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3109.13,3112.55"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1200","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with the average white","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3112.55,3114.57"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1201","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or you can give the white some rocks to carry for awhile","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3114.57,3117.95"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1202","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so that they slow down.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3117.95,3119.323"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1203","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, I don't think there are any other options.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3121.65,3124.547"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1204","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, the interesting thing to note in my example","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3124.547,3127.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1205","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is the whites didn't do any discriminating.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3127.72,3129.883"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1206","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The people in the race didn't discriminate against anybody.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3131.64,3135.04"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1207","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The discriminating was all done by my discriminator.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3135.04,3138.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1208","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, in this case, the discriminator","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3138.21,3139.572"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1209","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"may have been people who were alive a generation ago,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3139.572,3142.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1210","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but the fact of the matter is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3142.69,3143.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1211","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if you're gonna have equality in the race,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3143.85,3146.08"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1212","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"something has to happen to today's race","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3146.08,3148.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1213","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"other than equal opportunity","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3148.27,3149.79"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1214","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because with equal opportunity, the gaps never narrow.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3149.79,3152.793"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1215","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And what are we gonna do?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3155.677,3157.333"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1216","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You can't hide behind equal opportunity","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3158.5,3161.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1217","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because basically equal opportunity","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3161.23,3163.25"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1218","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"means the present gaps continue for the indefinite future","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3163.25,3166.321"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1219","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because there's no mechanism in equal opportunity","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3166.321,3169.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1220","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that corrects for things that have happened in the past.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3169.59,3172.4"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1221","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And if I start off with $6 billion","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3172.4,3175.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1222","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and you start off with zero","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3175.0,3177.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1223","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and you and I are equally competent","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3177.03,3179.32"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1224","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I will always be $6 billion ahead.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3179.32,3181.763"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1225","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that's the facts of life.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3182.95,3184.513"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1226","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Unless you take some actions to change that.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3185.61,3188.49"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1227","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now I think one of the basic problems we have at the moment","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3188.49,3192.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1228","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is we don't wanna do any one of those three things.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3192.33,3195.71"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1229","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We don't wanna start the race over again,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3195.71,3198.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1230","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we don't want extra help for people who are falling behind","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3198.58,3202.4"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1231","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we don't want those people who are ahead","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3202.4,3204.08"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1232","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to be handicapped.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3204.08,3205.193"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1233","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And in some sense, we also don't like the current results","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3206.98,3210.17"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1234","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the race, or at least part of the population","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3210.17,3213.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1235","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"doesn't like the current results of the race.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3213.1,3215.166"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1236","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now that may be one of those classic examples of being","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3215.166,3217.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1237","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"between a rock and a hard place.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3217.89,3220.308"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1238","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because something's got to give.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3220.308,3222.97"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1239","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I think basically that's the position we're in now.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3222.97,3225.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1240","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's not clear what's gonna give,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3227.01,3228.66"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1241","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but we're in one of those periods of time when we're testing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3229.61,3233.12"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1242","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what's gonna give and sooner or later something will","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3233.12,3236.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1243","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because that's just the nature of the system","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3236.44,3238.783"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1244","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it may give in a good or a bad way","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3238.783,3241.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1245","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that's something different to talk about,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3241.58,3243.86"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1246","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but that's the important thing to think about.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3243.86,3246.18"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1247","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now one other final thing I wanna mention","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3246.18,3247.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1248","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in terms of changing the distribution of income and wealth.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3247.91,3250.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1249","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The other thing we like to believe","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3250.73,3252.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1250","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is it somehow in a good Puritan world","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3253.41,3257.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1251","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we shouldn't have to have welfare payments.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3258.5,3261.343"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1252","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Shouldn't have to give people money.