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A Pelican Introduction: Basic Income by Guy Standing

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The BIG is a popular way to refer to basic income in southern Africa. In the US, USBIG stands for the US Basic Income Guarantee Network. Universal basic income (UBI). This term, widely used in North America and Europe, conveys the idea that basic income would be paid equally to every individual regardless of family or financial status. Unconditional basic income. Some campaigners have attached the word ‘unconditional’, intended to make clear that no spending, income or behavioural conditions would be set on entitlement. However, it is not quite true that there would be no conditions of any kind. Most obviously, to qualify, someone would have to be (legally) resident in the community or country covered by the basic income scheme. So the word ‘unconditional’ may cause more confusion than clarification. Citizen’s income or citizenship income.

Contents PREFACE CHAPTER 1 Basic Income – Its Meaning and Historical Origins CHAPTER 2 Basic Income as Social Justice CHAPTER 3 Basic Income and Freedom CHAPTER 4 Reducing Poverty, Inequality and Insecurity CHAPTER 5 The Economic Arguments CHAPTER 6 The Standard Objections CHAPTER 7 The Affordability Issue CHAPTER 8 The Implications for Work and Labour CHAPTER 9 The Alternatives CHAPTER 10 Basic Income and Development CHAPTER 11 Basic Income Initiatives and Pilots CHAPTER 12 The Political Challenge – How to Get There from Here APPENDIX: HOW TO RUN A BASIC INCOME PILOT NOTES LIST OF BIEN-AFFILIATED ORGANIZATIONS ACKNOWLEDGEMENTS FOLLOW PENGUIN ‘It is from the champions of the impossible rather than the slaves of the possible that evolution draws its creative force.’ BARBARA WOOTTON Preface Since at least Thomas More’s Utopia of 1516, many thinkers have flirted with the idea of a basic income – everybody in society receiving a regular amount of income as a right. Some have recoiled at the effrontery of the idea; some have mocked it, as fantasy and a threat to civilization – albeit most unlikely to come about; some have pushed it into the ‘dream, brother’ recesses of the mind; some have grown tiresome in their enthusiasm. The gamut of sentiments and reactions has been impressively wide.

Zwolinski asserted, ‘No libertarian would wish for a BIG as an addition to the currently existing welfare state.’ This is probably unfair to left libertarians, but captures the essence of the right libertarian position, that basic income would be a freedom-enhancing alternative to the intrusive government-driven welfare state. On the political non-libertarian left, revulsion towards the libertarian rationale has been so intense that many have rejected the idea of a basic income altogether, choosing to see it as a ruse to dismantle the welfare state. While many libertarians do have that objective, this antipathy to basic income is based on emotion rather than reason, since most contemporary advocates of a basic income believe in public social services and needs-based welfare benefits as well. Nevertheless, the fact that prominent libertarians propose a basic income as a straight alternative to all public welfare has prompted a spirited debate within the BIEN community, to the point that the 16th international congress in Seoul passed a resolution stating that payment of a basic income should not put the welfare state in jeopardy.


Basic Income: A Radical Proposal for a Free Society and a Sane Economy by Philippe van Parijs, Yannick Vanderborght

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As mentioned in chapter 3, the report prepared Â�under the chairmanship of Lord Beveridge and published in 1942 proposed a combination of social insurance and residual public assistance and left no room for an unconditional basic income. Lady Juliet Rhys-Â� Williams (1898–1964), like Beveridge a liberal politician, made a last attempt in 1943 with her “new social contract,” which included the payment of a universal and individual benefit to all adults, subject to availability for “suitable employment.”52 Beveridge prevailed, however, and the British discussion on basic 81 BASIC INCOME income was extinguished for several deÂ�cades, despite James Â�Meade’s attempt to revive it in the 1970s when he was appointed as chair of a committee on “the structure and reform of direct taxation” in the United Kingdom.53 Meanwhile, not much was happening on the continent. The closest one could find to the idea of a basic income was in Die Allgemeine Nährpflicht (1912), by the Viennese social phiÂ�losÂ�oÂ�pher and reformer Josef Popper-Â�Lynkeus (1838– 1921), “a prophetic and saintly person” according to his friend Albert Einstein: “As an extreme individualist he prized man’s freedom from want and dispensable constraint as the highest aim.”

More than this amendment may be needed to assuage the fear for welfare loafers and to get again a new ambitious projÂ�ect on the track. But this is a task for another generation” (Van Parijs 1998: 7). 314 NO TES TO PAGES 213–214 155. Some variant of this is proposed by Painter and Young (2015: 20) for the United Kingdom. While advocating an unconditional basic income for all adults, they suggest that Â�those aged 18–25 should sign a publicized “contribution contract” with their local community. In sharp contrast with the idea of a basic income restricted to young adults (briefly considered in chapter 6), this type of mild paternalism should help assuage the fear hinted at in chapter 1 that many young adults, if given a modest unconditional income, Â�will opt to enjoy life in a shortsighted mode, sharing accommodation and topping up their basic income with casual, often informal work—Â�only to discover Â�later on that, in order to raise a family, Â� they should have made the effort to improve their earning power. 156.

Ci vi l S oc iet y, Parti es, and t he Back D oor popÂ�uÂ�larÂ�ized by Milton Friedman in 1962—or indeed close to the basic income proposed by Charles Murray. In his 2006 book In Our Hands, Murray proposes to eliminate all US federal welfare programs (in a broad sense that includes not just Temporary Assistance to Needy Families and food stamps, but also Social Security, Medicare, Medicaid, and the Earned Income Tax Credit) and to distribute the money saved in just two forms: an unconditional basic income of $7,000 per year (about 15 Â�percent of GDP per capita in 2006) for everyÂ�one aged 21 or older, and an additional $3,000 earmarked for a universal health insurance plan.97 Ten years Â�later, in the week preceding the Swiss referendum, Murray published an update of his proposal, with an unambiguous caveat: “A universal basic income Â�will do the good Â�things I claim only if it replaces all other transfer payments and the bureaucracies that oversee them.”98 Â�There is, of course, a huge difference—Â�and not only in terms of poÂ�litiÂ�cal achievability—Â�between Murray’s monthly cash payment of $833 (in the updated version) replacing all cash transfers, and a basic income at a similar level fitted Â�under the Â�whole distribution of income, some recalibrated benefits included, as advocated in chapter 1.


Universal Basic Income and the Reshaping of Democracy: Towards a Citizens’ Stipend in a New Political Order by Burkhard Wehner

basic income, business cycle, full employment, universal basic income

Most challenging is the matter of designing a process of transition from the existing social security system. The present debate has failed to make clear the winners and losers under an unconditional basic income regime and in particular how these relative effects may develop over time. Such non-transparency induces anxiety among presumed losers, and it can make them receptive to populist agitation against basic income proposals. Moreover, many advocates of unconditional basic income seek the support of a particular ideological group but present ideas objectionable to other groups. This tension may also contribute to a general negativity toward unconditional basic income. Thereby, the overwhelming rejection of unconditional basic income in the 2016 Swiss referendum did not come as a surprise; only about 10% of the electorate voted in favor. As clear as this outcome was, it remains unclear precisely what was rejected.

This book outlines alternative political institutions, rules, and strategies that could eventually make universal basic income politically viable. © The Author(s), under exclusive license to Springer Nature Switzerland AG 2019 B. Wehner, Universal Basic Income and the Reshaping of Democracy, SpringerBriefs in Political Science, https://doi.org/10.1007/978-3-030-05828-9_1 1 Chapter 2 Basic Income—A Project for Generations 2.1 Unconditional Basic Income—A Consensus-Building Term? Unconditional basic income is difficult to discuss free from emotion and ideology. Controversies in this field result less from differences in economic calculations than from political and ideological prejudice. The discussion therefore cannot be objective and sober unless the political logic of unconditional basic income is fully revealed. This logic is the key to the question of whether, how, where, and when an unconditional basic income could be implemented.

Ideological biases will not be overcome even if the social and economic implications of unconditional basic income are examined in ever more state-organized field trials. Such trials can provide only a vague indication of the impact of a particular variant and amount of the basic income in a particular welfare state and social environment. They will not and cannot reconcile current conceptual controversies about unconditional basic income. This book is a largely extended version and in part a translation of Wehner (2018). It summarizes arguments from former publications of the author. For an overview see http://www. reformforum-neopolis.de/reformforum/sozialstaat.html or http://www.reformforum-neopolis.de/ reformforum/gesamtkatalog.html. © The Author(s), under exclusive license to Springer Nature Switzerland AG 2019 B. Wehner, Universal Basic Income and the Reshaping of Democracy, SpringerBriefs in Political Science, https://doi.org/10.1007/978-3-030-05828-9_2 3 4 2 Basic Income—A Project for Generations In the past, many advocates of unconditional basic income have taken it for granted that this income must secure a sufficient livelihood by itself.


Financing Basic Income: Addressing the Cost Objection by Richard Pereira

banks create money, basic income, income inequality, job automation, Lyft, new economy, offshore financial centre, Paul Buchheit, quantitative easing, sovereign wealth fund, Tobin tax, transfer pricing, uber lyft, universal basic income, unpaid internship, Wall-E

Options for covering the resulting gap are discussed, and an overview over the recent financing discussion in Switzerland is given. Keywords Basic income Unconditional basic income Financing Financing model Gross cost Europe Switzerland has the honour of being the first country where a popular initiative has been submitted for a vote on the introduction of a basic income (BI). This is not difficult to achieve as Switzerland is the only country with an established tradition and practice of popular initiatives within its direct democratic system. Still, it was of the utmost interest to A. Jörimann (*) Zurich, Switzerland © The Author(s) 2017 R. Pereira (ed.), Financing Basic Income, Exploring the Basic Income Guarantee, DOI 10.1007/978-3-319-54268-3_3 49 50 A. JÖRIMANN watch the clash of the opposing opinions and of the divergent social and economic interests during the voting campaign, where the financing question played quite an important role, as well as it does in other countries.

Richard Pereira is Doctoral Researcher at the University of Birmingham, UK, and was formerly an economist with the House of Commons in Canada. PART 1 Foundations for a Basic Income Guarantee CHAPTER 2 The Cost of Universal Basic Income: Public Savings and Programme Redundancy Exceed Cost Richard Pereira Abstract This chapter addresses the cost objection to basic income, which rests upon the claims that (a) it is too expensive to implement and (b) that personal income taxes will have to be raised to such a high level as to make it politically infeasible. A Canadian case study is used to demonstrate that the cost savings of implementing basic income are often greatly underestimated or neglected, and that personal income taxes do not need to be raised. Personal income taxes could be reduced while implementing a decent basic income. Keywords Universal basic income Cost Savings Public finance Demogrant Negative income tax (NIT) INTRODUCTION This study demonstrates that a universal basic income (UBI) or guaranteed income at a level sufficient to cover essential needs (at the official poverty line or higher) is affordable.

SFGate. 21 August. White, S. (1997) “Liberal Equality, Exploitation, and the Case for an Unconditional Basic Income.” Political Studies XLV: 312–26. Young, M., and J. Mulvale. (2009) Possibilities and Prospects: The Debate Over a Guaranteed Income. Ottawa: CCPA – Canadian Centre for Policy Alternatives. Richard Pereira is Doctoral Researcher at the University of Birmingham, UK, and was formerly an economist with the House of Commons in Canada. PART 2 Cost Feasibility of Basic Income in Europe CHAPTER 3 Financing Basic Income in Switzerland, and an Overview of the 2016 Referendum Debates Albert Jörimann Abstract This chapter attempts to determine the actual static cost of the introduction of a fully fledged unconditional basic income in Switzerland. The funding resources available for this policy initiative are also scrutinised.


pages: 235 words: 62,862

Utopia for Realists: The Case for a Universal Basic Income, Open Borders, and a 15-Hour Workweek by Rutger Bregman

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America’s Struggle over Guaranteed Income Policy (2008) p. 123. 40. Quoted in: Allan Sheahan, Basic Income Guarantee. Your Right to Economic Security (2012) p. 8. 41. Steensland, The Failed Welfare Revolution, p. 69. 42. Quoted in: Peter Passell and Leonard Ross, “Daniel Moynihan and President-Elect Nixon: How Charity Didn’t Begin at Home,” The New York Times (January 14, 1973). http://www.nytimes.com/books/98/10/04/specials/moynihan-income.html 43. Quoted in: Leland G. Neuberg, “Emergence and Defeat of Nixon’s Family Assistance Plan,” USBIG Discussion Paper (January 2004). http://www.usbig.net/papers/066-Neuberg-FAP2.doc 44. Bruce Bartlett, “Rethinking the Idea of a Basic Income for All,” New York Times Economix (December 10, 2013). http://economix.blogs.nytimes.com/2013/12/10/rethinking-the-idea-of-a-basic-income-for-all 45. Brian Steensland, The Failed Welfare Revolution, p. 157. 46.

Basic income could change that, providing a guaranteed minimum for all.31 Had the United States, the world’s wealthiest nation, gone this route, there’s little doubt other countries would have followed suit. But history took a different turn. Arguments once used in support of basic income (the old system was inefficient, expensive, demeaning) came to be leveled against the welfare state in its entirety. The shadow of Speenhamland and Nixon’s misguided rhetoric laid the foundation for Reagan’s and Clinton’s cutbacks.32 These days, the idea of a basic income for all Americans is, in Steensland’s words, as “unthinkable” as “women’s suffrage and equal rights for racial minorities” was in the past.33 It’s difficult to imagine that we’ll ever be able to shake off the dogma that if you want money, you have to work for it. That a president as recent and as conservative as Richard Nixon once sought to implement a basic income seems to have evaporated from the collective memory.

I’d convinced myself it couldn’t be relevant.6 I’ll give you another example. In Chapter 3, I laid out the arguments in favor of universal basic income. This is a conviction in which I have invested a lot over the past few years. The first article I wrote on the topic garnered nearly a million views and was picked up by The Washington Post. I gave lectures about universal basic income and made a case for it on Dutch television. Enthusiastic emails poured in. Not long ago, I even heard someone refer to me as “Mr. Basic Income.” Slowly but surely, my opinion has come to define my personal and professional identity. I do earnestly believe that a universal basic income is an idea whose time has come. I’ve researched the issue extensively, and that’s the direction the evidence points. But, if I’m being honest, I sometimes wonder if I’d even let myself notice if the evidence were pointing another way.


Free Money for All: A Basic Income Guarantee Solution for the Twenty-First Century by Mark Walker

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Less optimistically, even 214 FREE MONEY FOR ALL winning a small percentage of the votes would be enough to get BIG to be part of the national conversation, especially if the party acts as a spoiler: taking enough votes from either party to cause a change in the election outcome, and hopefully, a change in their platforms. The HFP asks for your vote.) No tes 1 Basic Income Guarantee 1. Eric Alden Smith et al., “Production Systems, Inheritance, and Inequality in Premodern Societies,” Current Anthropology 51, 1 (2010): 85–94. 2. Allen Sheahen suggests the Bible as a precursor to contemporary thinking about BIG. Allan Sheahen, Basic Income Guarantee: Your Right to Economic Security (New York: Palgrave Macmillan, 2012). For a brief history of BIG, see the very informative page by the Unconditional Basic Income Europe: http://ubie.org/brief-historybasic-income-ideas/. For a survey of early American thinking on this matter, see Jamie Bronstein, “A History of the BIG Idea: Winstanley, Paine, Skidmore and Bellamy,” Journal of Evolution & Technology 24, 1 (2014), http://jetpress.org/v24/bronstein.htm. 3.

Rich capitalists who hope to keep part-time capitalism have these two options plus the option to finance their own state. So again, for every complaint that the part-time capitalist has against the full-time capitalist, workers have at least as strong a complaint against part-time capitalists. Societal Ownership It is worth pausing to consider the argument of this chapter in terms of previous thinking. As noted above, the idea of a basic income has a long history. In most general terms, the idea of justifying BIG has had to work two desiderata. One is that sufficient income or capital must be found to finance BIG. The other is to find morally compelling reasons to underwrite the means to finance BIG. These two desiderata are clearly related but often pull in different directions. For example, many think that it is morally permissible for governments to tax natural resources and use the taxes to finance public interests.14 Indeed, the Alaska Permanent Fund is one example of this thinking in action.

Murphy, “Baby Steps: Basic Income and the Need for Incremental Organizational Development,” Basic Income Studies 5, 1 (2010). 3. I borrow these two examples from Karl Widerquist. Karl Widerquist, “OPINION: Big Changes Come,” BIEN, June 17, 2013, http:// www.basicincome.org/news/2013/06/opinion-big-changes-come/. 4. Jurgen De Wispelaere and A. Noguera, “On the Political Feasibility of Universal Basic Income: An Analytic Framework,” Basic Income Guarantee and Politics: International Experiences and Perspectives on the Viability of Income Guarantee (2012), 17. Jurgen De Wispelaere, “The Struggle for Strategy: On the Politics of Universal Basic Income,” Politics (2013), http://works.bepress.com/dewispelaere/38/. R efer ences “2012 HHS Poverty Guidelines.” U.S. Department of Health and Human Services. Accessed May 10, 2012. http://aspe.hhs.gov/poverty/12poverty. shtml. “2014 Land Report 100.” The Land Report: The Magazine of the American Landowner, n.d. http://www.landreport.com/americas-100-largestlandowners/.


pages: 188 words: 40,950

The Case for Universal Basic Income by Louise Haagh

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My deepest gratitude extends to my close friends and family, including Ed, Mille, Neil, Ato, and Teddy. I dedicate this book to my sons, and to the memory of my mother and grandparents, whose guidance remain my inspiration today. Dedication For Ato and Teddy, and in memory of Birte, Dagmar, Rigmor and Albert With love and gratitude 1 Basic Income in Time A Democratic Humanist Case for Basic Income Reform The idea of a basic income – to give all residents a modest regular income grant that is not dependent on means-tests or work requirement – has caught the attention of policy-makers and social activists across the globe. The proposal has been around for a long time. English radicals put forward a version in late eighteenth-century England: Thomas Spence as a dividend from communally owned land,1 and Thomas Paine as a payment from land rent to make up for the private appropriation of the commons with ‘a right, not a charity’.2 Basic income initiatives have appeared since in different guises.

., 1979, ‘The Case of the Impoverished Sophisticate: Human Capital and Swedish Economic Growth before World War I’, Journal of Economic History, 39 (1), 225–41. 57. Sandberg, L.G., 1978, ‘Banking and Economic Growth in Sweden before World War I’, Journal of Economic History, 38 (3), 650–80. 58. Forget, E., 2017, ‘Do We Still Need a Basic Income Guarantee in Canada?’, http://www.northernpolicy.ca/dowestillneedabig 59. https://www.nao.org.uk/wp-content/uploads/2018/06/Rolling-out-Universal-Credit.pdf, pp. 58–60. 60. Davala, S. 2018., ‘The Indian Experience: The Debt Trap and the Unconditional Basic Income’, in A. Downes and S. Lansley (eds), It’s Basic Income, Bristol: Policy Press, pp. 136–40. 61. In 2016, I suggested thinking in terms of Basic Income Plus, to address the impression basic income requires replacement of existing welfare services and means- or needs-based transfers.

Human Development States: Labour Market Returns to Education, mid-1990s Figure 9. Human Development States: Labour Market Returns to Education, mid-2010s Figure 10a. Unemployment Systems, 2007 Figure 10b. Unemployment Systems, 2010 Figure 10c. Unemployment Systems, 2014 The Case For series Sam Pizzigati, The Case for a Maximum Wage Louise Haagh, The Case for Universal Basic Income The Case for Universal Basic Income Louise Haagh polity Copyright © Louise Haagh 2019 The right of Louise Haagh to be identified as Author of this Work has been asserted in accordance with the UK Copyright, Designs and Patents Act 1988. First published in 2019 by Polity Press Polity Press 65 Bridge Street Cambridge CB2 1UR, UK Polity Press 101 Station Landing Suite 300 Medford, MA 02155, USA All rights reserved.


Basic Income And The Left by henningmeyer

basic income, Bernie Sanders, centre right, eurozone crisis, income inequality, John Maynard Keynes: technological unemployment, labour market flexibility, land value tax, means of production, mini-job, moral hazard, precariat, quantitative easing, Silicon Valley, the market place, Tobin tax, universal basic income

The Euro-Dividend 6. Basic Income Pilots: A Better Option Than Quantitative Easing 7. Why The Universal Basic Income Is Not The Best Public Intervention To Reduce Poverty Or Income Inequality 8. The Worldwide March To Basic Income: Thank You Switzerland! 9. Universal Basic Income: A Disarmingly Simple Idea – And Fad 10. Unconditional Basic Income Is A Dead End 11. Basic Income Is A Tonic Catalyser: A Response To Anke Hassel 12. Basic Income And Institutional Transformation 13. No Need For Basic Income: Five Policies To Deal With The Threat Of Technological Unemployment 14. Citizen’s Income: Both Feasible And Useful 15. UBI: A Bad Idea For The Welfare State 16. What Is An Unconditional Basic Income? A Response To Rothstein v 1 5 AUTHORS 12 21 28 37 45 Louise Haagh is a Reader in Politics at the Univer‐ sity of York, co-editor of the academic journal Basic 52 Income Studies and chair of the Basic Income Earth Network.

They need to become more personalised — including through user engagement, ‘co-production’ and involvement of specialist NGOs — while not sacrificing universality. But those complex, concrete policy arguments take us a long way from the ‘fast food’ substitute of a universal basic income. The concept of an unconditional basic income is becoming increasingly popular among economists, managers, activists and entrepreneurs as an alterna‐ tive to traditional social policy. Instead of providing social benefits in an emergency, for unemployment or old age, the government would pay every adult the same lump sum in the future – around 1,0001,200 Euros a month. There would then be no social benefits, no Hartz IV (Germany’s long-term jobless benefits), and most likely no pension or unemploy‐ ment insurance. This universal basic income promises each person the freedom to decide if they want to be employed, to do volunteer work – or do nothing at all.

He equally correctly identifies as disadvantages that it ‘would be unsustainably expensive and would thereby jeopar‐ 16 WHAT IS AN UNCONDITIONAL BASIC INCOME? A RESPONSE TO ROTHSTEIN BY MALCOLM TORRY (11 DECEMBER 2017) dise the state’s ability to maintain quality in public services such as healthcare, education and care of the elderly’, that it would lose political legitimacy, and that ‘people who can work [would] choose not to work’. Rothstein’s verdict is that ‘the basic error with the The previous chapter by Bo Rothstein sets out from a definition of ‘Unconditional Universal Basic Income’ (UUBI) as ‘every citizen will be entitled to a basic income that frees them from the necessity of having a paid job’; and it adds the details that the idea of unconditional basic income is its uncondi‐ tionality’, because that threatens ‘the principle of reciprocity […] Breaking with this principle is most likely to lead to the dismantling of the type of broadbased social solidarity that built [the] welfare state.’


pages: 477 words: 75,408

The Economic Singularity: Artificial Intelligence and the Death of Capitalism by Calum Chace

3D printing, additive manufacturing, agricultural Revolution, AI winter, Airbnb, artificial general intelligence, augmented reality, autonomous vehicles, banking crisis, basic income, Baxter: Rethink Robotics, Berlin Wall, Bernie Sanders, bitcoin, blockchain, call centre, Chris Urmson, congestion charging, credit crunch, David Ricardo: comparative advantage, Douglas Engelbart, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Flynn Effect, full employment, future of work, gender pay gap, gig economy, Google Glasses, Google X / Alphabet X, ImageNet competition, income inequality, industrial robot, Internet of things, invention of the telephone, invisible hand, James Watt: steam engine, Jaron Lanier, Jeff Bezos, job automation, John Markoff, John Maynard Keynes: technological unemployment, John von Neumann, Kevin Kelly, knowledge worker, lifelogging, lump of labour, Lyft, Marc Andreessen, Mark Zuckerberg, Martin Wolf, McJob, means of production, Milgram experiment, Narrative Science, natural language processing, new economy, Occupy movement, Oculus Rift, PageRank, pattern recognition, post scarcity, post-industrial society, post-work, precariat, prediction markets, QWERTY keyboard, railway mania, RAND corporation, Ray Kurzweil, RFID, Rodney Brooks, Sam Altman, Satoshi Nakamoto, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Skype, software is eating the world, speech recognition, Stephen Hawking, Steve Jobs, TaskRabbit, technological singularity, The Future of Employment, Thomas Malthus, transaction costs, Tyler Cowen: Great Stagnation, Uber for X, uber lyft, universal basic income, Vernor Vinge, working-age population, Y Combinator, young professional

Probably the longest-standing organisation advocating UBI is the Basic Income Earth Network. BIEN was formed as long ago as 1986, and “Earth” replaced “European” in its name in 2004. BIEN defines UBI as “an income unconditionally granted to all on an individual basis, without means test or work requirement." UBI has also been called unconditional basic income, basic income, basic income guarantee (BIG), guaranteed annual income, and citizen's income. Proponents have argued for various levels of UBI, but in general they choose a level at or around the poverty level in the country of operation. This is partly because they don't think any more would be affordable, or politically acceptable, and partly to ward off criticisms that UBI would make people lazy and unproductive. As mentioned above, this will not be good enough if and when machine intelligence renders most people unable to work for a living.

Technological Singularity will change everything, but its first manifestation will come in the domain of economics, most likely in the shape of technological unemployment. Calum Chace’s “The Economic Singularity” does a great job of introducing readers of all levels to the future we are about to face. Chace explains what might happen and what we can do to mitigate some of the negative consequences of machine takeover. The book covers unconditional basic income, virtual environments, and alternative types of economies among other things. Highly recommended.” Dr. Roman V. Yampolskiy, Professor of Computer Engineering and Computer Science, Director of Cybersecurity lab, Author of Artificial Superintelligence: a Futuristic Approach Unprecedented productivity gains and unlimited leisure—what could possibly go wrong? Everything, says Calum Chace, if we don’t evolve a social system suited to the inevitable world of connected intelligent systems.

utm_content=buffer71a7e&utm_medium=social&utm_source=plus.google.com&utm_campaign=buffer [ccciii] http://www.fastcoexist.com/3052595/how-finlands-exciting-basic-income-experiment-will-work-and-what-we-can-learn-from-it [ccciv] http://www.latimes.com/world/europe/la-fg-germany-basic-income-20151227-story.html [cccv] http://www.vox.com/2016/1/28/10860830/y-combinator-basic-income [cccvi] https://en.wikipedia.org/wiki/Sodomy_laws_in_the_United_States#References [cccvii] http://blogs.wsj.com/washwire/2015/03/09/support-for-gay-marriage-hits-all-time-high-wsjnbc-news-poll/ [cccviii] http://www.huffingtonpost.com/2009/05/06/majority-of-americans-wan_n_198196.html [cccix] http://blogs.seattletimes.com/today/2013/08/washingtons-pot-law-wont-get-federal-challenge/ [cccx] http://www.bbc.co.uk/news/magazine-35525566 [cccxi] https://medium.com/basic-income/wouldnt-unconditional-basic-income-just-cause-massive-inflation-fe71d69f15e7#.3yezsngej [cccxii] http://streamhistory.com/die-rich-die-disgraced-andrew-carnegies-philosophy-of-wealth/ [cccxiii] http://www.forbes.com/sites/greatspeculations/2012/12/05/how-i-know-higher-taxes-would-be-good-for-the-economy/#5b0c080b3ec1 [cccxiv] http://taxfoundation.org/article/what-evidence-taxes-and-growth [cccxv] https://en.wikipedia.org/wiki/Laffer_curve [cccxvi] http://www.bbc.co.uk/news/uk-politics-26875420 [cccxvii] A minor character in Shakespeare’s Henry VI called Dick the Butcher has the memorable line, “First thing we do, let’s kill all the lawyers.”


pages: 279 words: 87,910

How Much Is Enough?: Money and the Good Life by Robert Skidelsky, Edward Skidelsky

"Robert Solow", banking crisis, basic income, Bertrand Russell: In Praise of Idleness, Bonfire of the Vanities, call centre, creative destruction, David Ricardo: comparative advantage, death of newspapers, financial innovation, Francis Fukuyama: the end of history, full employment, happiness index / gross national happiness, income inequality, income per capita, informal economy, Intergovernmental Panel on Climate Change (IPCC), invisible hand, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, market clearing, market fundamentalism, Paul Samuelson, profit motive, purchasing power parity, Ralph Waldo Emerson, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, Tobin tax, union organizing, University of East Anglia, Veblen good, wage slave, wealth creators, World Values Survey, zero-sum game

In its pure form of an unconditional income guarantee for all, basic income has always fallen foul of two objections, the first that it would be a disincentive to work, the second that society was too poor to afford it. As a result of such objections the only basic income schemes in existence are those found in a few regions like Alaska and (partially) the United Arab Emirates, whose wealth consists in natural resources that take little labor to extract, and that therefore offer few employment opportunities to their citizens.* However, these two objections fail when the problem is not one of scarcity but abundance, and the goal of policy is not to maximize growth but secure the basic goods. In this situation the aim is precisely to reduce the incentive to work, by making leisure more attractive; furthermore, a rich society can increasingly afford to pay its citizens a basic income. An unconditional basic income would make part-time work a possibility for many who now have to work full-time; it would also start to give all workers the same choice as to how much to work, and under what conditions, as is possessed now by owners of substantial capital.

The success of the Danish scheme is evidence that many workers, unlike economists, do not equate living standards with per capita income. Income enhances the value of leisure, but it does not comprise it. Despite their attractions, these work-sharing schemes are not affordable to many lower-paid workers, who need their income from full-time work. These workers would have to be put in a position in which they could afford to work less. It is in this context that the idea of a basic income, independent of any obligation to work, becomes appealing. Basic Income “Basic income is an income paid by the state to each full member or accredited resident of a society, regardless of whether he or she wishes to engage in paid employment, or is rich or poor, or, in other words, independently of any other sources of income that person might have, and irrespective of cohabitation arrangements in the domestic sphere.”14 Basic income must be distinguished from “minimum income,” whose purpose is to prevent incomes from falling below what is called the “poverty line.”

Minimum income is means-tested and is linked to the job market, either through its requirement that the recipient must be actively seeking work (in the UK, unemployment benefit has been relabelled “job seeker’s allowance”) or by its being used to top up exceptionally low wages. By contrast, basic income is an unconditional payment to all citizens, ideally at a level high enough to give them a genuine choice of how much to work. Basic income schemes—or citizen income schemes, as they are sometimes called—have a very long history. We can trace them from Hobbes in the seventeenth century, through Tom Paine in the eighteenth, to the nineteenth-century followers of Charles Fourier (favorably mentioned by John Stuart Mill) and American writers in the Jeffersonian tradition. In more recent times, they have been advocated by Quakers and socialists, and by James Meade, Samuel Brittan, André Gorz among others.15 In 1943, the Liberal politician Lady Rhys Williams proposed a “social dividend,” payable to all families, regardless of income, to be financed by income taxes, with the dividend increasing in line with national income.


pages: 167 words: 50,652

Alternatives to Capitalism by Robin Hahnel, Erik Olin Wright

affirmative action, basic income, crowdsourcing, inventory management, iterative process, Kickstarter, loose coupling, means of production, Pareto efficiency, profit maximization, race to the bottom, transaction costs

Here are a few additional examples:14 •Peer-to-peer collaborative production: Wikipedia, open-source software •Urban agriculture with community land trusts •Community-owned fab labs for advanced customized small-batch cooperative manufacturing •Open-access intellectual property: creative commons, copy-left, open source pharmaceuticals, free downloadable blueprints for 3-D printing •Free publicly provided goods/services: libraries, public transport •Unconditional basic income •Policy juries and “randomocracy” •Eco-villages and transition towns Such a combination of symbiotic and interstitial strategies does not imply that the process of transformation could ever follow a smooth path of enlightened cooperation between conflicting class forces. What is ultimately at stake here is a transformation of the core power relations of capitalism, and this does ultimately threaten the interests of capitalists.

