"There is literally no example on planet earth of a high functioning society without big government. >> No, that's not true. Big government is sucking the life out of small businesses. And I spent coun..."

">> Nick, I want to start with your background and your context so I can understand your perspective and who you are. You sold a company for almost $7 billion, >> correct? And what's so fascinating abo..."

">> Don, same question for you. >> Yeah, I grew up in Australia and um as a teenager, I discovered entrepreneurship. I got an entrepreneurial mentor uh very early on and I did two years in a startup an..."

">> And I guess the question therefore is how how do we do that? The prevailing narrative and I think one of the most dominant narratives is we need to tax people like us a lot more. What's your view o..."

">> What about yourself, Nick? Would you would do you want the top 1% to pay more taxes? Is that important? So, it is not true that the richest people in the United States pay a lot of tax because the ..."

"you say that optionality in entrepreneurship will do more to raise wages than any government policy. >> Yeah. So, I believe that optionality is the is the most important thing. Uh when someone has lot..."

">> So what's the solution here? Is it to put a a higher minimum wage on society? >> Well, that's a policy solution. But if you if you really want to solve the problem, the starting point is getting pe..."

"minimum wage in the United States is $7.25 an hour or $2.13 plus tips. It's half. It's a third of what it is here in the UK. Okay. >> But you have twice the disposable income that we have. Your median..."

"is what I'm concerned about, >> is that in the UK, the majority of businesses that do pay minimum wage, like a friend of mine owns a pub, and that pub has razor thin margins. it's losing money. He's n..."

"friend that owns the pub as well? >> So, say you own Starbucks. >> Yeah. >> You own a pub. >> Yeah. >> I'm a worker. >> Yeah. >> If you're going to pay me more because you have this progressive minimu..."

"own anything, >> no, it would be wonderful if everybody owned something. Um but but ownership starts with earning enough money so that you can save money so that you can begin to own something, right?..."

">> We would have reought it. >> There's a few ownership models that I think are important that could be looked at. Number one is a sovereign wealth fund. So the countries like Norway, uh Singapore, th..."

">> I want to go back to the central point we were talking about, which is like how do you how do you solve this? Because you've got two different views on how you solve this inequality. What I find in..."

"rates. It has affected unemployment by 4%, productivity gains by 4%. I mean, the list goes on. So that own I mean part of part of why people in the UK are feeling down >> is this unbelievable mistake ..."

"back in time? This is not the first time this has happened. The K-shaped economy has happened in the Engles pause. >> Yeah. >> So the the >> what do you mean by K-shaped economy? So the K-shaped econo..."

"so forth. So one of I guess the essence of what I want to get to is I mean something you've always talked about Dan as well is that if you start applying pressures on these companies or entrepreneurs ..."

"of economies. >> If we take a mega corporation, you know, think of one in your head, and we decide to tax them where their customers are. >> I was looking at some of the research and says corporations..."

"Australia I was thinking about um but it also happened in Canada where they passed a law called the online news act requiring tech giants to pay local publishers whenever Canadian users shared or view..."

"then Daniel to solve for this inequality problem that we're experiencing because you know you seem to be less interested in the sort of workers rights piece because that seems to >> we've tried it. >>..."

"decade building and investing in companies. And so often the conversation around marketing budgets follows the exact same pattern. The budget gets approved, but then the results don't come back. And m..."

"I mean, one of the most important subjects at the moment in society is artificial intelligence. And we you probably saw recently Eric Schmidt did a commencement speech in front of thousands of student..."

">> You know, um, a lot of people have been talking about AI agents and, uh, what an AI agent can do, for anyone that doesn't know, is it can go on your computer and it can get any task you want done o..."

">> I think I I definitely agree that there's going to be this sort of augmentation of certain individuals. I think maybe the difference between like calculators or computers versus this is AI is comin..."

">> So what you do about it? >> Uh UBI. >> I'm not a big fan of UBI at the moment. Isn't that kind of what this 50% Bernie Sanders thing would do? >> Well, it's it's sovereign wealth fund basically, bu..."

"biggest issues that we have is we have widespread incompetence in governments and I'll give you a quick stat on this in the UK government you are 10 times more likely to die than to be fired for poor ..."

">> so what is the solution with this AI revolution? It's I think we all agree that there's going to be job disruption and there's going to be a new type of job. There's going to be probably a delta of..."

"always weird. We're going to traverse through, you know, potentially the jobs we have now involuntarily go through this transition moment where I think history is quite clear on what happens in these ..."

">> If I think about the UK, if you implemented something like that here, would would people leave? So if you implemented, say we had an AI company here and you said, well, the UK is going to own half ..."

">> With one of your companies, if half of your board were a government, >> do you think you'd be able to be as innovative, move as fast? I mean, we talked about the bureaucracy of of the government. >..."

"is that inch? So, I've seen Nick's policies implemented and I don't feel it's enough. And the reason I don't feel it's enough is I think people are more than consumers. They're more than wallets. >> O..."

">> Is socialism the answer? >> No. Socialism is most definitely not the answer because socialism, again, we we need to operationally define that term. Yeah. If socialism means, look it up in the dicti..."

"got another you have a you you have a you have a a great graph in here. So for decades as productivity grew everybody benefited and then in the 70s it decoupled and as soon as it decoupled GDP growth ..."

">> Yeah. I've got 60 seconds and I'm going to show you how much I can get done because of our sponsor called Whisper Flow. It's a business I invested in that turns your speech into text in any app or ..."

">> One thing I find interesting is you're saying that there's this sweet spot in the middle. >> Yes. >> Where you you still get the the upside. >> You get dynamism. You think there's a sweet spot in t..."

">> What if you're not ambitious? >> And they leave. >> I think you're benefited by a lot of the ambitious people. So when when you get one in if you get one in 10 people who are entrepreneurial or one..."

">> Do do you think there's a chance that we have a a bit of a bias as entrepreneurs? Everyone at this table is an entrepreneur and for whatever reason, and I think a lot of mine might be some like I d..."

">> Yeah. What do you do about that? Uh, so what I would do is I would I would and again in the United States we used to have lots of laws that pointed the economy toward small businesses. So if I was ..."

">> So they got rid of the restrictions on >> Yeah. There there used to be express laws to make sure that big companies could not buy raw materials cheaper than than small companies. Like when I was yo..."

"to the CD store and listening to music and talking to the retail employees when I was growing up. The cool kids worked at the CD store, the geeky kids worked at the bookstore, and everybody worked at ..."

"Steve, I think all your questions are really really good, but they all point to the same thing, which it which is that, you know, the economy is a collective action problem, >> right? And >> you know,..."

"out. >> Is there like a radical idea of how to solve this? Do we need like all the the very very rich people in the world to come together collectively and say we're going to create a new model? Like ..."

"We have a closing tradition where the Lask leaves a question for the next not knowing who they're leaving it for and I think it's quite a relevant question. Um, I'll ask you first, Dan. The question i..."