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3263.29,3265.384"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1253","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They should be able to earn enough money","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3265.384,3267.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1254","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to take care of themselves.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3267.94,3269.373"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1255","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now welfare means different things to different people.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3270.45,3273.2"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1256","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Some people when they use welfare","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3275.748,3277.52"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1257","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"really mean AFDC Mothers,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3277.52,3279.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1258","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Aid for Families with Dependent Children Mothers.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3279.73,3282.06"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1259","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And they really mean black AFDC Mothers","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3282.06,3285.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1260","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when they say welfare.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3285.13,3287.06"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1261","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Other people when they say welfare at the other extreme","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3287.06,3288.801"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1262","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we're talking about all income transfer payments","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3288.801,3291.526"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1263","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which are now well over $200 billion","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3291.526,3294.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1264","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and well over half of that goes to the elderly.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3294.35,3296.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1265","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The problem is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3298.78,3299.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1266","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in our economy for a whole variety of reasons","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3299.83,3302.166"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1267","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there are a lot of people that at least in the short run","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3302.166,3305.95"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1268","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"are not going to earn and save enough money","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3305.95,3308.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1269","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to take care of themselves.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3308.1,3309.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1270","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And you have to face up to that.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3310.44,3312.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1271","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The elderly are an obvious case where we say,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3312.98,3315.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1272","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"well we don't think that 75 year olds should have to work.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3315.13,3319.88"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1273","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And therefore we have a program to take care of them.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3319.88,3322.71"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1274","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"When we come to the AFDC Mothers,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3322.71,3324.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1275","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we essentially have Boxster in selves in","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3324.96,3327.12"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1276","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on the long historical process,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3327.12,3329.083"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1277","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at one time","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3330.23,3331.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1278","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and in some States it is still essentially true","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3331.31,3335.22"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1279","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that welfare mothers paid something close","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3335.22,3337.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1280","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to 100% tax.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3337.85,3339.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1281","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In other words, when you're in,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3339.94,3341.95"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1282","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if you went out and earned a dollar,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3341.95,3344.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1283","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"your welfare benefit would be cut a dollar","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3344.33,3346.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1284","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and therefore you wouldn't be better off","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3346.87,3348.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1285","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and therefore no sensible person would go to work.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3348.53,3351.746"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1286","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, the interesting thing about that provision is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3351.746,3354.08"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1287","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it wasn't an accident","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3354.08,3355.768"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1288","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because those programs were set up in the mid 1930s","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3355.768,3360.04"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1289","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when the social consensus was","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3360.04,3362.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1290","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that mothers ought to stay at home.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3362.21,3364.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1291","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that provision was deliberately put in the law","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3364.76,3367.56"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1292","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to discourage working mothers.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3367.56,3369.68"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1293","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And it had exactly the effect intended.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3369.68,3372.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1294","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, the problem is that if we go from the 1930s to now","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3372.41,3376.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1295","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we now have over half of all the women","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3376.67,3379.46"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1296","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the United States working","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3379.46,3381.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1297","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and lots of women with young children work.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3381.62,3384.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1298","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We no longer think having working mothers","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3384.87,3387.02"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1299","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as a terrible thing.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3387.02,3388.149"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1300","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The social consensus has changed, but the law hasn't.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3388.149,3391.599"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1301","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now what about changing the law?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3391.599,3394.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1302","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The basic problem there","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3394.1,3396.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1303","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is if you change the law welfare becomes more expensive","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3396.0,3399.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1304","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because if you only reduce welfare payments 50 cents,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3399.58,3403.402"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1305","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when the mother earns a dollar,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3403.402,3406.04"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1306","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"then welfare payments, don't go down as fast","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3406.04,3409.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1307","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as her earnings go up.