00:00I studied economics in college when I was young, and I learned there about a man named Ibn Khaldun, who
00:08lived 1,200 years ago in Egypt.
00:10And 1,200 years ago, he said, in the beginning of the empire, the rates were low, the tax rates
00:18were low, but the revenue was great.
00:22He said, in the end of the empire, when the empire was collapsing, the rates were great, and the revenue
00:29was low.