Just print money and give it to everyone by Chris Arnade: "The usual answer to why we don't do this is that it isn't politically feasible and there is no precedent. 1) That has never stopped bank bailouts, which often require a great deal of political and regulatory ingenuity to jam through. (TARP cough TARP) 2) It is a symptom of a system built by and for the bankers to benefit themselves. It is the equivalent of saying, 'We can't do it because we have never wanted to do it'. That we don't do it this way isn't just a small economic quibble with no impact. The most visceral anger I hear from voters across the country is directed at bank bailouts, which they see as evidence of a rigged system. They are right. The system is rigged in the sense that our primary method to stimulate the economy also conveniently bails out bankers." (previously; via) [more inside]
The Economic Lessons of Star Trek's Money-Free Society - "[Manu Saadia] points to technologies like GPS and the internet as models for how we can set ourselves on the path to a Star Trek future. 'If we decide as a society to make more of these crucial things available to all as public goods, we're probably going to be well on our way to improving the condition of everybody on Earth', he says. But he also warns that technology alone won't create a post-scarcity future... 'This is something that has to be dealt with on a political level, and we have to face that.' " (via) [more inside]
When many lower-income Americans feel isolated and empty, they yearn for physical social networks. All across US, this happens organically at McDonald’s.
In his follow-up to Sapiens, Yuval Noah Harari envisions what a 'useless class' of humans might look like as AI advances and spreads - "I'm aware that these kinds of forecasts have been around for at least 200 years, from the beginning of the Industrial Revolution, and they never came true so far. It's basically the boy who cried wolf, but in the original story of the boy who cried wolf, in the end, the wolf actually comes, and I think that is true this time." [more inside]
Kennedy was right - "Much that is valuable is neither tangible nor tradable... Gross domestic product (GDP) is increasingly a poor measure of prosperity. It is not even a reliable gauge of production."* [more inside]
World After Capital by Albert Wenger [Work in Progress; GitHub; GitBook; PDF; FAQ] - "Technological progress has shifted scarcity for humanity. When we were foragers, food was scarce. During the agrarian age, it was land. Following the industrial revolution, capital became scarce. With digital technologies scarcity is shifting from capital to attention. World After Capital suggests ways to expand economic, informational and psychological freedom to go from an industrial to a knowledge society." (previously)
Feminist economics deserves recognition - "In 2014 only 12% of American economics professors were female, and only one woman (Elinor Ostrom) has won the Nobel prize for economics.[1,2,3] But in terms of focus, economists have embraced some feminist causes. Papers abound on the 'pay gap' (American women earned 21% less than men for full-time work in 2014), and the extra growth that could be unlocked if only women worked and earned more. A recent paper, for instance, claimed that eliminating gender discrimination in Saudi Arabia could bring its GDP per person almost level with America's. (Feminists, of course, consider gender equality a worthy goal irrespective of its impact on GDP.) That raises a question. Does 'Feminist economics', which has its own journal, really bring anything distinctive?" [more inside]
an introduction to fiat money (pdf) by Steve Randy Waldman:* - "Self-reinforcing bootstrap dynamics hold as strongly for a king's token as it would for any other thing, but much more stably so, since the king can reinforce and assure the stability of his token so long as he retains the political capacity to coerce or persuade payment of tax." (via) [more inside]
Helicopter drops might not be far away - "Central banks could be given the power to send money, ideally in electronic form, to every adult citizen. Would this add to demand? Absolutely."
It's Payback Time for Women - "Society is getting a free ride on our unrewarded contributions to the perpetuation of the human race." (via) [more inside]
For the Wealthiest, a Private Tax System That Saves Them Billions -"The very richest are able to quietly shape tax policy that will allow them to shield billions in income." (via) [more inside]
The Future of (Post)Capitalism - "Paul Mason shows how, from the ashes of the recent financial crisis, we have the chance to create a more socially just and sustainable global economy." (previously; via) [more inside]
FINLAND: New Government Commits to a Basic Income Experiment - "The Finnish government of Juha Sipilä is considering a pilot project that would give everyone of working age a basic income."[1,2,3] (via) [more inside]
Your Sex is Not Radical In queer radical circles and in much of the left, the worlds in which I operate, there’s a widely held idea that one’s political radicalism can be attached to one’s sexual practices. This is why those who practice BDSM and are variously “sex positive” are often equated with left politics. But the sad truth that many of us learn after years in sexual playing fields (literally and figuratively) is that how many people you fuck has nothing to do with the extent to which you fuck up capitalism.
