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Don't have any salary caps at all. >> no, of course not. because winning is everything. and it's the same thing among ceos. what matters is the rank. >> and this incentive issue is what you're finding throughout your research. that incentives in -- in classical economic theory don't work the way we might think they do. for example, the argument about welfare, disincentivizing people. they won't try to work if you give them welfare. what did you find about that? >> similarly, the poor also don't stop working if there are no incentives for them to work. that's also an illusion. for example, when...

Middle-income country. the poor are not discouraged fighting corruption, and their own president is trying to pull from working. we've known that since the late them into a corrupt scheme. '60s and '70s in the u.s. where and to their credit, i have to the so-called negative income say they're raising a red flag, tax experiment that actually they're pushing back, and gave money to the poor people they're saying, this is not and taxed it away at a rate of right. and they're doing everything they can -- you can see that 50%. and it had no discouraging from the testimony -- to make effect on their...

That news report. teams in the united states versus europe, where there are no salary caps. and that may have been just been and you don't see any effort that he was surprised. how does it affect you when you difference in the salary capped hear testimony like this? players versus the players who >> this is astounding if you think about it. don't have any salary caps at the president is protecting all? >> of course not because winning russia, it appears to be the is everything. case, at the expense of an ally, and it's the same thing among ceos. all they want is to be richer ukraine. and he's ...

For example, welfare becomes more generous, people don't stop working. it's been demonstrated in country after country. poor countries, rich countries, middle income countries, the poor are not discouraged from working. in fact, we've known that from the late '60s and '70s in the u.s. where there were the so-called negative tax income experiment that actually gave money to the poor people and taxed it away at a rate of 50% and it had no discouraging effect on their work. it's actually a little secret that we have sort of kempt hidden. >> and also, again, what's so important about this work is ...

From observing the world. you'll actually looked at salary caps on professional athletic teams in the united states versus europe where there are no salary caps, and you don't see any effort difference in the salary capped players versus the players that don't have any salary caps at all. >> no, of course not because winning is everything. and it's the same thing amongst ceos. all they want to do is be richer than their friend ceos. the level doesn't matter, what matters is the rank. >> this incentive issue is what you're finding throughout your research. incentives in classic economical theor...