An Economy That Is a Dream Come True for Libertarians and Socialists

and everyone in between

Photo by Mika Baumeister on Unsplash

What would a libertarian’s dream economy be like? As a system it would be self-regulating and there would be no taxes or public debt.

What would a socialist’s dream economy be like? There would be no unemployment or poverty and as a system it would enhance sustainability.

I have developed a monetary paradigm that would allow any nation use its existing economic system to fulfill all of those desires. In it money would be created as needed to provide a guaranteed minimum income (i.e., one for which any — adult — citizen could become eligible) and to fund all government (at the current level of per capita total government spending). The amount of money (as currency*) entering the economy would thus be determined by demographics — and nothing else. It can be thought of as a kind of permanent ‘quantitative easing’ for ‘the people’, but with built-in protections against inflation.

*The other source of money in any economy, banks creating deposits when they issue loans, would not be affected by this paradigm.

[The linked article is a “4 min read” with links to articles for more about the idea, all here in Medium, but none of them behind the paywall.]

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Stephen Yearwood

unaffiliated, non-ideological, unpaid: M.A. in political economy (where philosophy and economics intersect) with a focus in money/distributive justice