Only Two Possibilities
a solution or a delusion
I am convinced that I have developed a solution for economic woes that have bedeviled not only ‘capitalism’, but civilization itself from day one to the present: unemployment and poverty. It eliminates both of those (for adult citizens of the nation — any nation) while also eliminating the need for taxation/public debt and making the economy self-regulating. It would also increase sustainability. It accomplishes all that without altering the institutional structure of the existing economy — any nation’s existing economy — or the way it functions, its ‘nature’. It does that by creating as needed money to fund a guaranteed minimum income (that a person could actually live a decent life on) for which any (adult) could become eligible and to fund all government (at the current per capita level of total government spending). There are built-in protections against inflation.
Either I am right or I am completely deluded. There is no third possibility.
If it is the latter, it should be child’s play for one of the many people here on Medium who are more way intelligent than I am to point out a fatal flaw in the paradigm. If no one can, perhaps people should start advocating for this solution to so many societal problems related to the economy.
I did earn an M.A. in economics after I came up with this idea to be certain I had sufficient knowledge of economics to assess its validity. Before formulating it I had to my credit three undergraduate economics courses and ten years of studying Marxist economics informally. This paradigm was a direct result of rejecting Marxism and trying to think of some other way of eliminating poverty — without using taxes/public debt (thinking that would make it too politically difficult to achieve).