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3409.0,3410.363"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1308","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so the welfare program becomes expensive to reform","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3411.27,3414.81"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1309","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when you go towards work.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3414.81,3416.461"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1310","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The other problem of putting welfare mothers at work","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3416.461,3420.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1311","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and solving a problem that way is there aren't any jobs.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3420.96,3424.021"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1312","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, this is something that Jim Tobin","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3424.021,3425.675"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1313","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is going to talk about tomorrow.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3425.675,3426.848"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1314","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So I'm not gonna get into the stagflation problem.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3426.848,3429.77"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1315","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But if there aren't jobs, where are they supposed to work?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3429.77,3432.37"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1316","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There's 6 million unemployed people in the United States.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3432.37,3435.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1317","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You can say, well, what about creating a public job?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3435.33,3439.303"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1318","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That was Carter's welfare program.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3440.32,3442.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1319","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Public jobs for welfare mothers.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3442.35,3445.61"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1320","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What was the problem with Carter's welfare program?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3445.61,3447.78"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1321","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's expensive","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3447.78,3449.42"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1322","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because let's say that you're now giving","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3449.42,3450.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1323","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a welfare mother $5,000.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3450.87,3453.05"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1324","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"She has $5,000 worth of take-home income.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3453.05,3455.953"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1325","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"How much will it cost you","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3457.76,3459.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1326","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to get her to earn $5,000 worth of take-home income?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3459.07,3463.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1327","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Let's say you pay for a job that pays $5,000.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3463.64,3468.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1328","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So she gets the same 5,000.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3468.68,3471.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1329","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But to provide a job you're gonna have to oversee it,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3471.5,3474.88"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1330","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"provide capital, materials.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3474.88,3477.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1331","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It'll cost you $10,000 indirect work expenses","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3477.43,3481.74"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1332","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to get her to earn $5,000.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3481.74,3483.934"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1333","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And then you gotta provide daycare centers.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3483.934,3487.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1334","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It'll cost you another $4,000 to take care of the kids","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3487.0,3490.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1335","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"while she's at work, instead of taking care of the kids.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3490.43,3493.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1336","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so it'll cost you about three times as much","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3493.34,3497.22"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1337","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to put her to work as to simply give her the money.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3497.22,3499.77"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1338","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Yep, we say, \"Well, we don't believe in giving people money.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3501.13,3503.957"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1339","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"We believe in the work ethic.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3503.957,3506.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1340","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, there again, we get caught","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3506.1,3508.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1341","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because George McGovern in the 1972 presidential campaign","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3508.33,3512.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1342","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"had a program for giving people money.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3512.6,3515.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1343","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We didn't like that.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3515.33,3517.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1344","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"President Carter has a program in 1978","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3517.5,3521.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1345","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for making mothers work for their money.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3521.01,3523.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1346","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We don't like that either, 'cause they're both expensive.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3523.87,3526.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1347","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And you know, basically we either have to make","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3529.175,3531.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1348","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"some compromise or decide which way are we going?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3531.21,3534.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1349","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Are we going the efficient welfare, give people money route","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3534.01,3537.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1350","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which basically means some kind of a negative income tax","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3537.29,3540.39"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1351","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or are we going the Puritan work ethic route","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3540.39,3543.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1352","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which means incurring a lot of expenses to provide jobs.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3543.53,3547.2"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1353","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, there again, welfare reform is dead","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3547.2,3550.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1354","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because we're divided in ambivalent","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3550.33,3552.8"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1355","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as to which of those things we're gonna do.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3552.8,3555.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1356","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so I guess the bottom line is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3555.13,3557.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1357","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that nothing much","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3557.44,3558.81"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1358","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if you take those numbers that I gave you,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3558.81,3560.983"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1359","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"escalate them from the growth in the economy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3561.86,3564.71"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1360","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I suspect if I came back here five years from now","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3564.71,3568.2"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1361","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they'll all be approximately the same","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3568.2,3570.05"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1362","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because the impetus of change has gone out.