For my purposes it is useful to distil the consumption planning process, which I take to be as follows: 1.At the beginning of the process the IFB, announces current estimates of indicative prices for everything (consumption items, inputs to production, labor, etc.) based on estimates of opportunity costs and positive and negative externalities in the production of all goods and services. 2.Each household begins the process with a budget constraint determined by: (a) an effort rating based on the contributions of labor effort by all household members during the previous year, (b) a level of consumption allowances for people excused from participation in production (children, elderly, severely disabled, etc.), and (c) a consumption allowance for people who simply don’t want to work (this is, in effect, an unconditional basic income, presumably set at a level to fully meet basic needs). 3.Every year individual households submit to their neighborhood consumer councils their requests for all the things they anticipate consuming in the following year, given the household budget constraints. In effect, they pre-order their annual household consumption. 4.The powers of neighborhood consumption councils with respect to household consumption include: authorizing borrowing and saving of households; approving their consumption requests; discussing and proposing neighborhood public goods.


pages: 209 words: 89,619

The Precariat: The New Dangerous Class by Guy Standing

8-hour work day, banking crisis, barriers to entry, basic income, Bertrand Russell: In Praise of Idleness, call centre, Cass Sunstein, centre right, collective bargaining, corporate governance, crony capitalism, deindustrialization, deskilling, fear of failure, full employment, hiring and firing, Honoré de Balzac, housing crisis, illegal immigration, immigration reform, income inequality, labour market flexibility, labour mobility, land reform, libertarian paternalism, low skilled workers, lump of labour, marginal employment, Mark Zuckerberg, mass immigration, means of production, mini-job, moral hazard, Naomi Klein, nudge unit, old age dependency ratio, Panopticon Jeremy Bentham, pensions crisis, placebo effect, post-industrial society, precariat, presumed consent, quantitative easing, remote working, rent-seeking, Richard Thaler, rising living standards, Ronald Coase, Ronald Reagan, science of happiness, shareholder value, Silicon Valley, The Market for Lemons, The Nature of the Firm, The Spirit Level, Tobin tax, transaction costs, universal basic income, unpaid internship, winner-take-all economy, working poor, working-age population, young professional

Originally called BIEN (Basic Income European Network), it changed its name at its Barcelona Congress in 2004 to BIEN (Basic Income Earth Network) to reflect the fact that a growing number of its members were from developing countries and other countries outside Europe. By 2010, it had flourishing national networks in many countries, including Brazil, Canada, Japan, Mexico, South Korea and the United States as well as in Europe. The main claims made against an unconditional basic income are that it would lower labour supply, could be inflationary, would be unaffordable, would be used by populist politicians and would be a ‘handout’, a reward A POLITICS OF PARADISE 173 for sloth and a tax on those who labour. All of these have been answered in the BIEN literature and by other scholarly work. However, in thinking of the advantages of basic income for the precariat in terms of the key assets (and how to pay for it), we will respond to some of those criticisms here.

In a A POLITICS OF PARADISE 175 market society with conditional welfare schemes, costly private options and little social mobility, those conditions do not exist and must be constructed. The starting point for the precariat is dealing with uncertainty, since they are faced by uninsurable ‘unknown unknowns’. The need for multi-layered ex ante security (as contrasted with the ex post security offered by social insurance, which deals with specific contingency risks) is thus a reason for wishing the good society of the future to include an unconditional basic income. Those affluent politicians lucky enough to have lived off private welfare all their lives should be told that having ‘welfare for life’ is what everybody deserves, not just them. We are all ‘dependent’ on others, or to be precise we are ‘interdependent’. It is part of the normal human condition, not some addiction or disease. And providing fellow human beings with basic security should not be made conditional on some moralistically determined behaviour.

By 1 May 2005, their ranks had swollen to well over 50,000 – over 100,000, according to some estimates – and ‘EuroMayDay’ had become pan-European, with hundreds of thousands of people, mostly young, taking to the streets of cities across continental Europe. The demonstrations marked the first stirrings of the global precariat. The ageing trade unionists who normally orchestrated May Day events could only be bemused by this new parading mass, whose demands for free migration and a universal basic income had little to do with traditional unionism. The unions saw the answer to precarious labour in a return to the ‘labourist’ model they had been so instrumental in cementing in the mid-twentieth century – more stable jobs with long-term employment security and the benefit trappings that went with that. But many of the young demonstrators had seen their parents’ generation conform to the Fordist pattern of drab full-time jobs and subordination to industrial management and the dictates of capital.


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With Liberty and Dividends for All: How to Save Our Middle Class When Jobs Don't Pay Enough by Peter Barnes

Alfred Russel Wallace, banks create money, basic income, Buckminster Fuller, collective bargaining, computerized trading, creative destruction, David Ricardo: comparative advantage, declining real wages, deindustrialization, diversified portfolio, en.wikipedia.org, Fractional reserve banking, full employment, hydraulic fracturing, income inequality, Jaron Lanier, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, land reform, Mark Zuckerberg, Network effects, oil shale / tar sands, Paul Samuelson, profit maximization, quantitative easing, rent-seeking, Ronald Coase, Ronald Reagan, Silicon Valley, sovereign wealth fund, the map is not the territory, The Spirit Level, The Wealth of Nations by Adam Smith, Thorstein Veblen, transaction costs, Tyler Cowen: Great Stagnation, Upton Sinclair, Vilfredo Pareto, wealth creators, winner-take-all economy

Jaron Lanier, Who Owns the Future? (New York: Simon & Schuster, 2013). 14. Fund rankings, Sovereign Wealth Institute, http://www.sw-finstitute.org/fund-rankings/. Alistair Doyle, “All Norwegians become crown millionaires in oil saving landmark,” Reuters, January 8, 2014, http://www.reuters.com/article/2014/01/08/us-norway-millionaires-idUSBREA0710U20140108. 15. European Citizens’ Initiative for an Unconditional Basic Income, http://basicincome2013.eu/. 16. Stephan Faris, “The Swiss Join the Fight Against Inequality,” BloombergBusinessweek, January 16, 2014, http://www.business-week.com/articles/2014-01-16/inequality-fight-swiss-will-vote-on-minimum-income. 17. Philippe van Parijs, “The Euro-Dividend,” Social Europe Journal, July 3, 2013, http://www.social-europe.eu/author/philippe-van-parijs/. 18. Warren Vieth, “A Fund Could Spread Iraq’s Oil Wealth to Its Citizens,” Los Angeles Times, May 1, 2003, http://articles.latimes.com/2003/may/01/news/war-iraqoil1. 19.

Further, any attempt by politicians to reduce the dividends is seen as an encroachment on legitimate property rights. 7 Dividends for All The spectrum is just as much a national resource as our national forests. That means it belongs to every American equally. —Former Senator Bob Dole What Alaska has done with oil, our whole country can do with air, money, and other co-owned assets. But before I show how, it’s worth exploring other ways to spread nonlabor income broadly. A citizen s income. A basic income guarantee, or citizen’s income, is an equal amount paid by government to all, with the money coming from general taxes. There’s no means test and the income is unconditional. Leading advocates have included economists Robert Theobald and Nobel Prize winner James Tobin.1 In 1968, Paul Samuelson, John Kenneth Galbraith, and 1,200 other economists signed a document supporting the idea.2 Four years later, a modest version ($1,000 per person per year) was proposed by presidential candidate George McGovern, whom Tobin advised.


pages: 667 words: 149,811

Economic Dignity by Gene Sperling

active measures, Affordable Care Act / Obamacare, autonomous vehicles, basic income, Bernie Sanders, Cass Sunstein, collective bargaining, corporate governance, David Brooks, desegregation, Detroit bankruptcy, Donald Trump, Double Irish / Dutch Sandwich, Elon Musk, employer provided health coverage, Erik Brynjolfsson, Ferguson, Missouri, full employment, gender pay gap, ghettoisation, gig economy, Gini coefficient, guest worker program, Gunnar Myrdal, housing crisis, income inequality, invisible hand, job automation, job satisfaction, labor-force participation, late fees, liberal world order, longitudinal study, low skilled workers, Lyft, Mark Zuckerberg, market fundamentalism, mass incarceration, mental accounting, meta analysis, meta-analysis, minimum wage unemployment, obamacare, offshore financial centre, payday loans, price discrimination, profit motive, race to the bottom, RAND corporation, randomized controlled trial, Richard Thaler, ride hailing / ride sharing, Ronald Reagan, Rosa Parks, Second Machine Age, secular stagnation, shareholder value, Silicon Valley, single-payer health, speech recognition, The Chicago School, The Future of Employment, The Wealth of Nations by Adam Smith, Toyota Production System, traffic fines, Triangle Shirtwaist Factory, Uber and Lyft, uber lyft, union organizing, universal basic income, War on Poverty, working poor, young professional, zero-sum game

Also consider activist Scott Santens, who approvingly cites a misleading Weekly Standard piece to suggest that “basic income is entirely affordable given all the current and hugely wasteful means-tested programs full of unnecessary bureaucracy that can be consolidated into it.” Scott Santens, “Why Should We Support the Idea of an Unconditional Basic Income?,” Medium, June 2, 2014, https://medium.com/working-life/why-should-we-support-the-idea-of-an-unconditional-basic-income-8a2680c73dd3. 52. Tricia Brooks et al., Medicaid and CHIP Eligibility, Enrollment, Renewal, and Cost (San Francisco: Kaiser Family Foundation, January 2017), 37–40, https://www.kff.org/report-section/medicaid-and-chip-eligibility-enrollment-renewal-and-cost-sharing-policies-as-of-january-2017-medicaid-and-chip-enrollment-and-renewal-processes/. 53.

“Medicare and Medicaid Milestones 1937–2015,” Centers for Medicare and Medicaid Services, July 2015, https://www.cms.gov/About-CMS/Agency-Information/History/Downloads/Medicare-and-Medicaid-Milestones-1937-2015.pdf; and Margot L. Crandall-Hollick, The Earned Income Tax Credit (EITC): A Brief Legislative History (Washington, DC: Congressional Research Service, 2018), 3, https://fas.org/sgp/crs/misc/R44825.pdf. 56. Robyn Sundlee, “Alaska’s Universal Basic Income Problem,” Vox, September 5, 2019, https://www.vox.com/future-perfect/2019/9/5/20849020/alaska-permanent-fund-universal-basic-income. 57. Elisabeth Jacobs and Jacob Hacker, The Rising Instability of American Family Incomes, 1969–2004 (Washington, DC: Economic Policy Institute, 2008), 1, https://www.epi.org/publication/bp213/. 58. “The Risk of Losing Health Insurance over a Decade: New Findings from Longitudinal Data,” U.S. Treasury Department, 2009, https://www.treasury.gov/press-center/press-releases/documents/final-hc-report092009.pdf. 59.

., 29 Trumka, Richard, 250, 251 Trump, Donald, (Trump Administration) divisive dignity and, 170, 291–92, 293 farming industry, 118 for-profit colleges, 114 poultry processors, 81 regulations, 107 science and technology public investments, 99 Tax Cuts and Jobs Act of 2017, 124–25, 168 work requirements, 91 trust gaps, 282–84 Tubman, Harriet, 149 U-6 (unemployment) rate, 8 Uber drivers, 9–10, 192, 230, 252 UBI. See universal basic income UBI to Rise, 142–44, 146, 161, 186 unemployment, 8, 50–53, 95, 196, 266–67, 274 unemployment insurance, 10, 24, 39–40, 73, 75, 131–32, 190, 191–92 unionization, 145, 249–51, 281–82. See also labor unions United Auto Workers (UAW), 250, 253–54 United Farm Workers (UFW), 76 United Food and Commercial Workers International Union, 81 United Kingdom, 35, 162 United Mine Workers of America, 67–68 United States International Trade Commission (USITC), 145 United States v. Windsor, 18 United Steelworkers (USW), 251, 254 UNITE HERE, 251 universal basic economic dignity (UBED), 184–89 universal basic income (UBI), 142–44, 184–89, 205 universal health care security, xiii–xiv, xv–xvi, 35, 40, 100–101, 102–3, 168, 200, 236 universal paid family leave, 34–37, 96, 310n universal savings accounts (USAs), 200–201 University of California (UC), 278–79 Uprising of the Twenty Thousand, 70 upskilling, 207, 209, 217–20 upward mobility, 42–43, 46–48, 203, 284–90.


pages: 378 words: 110,518

Postcapitalism: A Guide to Our Future by Paul Mason

Alfred Russel Wallace, bank run, banking crisis, banks create money, Basel III, basic income, Bernie Madoff, Bill Gates: Altair 8800, bitcoin, Branko Milanovic, Bretton Woods, BRICs, British Empire, business cycle, business process, butterfly effect, call centre, capital controls, Cesare Marchetti: Marchetti’s constant, Claude Shannon: information theory, collaborative economy, collective bargaining, Corn Laws, corporate social responsibility, creative destruction, credit crunch, currency manipulation / currency intervention, currency peg, David Graeber, deglobalization, deindustrialization, deskilling, discovery of the americas, Downton Abbey, drone strike, en.wikipedia.org, energy security, eurozone crisis, factory automation, financial repression, Firefox, Fractional reserve banking, Frederick Winslow Taylor, full employment, future of work, game design, income inequality, inflation targeting, informal economy, information asymmetry, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Internet of things, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kenneth Arrow, Kevin Kelly, Kickstarter, knowledge economy, knowledge worker, late capitalism, low skilled workers, market clearing, means of production, Metcalfe's law, microservices, money: store of value / unit of account / medium of exchange, mortgage debt, Network effects, new economy, Norbert Wiener, Occupy movement, oil shale / tar sands, oil shock, Paul Samuelson, payday loans, Pearl River Delta, post-industrial society, precariat, price mechanism, profit motive, quantitative easing, race to the bottom, RAND corporation, rent-seeking, reserve currency, RFID, Richard Stallman, Robert Gordon, Robert Metcalfe, secular stagnation, sharing economy, Stewart Brand, structural adjustment programs, supply-chain management, The Future of Employment, the scientific method, The Wealth of Nations by Adam Smith, Transnistria, union organizing, universal basic income, urban decay, urban planning, Vilfredo Pareto, wages for housework, WikiLeaks, women in the workforce

And that leads us to what is probably the biggest structural change required to make postcapitalism happen: a universal basic income guaranteed by the state. PAY EVERYONE A BASIC INCOME The basic income, as a policy, is not that radical. Various pilot projects and designs have been touted, often by the right, sometimes by the centre-left, as a replacement for the dole with cheaper administration costs. But in the postcapitalist project, the purpose of the basic income is radical: it is (a) to formalize the separation of work and wages and (b) to subsidize the transition to a shorter working week, or day, or life. The effect would be to socialize the costs of automation. The idea is simple: everybody of working age gets an unconditional basic income from the state, funded from taxation, and this replaces unemployment benefit.

LET MARKET FORCES DISAPPEAR In a highly networked, consumer-oriented society, where people have an individual-centred model of economic need, markets are not the enemy. This is the major difference between a postcapitalism based on info-tech and one based on command planning. There is no reason to abolish markets by diktat, as long as you abolish the basic power imbalances that the term ‘free market’ disguises. Once firms are forbidden to set monopoly prices, and a universal basic income is available (see below), the market is actually the transmitter of the ‘zero marginal cost’ effect, which manifests as falling labour time across society. But in order to control the transition, we would need to send clear signals to the private sector, one of the most important of which is this: profit derives from entrepreneurship, not rent. The act of innovating and creating – whether it be a new kind of jet engine or a hit dance music track – is rewarded, as now, by the firm’s ability to reap short-term gains, either from higher sales or lower costs.

The advantages of working remain clear, but there are also advantages to be gained through not working: you can look after your kids, write poetry, go back to college, manage your chronic illness or peer-educate others like you. Under this system, there would be no stigma attached to not working. The labour market would be stacked in favour of the high-paying job and the high-paying employer. The universal basic income, then, is an antidote to what the anthropologist David Graeber calls ‘bullshit jobs’: the low-paid service jobs capitalism has managed to create over the past twenty-five years that pay little, demean the worker and probably don’t need to exist.10 But it’s only a transitional measure for the first stage of the postcapitalist project. The ultimate aim is to reduce to a minimum the hours it takes to produce what humanity needs.


pages: 484 words: 104,873

Rise of the Robots: Technology and the Threat of a Jobless Future by Martin Ford

"Robert Solow", 3D printing, additive manufacturing, Affordable Care Act / Obamacare, AI winter, algorithmic trading, Amazon Mechanical Turk, artificial general intelligence, assortative mating, autonomous vehicles, banking crisis, basic income, Baxter: Rethink Robotics, Bernie Madoff, Bill Joy: nanobots, business cycle, call centre, Capital in the Twenty-First Century by Thomas Piketty, Chris Urmson, Clayton Christensen, clean water, cloud computing, collateralized debt obligation, commoditize, computer age, creative destruction, debt deflation, deskilling, disruptive innovation, diversified portfolio, Erik Brynjolfsson, factory automation, financial innovation, Flash crash, Fractional reserve banking, Freestyle chess, full employment, Goldman Sachs: Vampire Squid, Gunnar Myrdal, High speed trading, income inequality, indoor plumbing, industrial robot, informal economy, iterative process, Jaron Lanier, job automation, John Markoff, John Maynard Keynes: technological unemployment, John von Neumann, Kenneth Arrow, Khan Academy, knowledge worker, labor-force participation, liquidity trap, low skilled workers, low-wage service sector, Lyft, manufacturing employment, Marc Andreessen, McJob, moral hazard, Narrative Science, Network effects, new economy, Nicholas Carr, Norbert Wiener, obamacare, optical character recognition, passive income, Paul Samuelson, performance metric, Peter Thiel, plutocrats, Plutocrats, post scarcity, precision agriculture, price mechanism, Ray Kurzweil, rent control, rent-seeking, reshoring, RFID, Richard Feynman, Rodney Brooks, Sam Peltzman, secular stagnation, self-driving car, Silicon Valley, Silicon Valley startup, single-payer health, software is eating the world, sovereign wealth fund, speech recognition, Spread Networks laid a new fibre optics cable between New York and Chicago, stealth mode startup, stem cell, Stephen Hawking, Steve Jobs, Steven Levy, Steven Pinker, strong AI, Stuxnet, technological singularity, telepresence, telepresence robot, The Bell Curve by Richard Herrnstein and Charles Murray, The Coming Technological Singularity, The Future of Employment, Thomas L Friedman, too big to fail, Tyler Cowen: Great Stagnation, uber lyft, union organizing, Vernor Vinge, very high income, Watson beat the top human players on Jeopardy!, women in the workforce

The objective should be to provide a universal safety net as well as a supplement to low incomes—but without creating a disincentive to work and to be as productive as possible. The income provided should be relatively minimal: enough to get by, but not enough to be especially comfortable. There is also a strong argument for initially setting the income level even lower than this and then gradually increasing it over time after studying the impact of the program on the workforce. There are two general approaches to implementing a guaranteed income. An unconditional basic income is paid to every adult citizen regardless of other income sources. Guaranteed minimum incomes (and other variations, such as a negative income tax) are paid only to people at the bottom of the income distribution and are phased out as other income sources rise. While the second alternative is obviously less expensive, it carries with it the danger of disastrous perverse incentives. If the guaranteed income is means-tested at relatively low income levels, recipients will see an effective tax rate on any further earnings that can reach confiscatory levels.

In practice, however, the two trends are inextricably tied together, and anything short of a massive—and certainly ill-advised—intrusion of government into the private sector seems destined to fail at any attempt to halt the inevitable, market-driven rise of autonomous technology in the workplace. The Case for a Basic Income Guarantee If we accept the idea that ever more investment in education and training is unlikely to solve our problems, while calls to somehow halt the rise of job automation are unrealistic, then we are ultimately forced to look beyond conventional policy prescriptions. In my view, the most effective solution is likely to be some form of basic income guarantee. A basic, or guaranteed minimum, income is far from a new idea. In the context of the contemporary American political landscape, a guaranteed income is likely to be disparaged as “socialism” and a massive expansion of the welfare state.

See also deep learning The Atlantic (magazine), 71, 237, 254, 273 AT&T, 135, 159, 166 Audi, 184 Australian agriculture, x–xi, 24–25 Australian Centre for Field Robotics (ACFR), 24–25 AutoDesk, 234 automated invention machines, 110 automated trading algorithms, 56, 113–115 automation alien invasion parable, 194–196, 240 anti-automation view, 253–257 cars and (see autonomous cars) effect on Chinese manufacturing, 3, 10–11, 225–226 effect on prices, 215–216 health care jobs and, 172–173 information technology and, 52 job-market polarization and, 50–51 low-wage jobs and, 26–27 offshoring as precursor to, 115, 118–119 predictions of effect of, 30–34 reshoring and, 10 retail sector and, 16–20 risk of, 256 service sector and, 12–20 solutions to rise of, 273–278 (see also basic income guarantee) as threat to workers with varying education and skill levels, xiv–xv, 59 of total US employment, 223 Triple Revolution report, 30–31 white-collar, 85–86, 105–106, 126–128 See also robotics; robots automotive industry, 3, 76, 193–194 autonomous cars, xiii, 94, 176, 181–191 as shared resource, 186–190 Autor, David, 50 Average Is Over (Cowen), 123, 126n aviation, 66–67, 179, 256 AVT, Inc., 18 Ayres, Ian, 125 Babbage, Charles, 79 Baker, Stephen, 96n, 102n Barra, Hugo, 121 Barrat, James, 231, 238–239 basic income guarantee, 31n, 257–261 approaches to, 261–262 downsides and risks of, 268–271 economic argument for, 264–267 economic risk taking and, 267–268 incentives and, 261–264 paying for, 271–273 Baxter (robot), 5–6, 7, 10 BD Focal Point GS Imaging System, 153 Beaudry, Paul, 127 Beijing Genomics Institute, 236n Bell Labs, 159 Berg, Andrew G., 214–215 Bernanke, Ben, 37 big data, xv, 25n, 86–96 collection of, 86–87 correlation vs. cause and, 88–89, 102 deep learning and, 92–93 health care and, 159–160 knowledge-based jobs and, 93–96 machine learning and, 89–92 The Big Switch (Carr), 72 Bilger, Burkhard, 186 “BinCam,” 125n “Bitter Pill” (Brill), 160 Blinder, Alan, 117–118, 119 Blockbuster, 16, 19 Bloomberg, 113–114 Bluestone, Barry, 220 Borders, 16 Boston Consulting Group, 9 Boston Globe (newspaper), 149 Boston Red Sox, 83 Boston University, 141 Bowley, Arthur, 38 Bowley’s Law, 38–39, 41 box-moving robot, 1–2, 5–6 brain, reverse engineering of human, 237 breast cancer screening, 152 Brill, Steven, 160, 163 Brin, Sergey, 186, 188, 189, 236 Brint, Steven, 251 Brooks, Rodney, 5 Brown, Jerry, 134 Brynjolfsson, Erik, 60, 122, 254 Bureau of Labor Statistics, 13, 16, 38n, 158, 222–223, 281 Bush, George W., 116 business interest lobbying, economic policy and, 57–58 “Busy child scenario,” (Barrat) 238–239 Calico, 236 California Institute of Technology, 133 Canada, 41, 58, 167n, 251 “Can Nanotechnology Create Utopia?”


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Only Humans Need Apply: Winners and Losers in the Age of Smart Machines by Thomas H. Davenport, Julia Kirby

AI winter, Andy Kessler, artificial general intelligence, asset allocation, Automated Insights, autonomous vehicles, basic income, Baxter: Rethink Robotics, business intelligence, business process, call centre, carbon-based life, Clayton Christensen, clockwork universe, commoditize, conceptual framework, dark matter, David Brooks, deliberate practice, deskilling, digital map, disruptive innovation, Douglas Engelbart, Edward Lloyd's coffeehouse, Elon Musk, Erik Brynjolfsson, estate planning, fixed income, follow your passion, Frank Levy and Richard Murnane: The New Division of Labor, Freestyle chess, game design, general-purpose programming language, global pandemic, Google Glasses, Hans Lippershey, haute cuisine, income inequality, index fund, industrial robot, information retrieval, intermodal, Internet of things, inventory management, Isaac Newton, job automation, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joi Ito, Khan Academy, knowledge worker, labor-force participation, lifelogging, longitudinal study, loss aversion, Mark Zuckerberg, Narrative Science, natural language processing, Norbert Wiener, nuclear winter, pattern recognition, performance metric, Peter Thiel, precariat, quantitative trading / quantitative finance, Ray Kurzweil, Richard Feynman, risk tolerance, Robert Shiller, Robert Shiller, Rodney Brooks, Second Machine Age, self-driving car, Silicon Valley, six sigma, Skype, social intelligence, speech recognition, spinning jenny, statistical model, Stephen Hawking, Steve Jobs, Steve Wozniak, strong AI, superintelligent machines, supply-chain management, transaction costs, Tyler Cowen: Great Stagnation, Watson beat the top human players on Jeopardy!, Works Progress Administration, Zipcar

But issues of governance will arise in every setting where smart machines take over tasks from humans, and we doubt they can all be answered by governments. And in the meantime, of course, Musk’s company continues to program autonomous driving capabilities into Teslas. Albert Wenger is a venture capitalist in New York who likes to do early-stage investing not only in new businesses but also in ideas for social innovation. We came across him as we looked into the “unconditional basic income” movement discussed above; he’s helping to fund some of the experimentation to discover its merits. We bring him up here because of his conviction in general that government need not, and does not, have a monopoly on enacting major social change. An example Wenger cites is crowdfunding, which enables creative people whose ideas do not offer enough value-creation potential to make them exciting to venture capitalists, to raise funds in the form of many small contributions from ordinary folk who would just like to see their ideas realized.

For that, Kaplan says, “[w]e need to train future entrepreneurs and capitalists, not laborers and clerks.”13 Government investment in jobs creation often gets criticized when it effectively puts policy-makers in the position of “picking winners”—but that might not be an issue in this case. As more people become concerned with the “race against the machines,” surely not many will object to a government that picks winners who are human, or at least helps those humans to win. The Idea of Guaranteed Basic Income Misses the Point One key fact of economic life in capitalist societies is that most people who don’t work don’t make any money. Some social and economic policy wonks have argued, then, that as automation improves our productivity we can afford to pay people a living wage, whether they work or not. As we write, a real-world experiment is beginning in Holland to see what happens when people in a community are simply granted a basic income, effectively breaking the bond that has always existed between income and work.

., 108 DreamWorks, 123 Drive (Pink), 169 drones, 40 Dulchinos, John, 50 D’Vorkin, Lewis, 164 Easterbrook, Grant, 87, 88 “Economic Prospects for Our Grandchildren” (Keynes), 69, 238 education achieving mastery of a specialty, 162–66 “adaptive learning” systems, 20, 141 augmentation, five steps for teachers, 84–86 augmentation as focus, 234–37 autodidacts, 165–66 automation and, 16, 86, 141, 230 Buehner’s advice, 120 in cognitive technologies, 230–37 creativity and, 115 emphasis on teamwork, 234–35 by employers, 233–34 entrepreneurial learners, 237 government policies and, 229–37 human role in, 16, 20 Khan Academy, 20 online courses for programming, 178 RULER curriculum, 115, 117–18 school calendar, 230 simulations, 21 soft skills for teaching, 119–20 soft skills training, 115–18, 235–37 STEM, 111, 119, 150, 158, 230–34 Stepping In and, 139, 140–41 Stepping Narrowly in, 158–59, 232 in the UK, 231–32 Weikart’s early childhood studies, 118 emotional intelligence (EQ), 113–14, 116, 119, 120 empathy, 68, 81, 110, 111, 115, 117, 120, 122, 129 Employees First, Customers Second (Nayar), 204 employment. See also specific jobs benefits, beyond paycheck, 7–8, 69–70, 242 “dodo jobs,” 22–23, 30 entry-level jobs, 150, 240 FDR’s federal programs, 238, 239, 240 fewer good jobs, 6 five augmentation options, 76–77, 218 future of human work, 250–51 government policies and, 31, 237–40 guaranteed basic income vs., 241–43 high unemployment levels, 6 how job loss happens, 23–24 humans as problematic workers, 12, 224 income inequality and, 228–29 jobs added by artisanal jobs, 119–21 jobs at risk, 2, 5–6, 30, 78, 86 jobs less likely to be automated, 19 jobs sent offshore, 217 jobs with nonprogrammable skills, 71–73, 109–12 mean income of college graduates, 159 niche market (see Stepping Narrowly) signs of coming automation, 19–22 “silent firing” and, 24 “skill-biased technical change,” 2, 6 social unrest and unemployment, 7 Stepping Forward jobs, 177–91 technology and job loss, 1–6, 8, 29–30, 78, 150–51, 167, 223–24, 226, 227, 238 underwriting as threatened job, 77–84 Weinberg analysis of crime rates and, 7 Engelbart, Doug, 64 Ericsson, K.


pages: 586 words: 186,548

Architects of Intelligence by Martin Ford

3D printing, agricultural Revolution, AI winter, Apple II, artificial general intelligence, Asilomar, augmented reality, autonomous vehicles, barriers to entry, basic income, Baxter: Rethink Robotics, Bayesian statistics, bitcoin, business intelligence, business process, call centre, cloud computing, cognitive bias, Colonization of Mars, computer vision, correlation does not imply causation, crowdsourcing, DARPA: Urban Challenge, deskilling, disruptive innovation, Donald Trump, Douglas Hofstadter, Elon Musk, Erik Brynjolfsson, Ernest Rutherford, Fellow of the Royal Society, Flash crash, future of work, gig economy, Google X / Alphabet X, Gödel, Escher, Bach, Hans Rosling, ImageNet competition, income inequality, industrial robot, information retrieval, job automation, John von Neumann, Law of Accelerating Returns, life extension, Loebner Prize, Mark Zuckerberg, Mars Rover, means of production, Mitch Kapor, natural language processing, new economy, optical character recognition, pattern recognition, phenotype, Productivity paradox, Ray Kurzweil, recommendation engine, Robert Gordon, Rodney Brooks, Sam Altman, self-driving car, sensor fusion, sentiment analysis, Silicon Valley, smart cities, social intelligence, speech recognition, statistical model, stealth mode startup, stem cell, Stephen Hawking, Steve Jobs, Steve Wozniak, Steven Pinker, strong AI, superintelligent machines, Ted Kaczynski, The Rise and Fall of American Growth, theory of mind, Thomas Bayes, Travis Kalanick, Turing test, universal basic income, Wall-E, Watson beat the top human players on Jeopardy!, women in the workforce, working-age population, zero-sum game, Zipcar

MARTIN FORD: What do you think of a universal basic income as part of a solution to that problem? ANDREW NG: I don’t support a universal basic income, but I do think a conditional basic income is a much better idea. There’s a lot about the dignity of work and I actually favor a conditional basic income in which unemployed individuals can be paid to study. This would increase the odds that someone that’s unemployed will gain the skills they need to re-enter the workforce and contribute back to the tax base that is paying for the conditional basic income. I think in today’s world, there are a lot of jobs in the gig economy, where you can earn enough of a wage to get by, but there isn’t much room for lifting up yourself or your family. I am very concerned about an unconditional basic income causing a greater proportion of the human population to become trapped doing this low-wage, low-skilled work.

