the four essential components of a single legislative Act any nation could enact to transform the societal outcomes of its existing economic system

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Every nation on Earth has, as part of its economic system, a central bank. Any nation on Earth could therefore, via a single legislative Act, make its economy completely self-regulating while eliminating unemployment, poverty, and taxes/public debt (if total government spending were limited to its current per capita level) and at the same time increasing sustainability — all at no cost to anyone, without having to redistribute anything, without imposing any limit on income/wealth, and without requiring people to change their behavior in any way. A new Monetary Agency could be created to administer this monetary paradigm, but a central bank could certainly do that perfectly well.

There are options and stopping points within this paradigm — it is not all-or-nothing — but for any iteration of the paradigm, the Act would involve four essential components:

  1. Authorize a permanent ‘quantitative easing’ (QE): money would be created as needed without involving the creation of debt. (Creating money without creating debt is what made ‘quantitative easing’ something new when it was invented as a response to the financial crisis of 2008.)

A general statement of the paradigm, intended primarily for economists, is in “Paradigm Shift;” a more detailed rendering of a version of it is in “Same Economy, Way Better Outcomes for Society” (both here in Medium).

unaffiliated, non-ideological, unpaid, academically trained philosopher and political economist