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3571.82,3573.765"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1363","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You know, for example, blacks made big gains relative","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3573.765,3576.92"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1364","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to whites in the 1960s,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3576.92,3578.253"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1365","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"basically have made any gains or trivial gains in the 1970s","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3580.35,3584.06"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1366","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that kind of a trend is gonna continue.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3584.06,3586.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1367","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But I don't think it's something that's gonna last forever","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3586.41,3588.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1368","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because there are those tensions that exist","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3588.98,3592.81"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1369","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that you have to come to grips with sooner or later","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3592.81,3595.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1370","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that will be the interesting thing probably to deal with","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3595.48,3598.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1371","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the 1980s or the late 1980s.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3598.99,3601.513"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1372","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Okay, I guess the procedure","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3602.69,3605.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1373","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is to have a few minutes of questions.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3605.73,3607.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1374","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So I'm open to questions.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3607.47,3609.371"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1375","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(students clapping)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3609.371,3612.371"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1376","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Yeah.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=3618.375,3619.208"}]},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965","type":"AnnotationPage","label":{"en":["English [Transcript]"]},"items":[{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28965/annotation/1377","type":"Annotation","motivation":"subtitling","body":{"type":"TextualBody","value":"https://d9jk7wjtjpu5g.cloudfront.net/file_transcripts/associated_files/000/028/965/original/AV168042_Who_Owns_America_a.vtt?1622850060","format":"text/vtt","language":"en"},"target":"https://d9jk7wjtjpu5g.cloudfront.net/file_transcripts/associated_files/000/028/965/original/AV168042_Who_Owns_America_a.vtt?1622850060"}]},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28966","type":"AnnotationPage","label":{"en":["AV168042_Who_Owns_America_a.txt [Transcript]"]},"items":[{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773/transcript/28966/annotation/1378","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"- Good evening. Firstly, I would like to thank you all for braving this cold winter weather so as to attend this evening's lecture. A great deal of effort goes into coordinating our National Affairs week both on behalf of the faculty as well as students. Yet it makes it all worthwhile when so many interested people come out to participate in the event. So on behalf of the National Affairs Committee we hope you enjoy this evening's lecture, as well as those events to follow the remainder of this week. This evening's speaker is professor Lester Thurow. Currently he is professor of Economics and Management at Massachusetts Institute of Technology. His most significant contributions have been in the areas of wealth and income distribution, employment and taxation. However, this evening's lecture is entitled \"Who Owns America?\" A question we all have or we all share a common interest in. I'm happy to say, after late planes, broken cars, late television tapings, delayed seminars that professor Thurow is here on schedule to talk about Who Owns America. So without further delay if you will please help me in extending a warm Iowa welcome to professor Lester Thurow.\r\n\r\n- Actually, you have a very simple task tonight and it was a task that was pointed out to me a couple of years ago when I was being introduced at Brigham Young, at the Mormon University. And I was told that in the book of Mormon there was the following parable that is at the beginning of the world God and the devil were putting the world together. God would do something good and the devil would do something bad. They went back and forth for a while. God created day and the devil created night. Finally, God created an economist and that kind of rocked the devil back on his heels. He sat there for awhile he scratched his head then his eyes lit up and he created a second economist. Now all you have to remember, which happens to be the literal truth is that when I was born my parents lived in Paradise Valley, Montana. So you know what side I come from. I tell that story for another reason though because people are often fond of saying If there are 12 different economists in the room there are 12 different opinions. I think that's true and it's false. It's true, if you ask a group of economists the wrong question and its false if you ask a group of economists the right question. The wrong question that people often ask is what should I do about some particular problem? And they tend to get 12 different answers back. And the reason they get 12 different answers back is that when you think about economic problems there are really two sets of things that have to go into an answer. One is some technical economics of what's going on but the other equally important thing is some ethical value judgements as to whose income you think ought to go up and whose income you ought to go down. Because the basic problem is if you think about real world economic policies and that's what we're gonna think about tonight there are no policies so good that everybody's income goes up. There are no policies so bad that everybody's income goes down. Occasionally when I've taught the beginning economics courses at MIT, I've tried to drive this home by offering a large reward to anybody who could think of any policies so bad that everybody's income went down. And I couldn't think of the counter example or any policy so good that everybody's income would go up. And I couldn't think of the counter example. Students are often fond of coming back with something like, well what about a 10% tax cut for everybody? Well, if you're gonna cut taxes by 10% you have to cut public expenditures. And somebody's income is gonna go down because those public expenditures go down. But even if you leave that out we have inferior goods in our economy like potatoes the higher your income, the fewer potatoes you will eat. And so when you cut taxes by 10% the demand for potatoes falls and the income of Idaho and Maine potato farmers goes down. The best thing that could happen for a Maine potato farmer is a whopping big tax increase that would drive all of us to eat less meat and more potatoes, which would make that person better off. And that's an absolutely fundamental thing and what we're gonna talk about tonight because tonight we're talking about the paradigm problem where one group of people are gonna gain and another group of people are going to lose. And there's no way to get away from that conflict. That conflict is always there in any economic policy but the problem is in the area we're talking about tonight it's right on the surface. If you increase transfer payments to the poor somebody's taxes are going to go up to pay those transfer payments and their income is gonna go down. Somebody's gonna get those transfer payments and their real income is gonna go up and you have to balance those two. Now an economist can't tell you exactly how to balance those two although I think there's some intelligent things to say about that, which I'll talk about later. But the important thing to understand is what the economists can tell you is, well if you raise taxes by a certain amount and you transfer money in different ways, how much of it will get through to the ultimate beneficiaries? That's the economic analysis, but you basically have to plug your value judgments into that system. And I really wanna emphasize that at the beginning because I will try and keep reasonably clear when I'm playing my economist's role as opposed to when I'm playing my ethical value judgment role in this area. What I wanna do to start, however, is give you all a test. So I want you to take out a piece of paper and a pencil. And I'm gonna ask you 10 questions and I want you to write down the 10 answers. And then at the end I will give you the right answers and you can grade yourself. Now, this is basically a test about the distribution of income and wealth in the United States. I give it because obviously we can't start talking about what ought we to do about the distribution of income and wealth, unless you know where you're starting. I've given this test to lots of different audiences. And just to jump ahead a little bit I tend to find that people don't give very accurate answers and so see if you fall into that category. First question is the following. These numbers all come from The Official Government Statistics, the numbers on income and earnings all come out of The Annual Survey, which the federal government does call The Current Population Report. And then there are some wealth numbers that have been collected by the Federal Reserve Board in the Internal Revenue Service. First question is if we looked at the bottom 20% of all households in the United States, what fraction of all the income in the United States do they have? I want to warn you that I'm saying households and not families. A more common thing to talk about is families But the problem there is that you leave out 25 million Americans when you start talking about families. Households is a number which includes all Americans. The second question is if you look at the top 20% of all the households in the United States, what fraction of all the income of the United States do they have? Third question is if you look at the median black household relative to the median white household what would be the ratio? The blacks have 40% of what whites do 80, 120 what's the relative income blacks versus whites in the United States? These numbers are all for 1977, which is the last year for which data are you had available. The fourth question is if you looked at Hispanic, Spanish Heritage families, what's the ratio of Spanish family median family income to white median family income? Fifth question is if you look at people that work full time, full year, so you get rid of all part-time workers what would be the ratio of the average female earnings for full-time full year workers to the average male earnings for full-time full year workers? The women make 110% as much 80% as much, 10% as much. The sixth question, in 1977 what was the average family income in the United States? Now I'm shifting to families. Hmm?