We have demonstrated methods for enhanced learning or enhanced memory, but the ability to decode thoughts in the brain has not been demonstrated. It’s impossible to give a date because we are inventing the technology as we speak. MARTIN FORD: One of the things that I have written a lot about is the potential for a lot of jobs to be automated and the potential for rising unemployment and workforce inequality. I have advocated the idea of a basic income, but you’re saying the problem would be better solved by enhancing the cognitive capabilities of people. I think there are a number of problems that come up there. One is that it wouldn’t address the issue that a large fraction of jobs is routine and predictable, and they will eventually be automated by specialized machines. Increasing the cognition of workers won’t help them keep those jobs.

A taxi ride is going to be cheap because it can be driven by the AI system, but a restaurant where an actual person serves you or an actual human cook creates something, is going to be more expensive. MARTIN FORD: That does presume that everyone’s got a skill or talent that’s marketable, which I’m not sure is true. What do you think of the idea of a universal basic income as a way to adapt to these changes? YANN LECUN: I’m not an economist, so I don’t have an informed opinion on this, but every economist I talked to seemed against the idea of a universal basic income. They all agree with the fact that as a result of increased inequality brought about by technological progress, some measures have to be taken by governments to compensate. All of them believe this has to do with fiscal policy in the form of taxing, and wealth and income redistribution. This income inequality is something that is particularly apparent in the US, but also to a smaller scale in Western Europe.


Battling Eight Giants: Basic Income Now by Guy Standing

basic income, Bernie Sanders, centre right, collective bargaining, decarbonisation, diversified portfolio, Donald Trump, Elon Musk, full employment, future of work, Gini coefficient, income inequality, Intergovernmental Panel on Climate Change (IPCC), job automation, labour market flexibility, Lao Tzu, longitudinal study, low skilled workers, Martin Wolf, Mont Pelerin Society, moral hazard, North Sea oil, offshore financial centre, open economy, pension reform, precariat, quantitative easing, rent control, Ronald Reagan, selection bias, universal basic income, Y Combinator

., Basic Income. 9 J. Hough and B. Rice, Providing Personalised Support to Rough Sleepers, London: Joseph Rowntree Foundation, 2010. 10 KELA, ‘From Ideas to Experiment: Report on Universal Basic Income Experiment in Finland’, KELA Working Paper 106, Helsinki, 2016. 11 O. Kangas, S. Jauhiainen, M. Simanainen and M. Ylikanno, The Basic Income Experiment 2017–2018 in Finland: Preliminary Results, Helsinki: Ministry of Social Affairs and Health, February 2019. 12 M. Ylikanno and O. Kangas, ‘Finnish Basic Income Experiment Reveals Problems of Conditional Benefits’, Basic Income News, 14 April 2019. 13 A. Chakrabortty, ‘A Basic Income for Everyone? Yes, Finland Shows It Really Can Work’, The Guardian, 31 October 2017. 14 Yie News, ‘Finland’s Basic Income Trial: A Springboard for Bolder Experiments?’ 5 May 2019. 15 The minister responsible did not say why it was ended.

Standing, Basic Income as Common Dividends: Piloting a Transformative Policy. A Report for the Shadow Chancellor of the Exchequer, London: Progressive Economy Forum, May 2019. 14 A. Percy, ‘Forget the Universal Basic Income – Here’s an Idea That Would Truly Transform Our Society’, Left Foot Forward, 15 October 2018. 15 See, for instance, Percy, ‘Forget the Universal Basic Income’. 16 Cited in A. Grant, ‘Universal Basic Income Is Attempt to “Euthanise the Working Class as a Concept”’, The Herald (Scotland), 17 August 2018. 17 For a review of evidence gathered in over 30 years of research and the conduct of pilots in many places, see Standing, Basic Income. 18 A. Coote with E. Yazici, Universal Basic Income: A Union Perspective (New Economics Foundation and Public Services International, 130 Notes April 2019), p. 37. This so-called study could not cite a single British trade unionist in support of its hostility to basic income, and the only British union mentioned has actually come out in favour.

Hirschmann, The Rhetoric of Reaction: Perversity, Futility, Jeopardy, Cambridge, MA: Harvard University Press, 1991. 7 Costing of a basic income system to replace most existing means-tested social assistance schemes has been done by the Citizen’s Basic Income Trust, mainly by its director, Malcolm Torry, drawing on a well-established simulation model, Euromod. M. Torry, The Feasibility of Citizen’s Income, London: Palgrave Macmillan, 2016. M. Torry, ‘An Update, a Correction, and an Extension, of an Evaluation of an Illustrative Citizen’s Basic Income Scheme’, Euromod Working Paper EM12/17a, Institute for Social and Economic Research, University of Essex, March 2018. 8 A. Harrop, For Us All: Redesigning Social Security for the 2020s, London: Fabian Society, 2016. 9 A. Stirling and S. Arnold, Nothing Personal: Replacing the Personal Tax Allowance with a Weekly National Allowance, London: New Economics Foundation, 2019. 10 A. Stirling, ‘Universal Basic Income Only Goes so Far – Free Public Services Are Essential Too’, The Guardian, 19 March 2019. 11 K. Buck and D. Gaffney, ‘The Practical Response to Our Society’s Widening Inequality? A Partial Basic Income’, Left Foot Forward, 3 September 2018. 12 Harrop, For Us All. 13 G.


Money and Government: The Past and Future of Economics by Robert Skidelsky

anti-globalists, Asian financial crisis, asset-backed security, bank run, banking crisis, banks create money, barriers to entry, Basel III, basic income, Ben Bernanke: helicopter money, Big bang: deregulation of the City of London, Bretton Woods, British Empire, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, collective bargaining, constrained optimization, Corn Laws, correlation does not imply causation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, David Graeber, David Ricardo: comparative advantage, debt deflation, Deng Xiaoping, Donald Trump, Eugene Fama: efficient market hypothesis, eurozone crisis, financial deregulation, financial innovation, Financial Instability Hypothesis, forward guidance, Fractional reserve banking, full employment, Gini coefficient, Growth in a Time of Debt, Hyman Minsky, income inequality, incomplete markets, inflation targeting, invisible hand, Isaac Newton, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kenneth Rogoff, labour market flexibility, labour mobility, law of one price, liberal capitalism, light touch regulation, liquidationism / Banker’s doctrine / the Treasury view, liquidity trap, market clearing, market friction, Martin Wolf, means of production, Mexican peso crisis / tequila crisis, mobile money, Mont Pelerin Society, moral hazard, mortgage debt, new economy, Nick Leeson, North Sea oil, Northern Rock, offshore financial centre, oil shock, open economy, paradox of thrift, Pareto efficiency, Paul Samuelson, placebo effect, price stability, profit maximization, quantitative easing, random walk, regulatory arbitrage, rent-seeking, reserve currency, Richard Thaler, rising living standards, risk/return, road to serfdom, Robert Shiller, Robert Shiller, Ronald Reagan, savings glut, secular stagnation, shareholder value, short selling, Simon Kuznets, structural adjustment programs, The Chicago School, The Great Moderation, the payments system, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, too big to fail, trade liberalization, value at risk, Washington Consensus, yield curve, zero-sum game

For the first time in history, human labour may be being made redundant faster than new human employment is being found for it; i.e. the ‘technological unemployment’ predicted by Wassily Leontief in 197931 may be turning into a reality. If this turns out to be the case, the income equalization which can serve the narrow purposes of the modern secular stagnationist will need to become an essential ingredient of policy in the future. Workers displaced by machines will need to be guaranteed a replacement income. An unconditional basic income guarantee, financed by taxation, will probably be needed in the transition to a less work-intensive future. This raises a whole host of problems which are beyond the scope of this book, but should not be irrelevant to the design of long-term macroeconomic policy. V I I. H y p e r- gl oba l i z at ion a n d i t s Disc on t e n t s In the early 1990s it was usual to say that the world economy was ‘reglobalizing’, or returning to its pre-1914 condition after a seventy-year protectionist detour.

London: Centre for Policy Studies. 460 Index Italic figures refer to graphs and charts Abramovitz, Moses, 157, 158 the Acadamy and scholarship, 11–12, 13 ageing populations, 301–2, 371 AIG bail-out (2008), 325 Albermarle, Duke of, 78 Alesina, Alberto, 192, 231, 233, 241 anthropology, classical, 24 anti-Semitism, 30–31, 131 ‘Aquarius’ CDO structure, 326 Aquinas, Thomas, 28–9 Aristotle, 22, 23, 31 Asian Development Bank Institute, 327 ‘asset-backed commercial paper’ (ABCP), 326 ‘asset-backed securities’ (ABSs), 322–6, 327, 330 Attwood, Thomas, 48 austerity policy, 3, 49, 84, 114, 219, 225 and Bocconi School, 192, 231 and comparative recovery patterns, 241–4, 242, 243, 273, 273–4 cost of to British economy, 243–4, 244, 245 and financial folklore, 235–6 and inequality, 245–6 neo-classical errors, 232–3 Osborne’s crucial mistake, 229–30 Reinhart-Rogoff work, 232 theory behind, 228–35, 236–9 Austria, 91, 92 Austrian School, 46, 104, 192, 226, 296, 349–50 automation, 299, 370–71 Bagehot, Walter, Lombard Street (1873), 50 balance of payments, 103, 142, 143, 144, 145, 150, 152, 153, 159–60, 165, 332 balanced budget theory and gold standard, 56–7 and Keynesian economics, 126–7, 137–8, 142, 143–4, 146, 149–50, 151, 155 as mainstream until Keynes, 76, 95, 98 mandated by EU fiscal rules, 242–3 neo-Victorian reassertion of (from 1980s), 76, 114, 185, 193, 215, 221–2 nineteenth-century fiscal policy, 9, 29, 43, 76, 85, 87–8, 92 and post-2008 austerity policies, 223–4, 227–39, 242–6 461 i n de x balanced budget theory – (cont.) post-W W1 attempts to return to, 106–14 Roosevelt on, 130 Stiglitz’s balanced-budget multiplier, 235* Baldwin, Stanley, 108 Balogh, Thomas, 169 Bank of England 1950s view on monetary policy, 146 actions during 2008 crisis, 234–5, 253–4, 254, 257 Bank Charter Act (1844), 50 Bank Rate, 58, 101–2, 113, 115, 116, 145, 146, 249, 251, 253–6, 254, 261–2, 276 ‘Consols’ (consolidated debt), 43, 80–81 Currency School vs Banking School debate, 49–50 founding of (1694), 42–3, 80 given ‘operational independence’ (1998), 249, 272–3 imposes ‘Corset’ (1973), 168 inflation targeting, 188, 189, 249–53 and ‘law of reflux’, 46 as ‘lender of last resort’, 50, 249 ‘loss function’ for inflation target, 252 macroeconomic model (2004–10), 233, 310, 310–11 Monetary Policy Committee (MPC), 249, 254, 265, 275 during Napoleonic wars, 45–8 power over credit conditions, 105, 115–16 Prudential Regulatory Authority, 363 quantitative easing (QE) by, 254, 257, 259–62, 263–73, 274, 275–7, 276 Bank of International Settlements, 342–3 Bank of Japan, 271 Bank Rate after 2007–8 crisis, 254, 261–2, 279 during 2008 crisis, 253–6, 254, 278 and Bank of England, 58, 101–2, 113, 115, 116, 145, 146, 249, 251, 253–6, 254, 261–2, 276 and broad money monetarism, 186 in Cunliffe’s model, 54, 54–5, 102, 145 after First World War, 101–2 and inflation targeting, 188, 249, 251, 252, 358–9 and Keynes, 101, 102, 115, 166, 255* and managed gold standard, 71 in pre-crash USA, 340 and Radcliffe Report (1959), 146 set by independent central banks, 188, 249–50 and Thornton, 47, 278 transmission mechanism of, 250, 250–51 and Wicksell, 69, 70, 358–9 Banking School, 49–50 banks Austrian School’s 100 per cent reserve requirement, 350, 367 bail-outs, 30, 217, 223, 319–20, 364–5 ‘bank lending channel’, 64 Basel I (1988) and Basel II (2003), 320, 363 Basel III, 363, 364 capital adequacy requirements, 320, 363–4 capital/collateral requirements weakened, 320 collapse of in 2008 crisis, 217, 223, 319 and consolidated debt, 43, 80–81 continued bonuses after crash, 319–20 462 i n de x continued complaints by over regulation, 363–4, 367 creation of money by, 27, 34, 61, 67–8, 71, 311 damage inflicted by, 361–2 deposit and joint-stock banking, 92 deregulation, 307–9, 310–16, 318–22, 328, 332–3 development of modern system, 34 functional separation proposals, 362–3 funding of CR As by, 326–7, 329 Glass–Steagall overturned in USA (1999), 319 growth of unregulated sector, 168 late-medieval rediscovery of, 33–4 leverage concept, 317–18, 322 liquidity concept, 316–17 ‘living wills’, 365 LTROs (long-term refinancing operations), 257 macroprudential regulation, 363–5 maturity mismatch of SPVs, 326 ‘money multiplier’, 35, 64, 146, 179, 185, 258–9, 268–9, 277–8, 280 off balance-sheet assets, 318, 324, 325–6 post-crash reform agenda, 361–8 pre-crash orthodoxy, 5, 308–11 and quantity theory, 61, 64, 65–6, 67–70 reasons for regulation of, 316 reserve or liquidity requirements, 364 root of problem as greed, 365–6 solvency concept, 316–17 ‘stress testing’, 364 see also financial system Barber, Anthony, 167 Barings Bank demise of (1995), 366 rescue of (1890), 50 basic income guarantee, 371 Bavarian Banking Association, 266 Bayes’ theorem, 209 Bear Stearns, 217 ‘behavioural economics’, 388–90 Bernanke, Ben, 105, 179, 188, 248, 256, 275, 278, 334, 344 Besley, Tim, 226, 235 Bible, 30 Bismarck, Otto, 89, 92 Blanchard, Olivier, 230–31, 239 BNDES (Brazilian Development Bank), 354 Bocconi School, 192, 231 Bodin, Jean, 33 Boer War, 86 bond markets, 7, 90–92, 148, 186, 218, 219, 235, 246, 287, 341 Borio, C., 342–3 Brash, Donald, 188 Bretton Woods system, 16, 139, 159, 374–3, 381 collapse of in 1970s, 16–17, 162, 164–5, 166–7, 184 Brexit vote (June 2016), 257, 316*, 373 Britain, xviii adoption of Keynesian policy, 141, 142–3 austerity policy see austerity policy: cost to British economy bullionist vs ‘real bills’ controversy, 44, 45–9 centralization of tax collection, 80 Currency School vs Banking School debate, 44, 49–50 debate on post-crash policy, 225–8 deficit and public sector borrowing statistics (1956–2013), 156 Employment White Paper (1944), 141, 142 463 i n de x Britain – (cont.) final suspension of gold standard (1931), 113, 125 First World War borrowing, 95 fiscal experience (1692–2012), 77 forced out of ERM (1992), 188 GDP per capita growth (1919–2007), 154 ‘Geddes Axe’ (1920s), 108 and gold standard, 9, 42, 43, 44, 45–50, 53, 57–9, 80, 101 and Great Depression, 97, 98, 110–13 growth Keynesianism (1960–70), 148–9, 150–51, 152 industrial relations system, 147, 167–8, 169 inflation peak (1975), 166 inter-war cyclical downturns, 107, 113 and mercantilism, 78–81, 82 monetarism in, 185, 186–8, 189, 192–3, 249 nationalization in post-war period, 142, 158 post-crash bank liquidity ratios, 364 pre-crash housing bubble, 304 ‘prices and incomes policy’ in, 147, 150, 151, 167–8 public finances before 2008 crash, 224, 225 Public Sector Borrowing Requirement (PSBR), 155–6 public spending and tax revenue (1950–2000), 157 rearmament in late 1930s, 113 recession of early 1980s, 186–7 recoinage debate (1690s), 40, 41–3 return to gold standard (1925), 102, 103, 107 sharp rise in inequality since 1970s, 288–9, 299–300, 300 slow recovery from 2008 crash, 241, 242, 243–4, 245, 273, 273–4 ‘stop-go’ in post-war period (‘fine tuning’), 142–3, 145–6, 150, 152 victories over France (eighteenthcentury), 43, 80, 81 see also Bank of England; Conservative Party; Labour Party British Empire, 57, 58, 80 Brittan, Samuel, 225 Brown, Gordon, 193, 220, 221–3, 354, 357 and 2008 crash, 220, 223, 224 declares era of ‘boom and bust’ over, 215 ‘prudence’ as watchword, 226 Bryan, William Jennings, 52 budget deficit see balanced budget theory Buchanan, James, 198 Buffett, Warren, 326 Bundesbank, 140, 154, 257, 275 Bush, George W., 242 business schools, financing of, 13 Cairncross, A.


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Everything for Everyone: The Radical Tradition That Is Shaping the Next Economy by Nathan Schneider

1960s counterculture, Affordable Care Act / Obamacare, Airbnb, altcoin, Amazon Mechanical Turk, back-to-the-land, basic income, Berlin Wall, Bernie Sanders, bitcoin, blockchain, Brewster Kahle, Burning Man, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, Clayton Christensen, collaborative economy, collective bargaining, Community Supported Agriculture, corporate governance, creative destruction, crowdsourcing, cryptocurrency, Debian, disruptive innovation, do-ocracy, Donald Knuth, Donald Trump, Edward Snowden, Elon Musk, Ethereum, ethereum blockchain, Food sovereignty, four colour theorem, future of work, gig economy, Google bus, hydraulic fracturing, Internet Archive, Jeff Bezos, jimmy wales, joint-stock company, Joseph Schumpeter, Julian Assange, Kickstarter, Lyft, M-Pesa, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, mass immigration, means of production, multi-sided market, new economy, offshore financial centre, old-boy network, Peter H. Diamandis: Planetary Resources, post-work, precariat, premature optimization, pre–internet, profit motive, race to the bottom, Richard Florida, Richard Stallman, ride hailing / ride sharing, Sam Altman, Satoshi Nakamoto, self-driving car, shareholder value, sharing economy, Silicon Valley, Slavoj Žižek, smart contracts, Steve Jobs, Steve Wozniak, Stewart Brand, transaction costs, Turing test, Uber and Lyft, uber lyft, underbanked, undersea cable, universal basic income, Upton Sinclair, Vanguard fund, white flight, Whole Earth Catalog, WikiLeaks, women in the workforce, working poor, Y Combinator, Y2K, Zipcar

Kevin Roose, “In Conversation: Marc Andreessen,” New York (October 19, 2014); Sam Altman, “Technology and Wealth Inequality” (January 28, 2014), blog.samaltman.com/technology-and-wealth-inequality. 14. Recent overviews of universal basic income include Philippe Van Parijs and Yannick Vanderborght, Basic Income: A Radical Proposal for a Free Society and a Sane Economy (Harvard University Press, 2017), and Rutger Bregman, Utopia for Realists: How We Can Build the Ideal World (Little, Brown, 2017). 15. Marshall Brain, Manna: Two Views of Humanity’s Future (2012), marshallbrain.com/manna1.htm; for another perspective on parallels between basic income and venture capital, see Steve Randy Waldman, “VC for the People” (April 16, 2014), interfluidity.com/v2/5066.html. 16. Matt Zwolinski, Michael Huemer, Jim Manzi, and Robert H. Frank, “Basic Income and the Welfare State,” Cato Unbound (August 2014); Noah Gordon, “The Conservative Case for a Guaranteed Basic Income,” Atlantic (August 6, 2014). 17.

Among other accomplishments, Pistono had written a book called Robots Will Steal Your Job, but That’s OK. At the Singularity meeting, he was the chief proponent of universal basic income, an idea that at the time still seemed novel. He cited recent basic-income experiments in India that showed promise for combating poverty among people the tech economy has left behind. Diamandis later reported having been “amazed” by the potential.12 That year, also, celebrity investor Marc Andreessen told New York magazine that he considered basic income “a very interesting idea,” and Sam Altman of the elite startup accelerator Y Combinator called its implementation an “obvious conclusion.”13 Those were just the early salvos. What people generally mean by universal basic income is the idea of giving everyone enough money to provide for the necessities of life. Imagine, say, a $20,000 check every year for every US citizen.

For years, the journalist and entrepreneur Peter Barnes has been calling for a universal dividend funded through the use of common goods, particularly a tax on carbon emissions; now, governments in places from California and Oregon to the District of Columbia have considered plans to implement such a system. One of Barnes’s champions is digital organizer Natalie Foster, who teamed up with Facebook co-founder Chris Hughes to mobilize executives, unions, and thought leaders of many stripes to unite behind payouts for all.17 Some basic income schemes bypass regular money altogether. Cryptocurrencies derived from Bitcoin or Ethereum have been designed to come into being as basic income, and to gain value through their universality. These attempt to form an entire monetary system in which basic income is the starting point.18 Under the present regime, new money appears when banks lend it out. What if money began its life, instead, as an apparition in equal quantities to everyone?


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The Economics of Inequality by Thomas Piketty, Arthur Goldhammer

"Robert Solow", affirmative action, basic income, Capital in the Twenty-First Century by Thomas Piketty, collective bargaining, conceptual framework, deindustrialization, endogenous growth, Gini coefficient, income inequality, low skilled workers, means of production, moral hazard, Pareto efficiency, purchasing power parity, Simon Kuznets, The Bell Curve by Richard Herrnstein and Charles Murray, very high income, working-age population

In contemporary political conflict, the distinction between pure and efficient redistribution is often conflated with the distinction between redistribution on a modest scale and redistribution on a large scale. The traditional right-left conflict has grown more complicated over time, however. For instance, some on the left advocate a “guaranteed basic income” for all citizens, to be financed by taxes without direct intervention in the market. This guaranteed basic income differs from Friedman’s negative income tax solely by virtue of size. Broadly speaking, therefore, the question of how redistribution is to be achieved is separate from the question of the extent of redistribution. In this book I will try to show that it is best to treat the two questions separately, because they involve different analytical considerations and lead to different answers.

Redistribution and Demand Index Adoption studies, education outcomes and, 82 Adverse selection: credit markets and, 60–61; pension systems and, 115–116; social insurance and, 115 Affirmative action, 86–88, 114 Africa: income inequality, 15; rates of growth, 58 African Americans, discrimination against, 85–88 Aggregate production function, of Solow, 30 Agriculture, direct redistribution of capital and, 63–64 Allocative role, of price system, 30–33, 37–40, 100 Arrow, Kenneth, 85 Asia: growth rate per capita, 58, 59; income inequality, 15; savings rates, 57 Average and marginal rates of redistribution, 100–102, 102f; absence of redistribution between workers, 102–104; compulsory public systems and, 116; Earned Income Tax Credit in US and, 108–109; negative income tax and basic income, 112–113; social justice and, 105–106; taxes and revenue, 106–108; unemployment and, 109–112; U-shaped curve of marginal rates, 104–105, 109 Basic income, guaranteed, 3, 23, 104, 112–113 Becker, Gary, 67, 78, 81 Behavioral differences, wealth inequality and, 13 Belgium, 14 Bell Curve, The (Herrnstein and Murray), 82 Bernstein, Eduard, 18 Binding wage schedules, 92–93 Busing, school integration and human capital, 84 Cambridge capital controversy, 30, 39 Canada, and income inequality, 10, 14, 23 Capital: flat tax on, 64–65; unequal ownership of, 26.

It is not surprising that marginal rates are higher at the top end: high earners are in the top income-tax brackets. Marginal rates are also higher at the low end because a person who goes from zero wage income to some wage income must not only pay taxes on his pay but also lose certain social transfer payments available only to those who have no income from work. Consider, for example, an unemployed person in France who receives €530 per month in guaranteed basic income and housing allotment but who then finds an employer prepared to pay €1,370 a month for his labor, presumably because his contribution to the production process brings in at least that amount. The worker will actually receive just over €760 in net income each month after deducting all social charges. In other words, his gross income goes from 0 to 1,370, but his disposable income goes from 530 to 760.


pages: 402 words: 126,835

The Job: The Future of Work in the Modern Era by Ellen Ruppel Shell

3D printing, affirmative action, Affordable Care Act / Obamacare, Airbnb, airport security, Albert Einstein, Amazon Mechanical Turk, basic income, Baxter: Rethink Robotics, big-box store, blue-collar work, Buckminster Fuller, call centre, Capital in the Twenty-First Century by Thomas Piketty, Clayton Christensen, cloud computing, collective bargaining, computer vision, corporate governance, corporate social responsibility, creative destruction, crowdsourcing, deskilling, disruptive innovation, Donald Trump, Downton Abbey, Elon Musk, Erik Brynjolfsson, factory automation, follow your passion, Frederick Winslow Taylor, future of work, game design, glass ceiling, hiring and firing, immigration reform, income inequality, industrial robot, invisible hand, Jeff Bezos, job automation, job satisfaction, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kickstarter, knowledge economy, knowledge worker, Kodak vs Instagram, labor-force participation, low skilled workers, Lyft, manufacturing employment, Marc Andreessen, Mark Zuckerberg, means of production, move fast and break things, move fast and break things, new economy, Norbert Wiener, obamacare, offshore financial centre, Paul Samuelson, precariat, Ralph Waldo Emerson, risk tolerance, Robert Gordon, Robert Shiller, Robert Shiller, Rodney Brooks, Ronald Reagan, Second Machine Age, self-driving car, shareholder value, sharing economy, Silicon Valley, Snapchat, Steve Jobs, The Chicago School, Thomas L Friedman, Thorstein Veblen, Tim Cook: Apple, Uber and Lyft, uber lyft, universal basic income, urban renewal, white picket fence, working poor, Y Combinator, young professional, zero-sum game

The CEO of Snellman Harvard Business School Economist Rebecca Henderson has found evidence that trust and a shared sense of purpose are hallmarks of high-performing companies. See, for example, Robert Gibbons and Rebecca Henderson, “Relational Contracts and Organizational Capabilities,” Organization Science 23, no. 5 (September–October 2012): 1350–64, http://dx.doi.org/​doi:10.1287/​orsc.1110.0715. “freeing him to do work he finds meaningful” Aditya Chakrabortty, “A Basic Income for Everyone? Yes, Finland Shows It Really Can Work,” Guardian, October 31, 2017, https://www.theguardian.com/​comment­isfree/​2017/​oct/​31/​finland-universal-basic-income. less engaged in educational, religious, and political organizations Robert D. Putnam, “Bowling Alone: America’s Declining Social Capital,” Journal of Democracy 6, no. 1 (1995): 65–78, http://dx.doi.org/​doi:10.1353/​jod.1995.0002. a mere 18 percent of Americans “Public Trust in Government: 1958–2017,” Pew Research Center, May 3, 2017, http://www.people-press.org/​2017/​05/​03/​public-trust-in-government-1958-2017/.

the “social vaccine of the 21st century” Critics point to a conflict of interest: rather than promote technology that contributes to general human flourishing, Silicon Valley elites favor UBI as a publicly supported solution that does not impede their profit-making activities. See, for example, Jathan Sadowski, “Why Silicon Valley Is Embracing Universal Basic Income,” Guardian, July 14, 2017, https://www.thegu­ardian.com/​technology/​2016/​jun/​22/​silicon-valley-universal-basic-income-y-combinator. an addictive public handout Predictions that a BIG (basic income guarantee) would result in many people laying around lazily are not supported by the evidence. In particular, Brazil’s subsistence-level BIG program has resulted in very little change in workforce participation. Given a choice, most people choose to work, and the World Bank has determined that such supports even increase individual efforts to find work, as they allow people to take risks.

In both the German and Swedish experiments, the key was government subsidies that made up most or all of the income gap between full- and part-time employment, thereby eliminating the problem of part-time work for low-income workers. Would this work in America? Perhaps we should muster the political will to find out. Meanwhile, a growing number of advocates have taken up the call for government support, not of shorter work hours, but of no work hours. The Basic Income Guarantee (BIG) has become central to almost any public consideration of the future of work, in particular by Silicon Valley elites who worry about the shrinking capacity of humans to compete with their ever-more-clever creations. BIG has been proposed in a variety of incarnations, the most common one being payments to all citizens for—well—being alive. Though a modest sum, BIG alone might constitute enough income for some hardy souls willing to live on less, and for others it would be a wage subsidy.


pages: 330 words: 91,805

Peers Inc: How People and Platforms Are Inventing the Collaborative Economy and Reinventing Capitalism by Robin Chase

Airbnb, Amazon Web Services, Andy Kessler, banking crisis, barriers to entry, basic income, Benevolent Dictator For Life (BDFL), bitcoin, blockchain, Burning Man, business climate, call centre, car-free, cloud computing, collaborative consumption, collaborative economy, collective bargaining, commoditize, congestion charging, creative destruction, crowdsourcing, cryptocurrency, decarbonisation, different worldview, do-ocracy, don't be evil, Elon Musk, en.wikipedia.org, Ethereum, ethereum blockchain, Ferguson, Missouri, Firefox, frictionless, Gini coefficient, hive mind, income inequality, index fund, informal economy, Intergovernmental Panel on Climate Change (IPCC), Internet of things, Jane Jacobs, Jeff Bezos, jimmy wales, job satisfaction, Kickstarter, Lean Startup, Lyft, means of production, megacity, Minecraft, minimum viable product, Network effects, new economy, Oculus Rift, openstreetmap, optical character recognition, pattern recognition, peer-to-peer, peer-to-peer lending, peer-to-peer model, Richard Stallman, ride hailing / ride sharing, Ronald Coase, Ronald Reagan, Satoshi Nakamoto, Search for Extraterrestrial Intelligence, self-driving car, shareholder value, sharing economy, Silicon Valley, six sigma, Skype, smart cities, smart grid, Snapchat, sovereign wealth fund, Steve Crocker, Steve Jobs, Steven Levy, TaskRabbit, The Death and Life of Great American Cities, The Future of Employment, The Nature of the Firm, transaction costs, Turing test, turn-by-turn navigation, Uber and Lyft, uber lyft, Zipcar

Given a generation, the platform + peers structure could result in as big a change in the basic construction of our economies as the invention of mass production in factories did. We need to create new social mechanisms to spread out the gains of the new platform economics—perhaps even a Basic Income allotted to every person, in addition to the Flexicurity principles. Without this, the social consequences could be dire, bad enough to upset the entire applecart in time. National basic income schemes are getting serious consideration even in fiscally conservative nations like Switzerland, which has a national referendum scheduled in 2015 on the topic following a successful citizens’ initiative in 2012. Much better for us to get off on the right foot: a maximally fluid and efficient economy that makes full use of our social, material, and technical possibilities, with the necessary safety nets.

• We need to tax heavily at the platform level because most everything will be turned into a platform and we want to keep fluidity within the peers. • Government regulations need to protect autonomous individuals against the power of the platforms and benefits need to be tied to people and not jobs. • Everyone should be an independent contractor to give maximum flexibility and resilience to both companies and workers to match the rate of change. • We must have a minimum basic income so that the enormous productivity gains are spread throughout the economy instead of increasing unemployment. • We should emulate the potential and promise of the free and open-source software movement and the block chain to create and govern platforms by communities themselves. We live on a planet with more than 7 billion people and rapidly diminishing resources. When I think seriously about where we are in the world today, several things bring me to tears: the horrible suffering of millions of blameless people around the world because of extreme climate events; young adults who are actively weighing whether they should have children; the 50 percent of species that will go extinct because of us by 2100; the loss of human potential to press forward with its understanding of the universe and the magnificence of creativity, culture, tradition, and family.

