 The reference here is to a ballot measure, which was defeated just a couple of days ago in Switzerland. It would have limited the amount of money that the highest earning CEOs can make. A number of countries have proposed measures, discussed measures, that would limit CEO pay and the pay of other corporate executives to some multiple of the lowest paid employees in that country. In general, these policy measures are not likely to be effective for the following reason. Austrian economics teaches that in a free market, the amount that people get paid, whether it's the CEO of a Fortune 500 company, a middle-level manager or even a factory worker, the amount that people are paid is determined by what Austrian economists call their marginal productivity, which in simple terms is the amount of additional revenue that this worker or that the time spent by this worker contributes to the company's bottom line. So fixing wages and salaries above or below the levels that emerge on the free market that are determined by marginal productivity leads to a whole host of problems. If wages or salaries are artificially set below their market levels, this leads to shortages, just like any other kind of price control. In particular, caps on the highest paid corporate executives will tend to lead to an exodus of talent from that country. There may be increases in other kinds of compensation, non-wage benefits that are not subject to the caps, which cause distortions in how firms choose to recruit and hire their top talent and so forth. Now it's certainly true that Switzerland, like other countries, is not a pure free market economy. And many people have pointed out that in our current sort of crony capitalist system, some corporate executives might be earning far more than what they would earn in a free market. And I think there's something to that argument. But if the problem is crony capitalism, the solution is to eliminate or work to reduce government intervention in the economy that permits firms to take advantage of regulations and other forms of intervention, subsidies and so on to increase their bottom lines. In other words, limiting corporate earnings, limiting CEO pay, is not an effective way to deal with crony capitalism. We need to get that crony capitalism at its root. I might add, by the way, that in the U.S. it certainly is true that CEO pay has increased quite a lot in recent years. A lot of people have complained that this is some sort of fundamental problem with capitalism or with the corporate system. But in fact, if you look at top earners in other fields like competitive professional sports, entertainment, art and so forth, earnings have also risen dramatically at the highest levels, roughly on pace with the increase in CEO pay. So the problem doesn't seem to be anything specific to corporations, but rather that people with the highest rates of marginal productivity tend to earn very, very high incomes.