\r\n\r\n- Well either one I'll give you both numbers. I'm prepared to know the difference between the median and the mean. Seventh question, If your family income happened to be over $50,000. Now a family income means the income of the husband and wife and anybody living at home. And so to make it interesting for those of you who are students here write down what you think your family income is, your parental family income. So if you're over $50,000, what fraction of the distribution do you fall in? Top 10%, top 20%, top 50%, whatever. According to the official poverty line in the United States, question number eight what fraction of the Americans are poor? The poverty line is set up for families of different size, but if you were an urban family of four in 1977, the poverty line is $6,200. That's simply the $3,200 that was set back in 1963 carried forward with cost of living escalators. The ninth question shifts to wealth. Now physical wealth includes all of those things which private individuals can buy and sell. Stocks, planes, cars, farms, land, houses, paintings. It includes everything that physically exists in the United States except those things owned by government and those things owned by charities like churches. So of all the wealth owned by private individuals what fraction of all that private wealth is owned by the poorest 25% of the population. Now this is net wealth. So you take the person's assets and subtract their debts to get net wealth. Obviously next question is what fraction of all the wealth in the United States is held by the top 20% of the population. Now, if I counted right, that's 10 questions. I'll ask you 11th question which you'll have to grade yourself on. Write down your own family income and what percentile of the population you think you fall in. In other words, if you have a $10,000 income do you think that falls at the 20th percentile from zero to 100? If you think you're the poorest person in the United States, you write down zero. If you think you're the wealthiest person in the United States, you write down 100. If you think you're absolutely average you write down 50. Okay, everybody got their answers? Let me give you the correct answers. The first answer is that the bottom 20% of all the households in the United States have 4% of total income. Second question was the top 20% of all households in the United States have 44.5% of total income. The ratio of black to white incomes in 1977 was 59%. The ratio of Hispanic to white incomes in 1977 was 75%. The ratio of the earnings of full-time full year women vis-a-vis full-time full year men was 57%. The median family income in 1977 was $16,000 and the mean family income was 18,300. For unrelated individuals, I didn't ask you this, but for unrelated individuals the mean income was $6,000. If you had over $50,000, you were in the top 2% of the households of the United States. 11.6% of the population of the United States lives below the poverty line. Here's a question where very few people ever get the right answer. The bottom 25% of the United States own zero of all the wealth in the United States their debts equal their assets. So on net basis they own nothing. The top 20% of the population own 80% of all the things there are to be owned in the United States, which means that the 55% in between own the remaining 20%. Now, the interesting thing is that the top half of 1% of the United States own 26% of all the things you can see. Now on terms of your own family income. If your family income is $16,000 then you're at the 50th percentile. If your family income was above 50 you are in the top 2% of the population, 98 to 100. If your family income was above $25,000 you are in the top 22% of the population. If your family income was $10,000 or less you are in the bottom 28%, and if your family income is $5,000 or less, you're in the bottom 9%. Now, I don't know how accurate you were but why I occasionally when it's a slightly smaller audience I'll have somebody working with me and I'll collect these answers and grade them. So I can feedback to the group, what the answers are. And now what I find is the following. I have given this test in a room full of people where the average family income was $4,000. I've also given this test in a room where the average family income was $300,000 and everybody thinks they're closer to the average than they are. Those $300,000 people should all write down 99. They know they're above average but they tend to write down 60 or 70. Those $4,000 people should all write down the bottom three or 4%, but they tend to write down 30 or 40. Because nobody in America likes to admit even to himself that he's not average. Nobody's rich and nobody's poor even if when they view it themselves but of course the facts are that, that isn't true. There are some people who are rich and in fact, those rich people own a very large fraction of all the things there are to be owned in the United States. Now, if we take that as the starting point, you know that's what the facts show. Then the question is, what if anything should we do about it? Now that's not fundamentally an economic question. That's really fundamentally a question about what is your vision of what the good society ought to look like. But that doesn't mean there aren't intelligent things that you can say about it. What I wanna think about for a few minutes is this problem of how do you decide what's fair and unfair. I'll warn you at the beginning that I can't give you a hard answer at the end, but I think there are a lot of easy facile answers that people give that just aren't true and just don't work. And I want to point out the problems with these easy, facile answers. The easiest way and the kind of common way that Americans try and escape is to say, well, let's hide behind the concept of equal opportunity and a fair game. You know, I don't know what outcome is fair, but if the economy itself or the economic game itself is fair then whatever output is produced, I'll think that's fair. The problem is what's a fair game? Let's imagine that you were sitting down from scratch to design the rules of football. There are at least three things you'd have to decide. First thing you'd have to decide is what's the starting score. That's a terribly important thing to start. Second question you have to decide is how often does the game start over? Every 60 minutes, once a lifetime or once in all of human history? And the third thing you have to decide is how do you advance the ball? Now we tend to think of the fair game as if it's only the question of how do you advance the ball. When in fact, an intrinsic part of setting up the fair game is the starting score and how often do you start over? For example, we tend to think that it's kind of intrinsic that obviously football games are 60 minutes long and they start over with a zero, zero score. There are allotting of sporting events that don't work that way. I was a student at Oxford and they have a rolling race at Oxford that started once in all of human history. It started in about 1820 and every year, every boat starts the next year exactly where it left off the year before. And so if you're 1000 yards behind in 1978 you'll start off 1000 yards behind in 1979. If Notre Dame has beaten your 60 to nothing this year next year, the starting score is 60 to nothing. And you only win if you can make more than 60 points in that game. Now that's also, that is a sporting event and a game that has been going on. We could consider that a fair game but it starts over only once and you start off where you left off the time before. Now which of those two things is a fair game? A game that starts once every 60 minutes and starts with zero, zero or a game that starts once in all of human history and the score remains continual for all of human history. Well, you have to decide. Now in economic terms what it means is what do you think about inheritance taxes? That has to do with the starting score and the question is how often do you try and start the game over again? Once a lifetime? See if you think of equal opportunity and say equal opportunity really occurred back when my ancestors were clubbing your ancestors in the caves. That's a very peculiar concept of equal opportunity. You know, I'm a Duke because my ancestor clubbed your ancestors. And that gives me the right to have a larger state in England while somebody whose ancestors got clubbed many centuries ago has to be a serf. Is that a fair economic game? Well, I don't think so, but the basic point about the fair game is it doesn't get you away from the basic problem. Because at least once you have to say, what's the fair starting score because the race that now goes on at Oxford for over 100 years, the first time it started out with everybody at the same starting line. It no longer does that, but it did it once and when does our game start over? So basically I don't think the fair game solves the problem. You're still got a problem of saying what's a fair distribution of economic resources? Second way that we try and escape from this problem of really facing up to what's fair and unfair is we say, well we'll try and look at individual preferences and we'll aggregate them in some way and we'll kind of look at democratic voting so to speak and we'll add it all up and we'll figure out what's the fair thing to do. Now, the problem you have to think about there is basically how do you weight things and add them up. Economists work with various types of preference functions. And you can have what's called an additive preference function where you basically take each individual's welfare level you add them up and you say that's the welfare of the whole society and we're going to maximize total welfare simply by adding up those individual welfares. The problem with that approach is what do you do about a miser who so much loves money that it would really improve welfare if we all had to give our money to that miser. Because he gets more enjoyment out of money than you do. Now in an additive, if you believe that the world can really be added up in that way, you have a duty to give all your money to that miser, because that's gonna maximize welfare since that person gets more enjoyment out of money than you can get enjoyment out of that money. Well, we'd wanna say, well, that's crazy. And there are various other techniques people have used to add up these preferences but they all run into problems of that sort. They lead to results that we don't like. One of the other things we like to deal with it's very much like the starting game is that we say, \"Well, we'll pay people based on merit. \"Whatever they merit they will get.