INDEX Agricultural model, 235–237 Airbnb, 38 benefits to peers, 50 cumulative totals, 74, 75 disaster response initiative, 244 empowering individuals, 58–59 excess capacity, 77–78 implementing constraints, 107 power parity, 127 power users, 116–117 predictive platform, 45 and regulation, 154 triumph over established hotel chains, 74–76 types of value created, 185 Airbnb Groups, 128 Ajema, Daniel, 130 Algorithms, transparency, 129–130 Alibaba, 37 Amazon, as Peers Inc configuration, 88–89 Amoruso, Sophia, 55–56 Anderson, Chris, 53–54 Angel investors, 9–10 Apollo 13, deep innovation, 222–223 AppGratis, 122, 124–125 Apple, and app approval, 122 Application programming interface (API), Twitter, 121 Apps approval process, 122 dependence on Facebook, 119–120 proliferation, 61 use of excess capacity, 27, 48–49 Apps for the Army, 169–170 Apps for Democracy, 39–40, 61 Apps Marketplace, 169–170 Aqueduct, 41 Archimedes, 41 Aros, 64 Assets community-built, protecting, 205–207 open vs. closed, 251 @FeministaJones, 83–84 Auto rickshaws, 239–243 Autonomy, 57–59 B corp, 202, 230 Back-office technology, 14 Barcelona Open Challenge, 172–174 Barriers to entry capitalist economy, 126 collaborative economy, 252 Bartolone, John, 227 Basic income policies, 191 Benefits, workers’, 189–190 and employment status, 156 separated from employment, 59–60 taxes to pay, 192 universal, 160 Benevolent dictators, 201, 210 Berners-Lee, Tim, 200 Best practices, sharing with peers, 128–129 Bieler, Dan, 163–164 Bilton, Nick, 120–121 Bitcoin, 211–217 BlaBlaCar beginning, 21 “everybody welcome” phase, 111 passengers transported, 76 social and environmental benefits, 201 use of excess capacity, 76 Black markets, and overregulation, 152 Blank, Steve, 109 Block chain, 213, 215–217 Bloomberg, Michael, 174 Bollier, David, 256–257 Bottom-up process, 168–169 Boyd, Danah, 135–136 Breitbart, Joshua, 246 Brown, John Seely, 178 Business models, most successful, 162–164 Buxton, Peter, 81–82 Buytaert, Dries, 134, 164 Buzzcar, 155 Cambridge, Massachusetts, 7–8 Capitalism historical vs. current, 195 industrial, vs. collaborative economy, 18–19, 249–250 realities, 197–198 valuing corporation over people, 253 Car, cost of owning or renting, 21–22 Car ownership, downsides, 9 Carbon emissions, and new energy models, 93–95.


India's Long Road by Vijay Joshi

Affordable Care Act / Obamacare, barriers to entry, Basel III, basic income, blue-collar work, Bretton Woods, business climate, capital controls, central bank independence, clean water, collapse of Lehman Brothers, collective bargaining, colonial rule, congestion charging, corporate governance, creative destruction, crony capitalism, decarbonisation, deindustrialization, demographic dividend, demographic transition, Doha Development Round, eurozone crisis, facts on the ground, failed state, financial intermediation, financial repression, first-past-the-post, floating exchange rates, full employment, germ theory of disease, Gini coefficient, global supply chain, global value chain, hiring and firing, income inequality, Indoor air pollution, Induced demand, inflation targeting, invisible hand, land reform, Mahatma Gandhi, manufacturing employment, Martin Wolf, means of production, microcredit, moral hazard, obamacare, Pareto efficiency, price mechanism, price stability, principal–agent problem, profit maximization, profit motive, purchasing power parity, quantitative easing, race to the bottom, randomized controlled trial, rent-seeking, reserve currency, rising living standards, school choice, school vouchers, secular stagnation, Silicon Valley, smart cities, South China Sea, special drawing rights, The Future of Employment, The Market for Lemons, too big to fail, total factor productivity, trade liberalization, transaction costs, universal basic income, urban sprawl, working-age population

One would expect rich people to opt out of receiving a basic income because it would not be worth the trouble (though if an individual or family fell on hard times, they could go and get it).35 This modification would certainly reduce the fiscal cost of the basic income scheme, though by how much is not clear. My guess would be that somewhere between 50 to 67 per cent of the population would use it at any one time. (The estimates in the Appendix indicate the reduction in cost that would follow in consequence.) Whether such a scheme would be desirable and feasible is a matter of judgement. My personal preference would be for a universal basic income scheme that is available as an entitlement unless individuals/​households voluntarily chose to forego the benefit. S a f e t y N e t s a n d S o ci a l P r o t e c t i o n [ 215 ] 216 APPENDIX TO CHAPTER 10 Estimate of the Cost of Providing a ‘Basic Income’ 1.

That still leaves at least 6 per cent of GDP that would be more than sufficient to finance a basic income scheme. As shown in the Appendix to this chapter, it would take up 3.5 per cent of GDP, leaving a further large excess for extra public investment and enabling social expenditures, as well as further reduction of the fiscal deficit. Note also that with growth of national income over time, the absolute real amounts of resources available for redistribution would rise for any given percentage of GDP earmarked for the purpose (or a given amount S a f e t y N e t s a n d S o ci a l P r o t e c t i o n [ 213 ] 214 of redistribution could be done with a smaller percentage of GDP). So in a few years, the resources required to pay for a universal basic income set at a fixed absolute real level of income would fall to well below 3.5 per cent of GDP (or the universal basic income transfer could be increased at the given share of 3.5 per cent of GDP to eliminate any residual poverty that remains after the implementation of the scheme).33 Needless to say, a basic income scheme would face some challenging difficulties.

So in a few years, the resources required to pay for a universal basic income set at a fixed absolute real level of income would fall to well below 3.5 per cent of GDP (or the universal basic income transfer could be increased at the given share of 3.5 per cent of GDP to eliminate any residual poverty that remains after the implementation of the scheme).33 Needless to say, a basic income scheme would face some challenging difficulties. One difficulty is that winding up subsidies would raise the cost of living since the prices of the previously subsidized items would rise. So any given cash transfer would be worth less in real terms. But many of the subsidies, other than food, are thoroughly regressive, so this point is less important than it appears. And crucially, my estimates (see Appendix) of the cost of providing a basic income explicitly include compensation to offset the increase in the cost of living that the ‘extreme poor’ would face due to subsidy abolition.


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Lost Connections: Uncovering the Real Causes of Depression – and the Unexpected Solutions by Johann Hari

basic income, Berlin Wall, call centre, correlation does not imply causation, Donald Trump, gig economy, income inequality, Jeff Bezos, John Snow's cholera map, Joi Ito, longitudinal study, meta analysis, meta-analysis, Naomi Klein, Occupy movement, open borders, placebo effect, precariat, publication bias, randomized controlled trial, Rat Park, risk tolerance, Ronald Reagan, selective serotonin reuptake inhibitor (SSRI), the scientific method, The Spirit Level, twin studies, universal basic income, urban planning, zero-sum game

We won’t regain security by going backward, especially as robots and technology render more and more jobs obsolete—but we can go forward, to a basic income for everyone. As Barack Obama suggested in an interview late in his presidency, a universal income may be the best tool we have for recreating security, not with bogus promises to rebuild a lost world, but by doing something distinctively new. Buried in those dusty boxes of data in the Canadian national archives, Evelyn might have found one of the most important antidepressants for the twenty-first century. I wanted to understand the implications of this more, and to explore my own concerns and questions about it, so I went to see a brilliant Dutch economic historian named Rutger Bregman. He is the leading European champion of the idea of a universal basic income.4 We ate burgers and inhaled caffeinated drinks and ended up talking late into the night, discussing the implications of all this.

And then the results come in. For example, in the Great Smoky Mountains, there’s a Native American tribal group of eight thousand people who decided to open a casino. But they did it a little differently. They decided they were going to split the profits equally among everyone in the group—they’d all get a check for (as it turned out) $6,000 a year, rising to $9,000 later. It was, in effect, a universal basic income for everyone. Outsiders told them they were crazy. But when the program was studied in detail by social scientists, it turned out that this guaranteed income triggered one big change. Parents chose to spend a lot more time with their children, and because they were less stressed, they were more able to be present with their kids. The result? Behavioral problems like ADHD and childhood depression fell by 40 percent.5 I couldn’t find any other instance of a reduction in psychiatric problems in children by that amount in a comparable period of time.

Every now and then, Rutger—the leading European campaigner for a universal basic income—will read a news story about somebody who has made a radical career choice. A fifty-year-old man realizes he’s unfulfilled as a manager so he quits, and becomes an opera singer. A forty-five-year-old woman quits Goldman Sachs and goes to work for a charity. “It is always framed as something heroic,” Rutger told me, as we drank our tenth Diet Coke between us. People ask them, in awe: “Are you really going to do what you want to do?” Are you really going to change your life, so you are doing something that fulfills you? It’s a sign, Rutger says, of how badly off track we’ve gone, that having fulfilling work is seen as a freakish exception, like winning the lottery, instead of how we should all be living. Giving everyone a guaranteed basic income, he says “is actually all about making [it so we tell everyone]—‘Of course you’re going to do what you want to do.


pages: 389 words: 119,487

21 Lessons for the 21st Century by Yuval Noah Harari

1960s counterculture, accounting loophole / creative accounting, affirmative action, Affordable Care Act / Obamacare, agricultural Revolution, algorithmic trading, augmented reality, autonomous vehicles, Ayatollah Khomeini, basic income, Bernie Sanders, bitcoin, blockchain, Boris Johnson, call centre, Capital in the Twenty-First Century by Thomas Piketty, carbon-based life, cognitive dissonance, computer age, computer vision, cryptocurrency, cuban missile crisis, decarbonisation, deglobalization, Donald Trump, failed state, Filter Bubble, Francis Fukuyama: the end of history, Freestyle chess, gig economy, glass ceiling, Google Glasses, illegal immigration, Intergovernmental Panel on Climate Change (IPCC), Internet of things, invisible hand, job automation, knowledge economy, liberation theology, Louis Pasteur, low skilled workers, Mahatma Gandhi, Mark Zuckerberg, mass immigration, means of production, Menlo Park, meta analysis, meta-analysis, Mohammed Bouazizi, mutually assured destruction, Naomi Klein, obamacare, pattern recognition, post-work, purchasing power parity, race to the bottom, RAND corporation, Ronald Reagan, Rosa Parks, Scramble for Africa, self-driving car, Silicon Valley, Silicon Valley startup, transatlantic slave trade, Tyler Cowen: Great Stagnation, universal basic income, uranium enrichment, Watson beat the top human players on Jeopardy!, zero-sum game

Assuming, too, that we will like these salaries to cover all of a family’s basic needs, the end result will be something that is not very different from universal basic income. Alternatively, governments could subsidise universal basic services rather than income. Instead of giving money to people, who then shop around for whatever they want, the government might subsidise free education, free healthcare, free transport and so forth. This is in fact the utopian vision of communism. Though the communist plan to start a working-class revolution might well become outdated, maybe we should still aim to realise the communist goal by other means? It is debatable whether it is better to provide people with universal basic income (the capitalist paradise) or universal basic services (the communist paradise). Both options have advantages and drawbacks.

Hitherto, all UBI initiatives have been strictly national or municipal. In January 2017, Finland began a two-year experiment, providing 2,000 unemployed Finns with 560 euros a month, irrespective of whether they find work or not. Similar experiments are under way in the Canadian province of Ontario, in the Italian city of Livorno, and in several Dutch cities.24 (In 2016 Switzerland held a referendum on instituting a national basic income scheme, but voters rejected the idea.25) The problem with such national and municipal schemes, however, is that the main victims of automation may not live in Finland, Ontario, Livorno or Amsterdam. Globalisation has made people in one country utterly dependent on markets in other countries, but automation might unravel large parts of this global trade network with disastrous consequences for the weakest links.

Glenn Cohen, ‘Regulating the Organ Market: Normative Foundations for Market Regulation’, Law and Contemporary Problems 77 (2014); Alexandra K. Glazier, ‘The Principles of Gift Law and the Regulation of Organ Donation’, Transplant International 24 (2011), 368–72; Megan McAndrews and Walter E. Block, ‘Legalizing Saving Lives: A Proposition for the Organ Market’, Insights to A Changing World Journal 2015, 1–17. 23 James J. Hughes, ‘A Strategic Opening for a Basic Income Guarantee in the Global Crisis Being Created by AI, Robots, Desktop Manufacturing and BioMedicine’, Journal of Evolution and Technology 24 (2014), 45–61; Alan Cottey, ‘Technologies, Culture, Work, Basic Income and Maximum Income’, AI and Society 29 (2014), 249–57. 24 Jon Henley, ‘Finland Trials Basic Income for Unemployed’, Guardian, 3 January 2017. 25 ‘Swiss Voters Reject Proposal to Give Basic Income to Every Adult and Child’, Guardian, 5 June 2017. 26 Isabel Hunter, ‘Crammed into squalid factories to produce clothes for the West on just 20p a day, the children forced to work in horrific unregulated workshops of Bangladesh’, Daily Mail, 1 December 2015; Chris Walker and Morgan Hartley, ‘The Culture Shock of India’s Call Centers’, Forbes, 16 December 2012. 27 Klaus Schwab and Nicholas Savis, Shaping the Fourth Industrial Revolution (World Economic Forum, 2018), 54.


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Fair Shot: Rethinking Inequality and How We Earn by Chris Hughes

"side hustle", basic income, Donald Trump, effective altruism, Elon Musk, end world poverty, full employment, future of journalism, gig economy, high net worth, income inequality, invisible hand, Jeff Bezos, job automation, knowledge economy, labor-force participation, Lyft, M-Pesa, Mark Zuckerberg, meta analysis, meta-analysis, new economy, oil rush, payday loans, Peter Singer: altruism, Potemkin village, precariat, randomized controlled trial, ride hailing / ride sharing, Ronald Reagan, Second Machine Age, self-driving car, side project, Silicon Valley, TaskRabbit, The Bell Curve by Richard Herrnstein and Charles Murray, traveling salesman, trickle-down economics, uber lyft, universal basic income, winner-take-all economy, working poor, working-age population, zero-sum game

Later that spring, I also met Dorian Warren, an academic and activist interested in exploring how a guaranteed income could contribute to the movement for racial justice. That year, in the midst of exploring the idea in policy papers, he wrote a call for a guaranteed income into the platform of the Movement for Black Lives. In May, Natalie, Dorian, and I traveled to Switzerland to better understand the dynamics at play in its nationwide referendum on the idea of a basic income. (The initiative failed, but the vote sparked a Europe-wide debate on the idea that continues today.) The three of us shared a passion for building a world in which everyone has basic financial security. We also shared a fundamental caution: we wanted to better understand the issues and stakeholders involved before making any sweeping statements or big investments. We chose not to start a big campaign or even a new nonprofit, but instead organized a network of leaders into an initiative called the Economic Security Project to foster a deeper conversation around how a basic income might work.

Brookings Institution, August 4, 2017. https://www.brookings.edu/blog/brookings-now/2017/08/04/charts-of-the-week-the-jobs-gap-is-closed/. Dillow, Clay, and Brooks Rainwater. “Why Free Money for Everyone Is Silicon Valley’s Next Big Idea.” Fortune, June 29, 2017. http://fortune.com/2017/06/29/universal-basic-income-free-money-silicon-valley/. Dooley, David, Ralph Catalano, and Georjeanna Wilson. “Depression and Unemployment: Panel Findings from the Epidemiologic Catchment Area Study.” American Journal of Community Psychology 22, no. 6 (December 1994): 745–65. Dubner, Stephen J. “Is the World Ready for a Guaranteed Basic Income?” Freakonomics Radio (podcast), April 13, 2016. http://freakonomics.com/podcast/mincome/. Dynan, Karen E., Jonathan S. Skinner, and Stephen P. Zeldes. “Do the Rich Save More?” Journal of Political Economy 112, no. 2 (2004): 397–444.

Vox, July 20, 2017. https://www.vox.com/policy-and-politics/2017/7/20/15821560/basic-income-critiques-cost-work-negative-income-tax. ———. “Basic Income: The World’s Simplest Plan to End Poverty, Explained.” Vox, April 25, 2016. http://fivethirtyeight.com/features/universal-basic-income/. ———. “A New Study Debunks One of the Biggest Arguments against Basic Income.” Vox, September 20, 2017. https://www.vox.com/policy-and-politics/2017/9/20/16256240/mexico-cash-transfer-inflation-basic-income. ———. “Study: A Universal Basic Income Would Grow the Economy.” Vox, August 30, 2017. https://www.vox.com/policy-and-politics/2017/8/30/16220134/universal-basic-income-roosevelt-institute-economic-growth. Maxfield, Michelle. “The Effects of the Earned Income Tax Credit on Child Achievement and Long-Term Educational Attainment.” Michigan State University Job Market Paper, November 14, 2013.


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Reinventing Capitalism in the Age of Big Data by Viktor Mayer-Schönberger, Thomas Ramge

accounting loophole / creative accounting, Air France Flight 447, Airbnb, Alvin Roth, Atul Gawande, augmented reality, banking crisis, basic income, Bayesian statistics, bitcoin, blockchain, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, Cass Sunstein, centralized clearinghouse, Checklist Manifesto, cloud computing, cognitive bias, conceptual framework, creative destruction, Daniel Kahneman / Amos Tversky, disruptive innovation, Donald Trump, double entry bookkeeping, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Ford paid five dollars a day, Frederick Winslow Taylor, fundamental attribution error, George Akerlof, gig economy, Google Glasses, information asymmetry, interchangeable parts, invention of the telegraph, inventory management, invisible hand, James Watt: steam engine, Jeff Bezos, job automation, job satisfaction, joint-stock company, Joseph Schumpeter, Kickstarter, knowledge worker, labor-force participation, land reform, lone genius, low cost airline, low cost carrier, Marc Andreessen, market bubble, market design, market fundamentalism, means of production, meta analysis, meta-analysis, Moneyball by Michael Lewis explains big data, multi-sided market, natural language processing, Network effects, Norbert Wiener, offshore financial centre, Parag Khanna, payday loans, peer-to-peer lending, Peter Thiel, Ponzi scheme, prediction markets, price anchoring, price mechanism, purchasing power parity, random walk, recommendation engine, Richard Thaler, ride hailing / ride sharing, Sam Altman, Second Machine Age, self-driving car, Silicon Valley, Silicon Valley startup, six sigma, smart grid, smart meter, Snapchat, statistical model, Steve Jobs, technoutopianism, The Future of Employment, The Market for Lemons, The Nature of the Firm, transaction costs, universal basic income, William Langewiesche, Y Combinator

And it is participatory, because its goal is not only to provide people with some of their basic needs but to enable them to rejoin the workforce at less than full time. The idea of a universal basic income has been circulating among economists and progressive politicians ever since the late eighteenth century, when Thomas Paine proposed a basic income for everyone above fifty. In the middle of the twentieth century, radical pro-market economist and Nobel laureate Milton Friedman suggested a negative income tax that had many of the distributive qualities of a universal basic income but would have been somewhat more complex to administer. In 1972, Democratic presidential candidate George McGovern openly advocated for a universal basic income. He was attacked by incumbent president Richard Nixon and ultimately had to withdraw his plan, but Nixon then proposed his own family-assistance program that would have been close to being a UBI for a large segment of society if it had not died in the Senate.

See Cybersyn Systemized Intelligence Lab, 115 Taj Mahal, 21 talent management, internal, 126–129 tax credits, 200–202, 218 taxes, 197–202 capital gains, 187 data, 199–200, 203, 218 negative income, 190 nominal rate, 198 progressive consumption, 198 robo, 186–187 wealth, 187 Taylor, Frederick Winslow, 89, 95–96 Taylorism, 89, 95–96, 112 telecommunications industry, 162–163 Tesla, 78, 110, 120, 169, 189 thalidomide, 42 thick markets, 2, 82–83, 164, 213 Thiel, Peter, 203 time firm reorganization and, 112–113 meaningful use of, 221–222 Tinder, 83, 163 µ Torrent, 122 TransferWise, 135 transparency, 172, 173, 178 Trump, Donald, 186, 203 Trunk Club, 211 T-shaped skill set, 118 Tversky, Amos, 102 Twitter, 163 Uber, 163, 182 UBI. See universal basic income UniCredit bank, 136 Unilever, 75 United Kingdom, 134, 147, 164 United States banking crisis in, 134, 135 capital share of, 185 corporate taxes in, 197–198 health care sector in, 213 labor market of, 184, 185, 186, 195 market concentration in, 164 stock market investment options in, 143 subprime mortgage crisis in (see subprime mortgage crisis) universal basic income proposed in, 190, 191 universal basic income (UBI), 189–193, 205–206 University of Pennsylvania’s Wharton School, 36 Upstart, 151 Upwork, 3 used car market, 40 venture capital (VC) firms, 141, 142–143, 216 Vocatus, 55 Volkswagen, 182 Volvo, 182 Wall Street Journal, 203 Walmart, 28, 52 Walt Disney Company, 69 Watson (machine learning system), 109, 111, 113–114, 115, 117, 163, 183 Watt, James, 111, 113 wealth tax, 187 Webvan, 112 WeChat, 147, 163 Wedgwood, Josiah, 94 welfare reducing transactions, 73 Wenger, Albert, 156, 189 Wenig, Devin, 1–2, 209 Wharton School, 36 Which?

It’s a bit of a crapshoot: one might be right, but much more likely, one will be off the mark. THESE DISTRIBUTIVE AND PARTICIPATORY MEASURES are relatively conventional. All are adaptations of policies that already exist in many advanced economies around the world. They are not without merit but do come with drawbacks. There is a far more radical alternative measure being put forward, in the form of universal basic income. UBI, as it is affectionately called by its proponents, has garnered surprising support, particularly among leading figures in the high-tech sector. “Superangel” investor Marc Andreessen, the coauthor of Mosaic, one of the first widely used Web browsers, is in favor of it. And so are New York–based Albert Wenger, another highly successful venture capitalist; start-up incubator impresario Sam Altman; and Elon Musk, the brash but congenial cofounder of PayPal and CEO of Tesla.


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The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies by Erik Brynjolfsson, Andrew McAfee

"Robert Solow", 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, 3D printing, access to a mobile phone, additive manufacturing, Airbnb, Albert Einstein, Amazon Mechanical Turk, Amazon Web Services, American Society of Civil Engineers: Report Card, Any sufficiently advanced technology is indistinguishable from magic, autonomous vehicles, barriers to entry, basic income, Baxter: Rethink Robotics, British Empire, business cycle, business intelligence, business process, call centre, Charles Lindbergh, Chuck Templeton: OpenTable:, clean water, combinatorial explosion, computer age, computer vision, congestion charging, corporate governance, creative destruction, crowdsourcing, David Ricardo: comparative advantage, digital map, employer provided health coverage, en.wikipedia.org, Erik Brynjolfsson, factory automation, falling living standards, Filter Bubble, first square of the chessboard / second half of the chessboard, Frank Levy and Richard Murnane: The New Division of Labor, Freestyle chess, full employment, G4S, game design, global village, happiness index / gross national happiness, illegal immigration, immigration reform, income inequality, income per capita, indoor plumbing, industrial robot, informal economy, intangible asset, inventory management, James Watt: steam engine, Jeff Bezos, jimmy wales, job automation, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kevin Kelly, Khan Academy, knowledge worker, Kodak vs Instagram, law of one price, low skilled workers, Lyft, Mahatma Gandhi, manufacturing employment, Marc Andreessen, Mark Zuckerberg, Mars Rover, mass immigration, means of production, Narrative Science, Nate Silver, natural language processing, Network effects, new economy, New Urbanism, Nicholas Carr, Occupy movement, oil shale / tar sands, oil shock, pattern recognition, Paul Samuelson, payday loans, post-work, price stability, Productivity paradox, profit maximization, Ralph Nader, Ray Kurzweil, recommendation engine, Report Card for America’s Infrastructure, Robert Gordon, Rodney Brooks, Ronald Reagan, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Simon Kuznets, six sigma, Skype, software patent, sovereign wealth fund, speech recognition, statistical model, Steve Jobs, Steven Pinker, Stuxnet, supply-chain management, TaskRabbit, technological singularity, telepresence, The Bell Curve by Richard Herrnstein and Charles Murray, The Signal and the Noise by Nate Silver, The Wealth of Nations by Adam Smith, total factor productivity, transaction costs, Tyler Cowen: Great Stagnation, Vernor Vinge, Watson beat the top human players on Jeopardy!, winner-take-all economy, Y2K

The plan had support across the ideological spectrum, but it also faced a large and diverse group of opponents.5 Caseworkers and other administrators of existing welfare programs feared that their jobs would be eliminated under the new regime; some labor leaders thought that it would erode support for minimum wage legislation; and many working Americans didn’t like the idea of their tax dollars going to people who could work, but chose not to. By the time of his 1972 reelection campaign, Nixon had abandoned the Family Assistance Plan, and universal income guarantee programs have not been seriously discussed by federal elected officials and policymakers since then.* Avoiding the Three Great Evils Will we need to revisit the idea of a basic income in the decades to come? Maybe, but it’s not our first choice. Voltaire beautifully summarized why not when he made the observation quoted at the start of this chapter: “Work saves a man from three great evils: boredom, vice, and need.”6 A guaranteed universal income takes care of need, but not the other two. And just about all the research and evidence we’ve looked at has convinced us that Voltaire was right.

Revisiting the Basic Income A number of economists have been concerned about this possible failure mode of capitalism. Many of them have proposed the same simple solution: give people money. The easiest way to do this would have the government distribute an equal amount of money to everyone in the country each year, without doing any means of testing or other evaluation of who needs the money or who should get more or less. This ‘basic income’ scheme, its proponents argue, is comparatively straightforward to administer, and it preserves the elements of capitalism that work well while addressing the problem that some people can’t make a living by offering their labor. The basic income assures that everyone has a minimum standard of living. If people want to improve on it by working, investing, starting a company, or doing any of the other activities of the capitalist engine they certainly can, but even if they don’t they will still be able to act as consumers, since they will still receive money.

The disappearance of work was not the only force driving Belmont and Fishtown apart—Murray himself focuses on other factors13—but we believe it is a very important one. The evidence suggests that communities in which people are working are much healthier than communities where work is scarce, all other things being equal. So we support policies that encourage work, even as the second machine age progresses. And we see two pieces of good news here. The first is that economists have developed interventions that encourage and reward work in ways that a basic income guarantee alone does not. The second is that innovators and entrepreneurs have developed technologies not only to substitute for human labor but also to complement it. In other words, digital tools are not just taking work out of the economy; they’re also providing new opportunities for people to contribute work to it. As technology keeps racing ahead the best approach is to combine these two pieces of good news and try to maintain an economy of workers.


pages: 320 words: 90,526

Squeezed: Why Our Families Can't Afford America by Alissa Quart

Affordable Care Act / Obamacare, Airbnb, Automated Insights, autonomous vehicles, barriers to entry, basic income, Bernie Sanders, business intelligence, Donald Trump, Downton Abbey, East Village, Elon Musk, full employment, future of work, gig economy, glass ceiling, haute couture, income inequality, Jaron Lanier, job automation, late capitalism, Lyft, minimum wage unemployment, moral panic, new economy, nuclear winter, obamacare, Ponzi scheme, post-work, precariat, price mechanism, rent control, ride hailing / ride sharing, school choice, sharing economy, Silicon Valley, Skype, Snapchat, surplus humans, TaskRabbit, Travis Kalanick, Uber and Lyft, Uber for X, uber lyft, union organizing, universal basic income, upwardly mobile, wages for housework, women in the workforce, working poor

This third camp holds that robots are not such a big deal, but that we should also try to do something about their incursion. As Ford put it to me, we will have to learn how to address any underemployment that results from their mechanical rivalry. And then there is the fourth camp that I mentioned earlier—they definitely fear the march of the robots, but think that everything may be okay if we embrace universal basic income, or UBI (or the more catchy-sounding BIG, for basic income guarantee). This fourth group includes people like UBI “ambassador” Scott Santens, an author and advocate who often writes in support of these initiatives. One reason why UBI is so necessary, Santens told me with an enthusiasm that veered between that of a zealot and a bubbly partygoer, is to protect us from the inevitability of a robot workforce. True to his geek identity, he said that he was thrilled by the thought of a robot caregiver.

The city is now developing another, possibly replicable program called 3-K for All. (“I thought it was a clever pun,” Buery said.) 3-K will serve the city’s three-year-olds, starting with two low-income school districts that include Brownsville and the South Bronx. A third potential, and admittedly huge, fix is something we discussed in the last chapter: universal basic income. In 2017, Ontario, Canada, began implementing a three-year pilot basic income guarantee (BIG) program. In three sites in the province, Ontario is offering individuals a set amount of money per month, up to $24,000 a year per person. In giving people a living wage, it is expected to cost $50 million annually and is open to any single person earning less than $33,978 and couples earning less than $48,054. When I spoke to Canadian BIG advocate Roderick Benns, he explained it as a kind of societal bolster pillow that will not only allow parents to care for their own children but also challenge “the ideas that paid labor is the absolute definition of what it means to be human.”

up from $691 billion in 2012: Deborah Bach, “Study Reveals Surprising Truths about Caregivers,” UWNews, June 16, 2015, https://www.washington.edu/news/2015/06/16/study-reveals-surprising-truths-about-caregivers/. The Ottawa Citizen kvelled: Madeline Ashby, “Ashby: Let’s Talk about Canadian Values (Values Like a Universal Basic Income),” Ottawa Citizen, November 15, 2016, http://ottawacitizen.com/opinion/columnists/ashby-lets-talk-about-canadian-values-values-like-a-universal-basic-income. feminist theorist Kathi Weeks: Kathi Weeks, The Problem with Work: Feminism, Marxism, Antiwork Politics, and Postwork Imaginaries (Durham, NC: Duke University Press, 2011). “no longer socially necessary”: James Livingston, No More Work: Why Full Employment Is a Bad Idea (Chapel Hill: University of North Carolina Press, 2016).


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Inventing the Future: Postcapitalism and a World Without Work by Nick Srnicek, Alex Williams

3D printing, additive manufacturing, air freight, algorithmic trading, anti-work, back-to-the-land, banking crisis, basic income, battle of ideas, blockchain, Boris Johnson, Bretton Woods, business cycle, call centre, capital controls, carbon footprint, Cass Sunstein, centre right, collective bargaining, crowdsourcing, cryptocurrency, David Graeber, decarbonisation, deindustrialization, deskilling, Doha Development Round, Elon Musk, Erik Brynjolfsson, Ferguson, Missouri, financial independence, food miles, Francis Fukuyama: the end of history, full employment, future of work, gender pay gap, housing crisis, income inequality, industrial robot, informal economy, intermodal, Internet Archive, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kickstarter, late capitalism, liberation theology, Live Aid, low skilled workers, manufacturing employment, market design, Martin Wolf, mass immigration, mass incarceration, means of production, minimum wage unemployment, Mont Pelerin Society, neoliberal agenda, New Urbanism, Occupy movement, oil shale / tar sands, oil shock, patent troll, pattern recognition, Paul Samuelson, Philip Mirowski, post scarcity, post-work, postnationalism / post nation state, precariat, price stability, profit motive, quantitative easing, reshoring, Richard Florida, rising living standards, road to serfdom, Robert Gordon, Ronald Reagan, Second Machine Age, secular stagnation, self-driving car, Slavoj Žižek, social web, stakhanovite, Steve Jobs, surplus humans, the built environment, The Chicago School, The Future of Employment, Tyler Cowen: Great Stagnation, universal basic income, wages for housework, We are the 99%, women in the workforce, working poor, working-age population

Work must be refused and reduced, building our synthetic freedom in the process.136 As we have set out in this chapter, achieving this will require the realisation of four minimal demands: 1.Full automation 2.The reduction of the working week 3.The provision of a basic income 4.The diminishment of the work ethic While each of these proposals can be taken as an individual goal in itself, their real power is expressed when they are advanced as an integrated programme. This is not a simple, marginal reform, but an entirely new hegemonic formation to compete against the neoliberal and social democratic options. The demand for full automation amplifies the possibility of reducing the working week and heightens the need for a universal basic income. A reduction in the working week helps produce a sustainable economy and leverage class power. And a universal basic income amplifies the potential to reduce the working week and expand class power. It would also accelerate the project of full automation: as worker power rose and as the labour market tightened, the marginal cost of labour would increase as companies turned towards machinery in order to expand.137 These goals resonate with each other, magnifying their combined power.

