The political economy of a universal basic income: "your view of what is feasible should not be backwards looking. The normalization of gay marriage and legalization of marijuana seemed utopian and politically impossible until very recently. Yet in fact those developments are happening, and their expansion is almost inevitable given the demographics of ideology... UBI — defined precisely as periodic transfers of identical fixed dollar amounts to all citizens of the polity — is by far the most probable and politically achievable among policies that might effectively address problems of inequality, socioeconomic fragmentation, and economic stagnation." [more inside]
- Welfare economics: an introduction
- The perils of Potential Pareto
- Inequality, production, and technology
- Welfare theorems, distribution priority, and market clearing
- Normative is performative, not positive
Free Money for Everyone - "A wacky-sounding idea with surprisingly conservative roots may be our best hope for escaping endless, grinding economic stagnation." (via) [more inside]
Does Satan worship lower a Las Vegas mansion's value? [latimes.com] How do you determine a price people might pay for such “stigmatized properties?” It’s simple, really. You call Randall Bell.
How The Economic Machine Works by Ray Dalio actually makes a case against austerity and for redistribution, but also for money printing (and, arguably, for bailouts), while stressing the need to keep making productivity-improving public and private investments. However, it could be equally entitled: How The Industrial Age Political-Economy Doesn't Work Anymore, viz. Surviving Progress (2011)... [more inside]
Economists and the theory of politics - "why unions were often well worth any deadweight cost" [more inside]
Start Your Own Currency - "In the Catalonia region of Spain, a restaurant and a community garden are part of an experiment in alternative cash--they are accepting a home-grown currency called the Eco as well as the Euro." [viz. gated article (Google link), cf. The Wörgl Experiment]
A new initiative recently proposed by the Royal Canadian Mint proposes to create the MintChip, a digital currency that’s similar (to BitCoin), but is backed by the Canadian government. Aiming to become “the digital equivalent of the coins we use every day,” in the Canadian Mint’s own words, the MintChip will target micro- and nano-transactions conducted both online and offline, whether at the physical point of sale, on mobile devices, or among peers. Via
Out of thin air? "Have you ever said something like 'Let me buy you a beer next week'? I'm sure you have. We all issue promises of this sort. And we frequently use such promises as a form of currency... I have just described a simple credit exchange. Societies rely heavily on promising-making and promise-keeping. It is the foundation of all financial markets. I'd like to point out something about the promises you make. They are made 'out of thin air.' " [more inside]
The recession has hit the theatre world (and the arts scene in general) very hard - but some argue that theatre practitioners aren't doing themselves any favours when seeking funding. The main question insufficiently addressed is "who is the funding for?" - hint: it's not about you. Approaching theatre as a product isn't working, not when MFA acting programs don't often allow its graduates to earn enough to earn back their debt. So now the question is: how can the economics of theatre be changed?
Why are these companies free? In which we learn about "negative enterprise value" and an interesting prospect of using a market collapse to get free money. "Seemingly, a buyer who can afford all of the shares can end up being paid to own these companies."