\" Now, the problem is what you've merit also, isn't independent of the starting position. Because let's imagine you have a society where all of the income is initially allocated to people who love symphonic music. And that's a society symphonic musicians will have a very high income. In another society where all of the money is originally allocated to people who hate symphonic music symphonic musicians will never have any income. What's the merit of symphonic musicians? Well, the merit depends very much on how the game started who had money in the first place and what did they choose to spend that money on? If the game is started off with a race of people who didn't need to eat incomes would not be terribly high on Iowa farms. If you start off with a race of people who love to eat and indeed, then incomes are gonna be a lot higher on Iowa farms than there otherwise would be. And so the merit thing also doesn't get you out of the problem because there, again, you have to say what's the starting score because you can't say what is anybody's economic merit without knowing that starting score. Now, one of the other interesting things in this area is if you look at arguments that have classically been made about fairness is both the extreme left and the extreme right have exactly the same answer to the problem. It's called satiate wants. If you read Marx's Utopia, Marx was not an egalitarian Marx really believed that productivity could be so high that everybody would have everything they wanted and the marginal values of goods and services would be zero and therefore nobody would want anything more. Now everybody would be equally well off because everybody would have everything. But he was not an egalitarian in the sense of believing that everybody would have exactly the same income and that would be fair. And so he had this doctrine of satiated wants. Now what does the extreme right belief? Well, the extreme rival basically say, \"Well forget about this whole business about distribution. \"Let's concentrate on economic growth \"and we'll eventually have so many goods and services \"that everybody has everything they want \"and we won't have to solve the problem. And that's exactly what Marx said in just slightly different language. The problem is that they're both wrong. That was a reasonable belief in the 19th century in the 20th century it's not a reasonable belief because we know you can't satiate wants. Wants depend on relative factors and they escalate just as fast as our incomes escalate and so you can't solve the problem of equity by basically saying we're gonna satiate everybody's wants. Now, interestingly enough in the early 1960s, people admitted that and they said, \"Well, you can't satiate wants \"but you can satiate physiological needs.\" In other words, we'll design what the minimum income is or should be based on what's the minimum amount of money you need to have a perfectly balanced medical diet, lead the normal life expectancy, et cetera. And there were a lot of studies done in various universities around the United States in the early 1960s on what was called the minimum diet problem. But it could just as well have been the minimum housing problem or anything else. Now, let me ask you the question. If I were to ask you how much money would you need to have to have a perfectly balanced medical diet for one year how much money do you think it would take? The answer in 1978 prices is about $190 per person per year. That's a diet made up of four things. Soybeans, lard, liver, and a little bit of orange juice. It's mostly soybeans and lard. You would be healthier than you now are, you would have a perfectly balanced medical diet and I could even cut the cost. Because if I would get you to eat slightly unusual things like dandelions which don't taste terribly good but are quite nutritious I could even cut the cost below $190 per person per year. Now is that satiation when everybody in the United States has $190? I could ask the same question about heat. How much heat do you have to have to live to be 76? Now the answer is you could live in a tent at 40 and probably be healthier than you are in your overheated houses. And so we would come to the conclusion that you needed very little heat to live to be 76 years of age and we would go with it down the line and we would build up a very low income level and we would say, well, everybody's above satiation therefore there is no problem. But of course that's not true there is a problem and that number's not meaningful. Now that number's not meaningful for the same reason that satiation in general is impossible because anytime people have something other people want it. And so it is really a relative economic ball game that you're playing. Now, the question is how do you get your equity decisions out of that? Because I think all of the common ways we go at it, don't give you the answer. They'd all begged the question. Let me suggest to you one way to think about it although I can't give you an answer. It seems to me that there's a fundamental starting point where you have to start thinking about this equity question. The basic question is I like to phrase it in the current terminology, are you a Greek or a Russellian? The Greeks, in my sense believe that all men are created unequal. The Russellians in my sense believe that all men are created equal. Now, Russell was not stupid. He didn't mean all men are equal. He meant all men are created equal, which means that you start out with the assumption that they're equal until they prove they're unequal. And that's exactly like, are you guilty until proven innocent or innocent until proven guilty. A different set of people will go to jail in those two circumstances. The Greeks also didn't believe everybody was unequal they just said certain people were born into certain families and we assume they're unequal until they prove they're equal. And so it's a different starting point. Now the traditional American starting point is all men are created equal which means that you have to prove inequality. Now that's important because to me it says I don't have to prove that equality is good you have to prove that inequality's good if you believe in some degree of inequality. Now, I think some degree of inequality can be proven good. There are incentive problems, there are growth problems. There are a lot of other things that you might wanna consider in that operation. But I think that's the way the burden of proof lies. Let me suggest to you an interim equity goal that you might wanna think about. If you look at white males in the American economy and look at their earnings and you take the earnings of the top 20% of all white males and the bottom 20% of all white males there's a four and a half to one gap. Now that gap is plenty big enough to keep all the white males in the United States, working presumably doing all the good things that they do. If you take women and minorities and do the same thing the gap between the top 20% and the bottom 20% is 20 to one. Now, why is it that you believe, or we believe that it takes a 20 to one gap to keep women and minorities virtuous while a four and a half to one gap will keep white males virtuous? I don't know of any reason. And I would suggest to you as an interim equity goal that if four and a half to one works for white males it probably would work for everybody. And that's a long ways from where we are. Because if you add white males plus minorities and women together we have about an 11 to one gap between the top 20% and the bottom 20%. And so if you went to four and a half to one you would more than cut inequality in half. And so when I think about what are my, in some sense, long run equity goals I tend to take that approach to it. I can't prove to you that that's what you ought to do but I think you have to think along those kinds of lines. And if you wanna say, look, Hey, I'm a Greek I believe that men are inherently unequal. And if you're Rockefellern boy was $6 billion, that's fair. Well, that's what you think but I don't think that's the traditional American belief or at least the one we like to talk about on the 4th of July. Okay, now let's think about, let's just play the game and assume that we think something ought to be done about the distribution of income and wealth in the sense of moving it towards more equality. What can we say about that? The first thing we need to think about is many people say, \"Well the social programs of the great society didn't work \"therefore we can't do it anything about it. \"We might not like what exists, \"but it's impossible to cure.\" That just simply isn't factually true. The great society programs in the late 1960s certainly didn't cure the problems but they certainly made them better. As I said, black families make 59% of what white families make. But in the early 1960s, they only made 50%. In the 1960s they made a 10% point gain relative to everybody else. Hispanic families only make 75% of what fight families make. But back in the mid '60s, they only made 58% as much. The poor there are still poor but the poor now have a larger fraction of total income than they had back in the early 1960s. And if you look like, if you add in, in kind aid in addition to this money aid it looks like they've made very substantial gains. And in fact, if you take that 4% of money income going to the bottom 20% of the population 60% of that comes from government. If those government programs did not exist the income of that group would go down by 60%. Now those government programs didn't cure the problems of the poor, but they alleviated the problems of the poor. If you think about elderly, that's the great success story. In the early 1960s, there was a very substantial gap between the mean elderly income and the mean non elderly income. If you take per capita household mean income the elderly now have exactly the same income as the non elderly, they've caught up. Now how have they caught up? They've caught up because we pump $120 billion a year into social security. A very substantial fraction of that income comes from government. And so it just isn't true that those programs didn't work. They didn't completely cure the problem but they made the problem much less severe than it would have been without those social programs. So you can't say, well, we don't like the system we think something else would be equitable but change is impossible. The fact of the matter is change is not impossible, change happens. Now there's one dimension on which change has not occurred and that's an interesting one. If you take women versus men, you know what the average full-time, full year woman made relative to the average full-time full year man in 1939? Exactly the same number as today, 58%. There've been no change in relative female versus male incomes in over 40 years. But on the other hand we haven't made any effort on that dimension either. None of the great society programs are focused on women. That was a problem that was discovered later and by the time the problem was discovered those programs were over and there was no longer the political muscle to do anything on those kinds of dimensions. What about the other argument? We can't do anything because we've gotta fight inflation and inflation of course, even as our president says hurts the poor. So the number one thing is to fight inflation. We're gonna do that by slowing down the economy, chopping social programs, et cetera. Well, I don't want to interfere on professor Tobin's talk tomorrow night. But when the president says inflation's hurt the poor he's just plain telling a lie or a mistake or he's ignorant. I don't know which of the nice words you like to say. In 1972, before the high level of stagflation broke out the bottom 20% of the population had 3.7% of total income. By 1977, they had 4% of total income. So the poor have a larger fraction of total income now than they did in 1972. And real incomes have gone up. In the period from 1972 to 1977, real, per capita, after tax disposable incomes. In other words, you've corrected for inflation, taxes and population growth, they grew by 15%. Now that's a period of five or six years. Actually, I'm talking about data now from 1972 to the third quarter of 1978 which when I did this was the latest numbers. That's 23 quarters. If you take the 23 quarters prior to 1972 you know how much the same number went up, real, after tax, per capita income, 18.1%. In other words, in the heydays of the late 1960s real income went up slightly faster than these disastrous days of the 1970s but not much, no big deal. Now, if you ask why people are unhappy I think there's a simple answer and it's money illusion but no intelligent person is supposed to worry about money illusion. Because real incomes