Mainstream media sources remain indispensable for this and will continue to do so in the future. Their ability to influence and alter public opinion through framing what is and is not ‘realistic’ remains surprisingly strong. If a counter-hegemonic project is to be successful, it will require an injection of radical ideas into the mainstream, and not just the building of increasingly fragmented audiences outside it. Indeed, one of the key lessons from the US experience with a basic income policy is that the framing of such issues in the media is central to its prospects of success.44 It is for these reasons that existing media organisations constitute a key battleground in the project set out here. Alongside the media, intellectual organisations are indispensable components of any political ecology. These extend from bodies like think tanks, to captive university departments and other educational institutions, through to more loosely organised training and consciousness-raising bodies.

From Mincome to the Millennium’, Policy Options/Options Politique, February 2001. 96.Chancer, ‘Benefitting from Pragmatic Vision, Part I’, p. 86. 97.Specifically, in the United States these included Nixon’s Family Assistance Plan and Carter’s Better Jobs and Income Program, neither of which was passed. In Australia, a guaranteed income was also recommended by the Poverty Commission in 1973, but support for it evaporated after elections brought in a new government. Ibid., pp. 87–9; Barry Jones, Sleepers Wake! Technology and The Future of Work (London: Oxford University Press, 1982), pp. 204–5. 98.An indispensable resource for the story behind this rise and fall in a basic income policy, along with an essential guide to how cultural framing affects the viability of the policy, is Brian Steensland, The Failed Welfare Revolution: America’s Struggle over Guaranteed Income Policy (Princeton, NJ: Princeton University Press, 2007). 99.Daniel Raventós, Basic Income: The Material Conditions of Freedom, transl. Julie Wark (London: Pluto Press, 2007), p. 12. 100.Paul Krugman, ‘Sympathy for the Luddites’, New York Times, 13 June 2013; Martin Wolf, ‘Enslave the Robots and Free the Poor’, Financial Times, 11 February 2014. 101.More specifically, the Green Party of England and Wales has included it in its manifesto; the Liberal Party of Canada has put the idea on their agenda, and its leader pushed for it in 2001; in Canada, the Standing Senate Committee on Social Affairs recommended it as a way to deal with poverty; and the Swiss will be voting in a referendum on the idea.


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Two Nations, Indivisible: A History of Inequality in America: A History of Inequality in America by Jamie Bronstein

Affordable Care Act / Obamacare, back-to-the-land, barriers to entry, basic income, Bernie Sanders, big-box store, blue-collar work, Branko Milanovic, British Empire, Capital in the Twenty-First Century by Thomas Piketty, clean water, cognitive dissonance, collateralized debt obligation, collective bargaining, Community Supported Agriculture, corporate personhood, crony capitalism, deindustrialization, desegregation, Donald Trump, ending welfare as we know it, Frederick Winslow Taylor, full employment, Gini coefficient, income inequality, interchangeable parts, invisible hand, job automation, John Maynard Keynes: technological unemployment, labor-force participation, land reform, land tenure, longitudinal study, low skilled workers, low-wage service sector, mandatory minimum, mass incarceration, minimum wage unemployment, moral hazard, moral panic, mortgage debt, New Urbanism, non-tariff barriers, obamacare, occupational segregation, Occupy movement, oil shock, plutocrats, Plutocrats, price discrimination, race to the bottom, rent control, road to serfdom, Ronald Reagan, Sam Peltzman, Scientific racism, Simon Kuznets, single-payer health, strikebreaker, too big to fail, trade route, transcontinental railway, Triangle Shirtwaist Factory, trickle-down economics, universal basic income, Upton Sinclair, upwardly mobile, urban renewal, wage slave, War on Poverty, women in the workforce, working poor, Works Progress Administration

It is difficult to move in that direction because people have been educated to believe that market efficiency ought to be the ultimate value of the economy, despite the fact that even perfectly efficient markets say nothing about distribution of incomes or about standards of living.83 The last few years have seen an active philosophical debate about the desirability of a basic income guarantee, a variation on the theme of the “negative income tax” attempted by Nixon in his Family Assistance Plan. There are several ways to frame a basic income guarantee, and one of those possible frames is that it enhances freedom.84 Over the course of several generations, an ideally functioning free market will produce winners and losers, sometimes just due to moral bad luck. In those cases, people who are unable to meet their basic needs may end up accepting significant measures of personal coercion because they have no other choice. A universal basic income guarantee is a way to enable those people to opt out of coercive relationships without the stigma produced—or dependency supposedly produced—by other kinds of means-tested welfare.85 A basic income guarantee could also reward activities like volunteering or caregiving that are not now rewarded by the market.

Box 1911 Santa Barbara, California 93116-1911 www.abc-clio.com This book is printed on acid-free paper Manufactured in the United States of America Contents Acknowledgments Introduction Chapter 1The American Revolution and Equality Chapter 2Workingmen, Land, and the Age of Jackson: 1829–1865 Chapter 3Free Labor and Social Darwinism: 1865–1900 Chapter 4Liberalism in the Age of Monopoly: 1900–1929 Chapter 5Challenge from the Left: 1929–1945 Chapter 6The Great Compression and the War on Poverty: 1945–1979 Chapter 7The Triumph of Neoliberalism: 1979–1999 Chapter 8The New Inequality and the Lessons of the Past: 1999–Present Notes Select Bibliography Index Acknowledgments Academic projects are never completed in a vacuum. My New Mexico State University (NMSU) colleague Mark Walker, who was writing a book on the Basic Income Guarantee as I wrote this one, first encouraged me to consider inequality from a historical perspective. The NMSU conference that Mark organized on the Basic Income Guarantee in 2014 introduced me to scholars who have long worked on the philosophy of contemporary inequality. Simultaneously, participation in an ad hoc reading group facilitated by NMSU student Alan Dicker on Thomas Piketty’s Capital in the Twenty-First Century helped to get my thoughts flowing My NMSU colleagues Lori Keleher, Peter Kopp, and Julie Rice, and my former graduate student Ryan MacLennan, all provided helpful suggestions at crucial moments.

A universal basic income guarantee is a way to enable those people to opt out of coercive relationships without the stigma produced—or dependency supposedly produced—by other kinds of means-tested welfare.85 A basic income guarantee could also reward activities like volunteering or caregiving that are not now rewarded by the market. A basic income guarantee is particularly crucial if the prediction that automation will produce mass unemployment in the future turns out to be correct.86 More modest than a basic income guarantee would be an expansion of the EITC, and equity in the payment of the tax credit to both custodial and noncustodial parents.87 EITC expansion does not reach everyone, but it is politically practical; while the minimum wage has stagnated, the EITC has been expanded six times since 1975. As political scientist Larry Bartels explains, “tying the income subsidy to wages encourages work and sidesteps the association of traditional welfare programs with the ‘undeserving poor’ … this aspect of the program is reinforced by the designation of EITC as a ‘tax credit,’ despite the fact that most recipients have no income tax liability to offset.”88 Calling such transfers “earned income” credits makes them politically acceptable, in contrast to welfare.


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The Economics of Belonging: A Radical Plan to Win Back the Left Behind and Achieve Prosperity for All by Martin Sandbu

"Robert Solow", Airbnb, autonomous vehicles, balance sheet recession, bank run, banking crisis, basic income, Berlin Wall, Bernie Sanders, Boris Johnson, Branko Milanovic, Bretton Woods, business cycle, call centre, capital controls, carbon footprint, Carmen Reinhart, centre right, collective bargaining, debt deflation, deindustrialization, deskilling, Diane Coyle, Donald Trump, Edward Glaeser, eurozone crisis, Fall of the Berlin Wall, financial intermediation, full employment, future of work, gig economy, Gini coefficient, hiring and firing, income inequality, income per capita, industrial robot, intangible asset, job automation, John Maynard Keynes: technological unemployment, Kenneth Rogoff, knowledge economy, knowledge worker, labour market flexibility, liquidity trap, longitudinal study, low skilled workers, manufacturing employment, Martin Wolf, meta analysis, meta-analysis, mini-job, mortgage debt, new economy, offshore financial centre, oil shock, open economy, pattern recognition, pink-collar, precariat, quantitative easing, race to the bottom, Richard Florida, Robert Shiller, Robert Shiller, Ronald Reagan, secular stagnation, social intelligence, TaskRabbit, total factor productivity, universal basic income, very high income, winner-take-all economy, working poor

,” FiveThirtyEight, 25 April 2016, https://fivethirtyeight.com/features/universal-basic-income/. 13. Alfie Stirling and Sarah Arnold, Nothing Personal, New Economics Foundation report, 11 March 2019, https://neweconomics.org/2019/03/nothing-personal. See also the discussion in Martin Sandbu, “A Simple Fix to Make UK Taxes Fairer,” Financial Times, 15 March 2019, https://www.ft.com/content/4d3dec6e-4701-11e9-b168-96a37d002cd3, where I point out that other tax-free allowances that Stirling and Arnold do not touch on (in particular national insurance) could fund more than a 50 per cent increase in their proposed basic income. 14. OECD, Basic Income as a Policy Option: Can It Add Up?, policy brief, May 2017, https://www.oecd.org/employment/emp/Basic-Income-Policy-Option-2017.pdf, further discussed in Martin Sandbu, “Budgeting for Utopia,” Financial Times, 26 May 2017, https://www.ft.com/content/05cb4bd0-41f2-11e7-82b6-896b95f30f58.

Similarly, a study by France’s official economic analysis bureau found that a “carbon cheque” that is differentiated by type of region (whether rural or urban) can be designed so that it makes virtually everyone in the bottom half of the income distribution better off even after paying higher carbon taxes on fuel and energy.30 It will not escape readers that a carbon fee and dividend, almost by accident, encompasses a universal basic income/negative income tax. While not motivated by any of the arguments for basic income I discussed in chapter 7, an ambitious carbon tax of 2–3 per cent of national income can still serve those objectives to a significant degree (and less money would have to be found elsewhere for a full-fledged universal basic income/negative income tax). A similarly beneficial coincidence can be found in the other two tax reforms proposed here. A net wealth tax works to improve productivity and help the asset-poor even as it raises substantial resources to pay for other policies to help the left behind (including cutting other taxes).

The high-pressure macroeconomic policy advocated in chapter 8 would do just that, by ensuring that the tap of aggregate demand stimulus was not turned off before the effect was felt in left-behind regions. Universal basic income, as recommended in chapter 7, would support local aggregate demand as well, thereby making it more viable to maintain an attractive range of services locally. This is illustrated by the unique basic income–like system of Alaska’s “permanent dividend” from oil revenues, which seems to boost not just retail and leisure services but health and personal care services as well. Universal basic income and the other “empowerment” polices from chapter 7 would also increase the share of value creation retained in the local community rather than transferred to investors or suppliers elsewhere, thereby supporting local demand indirectly as well.


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Give People Money by Annie Lowrey

"Robert Solow", affirmative action, Affordable Care Act / Obamacare, agricultural Revolution, Airbnb, airport security, autonomous vehicles, barriers to entry, basic income, Bernie Sanders, bitcoin, clean water, collective bargaining, computer age, crowdsourcing, cryptocurrency, deindustrialization, desegregation, Donald Trump, Edward Glaeser, Elon Musk, ending welfare as we know it, everywhere but in the productivity statistics, full employment, gender pay gap, gig economy, Google Earth, Home mortgage interest deduction, income inequality, indoor plumbing, information asymmetry, Jaron Lanier, jitney, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kickstarter, Kodak vs Instagram, labor-force participation, late capitalism, Lyft, M-Pesa, Mahatma Gandhi, Mark Zuckerberg, mass incarceration, McMansion, Menlo Park, mobile money, mortgage tax deduction, new economy, obamacare, Peter Thiel, post scarcity, post-work, Potemkin village, precariat, randomized controlled trial, ride hailing / ride sharing, Robert Bork, Ronald Reagan, Sam Altman, self-driving car, Silicon Valley, single-payer health, Steve Jobs, TaskRabbit, The Future of Employment, theory of mind, total factor productivity, Turing test, two tier labour market, Uber and Lyft, uber lyft, universal basic income, uranium enrichment, War on Poverty, Watson beat the top human players on Jeopardy!, We wanted flying cars, instead we got 140 characters, women in the workforce, working poor, World Values Survey, Y Combinator

hospitals have already started to use IBM’s Watson technology: Ike Swetlitz and Casey Ross, “A New Advertising Tack for Hospitals: IBM’s Watson Supercomputer Is in the House,” STAT, Sept. 6, 2017. “Machines, the argument goes”: Ugo Gentilini and Ruslan Yemtsov, “Being Open-Minded About Universal Basic Income,” Let’s Talk Development (blog), World Bank, Jan. 6, 2017, http://blogs.worldbank.org/​developmenttalk/​being-open-minded-about-universal-basic-income. “social vaccine of the twenty-first century”: Scott Santens, “Universal Basic Income as the Social Vaccine of the 21st Century,” Medium, Feb. 5, 2015, https://medium.com/​basic-income/​universal-basic-income-as-the-social-vaccine-of-the-21st-century-d66dff39073. “a twenty-first-century economic right”: Guy Standing, “Basic Income: A 21st Century Economic Right,” 2004, https://www.guystanding.com/​files/​documents/​CDHE_Standing.pdf.

The British Speenhamland system: Rutger Bregman, Utopia for Realists: The Case for a Universal Basic Income, Open Borders, and a 15-Hour Workweek (Amsterdam: The Correspondent, 2016). “civilization” owed everyone a minimal existence: Simon Birnbaum and Karl Widerquist, “History of Basic Income,” Basic Income Earth Network (blog), http://basicincome.org/​basic-income/​history/; adapted from L’allocation universelle by Yannick Vanderborght and Philippe Van Parijs (Paris: La Découverte, 2005). “short-lived effervescence”: Birnbaum and Widerquist, “History of Basic Income.” the Republican Richard Nixon: Bregman, Utopia for Realists. might increase divorce rates: Robert A. Levine et al., “A Retrospective on the Negative Income Tax Experiments: Looking Back at the Most Innovative Field Studies in Social Policy,” U.S. Basic Income Guarantee Network Discussion Paper No. 86, June 2004, www.usbig.net/​papers/​086-Levine-et-al-NIT-session.doc.

Elon Musk: Kathleen Davis, “Elon Musk Says Automation Will Make a Universal Basic Income Necessary Soon,” Fast Company, Feb. 13, 2017. are starting…in Germany: “Geschichten: Was wäre, wenn du plötzlich Grundeinkommen hättest?,” Mein Grundeinkommen, https://www.mein-grundeinkommen.de/​projekt/​geschichten. the Netherlands: Sjir Hoeijmakers, telephone interview by author, Oct. 16, 2017. Finland: Antti Jauhiainen and Joona-Hermanni Mäkinen, “Why Finland’s Basic Income Experiment Isn’t Working,” New York Times, July 20, 2017. Canada: Ashifa Kassam, “Ontario Plans to Launch Universal Basic Income Trial Run This Summer,” Guardian, Apr. 24, 2017. Kenya: Annie Lowrey, “The Future of Not Working,” New York Times Magazine, Feb. 23, 2017. with India contemplating one: Rachel Roberts, “Indian Politicians Consider Universal Basic Income Following Successful Trials,” Independent, July 28, 2017.


pages: 561 words: 157,589

WTF?: What's the Future and Why It's Up to Us by Tim O'Reilly

4chan, Affordable Care Act / Obamacare, Airbnb, Alvin Roth, Amazon Mechanical Turk, Amazon Web Services, artificial general intelligence, augmented reality, autonomous vehicles, barriers to entry, basic income, Bernie Madoff, Bernie Sanders, Bill Joy: nanobots, bitcoin, blockchain, Bretton Woods, Brewster Kahle, British Empire, business process, call centre, Capital in the Twenty-First Century by Thomas Piketty, Captain Sullenberger Hudson, Chuck Templeton: OpenTable:, Clayton Christensen, clean water, cloud computing, cognitive dissonance, collateralized debt obligation, commoditize, computer vision, corporate governance, corporate raider, creative destruction, crowdsourcing, Danny Hillis, data acquisition, deskilling, DevOps, Donald Davies, Donald Trump, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Filter Bubble, Firefox, Flash crash, full employment, future of work, George Akerlof, gig economy, glass ceiling, Google Glasses, Gordon Gekko, gravity well, greed is good, Guido van Rossum, High speed trading, hiring and firing, Home mortgage interest deduction, Hyperloop, income inequality, index fund, informal economy, information asymmetry, Internet Archive, Internet of things, invention of movable type, invisible hand, iterative process, Jaron Lanier, Jeff Bezos, jitney, job automation, job satisfaction, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kevin Kelly, Khan Academy, Kickstarter, knowledge worker, Kodak vs Instagram, Lao Tzu, Larry Wall, Lean Startup, Leonard Kleinrock, Lyft, Marc Andreessen, Mark Zuckerberg, market fundamentalism, Marshall McLuhan, McMansion, microbiome, microservices, minimum viable product, mortgage tax deduction, move fast and break things, move fast and break things, Network effects, new economy, Nicholas Carr, obamacare, Oculus Rift, packet switching, PageRank, pattern recognition, Paul Buchheit, peer-to-peer, peer-to-peer model, Ponzi scheme, race to the bottom, Ralph Nader, randomized controlled trial, RFC: Request For Comment, Richard Feynman, Richard Stallman, ride hailing / ride sharing, Robert Gordon, Robert Metcalfe, Ronald Coase, Sam Altman, school choice, Second Machine Age, secular stagnation, self-driving car, SETI@home, shareholder value, Silicon Valley, Silicon Valley startup, skunkworks, Skype, smart contracts, Snapchat, Social Responsibility of Business Is to Increase Its Profits, social web, software as a service, software patent, spectrum auction, speech recognition, Stephen Hawking, Steve Ballmer, Steve Jobs, Steven Levy, Stewart Brand, strong AI, TaskRabbit, telepresence, the built environment, The Future of Employment, the map is not the territory, The Nature of the Firm, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Thomas Davenport, transaction costs, transcontinental railway, transportation-network company, Travis Kalanick, trickle-down economics, Uber and Lyft, Uber for X, uber lyft, ubercab, universal basic income, US Airways Flight 1549, VA Linux, Watson beat the top human players on Jeopardy!, We are the 99%, web application, Whole Earth Catalog, winner-take-all economy, women in the workforce, Y Combinator, yellow journalism, zero-sum game, Zipcar

Putnam’s Sons, 1895), Project Gutenberg ebook edition retrieved April 4, 2017, http://www.gutenberg. org/files/31271/31271-h/31271-h.htm #link2H_4_0029. 305 Paul Ryan in 2014: Noah Gordon, “The Conservative Case for a Guaranteed Basic Income,” Atlantic, August 6, 2014, https://www.theatlantic.com/politics/archive/2014/08/why-arent-reformicons-pushing-a-guaranteed-basic-income/375600/. 305 arguments against UBI: Charles Murray and Andrews Stern (For), Jared Bernstein and Jason Furman (Against), “Universal Basic Income Is the Safety Net of the Future,” Intelligence Squared Debates, March 22, 2017, http://www.intelligencesquaredus.org/debates/universal-basic-income-safety-net-future. The audience was persuaded 41% to 4% against the motion. 307 Bill Gates proposed a “robot tax”: Kevin J. Delaney, “The Robot That Takes Your Job Should Pay Taxes, Says Bill Gates,” Quartz, February 17, 2017, https://qz.com/911968/bill-gates-the-robot-that-takes-your-job-should-pay-taxes/. 307 only $2,400 per person: Ed Dolan, “Could We Afford a Universal Basic Income?

Delaney, “The Robot That Takes Your Job Should Pay Taxes, Says Bill Gates,” Quartz, February 17, 2017, https://qz.com/911968/bill-gates-the-robot-that-takes-your-job-should-pay-taxes/. 307 only $2,400 per person: Ed Dolan, “Could We Afford a Universal Basic Income?,” EconoMonitor, January 13, 2014, revised June 25, 2014, http://www.economonitor.com/dolanecon/2014/01/13/could-we-afford-a-universal-basic-income/. 307 would cost only $175 billion: Matt Bruenig and Elizabeth Stoker, “How to Cut the Poverty Rate in Half (It’s Easy),” The Atlantic, October 29, 2013, https://www.theatlantic.com/business/archive/2013/10/how-to-cut-the-poverty-rate-in-half-its-easy/280971/. 307 “I am confident”: “The Future of Work and the Proposal for a Universal Basic Income: A Discussion with Andy Stern, Natalie Foster, and Sam Altman,” held at Bloomberg Beta in San Francisco on June 27, 2016, https://raisingthefloor.splashthat.com. 309 Anne-Marie Slaughter: Anne-Marie Slaughter, Unfinished Business (New York: Random House, 2015). 309 “patterns of consumption”: Anne-Marie Slaughter, “How the Future of Work May Make Many of Us Happier,” Huffington Post, retrieved April 4, 2017, http://www.huffingtonpost.com/anne marie-slaughter/future-of-work-happier _b_6453594.html. 309 “support the families they are caring for”: Anne-Marie Slaughter, in conversation with Tim O’Reilly and Lauren Smiley, “Flexibility Needed: Not Just for On Demand Workers,” Next:Economy Summit, San Francisco, October 10–11, 2015.

This is the world of prosperity that Keynes envisioned for his grandchildren. How might we pay for a universal basic income? The entire amount the United States federal government spends on social welfare programs—$668 billion in 2014—would amount to only $2,400 per person. Rutger Bregman, the author of Utopia for Realists, a book about basic income, divides the pie differently, pointing out that rather than providing an income to those who don’t need it, we could use a negative income tax to give cash only to those who actually need it. Writers Matt Bruenig and Elizabeth Stoker calculated that in 2013, the amount needed to bring all of the Americans living below the poverty line up to at least its level would cost only $175 billion. Sam Altman explained that those who argue about how we would pay for a universal basic income today miss the point. “I am confident that if we need it, we will be able to afford it,” he said in a 2016 discussion of UBI at venture capital firm Bloomberg Beta with Andy Stern and the Aspen Institute’s Natalie Foster.


pages: 611 words: 130,419

Narrative Economics: How Stories Go Viral and Drive Major Economic Events by Robert J. Shiller

agricultural Revolution, Albert Einstein, algorithmic trading, Andrei Shleifer, autonomous vehicles, bank run, banking crisis, basic income, bitcoin, blockchain, business cycle, butterfly effect, buy and hold, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, central bank independence, collective bargaining, computerized trading, corporate raider, correlation does not imply causation, cryptocurrency, Daniel Kahneman / Amos Tversky, debt deflation, disintermediation, Donald Trump, Edmond Halley, Elon Musk, en.wikipedia.org, Ethereum, ethereum blockchain, full employment, George Akerlof, germ theory of disease, German hyperinflation, Gunnar Myrdal, Gödel, Escher, Bach, Hacker Ethic, implied volatility, income inequality, inflation targeting, invention of radio, invention of the telegraph, Jean Tirole, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, litecoin, market bubble, money market fund, moral hazard, Northern Rock, nudge unit, Own Your Own Home, Paul Samuelson, Philip Mirowski, plutocrats, Plutocrats, Ponzi scheme, publish or perish, random walk, Richard Thaler, Robert Shiller, Robert Shiller, Ronald Reagan, Rubik’s Cube, Satoshi Nakamoto, secular stagnation, shareholder value, Silicon Valley, speech recognition, Steve Jobs, Steven Pinker, stochastic process, stocks for the long run, superstar cities, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, theory of mind, Thorstein Veblen, traveling salesman, trickle-down economics, tulip mania, universal basic income, Watson beat the top human players on Jeopardy!, We are the 99%, yellow journalism, yield curve, Yom Kippur War

Taxing companies that use robots, the argument goes, will provide revenue to help the government deal with the unemployment consequences of robotics.25 George proposed to distribute part of the tax proceeds as a “public benefit.”26 His proposal is essentially the same universal basic income proposal that is talked about so often today: In this all would share equally—the weak with the strong, young children and decrepit old men, the maimed, the halt, and the blind, as well as the vigorous.27 Other incarnations of the universal basic income proposal were offered by Lady Juliet Rhys-Williams in a 1943 book, Something to Look Forward To; a Suggestion for a New Social Contract, and by Robert Theobald in a 1963 book, Free Men and Free Markets. The Basic Income European Network (BIEN), an advocacy group, was founded in 1986 and later renamed the Basic Income Earth Network.

The narrative that the future will be jobless for many or most people has helped sustain support for a progressive income tax and for an earned income tax credit, though in modern times it has not succeeded in producing a universal basic income in any country. The mutating technology/unemployment narrative tends to attract public attention when a new story creates the impression that the problems generated by technological unemployment are reaching a crisis point. A celebrated 1932 book by Charles Whiting Baker, Pathways Back to Prosperity, sought to explain why the public’s concerns about labor-saving machines replacing jobs were wrong until now, the early 1930s. Baker emphasized the newness: “The widespread use of automatic machinery and economic transportation is only a thing of yesterday.” He stressed that unemployment was a new long-term problem, not going away, ever. Thus Baker advocated something like a universal basic income for all: We have got to face the fact that there is one way, and only one, whereby we can make a market for our huge surplus of goods.… Increase the purchasing power of the 95 percent of the families of the United States who have only tiny incomes, and they will at once buy more.28 Recent years have seen a renewal of this great wave of concern as new redistribution proposals are put forth and discussed.

Thus Baker advocated something like a universal basic income for all: We have got to face the fact that there is one way, and only one, whereby we can make a market for our huge surplus of goods.… Increase the purchasing power of the 95 percent of the families of the United States who have only tiny incomes, and they will at once buy more.28 Recent years have seen a renewal of this great wave of concern as new redistribution proposals are put forth and discussed. Notably, Google Trends shows a huge uptrend in searches for the term universal basic income starting in 2012. ProQuest News & Newspapers reveals essentially the same uptrend. Public attention to inequality has burgeoned, with much attention to the increased share of income by the top 1% or the top one-tenth of 1%. Thomas Piketty’s Capital in the Twenty-First Century, which described this trend, was a best seller that generated intense discussion. The term “digital divide” has gone viral, describing a sort of inequality related to access to digital computers.


pages: 294 words: 96,661

The Fourth Age: Smart Robots, Conscious Computers, and the Future of Humanity by Byron Reese

agricultural Revolution, AI winter, artificial general intelligence, basic income, Buckminster Fuller, business cycle, business process, Claude Shannon: information theory, clean water, cognitive bias, computer age, crowdsourcing, dark matter, Elon Musk, Eratosthenes, estate planning, financial independence, first square of the chessboard, first square of the chessboard / second half of the chessboard, full employment, Hans Rosling, income inequality, invention of agriculture, invention of movable type, invention of the printing press, invention of writing, Isaac Newton, Islamic Golden Age, James Hargreaves, job automation, Johannes Kepler, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, John von Neumann, Kevin Kelly, lateral thinking, life extension, Louis Pasteur, low skilled workers, manufacturing employment, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, Mary Lou Jepsen, Moravec's paradox, On the Revolutions of the Heavenly Spheres, pattern recognition, profit motive, Ray Kurzweil, recommendation engine, Rodney Brooks, Sam Altman, self-driving car, Silicon Valley, Skype, spinning jenny, Stephen Hawking, Steve Wozniak, Steven Pinker, strong AI, technological singularity, telepresence, telepresence robot, The Future of Employment, the scientific method, Turing machine, Turing test, universal basic income, Von Neumann architecture, Wall-E, Watson beat the top human players on Jeopardy!, women in the workforce, working poor, Works Progress Administration, Y Combinator

All the unemployment we’re talking about here is because of vast increases in wealth, not a lack of it. The problem won’t be a lack of money, but an unstable distribution of it. Finally, if possibility three happens, then we won’t see unrest because we don’t see widespread unrest now. The situation in possibility three is like that of the present, only with us all wealthier. Universal Basic Income Why are poor people poor? Well, call me Princeton Pete, but I would maintain they are poor because they don’t have any money. The universal basic income (UBI) is a direct antidote to that. It is, as the name suggests, a minimum guaranteed income for everyone. The UBI is an old idea with newfound popularity. Advocates for it are a strange set of bedfellows, each eyeing the others suspiciously since they are so seldom in agreement. Liberals see the current system of government programs for the poor as inherently demeaning, requiring repeated acts of obeisance to the petty tyrants of countless bureaucratic fiefdoms.

If possibility one happens, then yes, it is highly likely we will. If possibility two happens, then probably. As Robert Reich, a professor of public policy at the University of California, Berkeley, and a former US secretary of labor, said, “Before [UBI] could be taken seriously, the middle class would need to experience far more job and wage loss than it has already. Unfortunately, those losses are inevitable. We’ll have a serious discussion about a minimum basic income about a decade from now.” If possibility three happens, then the UBI is unlikely, as economic growth will mitigate its need. 12 * * * The Use of Robots in War Most of the public discourse about automation relates to employment, which is why we spent so much time examining it. A second area where substantial debate happens is around the use of robots in war. Technology has changed the face of warfare dozens of times in the past few thousand years.

We keep inventing jobs because of this false idea that everybody has to be employed at some kind of drudgery because, according to Malthusian-Darwinism theory, he must justify his right to exist. So we have inspectors of inspectors and people making instruments for inspectors to inspect inspectors. The true business of people should be to go back to school and think about whatever it was they were thinking about before somebody came along and told them they had to earn a living. By the 1960s, it looked like the time for a universal basic income might have arrived in the United States when a memorandum entitled “The Triple Revolution” was delivered to President Johnson. It was signed by roster of glitterati including a Nobel laureate, politicians, futurists, historians, economists, and technologists. It said that in a world of increased automation, it was ever more difficult to “disguise a historic paradox: That a substantial proportion of the population is subsisting on minimal incomes, often below the poverty line, at a time when sufficient productive potential is available to supply the needs of everyone in the U.S.”


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The Gig Economy: The Complete Guide to Getting Better Work, Taking More Time Off, and Financing the Life You Want by Diane Mulcahy

Affordable Care Act / Obamacare, Airbnb, Amazon Mechanical Turk, basic income, Clayton Christensen, cognitive bias, collective bargaining, creative destruction, David Brooks, deliberate practice, diversification, diversified portfolio, fear of failure, financial independence, future of work, gig economy, helicopter parent, Home mortgage interest deduction, housing crisis, job satisfaction, Kickstarter, loss aversion, low skilled workers, Lyft, mass immigration, mental accounting, minimum wage unemployment, mortgage tax deduction, negative equity, passive income, Paul Graham, remote working, risk tolerance, Robert Shiller, Robert Shiller, Silicon Valley, Snapchat, TaskRabbit, Uber and Lyft, uber lyft, universal basic income, wage slave, Y Combinator, Zipcar

Income insurance could either supplement or replace unemployment insurance. In Reich’s example, if “your monthly income dips more than 50 percent below the average monthly income you’ve received from all the jobs you’ve taken over the preceding five years, you’d automatically receive half the difference for up to a year.”13 Implement a Universal Basic Income Robert Reich and others have publicly come out in support of a universal basic income (UBI), or basic income guarantee.14 UBI is a guaranteed, fixed amount paid by the government to every citizen for life, regardless of employment or work status. In turn, governments eliminate public assistance and poverty programs such as unemployment and food assistance. UBI has not been implemented in any other country, so there is no empirical evidence about its effects and consequences.

