And he was doing so well too. He\’s got superstar economics, he\’s understood why someone like Rooney, who might be only 1 or 2% better than other strikers available, gets the really big bucks.
Then he falls over himself.
Ranking, the spread of technology, and the development of a common culture: superstars benefit from all of these and yet have little to do with any of them. There is therefore no reason why film stars, footballers or financiers should hold on to so much of their earnings.
That \”development of a common culture\” is a synonym for \”globalisation\”.
And globalisation means mobility of labour (certainly at the top end it does).
Thus the reason we don\’t/can\’t impose a special top tax rate is that it won\’t earn any money for the Treasury, for those liable to it can bugger off.
Mr. Chakraborrty writes the economics leaders for The Guardian you know.