. >> host: there's a book by thomas piketty, capital in the 20th century. like your book, it was on the bestseller list -- [laughter] talking about inequality, a very different point of view. he's argued a lot that there'd be a tendency toward greater inherited wealth going forward. he was worried about the concentration of wealth. and one of his policy proposals was a tax on wealth. hillary clinton hasn't proposed a tax on wealth, but she has proposed an increase in the estate tax. >> guest: yes. >> host: how do you feel about that proposal and pickty's arguments? >> guest: i believe there are two constraints to growth. one is our willingness and capacity to take risk, the other's properly trained talent, and the two are sort of two sides of the same coin because i may be able to take the risk if i have the supervision and talent to implement it, but i don't, so i don't take the risk. i think it's very difficult to accumulate equity that's willing to take risk versus people putting their money in the bank and saying i'll fund an investment as long as you'r

so as a the french economist thomas piketty pointed out, we're moving toward becoming a herd tear air stockingly -- aristocracy of wealth. so that's the trajectory that we're on. and i just want to read a very brief -- i'm not going to read much, but i want to just read a little bit from the introduction of "born on third base." there are many reasons we need to rethink our predicament, but for a moment let's consider this one which in many ways trumps them all. as a planet, we are experiencing an ecological crisis. climate change and ocean acidification along with breaches of other planetary boundaries will alter our food and energy systems and transform our way of life. there have been recent news accounts about u.s. billionaires buying mountain fortresses in the rockies and davos billionaires buying getaway farms in new zealand with airplane landing strips. but these escape fantasies are delusional thinking. the island paradises will be swamped from rising sea levels, the mountains will be choked with the smoke of burning forests. it's in no one's interests to continue operating as