"They Don’t Give a Damn about Governing... Once allied with but now increasingly hostile to the Republican hierarchy, conservative media is shaping the party’s agenda in ways that are impeding Republicans’ ability to govern and to win presidential elections."
Shared Prosperity, Common Wealth, National Equity and a Citizen's Dividend: Nirit Peled takes a look at social experiments in basic incomes for VPRO Tegenlicht, a Dutch public television documentary series. Starting with a German crowdfunded UBI chosen by raffle -- kind of like the opposite of Le Guin's Omelas (or Shirley Jackson's Lottery in reverse) -- the focus moves on to Albert Wenger who wants to disconnect work from income not only as automation progresses but to accelerate the process. Then it's on to Guy Standing who has conducted basic income experiments in India and Namibia (pdf) and is trying to get one off the ground in Groningen (Utrecht apparently is also a go). Finally, a stop in Alaska to ask some of its residents about their views on the state-owned Permanent Fund. This last part brings to mind the question: just what is wealth anyway? [more inside]
China rates its own citizens - including online behaviour: "The Chinese government is currently implementing a nationwide electronic system, called the Social Credit System, attributing to each of its 1,3 billion citizens a score for his or her behavior. The system will be based on various criteria, ranging from financial credibility and criminal record to social media behavior. From 2020 onwards each adult citizen should, besides his identity card, have such a credit code." [more inside]
What Russians really think - "Many in the west see Russia as aggressive and brainwashed. But its citizens have a different view." Meanwhile,[1,2] in Moscow and Lviv...
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
VC for the people - "It's just that people who have options are much more likely to actually find success than people who don't." [more inside]
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]
"Confessions of an Ex-Mormon: A personal history of America’s most misunderstood religion." by Walter Kirn, author of Up in the Air and Lost in the Meritocracy. (Via)
In Praise of Leisure - "Imagine a world in which most people worked only 15 hours a week. They would be paid as much as, or even more than, they now are, because the fruits of their labor would be distributed more evenly across society. Leisure would occupy far more of their waking hours than work. It was exactly this prospect that John Maynard Keynes conjured up in a little essay published in 1930 called 'Economic Possibilities for Our Grandchildren.' Its thesis was simple. As technological progress made possible an increase in the output of goods per hour worked, people would have to work less and less to satisfy their needs, until in the end they would have to work hardly at all... He thought this condition might be reached in about 100 years — that is, by 2030." (via) [more inside]
Richard Wilkinson: How economic inequality harms societies (ted/yt) - "We feel instinctively that societies with huge income gaps are somehow going wrong. Richard Wilkinson charts the hard data on economic inequality, and shows what gets worse when rich and poor are too far apart: real effects on health, lifespan, even such basic values as trust." (previously)
Right Wing astroturfing A non-scientific analysis of the patterns in forum board discussions on a variety of topics. The gist: discussions of issues in which there's money at stake (like climate change, public health and corporate tax avoidance) are often characterised by amazing levels of abuse and disruption by rightwing libertarians who are pro-corporate, anti-tax, anti-regulation. Discussions of issues in which there's little money at stake tend to be a lot more civilised than debates about issues where companies stand to lose or gain billions.
Diversity counterproductive to "social capital?" James Wilson's article in Commentary magazine talks about Harvard sociologist Robert Putnam's essay recently published in Scandinavian Political Studies. In the essay, Putnam publicizes the findings of his research, conducted in rural districts, towns, and cities, whose conclusion establishes that diverse neighborhoods show less "social capital" because ethnically diverse residents seem to distrust each other. [more inside]