went up 15% in this period of the 1970s how much did money incomes go up? Per capita disposable money incomes went up 74.5%. Now the problem I think is the following. There were all Puritans at heart, and let's imagine that you see the money man coming to the door as you wake up and he delivers $75 on your doorstep. You carefully put on your bathrobe you go to the front door and by the time you're there, there's only $15. Now, do you feel good or bad? You got 15 more than you used to have but you've seen the 75 and you might even be able to convince yourself that you're worse off in that kind of a process but there's no evidence that we're worse off in fact all the evidence says we're much better off. Real incomes are up and the incomes of the poor are up more than the incomes of the average American. And so to say that we're gonna go off and we're gonna clobber the poor in the name of fighting inflation on the grounds that that's really helping them because we know better than they know. It just isn't factual. It doesn't fit in with the data. Take these other things. Inflation hasn't hurt the other groups either, black versus white, the ratio has gone up from 58 to 59% from 1972 to '77. Hispanic versus white, It's gone up from 71 to 75%. The elderly have gone up by about three percentage points during this period of time. The famous poor and low income minority groups have not in fact been hurt. And so when you go off and dismantle the programs that are gonna help them in the name of fighting inflation you're not doing something that's helping them because they haven't suffered any damage just like you and I on average haven't suffered any damage. Okay, if the social programs did do something and you can't weasel out on the grounds that it's more important to fight inflation because that's really hurting the poor. Where do we stand then? Well, one of the things you have to think about is this whole question of how did the distribution of income and wealth get the way it is? What's the process that produces it? Now, this not the place where you can go into detail on that process but I think there is one important point that I wanna make. And this really does come back to our Puritan heritage. We all tend to think that everything we got we got based on our own personal merit. I have never been lucky in my life. Everything I've got I earned in fact is I deserve some things I didn't get. Good luck has never happened to me, good luck has never happened to you, it's all my own virtue. The fact of the matter is when you go into this there's a lot of random luck, good and bad that affects the distribution of income and wealth and that's just as important to the poor as it is to the wealthy. For example, let's look at what economists call earnings functions. When economists look at earnings functions what they do is they try and find a statistical equation that has the earnings of individuals on the left-hand side and then they try and explain those earnings with a whole set of explanatory variables. The education of the individual, the occupation of the individual the IQ of the individual, the number of books that their parents read, dozens of variables. You know what part of the total variance and earnings those equations typically explain? 20 or 30% of the variance. In other words, all of the virtue explains 20 or 30% of what goes on and something else explains the other 70 or 80%. Now I don't wanna say it's all random, good and bad luck because there may be some things we don't know about that explain part of it. But the fact of the matter is that there's a very substantial amount of random, good and bad luck when it comes to earnings. Now, in addition to that there are a lot of other things that affect earnings. Are you black or white? Because everything else being equal you're gonna make less money having a black skin than you're gonna have having a white skin. But there again, we wanna keep things in perspective. That's not to say that some progress hasn't been made. For example, if you go off and look at college educated, intact, and by that we mean male, female families living in the North, you will find that blacks make a little bit more money than white. We have clearly opened up a lot of opportunities for highly educated, stable black families that didn't use to exist. Because if you went back to the late 1960s that was precisely the group that had the greatest income gap vis-a-vis their white counterparts. I mean, in the early 1960s, the more education you got, the bigger the gap between black and white. There was a bigger percentage income gap between black college graduates and white college graduates than there were between black high school dropouts and white high school dropouts. And we reversed that. So we haven't completely eliminated the discrimination but we've made some progress on those kinds of dimensions through these kinds of things. Well, I wanna drive home if I can kind of in a holistic way the important part of luck in the following. Well, let's think about the distribution of physical wealth. The 25% of the people who own nothing and the 20% of the people who own 80% of the things that you and I can see. How did that come into being? Now this is one of those cases where you can actually go off and look at individuals, and that great Capitalist Institution Fortune Magazine helps us. Because about every five years they have an article on \"The 100 Wealthiest Americans.\" And they tell you how they got to be in \"The 100 Wealthiest Americans.\" Now, the interesting thing about \"The 100 Wealthiest Americans\" is they own a substantial fraction of all the things there are to own. It's not a trivial part of the whole economy. Now, what's the economic model or the Puritan model of how you get wealthy? Puritan, model of how you get wealthy is the following, you go off and you work hard and you make a little bit of money. You're Puritan and you save a lot of it. You invest it. You make the market rate of return. You save a lot of that. You invest it. You make the market rate of return. You invest it, so forth. And gradually, slowly with all the justice that God can master you will become wealthy. Now, how long would it take you to have $200,000 doing that? Assuming that you started off with a $25,000 income and could save half of it? Well, about 60 years, $200,000 is a trivial amount of money in the dimensions we're talking about. In fact, if you look at these richest people that's not how they become rich at all. And the way I could drive that home without going into the detailed economics, a couple of years ago Fortune Magazine found 40 Americans who in the previous five years without ever inheriting any money or starting with any money made from 50 to $700 million. Now you don't make $700 million in five years by saving out of your paper route. How do you make this instant wealth? Because the other thing that's interesting if you go to those 100 wealthiest Americans and you say how did they get wealthy? About half of those people are instant wealthy the other half inherited their money. If you go back and trace those families and say how did they get their money? They also got it in an instant process. The Rockefeller Family made their great fortune in 10 to 15 years in the late 19th century. It was no long run process of saving out of earnings out of old John Dee's paper route. It was a very different process. And so you have this process of instant wealth that you have to think about. The other thing you have to think about what's the economic model or it's not so much the Puritan model or the economic model. Economic model says you only save money to improve your future consumption possibilities. That's the only rationale for having money. How do you consume $700 million? It takes time to consume. Many things that you and I think of as consuming, like buying a house or a yacht are not consumption, they're substantially investment. Why do you want $700 million? You can't spend it. Well, in economic model there is no answer. Of course in the real world model there is a very simple answer. And that is money creates power. There's many type and although you can't consume it, you can use it. You know, if you even at a public university and I can guarantee you at my private university if you walk in with $700 million you're gonna get treated with respect. At Notre Dame we'll put your name on a building one notch below God. And at MIT, we'll do it one notch below Newton. And you have power, authority and a lot of respect in society. You can play the political game the man who can give political candidates a lot of money has a role that the man who can't you can do it within the family. It creates power within the family. You know, one of the interesting things in American inheritance tax law is there is a loophole which would mean that most families could transfer all of their wealth to their children without ever paying taxes. Because you could take advantage of what are the gift tax laws as opposed to the inheritance tax laws. Now, the problem with the gift tax laws is you have to give all the money away more than five years but before you die. There were enormous loopholes you can give a large sum of money. I think at the moment it's $120,000 to each child from both you and your wife. So you could give $240,000 tax-free, you and your wife can give each child $12,000 per year in addition tax-free. So if your child is born when you're 20 and you die at 75, you have 50 years. So you can give them over $600,000 tax-free that way we're now up to $840,000 tax-free and money above that is taxed at a much lower rate. But nobody does it or very few people do it. Why? Simple answer. You really have to give it away and you have to trust your children, and nobody does. Old Joe Kennedy supposedly gave each of his sons $1 million when they were 21 so they could tell him to go to hell. That's exactly why your father hasn't given you $1 million. Because you get respect and power in the family as long as the money's yours, once you've given it away, it's all over. The son calls the shots when he owns the wealth and that isn't desirable as far as the father is concerned. And so there's tremendous desire to accumulate way and beyond what consumption would call for. How about the instant wealth? Well, the instant wealth is basically a process which has been studied under the economic literature called \"The Random Walk.