Hanauer, Nick, and David Rolf, “Shared Security, Shared Growth,” Democracy Journal, no. 27, Summer 2015. democracy-journal.org/magazine/37/shared-security-shared-growth/ 12. Hill, Steven, “The Future of Work in the Uber Economy,” Boston Review, July 22, 2015. bostonreview.net/us/steven-hill-uber-economy-individual-security-accounts 13. Reich, Robert, “The Upsurge in Uncertain Work,” Robert Reich, August 23, 2015. robertreich.org/post/127426324745 14. Reich, Robert, “Inequality for All Q&A” (video). www.dailykos.com/story/2014/3/26/1287365/-Robert-Reich-Universal-Basic-Income-In-The-US-Almost-Inevitable 15. Harford, Tim, “An Economist’s Dreams of a Fairer Gig Economy,” Tim Harfor, December 29, 2015. next.ft.com/content/1280a92e-a405-11e5-873f-68411a84f346Web 16. Beekman, Daniel, “The Seattle City Council Voted 8-0 Monday Afternoon to Enact Councilmember Mike O’Brien’s Ordinance, Giving Taxi, For-Hire and Uber Drivers the Ability to Unionize,” December 16, 2015. www.seattletimes.com/seattle-news/politics/unions-for-taxi-uber-drivers-seattle-council-votes-today/ 17.

life insurance Limited Liability Corporation (LLC) loss aversion Maker’s Schedule Manager’s Schedule marketing, for new jobs Marsh, Nigel Mastermind Dinners (Gaignard) material wealth, vs. personal fulfillment MBA students, planning by McDonald’s mental tasks, combining with physical Merchant, Nilofer MetLife, Study of the American Dream Microsoft middle class impact of home ownership middle managers Mihalic, Joe Mint.com Moment money, perspective on mortgage mortgage calculator National Labor Relations Act National Labor Relations Board (NLRB) negative cash flow net worth, in principal residence networks maintaining 99designs Obituary exercise offer in connecting 168 Hours (Vanderkam) opportunity, income security from opportunity mindset outbound connecting Outliers (Gladwell) overconfidence ownership, vs. access paid leave part-time side gigs passion, pursuing in time off passive income Peers.org pension plans personal branding personal burn rate personal fulfillment, vs. material wealth perspective, time off to change Pew Research Center physical tasks, combining with mental pilot tests planning for best-case scenario in financial flexibility for time off playtime portfolio of gigs building for experiments learning by doing opportunity for connections Postmates power, and expanding time predictors of future feelings priorities checkbook diagnostic exercise on extended family as of others, impact of private sector, job creation decline pro-bono legal adviser Proctor & Gamble Profiting from Uncertainty (Schoemaker) public assistance, eliminating public speaking purchases, time cost of Qapital QuickBooks quitting job, exit strategy for Rae, Amber rates of return, for housing Raw Deal (Hill) referrals, asking for regret, risk of Reich, Robert Reinventing You (Clark) rejuvenation, time off for relationships, impact on success renting growth in households vs. ownership reputation RescueTime resources, allocating to short-term activities vs. long-term goals resume, gaps for time off resume virtues retail workers retirement healthcare costs in new vision of plans to work longer before saving to finance traditional savings plans supplemental income in rewards, time for longer-term risk assessment of of boring life debt and of diploma debt facing fear by identifying size of risk reduction by acceptance by eliminating exercise for facing fear by assessing options with insurance by mitigating risk by shifting risk risk taker, learning to be Rohn, Jim Rolf, David Roth IRA Rowing the Atlantic (Savage) S Corporation S&P 500 companies, average life sabbaticals safety net, creating Sagmeister, Stefan Savage, Roz, Rowing the Atlantic saving for retirement traditional plan savings, financial plan and increase ScheduleOnce Schoemaker, Paul, Profiting from Uncertainty Schrager, Allison security creating from diversifying for income for job self-employment income tax form for risk assessment SEP IRA service workers Shared Security Account Shell, Richard Simmons, Gail skill-based economy, vs. credentials-based economy skill-based employment system, vs. tenure-based employment system skilled workers skills, income security from building Slaughter, Anne-Marie Snapchat social capital, of introducer social contagion social media Social Security Social Security Administration Society for Human Resources Management sole proprietor, independent worker as South by Southwest (SXSW) speaking inbound connecting through skills for specialization spending, auditing Stand Out (Clark) Star Plates start dates, negotiating startup exit strategy for Strayed, Cheryl Stride Health strong ties in network student loans success as contagious defining vision of external versions new American dream as definition refining vision of surrogation sweat equity bucket Target TaskRabbit tax data analysis Tax Policy Center taxes deductions for mortgage interest Schedule C withholding teaching technology for delegating outbound connecting by leveraging technology companies tenure-based employment system, vs. skill-based employment system time age-related difference in perception calculating use employees’ learned helplessness about expanding horizon for savings plan for longer-term rewards management mindfulness about and purchase cost reaction to wasting reclaiming tracking investments time frame, for goals time off benefits developing ideas for exercise financing friends and family reaction gaps in resume from between gigs, vs. paid time off planning for Toastmaster tolerance of risk Ton, Zeynep The Good Jobs Strategy Top Chef Topcoder total cost of home travel Twitter Uber drivers uncertainty, cognitive biases about unearned income unemployment insurance unemployment protection, for self-employed universal basic income (UBI) universality of benefits universities, faculty members Upwork Urban-Brookings Tax Policy Center vacation. see also time off Vanderkam, Laura, 168 Hours Vanguard, online calculator Virtues exercise volunteer positions during time off wage insurance Walmart Ware, Bronnie weak ties in network wealth gap WeWork withholding taxes Wolff, Edward work flexibility full-time job disappearance future of workers eliminating categorization of last resort workers’ compensation working lives, end of worst case, facing fear by starting with writing skills inbound connecting through Xero YouCanBook.me ABOUT THE AUTHOR Diane created and teaches The Gig Economy, which was named by Forbes as one of the Top 10 Most Innovative Business School Classes in the country.


pages: 393 words: 91,257

The Coming of Neo-Feudalism: A Warning to the Global Middle Class by Joel Kotkin

Admiral Zheng, Andy Kessler, autonomous vehicles, basic income, Bernie Sanders, call centre, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, Cass Sunstein, clean water, creative destruction, deindustrialization, demographic transition, don't be evil, Donald Trump, edge city, Elon Musk, European colonialism, financial independence, Francis Fukuyama: the end of history, gig economy, Gini coefficient, Google bus, guest worker program, Hans Rosling, housing crisis, income inequality, informal economy, Jane Jacobs, Jaron Lanier, Jeff Bezos, job automation, job satisfaction, Joseph Schumpeter, land reform, liberal capitalism, life extension, low skilled workers, Lyft, Mark Zuckerberg, market fundamentalism, Martin Wolf, mass immigration, megacity, Nate Silver, new economy, New Urbanism, Occupy movement, Parag Khanna, Peter Thiel, plutocrats, Plutocrats, post-industrial society, post-work, postindustrial economy, postnationalism / post nation state, precariat, profit motive, RAND corporation, Ray Kurzweil, rent control, Richard Florida, road to serfdom, Robert Gordon, Sam Altman, Satyajit Das, sharing economy, Silicon Valley, smart cities, Steve Jobs, Stewart Brand, superstar cities, The Death and Life of Great American Cities, The Future of Employment, The Rise and Fall of American Growth, Thomas L Friedman, too big to fail, trade route, Travis Kalanick, Uber and Lyft, uber lyft, universal basic income, unpaid internship, upwardly mobile, We are the 99%, Wolfgang Streeck, women in the workforce, working-age population, Y Combinator

Medium, February 26, 2016, https://medium.com/@ferenstein/a-lot-of-billionaires-are-giving-to-democrats-here-s-a-look-at-their-agenda-b5038c2ecb34. 13 Todd Haselton, “Mark Zuckerberg joins Silicon Valley bigwigs in calling for government to give everybody free money,” Yahoo, May 25, 2017, https://finance.yahoo.com/news/mark-zuckerberg-joins-silicon-valley-202800717.html; Patrick Gillespie, “Mark Zuckerberg supports universal basic income. What is it?” CNN, May 6, 2017, https://money.cnn.com/2017/05/26/news/economy/mark-zuckerberg-universal-basic-income/index.html; Chris Weller, “Elon Musk doubles down on universal basic income: ‘It’s going to be necessary,’” Business Insider, February 13, 2017, https://www.businessinsider.com/elon-musk-universal-basic-income-2017-2; Patrick Caughill, “Another Silicon Valley Exec Joins the Ranks of Universal Basic Income Supporters,” Futurism, September 8, 2017, https://futurism.com/another-silicon-valley-exec-joins-the-ranks-of-universal-basic-income-supporters; Sam Altman, “Moving Forward on Basic Income,” Y Combinator, May 31, 2016, https://blog.ycombinator.com/moving-forward-on-basic-income/; Diane Francis, “The Beginning of the End of Work,” American Interest, March 19, 2018, https://www.the-american-interest.com/2018/03/19/beginning-end-work/. 14 “The YIMBY Guide to Bullying and Its Results: SB 827 Goes Down in Committee,” City Watch LA, April 19, 2018, https://www.citywatchla.com/index.php/los-angeles/15298-the-yimby-guide-to-bullying-and-its-results-sb-827-goes-down-in-committee; John Mirisch, “Tech Oligarchs and the California Housing Crisis,” California Political Review, April 15, 2018, http://www.capoliticalreview.com/top-stories/tech-Oligarchs-and-the-california-housing-crisis/; Joel Kotkin, “Giving Common Sense a Chance in California,” City Journal, April 26, 2018, https://www.city-journal.org/html/giving-common-sense-chance-california-15868.html. 15 Thomas Piketty, Capital in the Twenty-First Century, trans.

Japan will not conquer the world, one observer suggests, but it could settle into being something like an Asian Switzerland with a rapidly aging but comfortable population.34 Similarly, the neo-feudal order would replace a focus on upward mobility and family with a desire for a comfortable, subsidized life, indulging in the digital mind-sinks that keep the masses in their metaphorical basements.35 Already, roughly half of all Americans support the idea of a guaranteed basic income of about $2,000 a month if robots put them out of work.36 A universal basic income enjoys even stronger support in most European countries, particularly among younger people.37 To slow or reverse neo-feudalism, with its constraints on upward mobility and creation of more dependency, requires awakening the political will of the Third Estate to resist it. “Happy the nation whose people have not forgotten how to rebel,” wrote the British historian R.

Wall Street Journal, October 3, 2018, https://www.wsj.com/articles/ben-franklin-who-1538608727; Colleen Flaherty, “The Vanishing History Major,” Inside Higher Ed, November 27, 2018, https://www.insidehighered.com/news/2018/11/27/new-analysis-history-major-data-says-ield-new-low-can-it-be-saved. 32 Henri Pirenne, Mohammed and Charlemagne (Cleveland: Meridian, 1957), 118; Roderick Seidenberg, Post-historic Man: An Inquiry (New York: Viking, 1974), 179. 33 Glenn Harlan Reynolds, “Robert Zubrin makes ‘The Case for Space,’” USA Today, May 7, 2019, https://www.usatoday.com/story/opinion/2019/05/07/spacex-blue-origin-virgin-galactic-robert-zubrin-case-space-column/1119446001/. 34 David Pilling, Bending Adversity: Japan and the Art of Survival (New York: Penguin, 2014), 119, 177–79; Karel van Wolferen, The Enigma of Japanese Power: People and Politics in a Stateless Nation (New York: Knopf, 1989), 2–3. 35 Andy Kessler, “Zuckerberg’s Opiate for the Masses,” Wall Street Journal, June 18, 2017, https://www.wsj.com/articles/zuckerbergs-opiate-for-the-masses-1497821885. 36 Catherine Clifford, “About half of Americans support giving residents up to $2000 a month when robots take their jobs,” CNBC, December 19, 2016, https://www.cnbc.com/2016/12/19/about-half-of-americans-support-giving-residents-up-to-2000-a-month-when-robots-take-our-jobs.html. 37 Patrick Hoare, “European Social Survey (ESS) reveal findings about attitudes toward Universal Basic Income across Europe,” Basic Income, January 20, 2018, https://basicincome.org/news/2018/01/europe-european-social-survey-ess-reveal-findings-attitudes-toward-universal-basic-income-across-europe/; Andrew Russell, “What Do Canadians think of basic income? It will reduce poverty but could raise taxes,” Global News, June 7, 2017, https://globalnews. ca/news/3509763/what-do-canadians-think-of-basic-income-it-will-reduce-poverty-but-could-raise-taxes/. 38 Immanuel Wallerstein, The Modern World System: Capitalist Agriculture and the Origins of the European World Economy in the 16th Century (New York: Academic Press, 1974), 357.


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Rewriting the Rules of the European Economy: An Agenda for Growth and Shared Prosperity by Joseph E. Stiglitz

Airbnb, balance sheet recession, bank run, banking crisis, barriers to entry, Basel III, basic income, Berlin Wall, bilateral investment treaty, business cycle, business process, Capital in the Twenty-First Century by Thomas Piketty, central bank independence, collapse of Lehman Brothers, collective bargaining, corporate governance, corporate raider, corporate social responsibility, creative destruction, credit crunch, deindustrialization, discovery of DNA, diversified portfolio, Donald Trump, eurozone crisis, Fall of the Berlin Wall, financial intermediation, Francis Fukuyama: the end of history, full employment, gender pay gap, George Akerlof, gig economy, Gini coefficient, hiring and firing, housing crisis, Hyman Minsky, income inequality, inflation targeting, informal economy, information asymmetry, intangible asset, investor state dispute settlement, invisible hand, Isaac Newton, labor-force participation, liberal capitalism, low skilled workers, market fundamentalism, mini-job, moral hazard, non-tariff barriers, offshore financial centre, open economy, patent troll, pension reform, price mechanism, price stability, purchasing power parity, quantitative easing, race to the bottom, regulatory arbitrage, rent-seeking, Robert Shiller, Robert Shiller, Ronald Reagan, selection bias, shareholder value, Silicon Valley, sovereign wealth fund, TaskRabbit, too big to fail, trade liberalization, transaction costs, transfer pricing, trickle-down economics, tulip mania, universal basic income, unorthodox policies, zero-sum game

Guy Standing, Basic Income: And How We Can Make It Happen (London: Pelican, 2017); Philippe Van Parijs and Yannick Vanderborght, Basic Income: A Radical Proposal for a Free Society and a Sane Economy (Cambridge, MA: Harvard University Press, 2017); Andy Stern and Lee Kravitz, Raising the Floor: How a Universal Basic Income Can Renew Our Economy and Rebuild the American Dream (New York: Public Affairs, 2016). 14. By 5 points on average across countries in the standard measure of inequality. See IMF Fiscal Monitor: Tackling Inequality (International Monetary Fund, Oct. 2017), https://www.imf.org/en/Publications/FM/Issues/2017/10/05/fiscal-monitor-october-2017. 15. See Sarath Davala, Renana Jhabvala, Soumya Kapoor Mehta, and Guy Standing, Basic Income: A Transformative Policy for India (London: Bloomsbury Academic, 2015); see Isabel Ortiz, Christina Behrendt, Andrés Acuña-Ulate, and Quynh Anh Nguyen, Universal Basic Income Proposals in Light of ILO Standards (ESS—Working Paper no. 62, Geneva: International Labour Organization, 2018), https://www.ilo.org/wcmsp5/groups/public/---ed_protect/---soc_sec/documents/publication/wcms_648602.pdf. 16.

The origins of the social protection and risk-sharing aspects of the welfare state are, however, also ethical, based on solidarity and social justice and built around a shared responsibility for fellow human beings. This chapter discusses three key social protection programs: health, pensions, and disability and long-term care. We then explain why governments should provide universal coverage and discuss the pros and cons of a universal basic income program. HEALTH CARE European countries have universal health care systems, which they should not take for granted, that offer treatment and preventive care, often of excellent quality. European governments often provide health care directly. In other cases, the services are provided through private establishments but are paid for by the government. In all cases, contributions to national health care systems are compulsory.

Currently, wages in this sector are low, which in part reflects pervasive gender discrimination. More generally, how much government pays those who teach children and take care of the elderly and the sick reflects our values: if we value our children, our aged, and our sick, we should pay those who care for them well. If taxation is reformed, which we have advocated in this book, the necessary funds will be available. FROM SOCIAL ASSISTANCE TO A UNIVERSAL BASIC INCOME? Social protection systems should be universal and designed to protect all citizens in Europe. While social insurance covers the majority of people, social assistance programs (that is, transfers unrelated to any prior contributions) support, for instance, those without formal employment and therefore the ability to contribute, as well as those with special needs or disabilities. Unfortunately, driven by an austerity mindset that prioritizes budget savings, European governments have been reducing and narrowly targeting social assistance programs.


pages: 350 words: 110,764

The Problem With Work: Feminism, Marxism, Antiwork Politics, and Postwork Imaginaries by Kathi Weeks

basic income, call centre, cognitive dissonance, collective bargaining, conceptual framework, deskilling, feminist movement, financial independence, Ford paid five dollars a day, Francis Fukuyama: the end of history, glass ceiling, late capitalism, low-wage service sector, means of production, moral panic, new economy, New Urbanism, occupational segregation, pink-collar, post-work, postindustrial economy, profit maximization, Shoshana Zuboff, social intelligence, two tier labour market, union organizing, universal basic income, wages for housework, women in the workforce, zero-sum game

In keeping with this dual focus of the refusal of work, chapter 3 marks a shift in the project from the critical charge I just described to the task of constructing possible alternatives, from the development of an antiwork critique to the incitement of a postwork political imaginary. More specifically, the argument shifts at this point from a focus on the refusal of work and its ethics to the demands for a guaranteed basic income (chapter 3) and for a thirty-hour work week (chapter 4). The category of the utopian demand (a category I explore in more detail in Chapter 5) is one of the ways I want to conceive the relationship between antiwork analysis and postwork desire, imagination, and will as they figure in the practice of political claims making. Utopian demands, including demands for basic income and shorter hours, are more than simple policy proposals; they include as well the perspectives and modes of being that inform, emerge from, and inevitably exceed the texts and practices by which they are promoted.

This instance of Marxist feminist theory and practice is particularly relevant to this project because of its roots in the autonomist tradition and for its commitment to, and distinctive deployment of, the refusal of work. Building on some of this literature’s unique analyses of the gendered political economy of work, its mode of struggle against the organization of domestic work, and its treatment of the feminist political practice of demanding, I go on to propose a rationale for a different demand: the demand for a guaranteed basic income. I argue that this demand can deliver on some of the potential of wages for housework while being more consistent with conditions in a post-Fordist political economy. Drawing on a framework gleaned from the wages for housework literature, the demand for basic income can do more than present a useful reform; it can serve both to open a critical perspective on the wage system and to provoke visions of a life not so dependent on the system’s present terms and conditions.

At this point, the focus of the analysis shifts from antiwork critique to postwork politics, moving away from the earlier concentration on the refusal of work and its ethics toward an exploration of demands that might point in the direction of alternatives. In this chapter, I present a reading of the 1970s feminist demand for wages for housework and then propose its reconfiguration as a contemporary demand for a guaranteed basic income. As will soon become clear, the wages for housework perspective—as it was articulated in a handful of texts published in Italy, Britain, and the United States between 1972 and 1976—is an important inspiration for many of the arguments in subsequent chapters as well.1 Indeed, the two major demands often repeated by proponents of wages for housework, along with other autonomists—for more money and for less work—guide the choice of demands that are the subject of this chapter and the next: the demand for basic income and the demand for shorter hours.


pages: 410 words: 119,823

Radical Technologies: The Design of Everyday Life by Adam Greenfield

3D printing, Airbnb, augmented reality, autonomous vehicles, bank run, barriers to entry, basic income, bitcoin, blockchain, business intelligence, business process, call centre, cellular automata, centralized clearinghouse, centre right, Chuck Templeton: OpenTable:, cloud computing, collective bargaining, combinatorial explosion, Computer Numeric Control, computer vision, Conway's Game of Life, cryptocurrency, David Graeber, dematerialisation, digital map, disruptive innovation, distributed ledger, drone strike, Elon Musk, Ethereum, ethereum blockchain, facts on the ground, fiat currency, global supply chain, global village, Google Glasses, IBM and the Holocaust, industrial robot, informal economy, information retrieval, Internet of things, James Watt: steam engine, Jane Jacobs, Jeff Bezos, job automation, John Conway, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, John von Neumann, joint-stock company, Kevin Kelly, Kickstarter, late capitalism, license plate recognition, lifelogging, M-Pesa, Mark Zuckerberg, means of production, megacity, megastructure, minimum viable product, money: store of value / unit of account / medium of exchange, natural language processing, Network effects, New Urbanism, Occupy movement, Oculus Rift, Pareto efficiency, pattern recognition, Pearl River Delta, performance metric, Peter Eisenman, Peter Thiel, planetary scale, Ponzi scheme, post scarcity, post-work, RAND corporation, recommendation engine, RFID, rolodex, Satoshi Nakamoto, self-driving car, sentiment analysis, shareholder value, sharing economy, Silicon Valley, smart cities, smart contracts, social intelligence, sorting algorithm, special economic zone, speech recognition, stakhanovite, statistical model, stem cell, technoutopianism, Tesla Model S, the built environment, The Death and Life of Great American Cities, The Future of Employment, transaction costs, Uber for X, undersea cable, universal basic income, urban planning, urban sprawl, Whole Earth Review, WikiLeaks, women in the workforce

Summers, “The Inequality Puzzle,” Democracy, Summer 2014 No. 33. 48.David Graeber, “On the Phenomenon of Bullshit Jobs,” STRIKE!, August 17, 2013. 49.Walter Van Trier, “Who Framed ‘Social Dividend’?,” USBIG Discussion Paper No. 26, March 2002. basisinkomen.nl/wp-content/uploads/020223-Walter-VanTrier-8.pdf. See also John Danaher, “Libertarianism and the Basic Income (Part One),” Philosophical Disquisitions, December 17, 2013; Noah Gordon, “The Conservative Case for a Guaranteed Basic Income,” Atlantic, August 2014. 50.Mike Alberti and Kevin C. Brown. “Guaranteed Income’s Moment in the Sun,” Remapping Debate, April 24, 2013, remappingdebate.org; Rutger Bregman, “Nixon’s Basic Income Plan,” Jacobin, May 5, 2016. 51.Will Grice, “Finland Plans to Give Every Citizen 800 Euros a Month and Scrap Benefits,” Independent, December 6, 2015; Tracy Brown Hamilton, “The Netherlands’ Upcoming Money-for-Nothing Experiment,” Atlantic, June 21, 2016. 52.John Danaher, “Will Life Be Worth Living in a World Without Work?

Their argument, broadly, is that going forward, there simply won’t be enough meaningful work to furnish a global labor force of five billion or more with employment capable of sustaining them—and that it is in any event perverse to defend jobs we know full well to be bullshit.48 Instead of squandering energies in the sentimental defense of a proletarian way of life that no longer corresponds to any set of facts on the ground, they propose that there is a far more valuable effort progressive forces could dedicate themselves to at this moment in history: the struggle for a universal basic income, or UBI. As the name suggests, most UBI plans—and the variants are many—propose that the state furnish all of its citizens with some kind of sustaining stipend, regardless of means tests or other qualifications. Most versions propose a grant at least equal to the local poverty line, in theory liberating recipients from the worst of the want and gnawing fear that might otherwise beset them in a time of mass disemployment.

And whichever direction it comes from, arguing for the accelerated disappearance of work is a very high-stakes gamble to make, in a world where the welfare state and its safety net are distant and receding memories and the horizontal and mutualist infrastructures that might replace them have not had time to develop. One could, therefore, be forgiven for concluding that in practical terms, the achievement of a universal basic income will result not in anything like total leisure and unlimited self-actualization, but in the further entrenchment of desperation and precarity. When far more powerful forces are already waiting to exploit its emergence and divert its flows for their own ends, it seems unnecessarily cavalier of people who think of themselves as being on the left to “demand” a generic UBI. To the degree that we buy the Srnicek and Williams line, what we need to insist on is the implementation of income guarantees in a context that protects our ability to spend that windfall as we see fit.


pages: 470 words: 148,730

Good Economics for Hard Times: Better Answers to Our Biggest Problems by Abhijit V. Banerjee, Esther Duflo

"Robert Solow", 3D printing, affirmative action, Affordable Care Act / Obamacare, Airbnb, basic income, Bernie Sanders, business cycle, call centre, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, charter city, correlation does not imply causation, creative destruction, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, decarbonisation, Deng Xiaoping, Donald Trump, Edward Glaeser, en.wikipedia.org, endowment effect, energy transition, Erik Brynjolfsson, experimental economics, experimental subject, facts on the ground, fear of failure, financial innovation, George Akerlof, high net worth, immigration reform, income inequality, Indoor air pollution, industrial cluster, industrial robot, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), Jane Jacobs, Jean Tirole, Jeff Bezos, job automation, Joseph Schumpeter, labor-force participation, land reform, loss aversion, low skilled workers, manufacturing employment, Mark Zuckerberg, mass immigration, Network effects, new economy, New Urbanism, non-tariff barriers, obamacare, offshore financial centre, open economy, Paul Samuelson, place-making, price stability, profit maximization, purchasing power parity, race to the bottom, RAND corporation, randomized controlled trial, Richard Thaler, ride hailing / ride sharing, Robert Gordon, Ronald Reagan, school choice, Second Machine Age, secular stagnation, self-driving car, shareholder value, short selling, Silicon Valley, smart meter, social graph, spinning jenny, Steve Jobs, technology bubble, The Chicago School, The Future of Employment, The Market for Lemons, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, total factor productivity, trade liberalization, transaction costs, trickle-down economics, universal basic income, urban sprawl, very high income, War on Poverty, women in the workforce, working-age population, Y2K

And yet the desire to be respected is often a reason why support for social interventions is lacking even among those who need them, and also a reason why these policies fail. In this chapter we explore the implications of this particular perspective on the design of social policies. DESIGNER SOCIAL PROGRAMS There is nothing more designer these days, at least among social programs, than universal basic income (UBI). Elegant in its simplicity, it is the midcentury modern of welfare, popular among Silicon Valley entrepreneurs, media mavens, certain kinds of philosophers and economists, and the odd politician. UBI imagines the government paying everyone a substantial guaranteed basic income (the amount of $1000 a month has been floated for the United States), irrespective of their needs. This amount would be small change for Bill Gates, but quite a bit of money for someone out of a job, allowing them, if it comes to that, to go through their entire life without paid employment.

A ‘Labeled Cash Transfer’ for Education,” American Economic Journal: Economic Policy 7, no. 3 (2015): 86–125. 11 These key numbers are summarized in Robert Reich’s review of two books on the UBI https://www.nytimes.com/2018/07/09/books/review/annie-lowrey-give-people-money-andrew-yang-war-on-normal-people.html and can also be found in the books themselves. Annie Lowrey, Give People Money: How a Universal Basic Income Would End Poverty, Revolutionize Work, and Remake the World, 2018, and Andrew Yang, The War on Normal People: The Truth About America’s Disappearing Jobs and Why Universal Basic Income Is Our Future, 2018. 12 George Bernard Shaw, Pygmalion (London: Penguin Classics, 2013). 13 Map Descriptive of London Poverty 1898–9, accessed April 21, 2019, https://booth.lse.ac.uk/learn-more/download-maps/sheet9. 14 “Radio Address to the Nation on Welfare Reform,” Ronald Reagan Presidential Library and Museum, accessed March 20, 2019, https://www.reaganlibrary.gov/research/speeches/21586a. 15 Ibid. 16 For the reader who wants more, this literature is summarized in several books: James P.

Economists are more like plumbers; we solve problems with a combination of intuition grounded in science, some guesswork aided by experience, and a bunch of pure trial and error. This means economists often get things wrong. We will no doubt do so many times in this book. Not just about the growth rate, which is mostly a hopeless exercise, but also about somewhat more limited questions, like how much carbon taxes will help with climate change, how CEOs’ pay might be affected if taxes were to be raised a lot, or what universal basic income would do to the structure of employment. But economists are not the only ones who make mistakes. Everyone gets things wrong. What is dangerous is not making mistakes, but to be so enamored of one’s point of view that one does not let facts get in the way. To make progress, we have to constantly go back to the facts, acknowledge our errors, and move on. Besides, there is plenty of good economics around.


pages: 403 words: 111,119

Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist by Kate Raworth

"Robert Solow", 3D printing, Asian financial crisis, bank run, basic income, battle of ideas, Berlin Wall, bitcoin, blockchain, Branko Milanovic, Bretton Woods, Buckminster Fuller, business cycle, call centre, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, choice architecture, clean water, cognitive bias, collapse of Lehman Brothers, complexity theory, creative destruction, crowdsourcing, cryptocurrency, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, dematerialisation, disruptive innovation, Douglas Engelbart, Douglas Engelbart, en.wikipedia.org, energy transition, Erik Brynjolfsson, Ethereum, ethereum blockchain, Eugene Fama: efficient market hypothesis, experimental economics, Exxon Valdez, Fall of the Berlin Wall, financial deregulation, Financial Instability Hypothesis, full employment, global supply chain, global village, Henri Poincaré, hiring and firing, Howard Zinn, Hyman Minsky, income inequality, Intergovernmental Panel on Climate Change (IPCC), invention of writing, invisible hand, Isaac Newton, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, Kickstarter, land reform, land value tax, Landlord’s Game, loss aversion, low skilled workers, M-Pesa, Mahatma Gandhi, market fundamentalism, Martin Wolf, means of production, megacity, mobile money, Mont Pelerin Society, Myron Scholes, neoliberal agenda, Network effects, Occupy movement, off grid, offshore financial centre, oil shale / tar sands, out of africa, Paul Samuelson, peer-to-peer, planetary scale, price mechanism, quantitative easing, randomized controlled trial, Richard Thaler, Ronald Reagan, Second Machine Age, secular stagnation, shareholder value, sharing economy, Silicon Valley, Simon Kuznets, smart cities, smart meter, Social Responsibility of Business Is to Increase Its Profits, South Sea Bubble, statistical model, Steve Ballmer, The Chicago School, The Great Moderation, the map is not the territory, the market place, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, too big to fail, Torches of Freedom, trickle-down economics, ultimatum game, universal basic income, Upton Sinclair, Vilfredo Pareto, wikimedia commons

Within six years, three quarters of all Kenyan adults had used the service, including 70% of those in rural areas, and – astonishingly – over 40% of Kenya’s GDP was passing through M-PESA.88 Worldwide, 5.5 billion people are expected to be using mobile phones by 2018, and mobile banking will come as part of the package.89 In essence, it will soon be feasible to create a phone book of the world’s ‘bottom billion’ and to text digital cash directly to them. Contrary to concerns that a guaranteed basic income would make people lazy or even reckless, cross-country studies of cash transfer schemes show no such effect: if anything, people tend to work harder and seize more opportunities when they know they have a secure fallback.90 When it comes to delivering a basic income to the world’s poorest people, the question is no longer ‘how on earth?’ but ‘why on earth not?’91 The biggest and longest experiment in piloting such a scheme is getting under way in Kenya, set up by the US-based charity GiveDirectly.

91 The biggest and longest experiment in piloting such a scheme is getting under way in Kenya, set up by the US-based charity GiveDirectly. For the next 10–15 years, 6,000 of the poorest people in Kenya will regularly receive a guaranteed income that is enough to meet their family’s basic needs, sent via their phone. By running such an extended pilot scheme, the charity hopes to give recipients the security needed to take longer-term life-changing decisions – and to prove that a universal basic income is an idea whose time has come.92 There’s only one caution: that private incomes are no substitute for public services. The market works best in tackling inequality and poverty when it complements, rather than replaces, the state and the commons. Accompanied by free-at-the-point-of-use provision of education and primary healthcare, such a basic income would be a direct investment in the potential of every woman, man and child, significantly advancing the prospects of achieving the Doughnut’s social foundation for all.