\" And the basic argument's the following. And that is at any moment in time, there's a series of entrepreneurial investments, which could be made. You were investing, there would have been a whole host of office machinery companies. One of them called Xerox and other companies called other things. In 1950 you couldn't have told which would have been successful and which would have been a failure. By now you of course know that Xerox was a success and the people who initially were involved with Xerox were great winners in terms of that game. Now that's not to say that everybody plays the lottery. Because if you are thinking about the Massachusetts lottery the only people who can win are the people who buy the tickets. In the economic lottery you've gotta have a certain set of talents and entry credentials to play the lottery. So I'm not saying it's a random lottery it's a conditional lottery. There are certain things you have to do to get in but it's random among those people who can get in. You know, if you read these Fortune Magazine articles on \"The 100 Wealthiest Americans\" or \"The 50 Instant wealthy\", actually the one that just came on the news stands today that I was reading on the airplane has \"The 59 Wealthiest Private Individuals in the Country\" where they have their money in private companies and no public companies. From 59 people with over $50 million in private companies. Well, if you have that lottery system somebody wins. Now the biographies in Fortune are gonna say that this person was smarter than smart, brighter than bright and more industrious than industrious. But if you read them carefully I think you and I will both come to conclusion that they had a great deal of good luck. And there are other people who were just as bright just as industrious, just as hardworking who didn't win. And I think that's very important for a very simple reason is that we all tend to sit here self satisfied and say I got where I am because of merit. Those people who didn't make it got where they are because of merit and they're low income people because they merit being low income people and I'm at least a middle income or upper income individual because I merit being a middle income or an upper income individual. And the fact of the matter is there are a lot of random good and bad luck that all of us have participated in. Now, the people in this room probably have had more than their share of good luck. The poor have probably had more than their share of bad luck. And I think it's important to recognize that factor. Now, I'm not saying there aren't a lot of other factors that go into determining the distribution of income and wealth, there are. But I think this idea that the world is deterministic and if you only work hard you'll succeed is pernicious 'cause it just isn't true. There are a lot of other things that go into success and failure and it's important that we as a society face those. And so if you think about this process of generating inequality, you have to recognize that role. Now, question is what can we do about it? Well, let me make a forecast. What are we gonna do about it? Answer in the immediate future is nothing because we're gonna con ourselves over the least the next half decade that it's more important to go out and fight inflation or do something else, than address these problems. But one of the things about the distribution of income and wealth is it's always with us, it'll come back. The fact of the matter is that blacks make 59% of what whites do when they aren't satisfied. There are 20 million blacks in the United States. And so even if that problem can be pushed on the back burner in 1979, it clearly is not gonna be pushed on the back burner forever. We now have over 50% of the women in the United States working. Well women may have put up with earning 58% of what men have done for the last 40 years, but I would doubt that they're gonna do it for the next 40 years. Even if they do it for the next three or five. And so I think the problems are gonna come back to us and we're gonna have to think about them. Now, I think there's one fundamental economic problem you have to think about. And it is this question that's getting debated in the DeBakey case and some other things it is the question of equal opportunity versus affirmative action. The simple fact of the matter is an equal opportunity world won't solve the problem. And let me try and drive that home with the following analogy. Let's imagine that you have two groups of human beings equally talented, but differences in talents among each of the groups, and they're gonna run a race. So these two groups of people are equally fast at running the race, but there are some-- Let's say they're white and black. There are some slow whites, some slow blacks, some fast blacks, some fast whites. But if you started the race equally the average black would cross the finish line at exactly the same time, the average white did. Now let's imagine that you start that race some discriminator waves a wand and it makes all the blacks carry a load of rocks. Now what's that gonna do to the race? Well, since the groups have equal ability it gradually means that the whites are gonna get farther and farther ahead. Some very strong, fast Blacks will still be ahead of some very slow whites. But in terms of the averages the two groups will get farther and farther apart. Now you've run the race for awhile, you've had slavery, you've had low black incomes, et cetera. Now somebody creates an equal opportunity world. That means they take the rocks out of all the packs. What happens to the race in terms of the average white and the average black? The gap no longer expands, but it never gets smaller. How do you make the gap smaller? There are only three ways that I know of and we resist all three. One, you can start the race over, but in economic terms that means you redistribute income and wealth equally and let it go again. Second thing you can do is you can have affirmative action give blacks some extra help until they catch up with the average white or you can give the white some rocks to carry for awhile so that they slow down. Now, I don't think there are any other options. Now, the interesting thing to note in my example is the whites didn't do any discriminating. The people in the race didn't discriminate against anybody. The discriminating was all done by my discriminator. Now, in this case, the discriminator may have been people who were alive a generation ago, but the fact of the matter is if you're gonna have equality in the race, something has to happen to today's race other than equal opportunity because with equal opportunity, the gaps never narrow. And what are we gonna do? You can't hide behind equal opportunity because basically equal opportunity means the present gaps continue for the indefinite future because there's no mechanism in equal opportunity that corrects for things that have happened in the past. And if I start off with $6 billion and you start off with zero and you and I are equally competent I will always be $6 billion ahead. And that's the facts of life. Unless you take some actions to change that. Now I think one of the basic problems we have at the moment is we don't wanna do any one of those three things. We don't wanna start the race over again, we don't want extra help for people who are falling behind and we don't want those people who are ahead to be handicapped. And in some sense, we also don't like the current results of the race, or at least part of the population doesn't like the current results of the race. Now that may be one of those classic examples of being between a rock and a hard place. Because something's got to give. And I think basically that's the position we're in now. It's not clear what's gonna give, but we're in one of those periods of time when we're testing what's gonna give and sooner or later something will because that's just the nature of the system it may give in a good or a bad way that's something different to talk about, but that's the important thing to think about. Now one other final thing I wanna mention in terms of changing the distribution of income and wealth. The other thing we like to believe is it somehow in a good Puritan world we shouldn't have to have welfare payments. Shouldn't have to give people money. They should be able to earn enough money to take care of themselves. Now welfare means different things to different people. Some people when they use welfare really mean AFDC Mothers, Aid for Families with Dependent Children Mothers. And they really mean black AFDC Mothers when they say welfare. Other people when they say welfare at the other extreme and we're talking about all income transfer payments which are now well over $200 billion and well over half of that goes to the elderly. The problem is in our economy for a whole variety of reasons there are a lot of people that at least in the short run are not going to earn and save enough money to take care of themselves. And you have to face up to that. The elderly are an obvious case where we say, well we don't think that 75 year olds should have to work. And therefore we have a program to take care of them. When we come to the AFDC Mothers, we essentially have Boxster in selves in on the long historical process, at one time and in some States it is still essentially true that welfare mothers paid something close to 100% tax. In other words, when you're in, if you went out and earned a dollar, your welfare benefit would be cut a dollar and therefore you wouldn't be better off and therefore no sensible person would go to work. Now, the interesting thing about that provision is it wasn't an accident because those programs were set up in the mid 1930s when the social consensus was that mothers ought to stay at home. And that provision was deliberately put in the law to discourage working mothers. And it had exactly the effect intended. Now, the problem is that if we go from the 1930s to now we now have over half of all the women in the United States working and lots of women with young children work. We no longer think having working mothers as a terrible thing. The social consensus has changed, but the law hasn't. Now what about changing the law? The basic problem there is if you change the law welfare becomes more expensive because if you only reduce welfare payments 50 cents, when the mother earns a dollar, then welfare payments, don't go down as fast as her earnings go up. And so the welfare program becomes expensive to reform when you go towards work. The other problem of putting welfare mothers at work and solving a problem that way is there aren't any jobs. Now, this is something that Jim Tobin is going to talk about tomorrow. So I'm not gonna get into the stagflation problem. But if there aren't jobs, where are they supposed to work? There's 6 million unemployed people in the United States. You can say, well, what about creating a public job? That was Carter's welfare program. Public jobs for welfare mothers. What was the problem with Carter's welfare program? It's expensive because let's say that you're now giving a welfare mother $5,000. She has $5,000 worth of take-home income. How much will it cost you to get her to earn $5,000 worth of take-home income? Let's say you pay for a job that pays $5,000. So she gets the same 5,000. But to provide a job you're gonna have to oversee it, provide capital, materials. It'll cost you $10,000 indirect work expenses to get her to earn $5,000. And then you gotta provide daycare centers. It'll cost you another $4,000 to take care of the kids while she's at work, instead of taking care of the kids. And so it'll cost you about three times as much to put her to work as to simply give her the money. Yep, we say, \"Well, we don't believe in giving people money. \"We believe in the work ethic.\" Well, there again, we get caught because George McGovern in the 1972 presidential campaign had a program for giving people money. We didn't like that. President Carter has a program in 1978 for making mothers work for their money. We don't like that either, 'cause they're both expensive. And you know, basically we either have to make some compromise or decide which way are we going? Are we going the efficient welfare, give people money route which basically means some kind of a negative income tax or are we going the Puritan work ethic route which means incurring a lot of expenses to provide jobs. Well, there again, welfare reform is dead because we're divided in ambivalent as to which of those things we're gonna do. And so I guess the bottom line is that nothing much if you take those numbers that I gave you, escalate them from the growth in the economy. I suspect if I came back here five years from now they'll all be approximately the same because the impetus of change has gone out. You know, for example, blacks made big gains relative to whites in the 1960s, basically have made any gains or trivial gains in the 1970s that kind of a trend is gonna continue. But I don't think it's something that's gonna last forever because there are those tensions that exist that you have to come to grips with sooner or later and that will be the interesting thing probably to deal with in the 1980s or the late 1980s. Okay, I guess the procedure is to have a few minutes of questions. So I'm open to questions. Yeah.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43680/file/116773#t=0.0,3625.104"}]}]}]}