.’, World Bank Policy Research Working Paper no. 3994, Washington, DC: World Bank, available at: http://www1.worldbank.org/prem/poverty/ie/dime_papers/1082.pdf 91. Global Basic Income Foundation, What Is a Global Basic Income? http://www.globalincome.org/English/Global-Basic-Income.html 92. Faye, M. and Niehaus, P. (2016) ‘What if we just gave poor people a basic income for life? That’s what we are about to test’, Slate, 14 April 2016, available at: http://www.slate.com/blogs/moneybox/2016/04/14/universal_basic_income_this_nonprofit_is_about_to_test_it_in_a_big_way.html 93. Hurun Global Rich List 2015. http://www.hurun.net/en/articleshow.aspx?nid=9607 94. Seery, E. and Caistor Arendar, A. (2014) Even It Up: Time to End Extreme Inequality. Oxford: Oxfam International, p. 17. 95. ICRICT (2015) Declaration of the Independent Commissions for the Reform of International Corporate Taxation. www.icrict.org 96.


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The Ones We've Been Waiting For: How a New Generation of Leaders Will Transform America by Charlotte Alter

"side hustle", 4chan, affirmative action, Affordable Care Act / Obamacare, basic income, Berlin Wall, Bernie Sanders, carbon footprint, clean water, collective bargaining, Columbine, corporate personhood, correlation does not imply causation, Credit Default Swap, crowdsourcing, David Brooks, Donald Trump, double helix, East Village, ending welfare as we know it, Fall of the Berlin Wall, feminist movement, Ferguson, Missouri, financial deregulation, Francis Fukuyama: the end of history, gig economy, glass ceiling, Google Hangouts, housing crisis, illegal immigration, immigration reform, income inequality, Intergovernmental Panel on Climate Change (IPCC), job-hopping, Kevin Kelly, knowledge economy, Lyft, mandatory minimum, Marc Andreessen, Mark Zuckerberg, mass incarceration, McMansion, medical bankruptcy, move fast and break things, move fast and break things, Nate Silver, obamacare, Occupy movement, passive income, pre–internet, race to the bottom, RAND corporation, Ronald Reagan, sexual politics, Silicon Valley, single-payer health, Snapchat, TaskRabbit, too big to fail, Uber and Lyft, uber lyft, universal basic income, unpaid internship, We are the 99%, white picket fence, working poor, Works Progress Administration

* * * Meanwhile, socialist candidates were beginning to inch forward on the local level. Chokwe Antar Lumumba, son of the late civil rights lawyer Chokwe Lumumba, was elected mayor of Jackson, Mississippi, in 2017 to deliver on his father’s promise of a black socialist utopia in the South. He vowed to make Jackson “the most radical city on the planet,” with a “dignity economy” that included guaranteed basic income to some public housing residents. In the Virginia statehouse elections in 2017, thirty-year-old socialist Lee Carter ousted the well-funded Republican majority whip with the help of the Democratic Socialists of America. Young socialists won city council seats in Rock Island, Illinois, and in South Fulton, Georgia. As the 2018 midterms approached, more socialist candidates began to join the fray on the state level.

“My perception of cops was like every other black kid in an urban community,” Michael says. “He was the first officer I had a conversation with.” Michael implemented the first basic income pilot program in the nation, guaranteeing $500 monthly checks to a select group of residents for eighteen months to test whether simple cash transfers could alleviate poverty. While democratic socialists were writing long op-eds demanding universal basic income, Michael was actually testing how it could work. He started the Student Success and Leadership Academy, a group of about eight hundred kids who clean up parks during the summer; the program simultaneously keeps the city’s parks nice and gives the kids something to do when school is out. But Michael knew they would still be left behind without more education. So he snagged a $20 million grant to create the Stockton Scholars program, which aimed to triple the number of Stockton kids who go to college.

Like Occupy activists eighty years later, they wanted the president to dismantle the system entirely, not just reform it. And FDR opposed the creation of public sector unions, arguing they would require state governments to essentially negotiate against themselves. But FDR also fought for programs that would be considered radically left even by today’s standards. He wanted cradle-to-grave Social Security for all Americans—essentially a universal basic income—but never proposed it because he thought it was politically impossible. In 1942, five months after the United States entered World War II, he asked Congress to increase the top marginal tax rate to a level that would virtually eliminate great wealth. “Discrepancies between low personal incomes and very high personal incomes should be lessened,” he said. “I therefore believe that in time of this grave national danger, when all excess income should go to win the war, no American citizen ought to have a net income, after he has paid his taxes, of more than $25,000 a year.”


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Blockchain: Blueprint for a New Economy by Melanie Swan

23andMe, Airbnb, altcoin, Amazon Web Services, asset allocation, banking crisis, basic income, bioinformatics, bitcoin, blockchain, capital controls, cellular automata, central bank independence, clean water, cloud computing, collaborative editing, Conway's Game of Life, crowdsourcing, cryptocurrency, disintermediation, Edward Snowden, en.wikipedia.org, Ethereum, ethereum blockchain, fault tolerance, fiat currency, financial innovation, Firefox, friendly AI, Hernando de Soto, intangible asset, Internet Archive, Internet of things, Khan Academy, Kickstarter, lifelogging, litecoin, Lyft, M-Pesa, microbiome, Network effects, new economy, peer-to-peer, peer-to-peer lending, peer-to-peer model, personalized medicine, post scarcity, prediction markets, QR code, ride hailing / ride sharing, Satoshi Nakamoto, Search for Extraterrestrial Intelligence, SETI@home, sharing economy, Skype, smart cities, smart contracts, smart grid, software as a service, technological singularity, Turing complete, uber lyft, unbanked and underbanked, underbanked, web application, WikiLeaks

Having many fewer people involved in the governance apparatus could potentially mean smaller, less costly government, less partisanship, and less special-interest lobbyist-directed government. As blockchain technology makes financial systems more efficient, squeezing the marginal cost down to zero, so too could blockchain technology reconfigure the tasks of governance and public administration. The costs savings of smaller government could proceed directly to Guaranteed Basic Income initiatives, promoting equality and political participation in society and easing the transition to the automation economy. The advent of the blockchain and decentralized models calls into question more generally the ongoing validity of population-sized pooled models like government and insurance that have been de facto standards because other models were not yet possible. However, pooled models might no longer make economic or political sense.

Further, another aspect of demurrage currencies (or really all digital network–based asset allocation, tracking, interaction, and transaction structures) is the notion of periodic automatic redistribution of the currency (the resource) across all network nodes at certain prespecified times, or in the case of certain events. Demurrage features could become a powerful and standard currency administration tool. Freicoin and Healthcoin are two examples of uses of a demurrage currency with a built-in mechanism for action taking in the form of spending. Demurrage currencies might be ideal for the implementation of Guaranteed Basic Income initiatives (GBIs), systems whereby all citizens or residents of a country would regularly receive an allowance—a sum of money sufficient to meet basic living expenses. GBIcoin or Freicoin could be a straightforward currency for basic living expenses that runs out or resets on a periodic basis such as weekly, monthly, or annually to keep the system streamlined and efficient without artificial overhangs created by hoarding.

This is the multiplicity and abundance property of blockchain technology. Blockchain technology could enable currency multiplicity in the form of many currencies potentially existing side by side, conceived with more granularity than fiat currencies, each for use in specific situations. The overall effect could be promoting a mindset of abundance as opposed to scarcity in regard to the concept of money, particularly if simultaneously accompanied by Guaranteed Basic Income (GBI) initiatives that covered basic survival needs for all individuals and thus enabled a higher-level cognitive focus. Currency could be reconceptualized in the context of what kinds of actions it enables in a community as opposed to exclusively being a means of obtaining and storing value. The Blockchain Is an Information Technology Perhaps most centrally, the blockchain is an information technology.


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Ten Arguments for Deleting Your Social Media Accounts Right Now by Jaron Lanier

4chan, basic income, cloud computing, corporate governance, Donald Trump, en.wikipedia.org, Filter Bubble, gig economy, Internet of things, Jaron Lanier, life extension, Mark Zuckerberg, market bubble, Milgram experiment, move fast and break things, move fast and break things, Network effects, ransomware, Ray Kurzweil, recommendation engine, Silicon Valley, Snapchat, Stanford prison experiment, stem cell, Steve Jobs, Ted Nelson, theory of mind, WikiLeaks, zero-sum game

Modernity is most often presented by BUMMER technologists as an assault on human specialness, and people naturally react in horror, as if they might be negated. It is a rational response because it is a response to what has actually been said. The issues that are tearing the United States apart are all about whether people are special, about where the soul might be found, if it is there at all. Is abortion acceptable? Will people become obsolete, so that everyone but a few elite techies will have to be supported by a charitable basic income scheme? Should we treat all humans as being equally worthy, or are some humans more deserving of self-determination because they are good at nerdy tasks? These questions might all look different at first, but on closer inspection they are all versions of the same question: What is a person? Whatever a person might be, if you want to be one, delete your accounts. CONCLUSION: CATS HAVE NINE LIVES I hope this book has helped you become a cat, but please be aware that I haven’t included all the arguments about social media that you should consider; I haven’t even come close.


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A World Without Work: Technology, Automation, and How We Should Respond by Daniel Susskind

3D printing, agricultural Revolution, AI winter, Airbnb, Albert Einstein, algorithmic trading, artificial general intelligence, autonomous vehicles, basic income, Bertrand Russell: In Praise of Idleness, blue-collar work, British Empire, Capital in the Twenty-First Century by Thomas Piketty, cloud computing, computer age, computer vision, computerized trading, creative destruction, David Graeber, David Ricardo: comparative advantage, demographic transition, deskilling, disruptive innovation, Donald Trump, Douglas Hofstadter, drone strike, Edward Glaeser, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, financial innovation, future of work, gig economy, Gini coefficient, Google Glasses, Gödel, Escher, Bach, income inequality, income per capita, industrial robot, interchangeable parts, invisible hand, Isaac Newton, Jacques de Vaucanson, James Hargreaves, job automation, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, John von Neumann, Joi Ito, Joseph Schumpeter, Kenneth Arrow, Khan Academy, Kickstarter, low skilled workers, lump of labour, Marc Andreessen, Mark Zuckerberg, means of production, Metcalfe’s law, natural language processing, Network effects, Occupy movement, offshore financial centre, Paul Samuelson, Peter Thiel, pink-collar, precariat, purchasing power parity, Ray Kurzweil, ride hailing / ride sharing, road to serfdom, Robert Gordon, Sam Altman, Second Machine Age, self-driving car, shareholder value, sharing economy, Silicon Valley, Snapchat, social intelligence, software is eating the world, sovereign wealth fund, spinning jenny, Stephen Hawking, Steve Jobs, strong AI, telemarketer, The Future of Employment, The Rise and Fall of American Growth, the scientific method, The Wealth of Nations by Adam Smith, Thorstein Veblen, Travis Kalanick, Turing test, Tyler Cowen: Great Stagnation, universal basic income, upwardly mobile, Watson beat the top human players on Jeopardy!, We are the 99%, wealth creators, working poor, working-age population, Y Combinator

But if we are thinking about a basic income in the context of a world with insufficient work, the aim is likely to be much closer to the ambitious goals of Van Parijs and Paine. In that world, for many people the payments would provide not just a baseline income that they could top up through their work, like Hayek or Galbraith imagined, but their entire income full stop. Finally, there is one more question to ask about the idea of a basic income. What are the conditions attached to the payment? Most UBI proponents would answer that, by definition, there are none. But in a world with less work, I believe, it is crucial to depart from this assumption. To deal with technological unemployment, we will need what I call a conditional basic income—a CBI, for short. A CONDITIONAL BASIC INCOME People who say that a UBI should be “universal” tend to have two things in mind: the payment is available to everyone who wants it, and it is made available without imposing any requirements on the recipient.

See also frictional technological unemployment; structural technological unemployment future of inequality and Keynes and television Temple of Heaven Park Tennyson, Alfred territorial dividends Tesla Thebes A Theory of Justice (Rawls) Thiel, Peter Thiel Foundation 3-D printing techniques Thrun, Sebastian timing toilet paper top-down creation top income inequality tractors Trades Union Congress (TUC) traditional capital transparency tribal sovereignty Trump, Donald TUC. See Trades Union Congress Turing, Alan “The Turk” (chess machine) TV. See television Twitter two sigma problem Uber UBI. See universal basic income “Ulysses” (Tennyson) unattainable skills uncanny valley unconscious design underestimation unemployment. See also technological unemployment unemployment rate unions universal basic income (UBI) universal benefits unskill bias upheaval, change and upper class up-skilling Ure, Andrew valuation Van Parijs, Philippe Veblen, Thorstein vehicles, autonomous virtues Vives, Juan Luis volunteering von Kempelen, Wolfgang wages Watson wealth funds weavering Weber, Max WeChat Wei Xiaoyong Weizenbaum, Joseph welfare welfare state WhatsApp working tax credits work week length The World of Yesterday (Zweig) Xi Jinping YouTube zero capital tax Zeus Zo (chatbot) Zuckerberg, Mark Zucman, Gabriel Zweig, Stefan ALSO BY DANIEL SUSSKIND The Future of the Professions: How Technology Will Transform the Work of Human Experts (with Richard Susskind) ABOUT THE AUTHOR DANIEL SUSSKIND is the coauthor, with Richard Susskind, of The Future of the Professions, named as one of the best books of the year by the Financial Times, New Scientist, and the Times Literary Supplement.

Revenue was spent on raising the wages of the lowest-paid workers and on supporting those who found themselves unemployed while encouraging them back into the job market. In a world with less work, however, these approaches will be markedly less effective than they were in the past. This is why, among those who worry about the future of work, there is a lot of excitement about the idea of a universal basic income, or UBI. This scheme sidesteps the labor market altogether: it is a regular payment that the government provides to everyone, whether or not they are employed. Support for the UBI can also be found well beyond just those who are anxious about automation: it is one of those rare policy proposals that makes the political spectrum bend back on itself, with people on opposite ends meeting in violent agreement.


pages: 323 words: 90,868

The Wealth of Humans: Work, Power, and Status in the Twenty-First Century by Ryan Avent

"Robert Solow", 3D printing, Airbnb, American energy revolution, assortative mating, autonomous vehicles, Bakken shale, barriers to entry, basic income, Bernie Sanders, BRICs, business cycle, call centre, Capital in the Twenty-First Century by Thomas Piketty, Clayton Christensen, cloud computing, collective bargaining, computer age, creative destruction, dark matter, David Ricardo: comparative advantage, deindustrialization, dematerialisation, Deng Xiaoping, deskilling, disruptive innovation, Dissolution of the Soviet Union, Donald Trump, Downton Abbey, Edward Glaeser, Erik Brynjolfsson, eurozone crisis, everywhere but in the productivity statistics, falling living standards, first square of the chessboard, first square of the chessboard / second half of the chessboard, Ford paid five dollars a day, Francis Fukuyama: the end of history, future of work, gig economy, global supply chain, global value chain, hydraulic fracturing, income inequality, indoor plumbing, industrial robot, intangible asset, interchangeable parts, Internet of things, inventory management, invisible hand, James Watt: steam engine, Jeff Bezos, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph-Marie Jacquard, knowledge economy, low skilled workers, lump of labour, Lyft, manufacturing employment, Marc Andreessen, mass immigration, means of production, new economy, performance metric, pets.com, post-work, price mechanism, quantitative easing, Ray Kurzweil, rent-seeking, reshoring, rising living standards, Robert Gordon, Ronald Coase, savings glut, Second Machine Age, secular stagnation, self-driving car, sharing economy, Silicon Valley, single-payer health, software is eating the world, supply-chain management, supply-chain management software, TaskRabbit, The Future of Employment, The Nature of the Firm, The Rise and Fall of American Growth, The Spirit Level, The Wealth of Nations by Adam Smith, trade liberalization, transaction costs, Tyler Cowen: Great Stagnation, Uber and Lyft, Uber for X, uber lyft, very high income, working-age population

Acemoglu, Daron ageing populations agency, concept of Airbnb Amazon American Medical Association (AMA) anarchism Andreessen, Marc Anglo-Saxon economies Apple the iPhone the iPod artisanal goods and services Atkinson, Anthony Atlanta, Georgia austerity policies automation in car plants fully autonomous trucks of ‘green jobs’ during industrial revolution installation work as resistant to low-pay as check on of menial/routine work self-driving cars and technological deskilling automobiles assembly-line techniques automated car plants and dematerialization early days of car industry fully autonomous trucks self-driving cars baseball Baumol, William Belgium Bernanke, Ben Bezos, Jeff black plague (late Middle Ages) Boston, Massachusetts Brazil BRIC era Bridgewater Associates Britain deindustrialization education in extensions of franchise in financial crisis (2008) Great Exhibition (London 1851) housing wealth in and industrial revolution Labour Party in liberalization in political fractionalization in real wages in social capital in surpassed by US as leading nation wage subsidies in Brontë, Charlotte Brynjolfsson, Erik bubbles, asset-price Buffalo Bill (William Cody) BuzzFeed Cairncross, Frances, The Death of Distance (1997) capital ‘deepening’ infrastructure investment investment in developing world career, concept of cars see automobiles Catalan nationalism Central African Republic central banks Chait, Jonathan Charlotte chemistry, industrial Chicago meat packers in nineteenth-century expansion of World’s Columbia Exposition (1893) China Deng Xiaoping’s reforms economic slow-down in era of rapid growth foreign-exchange reserves ‘green jobs’ in illiberal institutions in inequality in iPod assembly in technological transformation in wage levels in Chorus (content-management system) Christensen, Clayton Cisco cities artisanal goods and services building-supply restrictions growth of and housing costs and industrial revolution and information membership battles in rich/skilled and social capital clerical work climate change Clinton, Hillary Coase, Ronald Columbia University, School of Mines communications technology communism communities of affinity computing app-based companies capability thresholds cloud services cycles of experimentation desktop market disk-drive industry ‘enterprise software’ products exponential progress narrative as general purpose technology hardware and software infrastructure history of ‘Moore’s Law’ and productivity switches transistors vacuum tubes see also digital revolution; software construction industry regulations on Corbyn, Jeremy Corliss steam engine corporate power Cowen, Tyler craft producers Craigslist creative destruction the Crystal Palace, London Dalio, Ray Dallas, Texas debt deindustrialization demand, chronically weak dematerialization Detroit developing economies and capital investment and digital revolution era of rapid growth and industrialization pockets of wealth in and ‘reshoring’ phenomenon and sharp slowdown and social capital see also emerging economies digital revolution and agency and company cultures and developing economies and distance distribution of benefits of dotcom tech boom emergence of and global imbalances and highly skilled few and industrial institutions and information flows investment in social capital niche markets pace of change and paradox of potential productivity and output and secular stagnation start-ups and technological deskilling techno-optimism techno-pessimism as tectonic economic transformation and trading patterns web journalism see also automation; computing; globalization discrimination and exclusion ‘disruption’, phenomenon of distribution of wealth see inequality; redistribution; wealth and income distribution dotcom boom eBay economics, classical The Economist education in emerging economies during industrial revolution racial segregation in USA and scarcity see also university education electricity Ellison, Glenn Ellison, Sara Fisher emerging economies deindustrialization economic growth in education in foreign-exchange reserves growth in global supply chains highly skilled workers in see also developing economies employment and basic income policy cheap labour as boost to and dot.com boom in Europe and financial crisis (2008) ‘green jobs’ low-pay sector minimum wage impact niche markets in public sector ‘reshoring’ phenomenon as rising globally and social contexts and social membership as source of personal identity and structural change trilemma in USA see also labour; wages Engels, Friedrich environmental issues Etsy euro- zone Europe extreme populist politics liberalized economies political fractionalization in European Union Facebook face-recognition technology factors of production land see also capital; labour ‘Factory Asia’ factory work assembly-line techniques during industrial revolution family fascism Federal Reserve financial crisis (2008) financial markets cross-border capital flows in developing economies Finland firms and companies Coase’s work on core competencies culture of dark matter (intangible capital) and dematerialization and ‘disruption’ ‘firm-specific’ knowledge and information flows internal incentive structures pay of top executives shifting boundaries of social capital of and social wealth start-ups Ford, Martin, Rise of the Robots (2015) Ford Motor Company fracking France franchise, electoral Friedman, Milton Fukuyama, Francis Gates, Bill gender discrimination general purpose technologies enormous benefits from exponential progress and skilled labour supporting infrastructure and time lags see also digital revolution Germany ‘gig economy’ Glaeser, Ed global economy growth in supply chains imbalances lack of international cooperation savings glut and social consensus globalization hyperglobalization and secular stagnation and separatist movements Goldman Sachs Google Gordon, Robert Gothenburg, Sweden Great Depression Great Depression (1930s) Great Exhibition, London (1851) Great Recession Great Stagnation Greece ‘green jobs’ growth, economic battle over spoils of boom (1994-2005) and classical economists as consistent in rich countries decline of ‘labour share’ dotcom boom emerging economies gains not flowing to workers and industrial revolution Kaldor’s ‘stylized facts of’ and Keynes during liberal era pie metaphor in post-war period and quality of institutions and rich/elite cities rich-poor nation gap and skilled labour guilds Hansen, Alvin Hayes, Chris, The Twilight of the Elites healthcare and medicine hedge funds and private equity firms Holmes, Oliver Wendell Hong Kong housing in Bay-Area NIMBY campaigns against soaring prices pre-2008 crisis zoning and regulations Houston, Texas Huffington Post human capital Hungary IBM identity, personal immigration and ethno-nationalist separatism and labour markets in Nordic countries and social capital income distribution see inequality; redistribution; wealth and income distribution India Indonesia industrial revolution automation during and economic growth and growth of cities need for better-educated workers and productivity ‘second revolution’ and social change and wages and World’s Fairs inequality and education levels between firms and housing wealth during industrial revolution during liberal era between nations pay of top executives rise of in emerging economies and secular stagnation in Sweden wild contingency of wealth see also rich people; wealth and income distribution inflation in 1970s hyperinflation information technology see computing Intel interest rates International Space Station (ISS) iRobot ISIS Italy Jacksonville, Florida Jacquard, Joseph Marie Japan journalism Kaldor, Nicholas Keynes, John Maynard Kurzweil.

Ray labour abundance as good problem bargaining power cognitive but repetitive collective bargaining and demographic issues discrimination and exclusion global growth of workforce and immigration liberalization in 1970s/80s ‘lump of labour’ fallacy occupational licences organized and proximity reallocation to growing industries retraining and skill acquisition and scarcity and social value work as a positive good see also employment Labour Party, British land scarcity Latvia Le Pen, Jean-Marie Le Pen, Marine legal profession Lehman Brothers collapse (2008) Lepore, Jill liberalization, economic (from 1970s) Linkner, Josh, The Road to Reinvention London Lucas, Robert Lyft maker-taker distinction Malthus, Reverend Thomas Manchester Mandel, Michael Mankiw, Gregory marketing and public relations Marshall, Alfred Marx, Karl Mason, Paul, Postcapitalism (2015) McAfee, Andrew medicine and healthcare ‘mercantilist’ world Mercedes Benz Mexico Microsoft mineral industries minimum wage Mokyr, Joel Monroe, President James MOOCs (‘massive open online courses’) Moore, Gordon mortality rates Mosaic (web browser) music, digital nation states big communities of affinity inequality between as loci of redistribution and social capital nationalist and separatist movements Netherlands Netscape New York City Newsweek NIMBYism Nordic and Scandinavian economies North Carolina North Dakota Obama, Barack oil markets O’Neill, Jim Oracle Orbán, Viktor outsourcing Peretti, Jonah Peterson Institute for International Economics pets.com Philadelphia Centennial Fair (1876) Philippines Phoenix, Arizona Piketty, Thomas, Capital in the Twenty-First Century (2013) Poland political institutions politics fractionalization in Europe future/emerging narratives geopolitical forces human wealth narrative left-wing looming upheaval/conflict Marxism nationalist and separatist movements past unrest and conflict polarization in USA radicalism and extremism realignment revolutionary right-wing rise of populist outsiders and scarcity social membership battles Poor Laws, British print media advertising revenue productivity agricultural artisanal goods and services Baumol’s Cost Disease and cities and dematerialization and digital revolution and employment trilemma and financial crisis (2008) and Henry Ford growth data in higher education of highly skilled few and industrial revolution minimum wage impact paradox of in service sector and specialization and wage rates see also factors of production professional, technical or managerial work and education levels and emerging economies the highly skilled few and industrial revolution and ‘offshoring’ professional associations skilled cities professional associations profits Progressive Policy Institute property values proximity public spending Putnam, Robert Quakebot quantitative easing Race Against the Machine, Brynjolfsson and McAfee (2011) railways Raleigh, North Carolina Reagan, Ronald redistribution and geopolitical forces during liberal era methods of nation state as locus of as a necessity as politically hard and societal openness wealth as human rent, economic Republican Party, US ‘reshoring’ phenomenon Resseger, Matthew retail sector retirement age Ricardo, David rich people and maker-taker distinction wild contingency of wealth Robinson, James robots Rodrik, Dani Romney, Mitt rule of law Russia San Francisco San Jose Sanders, Bernie sanitation SAP Saudi Arabia savings glut, global ‘Say’s Law’ Scalia, Antonin Scandinavian and Nordic economies scarcity and labour political effects of Schleicher, David Schwartz, Anna scientists Scotland Sears Second World War secular stagnation global spread of possible solutions shale deposits sharing economies Silicon Valley Singapore skilled workers and education levels and falling wages the highly skilled few and industrial revolution ‘knowledge-intensive’ goods and services reshoring phenomenon technological deskilling see also professional, technical or managerial work Slack (chat service) Slate (web publication) smartphone culture Smith, Adam social capital and American Constitution baseball metaphor and cities ‘deepening’ definition/nature of and dematerialization and developing economies and erosion of institutions of firms and companies and good government and housing wealth and immigration and income distribution during industrial revolution and liberalization and nation-states productive application of and rich-poor nation gap and Adam Smith and start-ups social class conflict middle classes and NIMBYism social conditioning of labour force working classes social democratic model social reform social wealth and social membership software ‘enterprise software’ products supply-chain management Solow, Robert Somalia South Korea Soviet Union, dissolution of (1991) specialization Star Trek state, role of steam power Subramanian, Arvind suburbanization Sweden Syriza party Taiwan TaskRabbit taxation telegraphy Tesla, Nikola Thatcher, Margaret ‘tiger’ economies of South-East Asia Time Warner Toyota trade China as ‘mega-trader’ ‘comparative advantage’ theory and dematerialization global supply chains liberalization shaping of by digital revolution Adam Smith on trade unions transhumanism transport technology self-driving cars Trump, Donald Twitter Uber UK Independence Party United States of America (USA) 2016 Presidential election campaign average income Bureau of Labour Statistics (BLS) Constitution deindustrialization education in employment in ethno-nationalist diversity of financial crisis (2008) housing costs in housing wealth in individualism in industrialization in inequality in Jim Crow segregation labour scarcity in Young America liberalization in minimum wage in political polarization in post-crisis profit rates productivity boom of 1990s real wage data rising debt levels secular stagnation in shale revolution in social capital in and social wealth surpasses Britain as leading nation wage subsidies in university education advanced degrees downward mobility of graduates MOOCs (‘massive open online courses’) and productivity see also education urbanization utopias, post-work Victoria, Queen video-gamers Virginia, US state Volvo Vox wages basic income policy Baumol’s Cost Disease cheap labour and employment growth and dot.com boom and financial crisis (2008) and flexibility and Henry Ford government subsidies and housing costs and immigration and industrial revolution low-pay as check on automation minimum wage and productivity the ‘reservation wage’ as rising in China rising in emerging economies and scarcity in service sector and skill-upgrading approach stagnation of and supply of graduates Wandsworth Washington D.C.

Washington Nationals Watt, James wealth and income distribution absurdity of inequities and capital investment challenge of labour abundance decline of ‘labour share’ economic insecurity increasing and education levels and employment trilemma global changes in 21st-century and housing wealth impact of falling wages impact of scarcity and industrial revolution during liberal era maker-taker distinction in post-war period and post-work utopias and rich/elite cities rich-poor nation gap and secular stagnation and social capital and social wealth wealth as human wild contingency of wealth see also inequality; redistribution; rich people Weil, David welfare and social-safety institutions basic income policy and big states and ethno-nationalist separatism in Nordic countries Werth, Jayson Wikipedia World Trade Organization world wars World’s Fairs, nineteenth-century Yelp YouTube About the Author RYAN AVENT is an economics correspondent for the Economist. He’s also the primary contributor to its Free Exchange blog and a contributor to The New York Times, The Washington Post, The New Republic, The Atlantic, and The Guardian, among other publications.


pages: 406 words: 113,841

The American Way of Poverty: How the Other Half Still Lives by Sasha Abramsky

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, Affordable Care Act / Obamacare, American Legislative Exchange Council, bank run, basic income, big-box store, collective bargaining, deindustrialization, fixed income, Francis Fukuyama: the end of history, full employment, ghettoisation, Gini coefficient, housing crisis, illegal immigration, immigration reform, income inequality, indoor plumbing, job automation, Kickstarter, Mark Zuckerberg, Maui Hawaii, microcredit, mortgage debt, mortgage tax deduction, new economy, Occupy movement, offshore financial centre, payday loans, plutocrats, Plutocrats, Ponzi scheme, Potemkin village, profit motive, Ronald Reagan, school vouchers, upwardly mobile, War on Poverty, Washington Consensus, women in the workforce, working poor, working-age population, Works Progress Administration

Today, with modern-day technological advances, such a system would be easy to implement: anyone without work and without income could qualify for, say, a guaranteed subsidy that would take them somewhere between a quarter or halfway toward the poverty line—on the assumption that food stamps and other assistance would bring them up closer to the poverty line itself. It would provide enough income to avoid complete destitution, but not enough to be an attractive long-term alternative to work. The country could, argued Almaz Zelleke—a Harvard-educated political scientist who worked as associate dean for academic affairs at New York’s New School until 2011, when she left to devote more time to campaigning on behalf of the U.S. Basic Income Guarantee Network—set a minimum of $10,000 per adult per year. Come tax time, anyone who had earned less than that amount the previous year would have the difference made up to them in the form of a government check. Or, if policy makers wanted to go down a more ambitious route, she explained, they could establish an annual income floor of between $6,000 and $7,000 per year to every man, woman, and child in the country—an idea embraced in the past by Milton Friedman and Martin Luther King Jr.

Friedman suggested that it was a way to break the infamous poverty trap created by the then-current welfare system—which penalized people when they began work by immediately cutting their benefits—by encouraging people to find employment rather than to stay at home in exchange for government aid.2 Ultimately, he hoped, this income-tax-in-reverse would come to replace the entire cash-based welfare system.3 Despite President Richard Nixon’s sympathy for the idea—at about the same time that the country’s thirty-seventh president came out in support of mandatory health insurance, provided by employers or through public subsidies, he also proposed a Family Assistance Plan that, if it had passed, would have essentially created a guaranteed baseline income for all Americans—ultimately Friedman’s more ambitious ideas around the negative income tax didn’t materialize.4 It was as politically difficult a sell in the 1960s as Zelleke’s updated version of the basic income guarantee would be nearly a half-century later. It smacked of “the dole,” of government control, of bureaucracy run amok. Instead, what emerged a few years after Friedman began floating his concept was a de facto income subsidy for low-wage workers, in the form of the EITC. In a polarized age, the tax credit was one of the few big institutional developments that could command, if not total, then at least widespread bipartisan support.

Because workers are given a baseline income in this model regardless of whether they have jobs or not, they have less incentive to accept lower-paid employment, and thus higher wage levels are preserved. You want me to work? Sure. But you’re going to have to pay a wage that I can reasonably be expected to live on. In theory, there’s no reason that the federal government couldn’t create a framework, similar to the ones discussed earlier, for a basic income guarantee nationally. Nor is there a reason that other states shouldn’t take Alaska’s lead and themselves introduce dividend funds to be distributed from revenues gained by more effectively taxing the use of scarce natural resources and the pollution generated by industries within the states. Politically, given current rhetoric around taxes and government spending, this would be an extraordinarily hard sell.


pages: 424 words: 115,035

How Will Capitalism End? by Wolfgang Streeck

accounting loophole / creative accounting, Airbnb, basic income, Ben Bernanke: helicopter money, Bretton Woods, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, centre right, Clayton Christensen, collective bargaining, conceptual framework, corporate governance, creative destruction, credit crunch, David Brooks, David Graeber, debt deflation, deglobalization, deindustrialization, disruptive innovation, en.wikipedia.org, eurozone crisis, failed state, financial deregulation, financial innovation, first-past-the-post, fixed income, full employment, Gini coefficient, global reserve currency, Google Glasses, haute cuisine, income inequality, information asymmetry, invisible hand, John Maynard Keynes: Economic Possibilities for our Grandchildren, Kenneth Rogoff, labour market flexibility, labour mobility, late capitalism, liberal capitalism, market bubble, means of production, moral hazard, North Sea oil, offshore financial centre, open borders, pension reform, plutocrats, Plutocrats, Plutonomy: Buying Luxury, Explaining Global Imbalances, post-industrial society, private sector deleveraging, profit maximization, profit motive, quantitative easing, reserve currency, rising living standards, Robert Gordon, savings glut, secular stagnation, shareholder value, sharing economy, sovereign wealth fund, The Future of Employment, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, transaction costs, Uber for X, upwardly mobile, Vilfredo Pareto, winner-take-all economy, Wolfgang Streeck

What precisely it will look like, and what will come after socialism or with it, Collins leaves open, and he is equally agnostic on the exact mode of the transition. Revolutionary the change will be – but whether it will be a violent social revolution that will end capitalism or a peaceful institutional revolution accomplished under political leadership cannot be known beforehand. Heavy taxation of the super-rich for extended public employment or a guaranteed basic income for everyone, with equal distribution and strict rationing of very limited working hours by more or less dictatorial means à la Keynes14 – we are free to speculate on this as Collins’s ‘stripped-down Marxism’ does not generate predictions as to what kind of society will emerge once capitalism will have run its course. Only one thing is certain: that capitalism will end, and much sooner than one may have thought.


pages: 128 words: 38,187

The New Prophets of Capital by Nicole Aschoff

3D printing, affirmative action, Affordable Care Act / Obamacare, Airbnb, American Legislative Exchange Council, basic income, Bretton Woods, clean water, collective bargaining, commoditize, crony capitalism, feminist movement, follow your passion, Food sovereignty, glass ceiling, global supply chain, global value chain, helicopter parent, hiring and firing, income inequality, Khan Academy, late capitalism, Lyft, Mark Zuckerberg, mass incarceration, means of production, performance metric, post-work, profit motive, rent-seeking, Ronald Reagan, Rosa Parks, school vouchers, shareholder value, sharing economy, Silicon Valley, Slavoj Žižek, structural adjustment programs, Tim Cook: Apple, urban renewal, women in the workforce, working poor, zero-sum game

In contrast, Social Security is a benefit enjoyed by nearly everyone: only 4 percent of the population is excluded from receiving Social Security benefits, and 87 percent of Americans want to preserve Social Security for future generations. Creating the space to radically de-commodify our lives will require that social gains such as free higher education, single-payer universal health care, and a minimum basic income be made available to everyone regardless of their income. The immediate goals of projects and ideas that embrace the principles of democratization and de-commodification may vary, but their long-term goal is always to make people’s everyday lives better. To achieve these goals, groups and projects must emphasize a final principle: redistribution. The top 20 percent of households control nearly 90 percent of all wealth in the United States, while the super-elite (the top 0.1 percent) control more than 20 percent of all wealth.


pages: 164 words: 57,068

The Second Curve: Thoughts on Reinventing Society by Charles Handy

"Robert Solow", Airbnb, basic income, Bernie Madoff, bitcoin, bonus culture, British Empire, call centre, Clayton Christensen, corporate governance, delayed gratification, Diane Coyle, disruptive innovation, Edward Snowden, falling living standards, future of work, G4S, greed is good, informal economy, Internet of things, invisible hand, joint-stock company, joint-stock limited liability company, Kickstarter, Kodak vs Instagram, late capitalism, mass immigration, megacity, mittelstand, Occupy movement, payday loans, peer-to-peer lending, plutocrats, Plutocrats, Ponzi scheme, Ronald Coase, shareholder value, sharing economy, Skype, Social Responsibility of Business Is to Increase Its Profits, Stanford marshmallow experiment, Steve Jobs, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, transaction costs, Veblen good, Walter Mischel

As it is, with such an abundance of cheap subsidised labour on offer, there is no incentive to invest in new equipment or in training to improve productivity. Make labour expensive and employers will have to respond. It would be a Second Curve that might be nasty but nice in the end. It would be nasty because it would put many out of work. Nevertheless it would cost less overall to support those out of work in community work, training and education than keeping many more of them in subsidised and unproductive jobs. Some argue for a ‘basic income’ scheme, an income given to all citizens above and between certain ages, enough for a basic standard of living, but not big enough to deter anyone from taking on paid work. The Swiss will shortly have a referendum on such a scheme set at 30,000 Swiss francs (around £20,000). Such schemes, although superficially attractive, have always proved economically unrealistic. The proposed reform to the British benefit system, if it works, will be, in effect, a guarantee of income support to the worst off, a partial basic income.


pages: 492 words: 141,544

Red Moon by Kim Stanley Robinson

artificial general intelligence, basic income, blockchain, Brownian motion, correlation does not imply causation, cryptocurrency, Deng Xiaoping, gig economy, Hyperloop, illegal immigration, income inequality, invisible hand, low earth orbit, Magellanic Cloud, megacity, precariat, Schrödinger's Cat, seigniorage, strong AI, Turing machine, universal basic income, zero-sum game

At first this seemed strange, then they realized that only a day or less had passed since they had last paid attention. In the US, Congress had finished nationalizing the major banks, and the markets were in free fall. Currency controls had been slapped in place to keep dollars from fleeing to other countries or into cryptocurrencies. Demonstrators and some legislators were demanding a universal basic income, guaranteed healthcare, free education, and the right to work, all supported by progressive taxation on both income and capital assets. Supporters of this program were in the streets; opponents were calling it a catastrophic mutiny of the irresponsible half of the citizenry. Media had so much content to report there was hardly time to froth over it. But it seemed still that armed violence caused by all the disruption was minimal.


pages: 95 words: 6,448

Mending the Net: Toward Universal Basic Incomes by Chris Oestereich

basic income, en.wikipedia.org, future of work, profit motive, rent-seeking, The Future of Employment, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, universal basic income

Mending the Net Toward Universal Basic Incomes Chris Oestereich Mending the Net: Toward Universal Basic Incomes by Chris Oestereich Copyright © 2016 by The Wicked Problems Collaborative LLC. All rights reserved. No part of this book may be reproduced, distributed, or transmitted in any form or by any means without the prior written permission of the publisher, except in the case of brief quotations embodied in critical reviews and pages where permission is specifically granted by the publisher or author(s). The authors and publisher assume no responsibility for any errors or omissions. No liability is assumed for damages that may result from the use of information contained within. First Edition Publisher: The Wicked Problems Collaborative LLC 1) Economics 2) Sociology 3) Politics 10 9 8 7 6 5 4 3 2 1 The Wicked Problems Collaborative connect@wickedproblemscollaborative.com @WPCollaborative http://wickedproblemscollaborative.com Cover photo: Nikodem Nijaki (under the Creative Commons Attribution-Share Alike 3.0 Unported license) Contents Opening Volley Introduction 1.

If I want to spend all my time helping others, but no one is willing to pay me enough to cover my needs, I’d better have deep enough pockets to live off of. But what if we had a different system, one in which our primary needs were taken care of? What might that system look like? A universal basic income program, that would help everyone take care of their needs, is one possible answer to that question. Can it help? Given a monthly payment that set a moderate income floor, but didn’t remove the support provided by other safety net programs (things like Medicare, SNAP, and WIC), the question about universal basic incomes is not whether they would help those who are struggling to make ends meet (they would), but whether they might create any undesirable macroeconomic effects like runaway inflation, so that’s something I think we should take great care in thinking through.

Many will seek to demonize such a program, but given a fair shake, solidarity can—and likely will—triumph. Is it a perfect cure-all? Universal basic incomes appear to have a lot to offer in improving the way that society functions, but we shouldn't expect them to fix our every economic woe. It may seem obvious, or even ridiculous, to state that, but in proposing an idea that would be a significant departure from the way our economy currently functions, it’s incumbent on agitators to be honest about what they believe the changes could and could not achieve, as well as about any potential downsides those changes might foster. With that in mind, I believe that universal basic incomes would help deliver more broadly just economic outcomes, in which suffering due to financial shortcomings could be greatly reduced.


pages: 424 words: 119,679

It's Better Than It Looks: Reasons for Optimism in an Age of Fear by Gregg Easterbrook

affirmative action, Affordable Care Act / Obamacare, air freight, autonomous vehicles, basic income, Bernie Madoff, Bernie Sanders, Branko Milanovic, business cycle, Capital in the Twenty-First Century by Thomas Piketty, clean water, coronavirus, David Brooks, David Ricardo: comparative advantage, deindustrialization, Dissolution of the Soviet Union, Donald Trump, Elon Musk, Exxon Valdez, factory automation, failed state, full employment, Gini coefficient, Google Earth, Home mortgage interest deduction, hydraulic fracturing, Hyperloop, illegal immigration, impulse control, income inequality, Indoor air pollution, interchangeable parts, Intergovernmental Panel on Climate Change (IPCC), invisible hand, James Watt: steam engine, labor-force participation, liberal capitalism, longitudinal study, Lyft, mandatory minimum, manufacturing employment, Mikhail Gorbachev, minimum wage unemployment, obamacare, oil shale / tar sands, Paul Samuelson, peak oil, plutocrats, Plutocrats, Ponzi scheme, post scarcity, purchasing power parity, quantitative easing, reserve currency, rising living standards, Robert Gordon, Ronald Reagan, self-driving car, short selling, Silicon Valley, Simon Kuznets, Slavoj Žižek, South China Sea, Steve Wozniak, Steven Pinker, supervolcano, The Chicago School, The Rise and Fall of American Growth, the scientific method, There's no reason for any individual to have a computer in his home - Ken Olsen, Thomas Kuhn: the structure of scientific revolutions, Thomas Malthus, transaction costs, uber lyft, universal basic income, War on Poverty, Washington Consensus, WikiLeaks, working poor, Works Progress Administration

Once eligibility is obtained, few return to work; their fear of being tossed out of the program is an incentive to remain in dependency. Universal Basic Income would replace all public assistance with a cash grant to adults regardless of whether working or not, whether healthy or not. Most proposals involve a grant of $1,000 a month—about what federal disability programs pay, but without the strings attached. Every adult would receive Universal Basic Income, not just the head of household or primary wage-earner. Demonstration programs for Universal Basic Income concepts are in progress in Canada, Finland, and Kenya. Universal Basic Income could offer multiple advantages over current structures. Unlike welfare (TANF) and disability programs, work would not be discouraged: adults could receive both wage income and Universal Basic Income. Unlike those who administer public housing vouchers, social service officials would not exert control over recipients’ lives; adults could pool their Universal Basic Incomes and make their own housing choices.

Public policy that moderates urban rents and helps people change locations in response to economic changes might be more effective, and less expensive, than border taxes and trade wars. DO ALL ROADS LEAD TO Universal Basic Income? Some form of Milton Friedman–style income regime might head off the looming situation in which only the educated have realistic hope of bettering themselves. The Universal Basic Income concept is superior to how any nation’s entitlement system functions at present. Replacing the dependency mind-set of social welfare and retirement programs with an idea that rewards self-sufficiency, while preventing a sudden expense or job change from becoming personal ruin, would make society more just and be a positive for economic growth. The government debt situations of Western nations make Universal Basic Income unaffordable right now. This is another reason why national debts must be addressed—to clear the financial decks for some kind of universal income in the near future.

This is another reason why national debts must be addressed—to clear the financial decks for some kind of universal income in the near future. Today’s entitlement distributions paper over problems, while today’s pension programs postpone wrenching decisions; replacing both with Universal Basic Income, while eliminating rules, bureaucracies, and officialdom, could put Western society on a sounder footing for generations to come. As an ideal, Universal Basic Income is superior to contemporary programs: universal income might solve social problems, rather than slow the rate at which they increase. If the value of inventions and intellectual property continues to rise while the value of unskilled labor continues to decline, Universal Basic Income may become vital for justice. As time passes, expect this reform to sound better. Chapter 11 We’ll Never Run Out of Challenges… THE WORLD HAS MANY PROBLEMS: there is temptation to become discouraged.


pages: 300 words: 76,638

The War on Normal People: The Truth About America's Disappearing Jobs and Why Universal Basic Income Is Our Future by Andrew Yang

3D printing, Airbnb, assortative mating, augmented reality, autonomous vehicles, basic income, Ben Horowitz, Bernie Sanders, call centre, corporate governance, cryptocurrency, David Brooks, Donald Trump, Elon Musk, falling living standards, financial deregulation, full employment, future of work, global reserve currency, income inequality, Internet of things, invisible hand, Jeff Bezos, job automation, John Maynard Keynes: technological unemployment, Khan Academy, labor-force participation, longitudinal study, low skilled workers, Lyft, manufacturing employment, Mark Zuckerberg, megacity, Narrative Science, new economy, passive income, performance metric, post-work, quantitative easing, reserve currency, Richard Florida, ride hailing / ride sharing, risk tolerance, Ronald Reagan, Sam Altman, self-driving car, shareholder value, Silicon Valley, Simon Kuznets, single-payer health, Stephen Hawking, Steve Ballmer, supercomputer in your pocket, technoutopianism, telemarketer, The Wealth of Nations by Adam Smith, Tyler Cowen: Great Stagnation, Uber and Lyft, uber lyft, unemployed young men, universal basic income, urban renewal, white flight, winner-take-all economy, Y Combinator

Elon Musk, February, 2017: Chris Weller, “Elon Musk Doubles Down on Universal Basic Income: ‘It’s Going to Be Necessary,’” Business Insider, February 13, 2017. Mark Zuckerberg, May 2017: Mark Zuckerberg, commencement speech, Harvard University, May 2017. … adopting it would permanently grow the economy by 12.56 to 13.10 percent…: Michalis Nikiforos, Marshall Steinbaum, and Gennaro Zezza, “Modeling the Macroeconomic Effects of a Universal Basic Income,” Roosevelt Institute, August 29, 2017. … technology companies are excellent at avoiding taxes: “Fortune 500 Companies Hold a Record $2.6 Trillion Offshore,” Institute on Taxation and Economic Policy, March 2017. “UBI… is not shaming…”: https://www.facebook.com/basicincomequotes/videos/1365257523593155. CHAPTER 17: UNIVERSAL BASIC INCOME IN THE REAL WORLD In 1969, President Nixon proposed the Family Assistance Plan…: Lila MacLellan, “That Time When Dick Cheney and Donald Rumsfeld Ran a Universal Basic Income Experiment for Nixon,” Quartz, March 13, 2017.

The sooner the government acts, the more high-functioning our society will be. The first major change would be to implement a universal basic income (UBI), which I would call the “Freedom Dividend.” The United States should provide an annual income of $12,000 for each American aged 18–64, with the amount indexed to increase with inflation. It would require a constitutional supermajority to modify or amend. The Freedom Dividend would replace the vast majority of existing welfare programs. This plan was proposed by Andy Stern, the former head of the largest labor union in the country, in his book Raising the Floor. The poverty line is currently $11,770. We would essentially be bringing all Americans to the poverty line and alleviate gross poverty. A universal basic income is a version of Social Security where all citizens receive a set amount of money per month independent of their work status or income.

Bill Gates, January 2017: “A problem of excess [automation] forces us to look at the individuals affected and take those extra resources and make sure they’re directed to them in terms of re-education and income policies…” (Gates later suggested taxing robots.) Elon Musk, February, 2017: “I think we’ll end up doing universal basic income… It’s going to be necessary… There will be fewer and fewer jobs that a robot cannot do better. I want to be clear. These are not things I wish will happen; these are things I think probably will happen.” Mark Zuckerberg, May 2017: “We should explore… universal basic income so that everyone has a cushion to try new ideas.” My mom, September 2017: “If you think it’s a good idea, Andy, I’m sure it’s a good idea.” You may be thinking, This will never happen. And if it did, wouldn’t it cause runaway inflation? Enable generations of wastrels?


pages: 121 words: 36,908

Four Futures: Life After Capitalism by Peter Frase

Airbnb, basic income, bitcoin, business cycle, call centre, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, cryptocurrency, deindustrialization, Edward Snowden, Erik Brynjolfsson, Ferguson, Missouri, fixed income, full employment, future of work, high net worth, income inequality, industrial robot, informal economy, Intergovernmental Panel on Climate Change (IPCC), iterative process, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, litecoin, mass incarceration, means of production, Occupy movement, pattern recognition, peak oil, plutocrats, Plutocrats, post-work, postindustrial economy, price mechanism, private military company, Ray Kurzweil, Robert Gordon, Second Machine Age, self-driving car, sharing economy, Silicon Valley, smart meter, TaskRabbit, technoutopianism, The Future of Employment, Thomas Malthus, Tyler Cowen: Great Stagnation, universal basic income, Wall-E, Watson beat the top human players on Jeopardy!, We are the 99%, Wolfgang Streeck

So in theory, this is one possible long-term trajectory of a world based on intellectual property rents rather than on physical commodity production using human labor. What Gorz is talking about is something like the universal basic income, which was discussed in the last chapter. Which means that one long-run trajectory of rentism is to turn into communism. But here the class of rentier-capitalists will confront a collective action problem. In principle, it would be possible to sustain the system by taxing the profits of profitable firms and redistributing the money back to consumers—possibly as the universal basic income, but possibly in return for performing some kind of meaningless make-work. But even if redistribution is desirable from the standpoint of the class as a whole, any individual company or rich person will be tempted to free-ride on the payments of others and will therefore resist efforts to impose a redistributive tax.

Whereas if we assume the replicator, as in previous chapters, this is not really the problem. For consumer goods at least, people can produce whatever they want, for themselves. However, the resource-constrained future still faces the problem of managing consumption. That is, we need some way of allocating the scarce inputs that feed the replicator. Here the universal basic income, introduced in Chapter 1, could be useful once again. In the context we are describing in this chapter, universal basic income plays a quite different function than wages in capitalism. And it will work to ration and plan out consumption through the mechanism of the market. This might seem an odd thing to say, in a chapter titled “Socialism.” And there are some socialists who see the market as inherently incompatible with a desirable post-capitalism.

Brynjolfsson and McAfee are perhaps the best-known prophets of rapid automation, but their work fits into an exploding genre. Software entrepreneur Martin Ford, for example, explores similar terrain in his 2015 work Rise of the Robots.8 He relies on much of the same literature and reaches many of the same conclusions about the pace of automation. His conclusions are somewhat more radical—a guaranteed universal basic income, which will be discussed later in this book, occupies a place of prominence; much of the rival literature, by contrast, offers little more than bromides about education. That many people are writing about rapid and socially dislocating automation doesn’t mean that it’s an imminent reality. As I noted above, anxiety about labor-saving technology is actually a constant through the whole history of capitalism.


pages: 443 words: 98,113

The Corruption of Capitalism: Why Rentiers Thrive and Work Does Not Pay by Guy Standing

3D printing, Airbnb, Albert Einstein, Amazon Mechanical Turk, Asian financial crisis, asset-backed security, bank run, banking crisis, basic income, Ben Bernanke: helicopter money, Bernie Sanders, Big bang: deregulation of the City of London, bilateral investment treaty, Bonfire of the Vanities, Boris Johnson, Bretton Woods, business cycle, Capital in the Twenty-First Century by Thomas Piketty, carried interest, cashless society, central bank independence, centre right, Clayton Christensen, collapse of Lehman Brothers, collective bargaining, credit crunch, crony capitalism, crowdsourcing, debt deflation, declining real wages, deindustrialization, disruptive innovation, Doha Development Round, Donald Trump, Double Irish / Dutch Sandwich, ending welfare as we know it, eurozone crisis, falling living standards, financial deregulation, financial innovation, Firefox, first-past-the-post, future of work, gig economy, Goldman Sachs: Vampire Squid, Growth in a Time of Debt, housing crisis, income inequality, information retrieval, intangible asset, invention of the steam engine, investor state dispute settlement, James Watt: steam engine, job automation, John Maynard Keynes: technological unemployment, labour market flexibility, light touch regulation, Long Term Capital Management, lump of labour, Lyft, manufacturing employment, Mark Zuckerberg, market clearing, Martin Wolf, means of production, mini-job, Mont Pelerin Society, moral hazard, mortgage debt, mortgage tax deduction, Neil Kinnock, non-tariff barriers, North Sea oil, Northern Rock, nudge unit, Occupy movement, offshore financial centre, oil shale / tar sands, open economy, openstreetmap, patent troll, payday loans, peer-to-peer lending, plutocrats, Plutocrats, Ponzi scheme, precariat, quantitative easing, remote working, rent control, rent-seeking, ride hailing / ride sharing, Right to Buy, Robert Gordon, Ronald Coase, Ronald Reagan, Sam Altman, savings glut, Second Machine Age, secular stagnation, sharing economy, Silicon Valley, Silicon Valley startup, Simon Kuznets, sovereign wealth fund, Stephen Hawking, Steve Ballmer, structural adjustment programs, TaskRabbit, The Chicago School, The Future of Employment, the payments system, The Rise and Fall of American Growth, Thomas Malthus, Thorstein Veblen, too big to fail, Travis Kalanick, Uber and Lyft, Uber for X, uber lyft, Y Combinator, zero-sum game, Zipcar

Similarly, had the UK’s £375 billion of QE been diverted to pay a basic income, everyone legally resident in Britain could have received about £50 a week for two years.20 Inequality would have been reduced, economic security improved, growth boosted. Instead, asset bubbles, debt, homelessness and food banks have grown. As spending cuts mount, politicians and financial elites should not be surprised when the anger turns on them. An alternative approach is needed. A pilot basic income scheme would give policymakers a good opportunity to see if and how it would work. In 2016, pilots were being planned in nineteen Dutch municipalities, led by the city of Utrecht, and in Finland, where the government put aside funds (initially €20 million) for a pilot to last two years. On the other side of the Atlantic, the provincial government in Ontario, Canada, is planning a basic income experiment, and the provinces of Quebec and Alberta have indicated interest.


Work in the Future The Automation Revolution-Palgrave MacMillan (2019) by Robert Skidelsky Nan Craig

3D printing, Airbnb, algorithmic trading, Amazon Web Services, anti-work, artificial general intelligence, autonomous vehicles, basic income, business cycle, cloud computing, collective bargaining, correlation does not imply causation, creative destruction, data is the new oil, David Graeber, David Ricardo: comparative advantage, deindustrialization, deskilling, disintermediation, Donald Trump, Erik Brynjolfsson, feminist movement, Frederick Winslow Taylor, future of work, gig economy, global supply chain, income inequality, informal economy, Internet of things, Jarndyce and Jarndyce, Jarndyce and Jarndyce, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, John von Neumann, Joseph Schumpeter, knowledge economy, Loebner Prize, low skilled workers, Lyft, Mark Zuckerberg, means of production, moral panic, Network effects, new economy, off grid, pattern recognition, post-work, Ronald Coase, Second Machine Age, self-driving car, sharing economy, Steve Jobs, strong AI, technoutopianism, The Chicago School, The Future of Employment, the market place, The Nature of the Firm, The Wealth of Nations by Adam Smith, Thorstein Veblen, Turing test, Uber for X, uber lyft, universal basic income, wealth creators, working poor

The opposing view is that full-time paid work is an encumbrance forced on us by necessity (or by an unfair economic system), and that most people would find their lives more fulfilling and richer if they could reduce paid work as much as possible. This division crosses the political spectrum, but in the debate around automation it is often expressed as either enthusiasm or dismay at the idea of a Universal Basic Income. A Universal Basic Income (UBI) is a non-means-tested payment made to everyone, independent of employment status or qualification for other social benefits. People who think that a UBI would be disastrous tend to reference the effects of long-term or mass unemployment, and the sense of hopelessness and inactivity induced by sudden compulsory redundancy. This reflects Marx’s vision of work as essential to human flourishing.

What if we instead started our policy discussions with the assumption that a lot of jobs are not necessary, and that the people who have those jobs know they are not necessary and are simply 16 Policy for the Future of Work 171 not in a position that they feel they can speak about such matters because the alternative would be to be thrown on the tender mercies of the unemployment system? This is why I think the plague of bullshit jobs, and the misery it causes, is one of the best arguments we could make for universal basic income. One of the odd things about universal basic income is that it’s backed by such a broad spectrum of economic and political thinkers, from Martin Luther King to Milton Friedman, but this is partly because different advocates are actually advocating quite different things. One might say there’s three broad versions of basic income. There’s the liberal version, where you are basically giving everyone an income supplement, that’s nonetheless calculated to be not quite enough to live on.

Both David Graeber and Rachel Kay favour reducing human work, while Irmgard Nübler focuses on how technological unemployment can be mitigated and job growth maintained. David Graeber argues that the future of technological unemployment predicted by J.M. Keynes has in fact come to pass—but that we have compensated for the lack of work by creating millions of make-work jobs with little purpose. He recommends giving people the means to leave pointless jobs by severing livelihood from work through a universal basic income. Rachel Kay takes a different tack, discussing the argument for reducing working hours. Workers in the UK work longer hours than in other European countries; looking at Germany, France and the Netherlands as examples, she makes recommendations on how the UK could move in the same direction. Irmgard Nübler analyses the way that different types of innovation and market forces affect job creation and destruction, as well as how those forces can be harnessed to support job creation.


Capitalism, Alone: The Future of the System That Rules the World by Branko Milanovic

"Robert Solow", affirmative action, Asian financial crisis, assortative mating, barriers to entry, basic income, Berlin Wall, bilateral investment treaty, Black Swan, Branko Milanovic, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carried interest, colonial rule, corporate governance, creative destruction, crony capitalism, deindustrialization, dematerialisation, Deng Xiaoping, discovery of the americas, European colonialism, Fall of the Berlin Wall, financial deregulation, Francis Fukuyama: the end of history, full employment, ghettoisation, gig economy, Gini coefficient, global supply chain, global value chain, high net worth, income inequality, income per capita, invention of the wheel, invisible hand, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, labor-force participation, laissez-faire capitalism, land reform, liberal capitalism, low skilled workers, Lyft, means of production, new economy, offshore financial centre, Paul Samuelson, plutocrats, Plutocrats, post-materialism, purchasing power parity, remote working, rent-seeking, ride hailing / ride sharing, Silicon Valley, single-payer health, special economic zone, The Wealth of Nations by Adam Smith, Thorstein Veblen, uber lyft, universal basic income, Vilfredo Pareto, Washington Consensus, women in the workforce, working-age population, Xiaogang Anhui farmers

We like to scare ourselves with thoughts of the exhaustion of natural resources, limits to growth, and replacement of people by robots. It may be fun, or perhaps it makes us feel virtuous for not being naïve and anticipating the worst, but history teaches us that the world of robotic workers is not something we should rationally fear. 5.3b Problems with Universal Basic Income Reaction to such fears of massive unemployment has given sudden prominence to the concept of universal basic income (UBI).29 The UBI has four features: it is universal, that is, it would provide an income to each citizen; it is unconditional, that is, it is given to everyone with no requirements; it is disbursed in cash; and it is an income source, that is, a constant flow rather than a one-off grant. (A grant can also have the first three features but would be paid to an individual only once.)

This is why universalism and redistribution are integral to the system. In addition, for those who fall between the cracks and still have no acceptable income despite these social insurance programs, the system introduces social assistance benefits that are means-tested and whose objective, unlike social insurance, is straightforward poverty prevention. The philosophy underlying the welfare state would be overhauled by introduction of a system of universal basic income. UBI does not insure against risks; it completely ignores them. It distributes money to everyone equally, though money received by well-off individuals is later clawed back through taxation. This is not necessarily a dispositive argument against UBI. The philosophy on which a welfare system is based can, and perhaps should, be changed. It nevertheless reminds us that moving from the current system to UBI would not only be a technical and financial change; it would entail an overall change in the philosophy that has dominated the welfare state for more than a century.

See also Rich; Upper class Ellul, Jacques, 208–209 Employee stock ownership plans (ESOPs), to deconcentrate capital ownership, 48 The End of History and the Last Man (Fukuyama), 70 Engels, Friedrich, 1, 2, 3, 114, 224 Entrepreneurship, 25 Entry costs, rich and, 33–34 Equilibrium corruption, 121 Escaping Poverty (Vries), 115 Ethical imperialism, 126 Ethical vs. legal, 182 Ethics of ruling class, 66 Europe, performance of socialist vs. capitalist economies in, 84–85 Export pessimism, 149–150 Extractive institutions, 73 Fallacy: of the lump of labor doctrine, 198–199; of lump of raw materials and energy, 200–201; that human needs are limited, 199 Family, decreased usefulness of, 187–190 Fascism, explaining rise of, 70–72 Feldstein, Martin, 33 Ferguson, Niall, 72 Financial assets, rich and rate of return on, 32–33 Financial centers, corruption and global, 169–170 Financial deregulation, 183 Financial settlements, amorality and, 183–184 Finland, universal basic income in, 202 First Congress of the Peoples of the East, 223 Fischer, Fritz, 72 Fisher, Irving, 48 Fixed investment in China, 89–90 France: inherited wealth in, 62; minority support for globalization in, 9; share of capital as percent of national income in, 15 Frank, André Gunder, 148 Fraser, Nancy, 195 Freeman, Richard, 144, 198 Freund, Caroline, 50, 161–163 Fu, Zhe, 102 Fukuyama, Francis, 68, 70, 115, 120 Functional distribution of income, 233 Funding of political parties and campaigns, control of political process by rich and, 57–58 Future, inability to visualize, 197–201 GDP per capita: for China and India, 8, 211, 212; in countries with political capitalism, 97; decline in global inequality and, 213; growth rate in China, Vietnam, and United States, 86; household net wealth and, 27, 30, 31; in socialist vs. capitalist economies in Europe in 1950, 83–84; universal basic income and, 203 Gender, ruling class and, 66 Geopolitical changes, global inequality and, 211–214 Germany: cracking down on tax evasion in, 173; inequality in income from capital and labor in, 26–27, 29; limits of tax-and-transfer redistribution in, 44–45; migration and, 137, 242n47; share of global GDP, 9, 10; subcitizenship in, 136 Gernet, Jacques, 105–106, 115 Ghettoization, of migrants, 146–147 Gig economy, 190, 192, 194 Gilens, Martin, 56 Gini coefficients, 6, 27, 231, 241–242n40 Gini points, 6, 7, 239n22, 240n30 Gintis, Herbert, 209–211 Giving Pledge, 242n44 Global attractiveness of political capitalism, 112–113; Chinese “export” of political capitalism and, 118–128 Global capitalism, future of, 176–218; amorality of hypercommercialized capitalism, 176–187; atomization and commodification, 187–197; fear of technological progress and, 197–205; global inequality and geopolitical changes, 211–214; leading toward people’s capitalism and egalitarian capitalism, 215–218; political capitalism vs. liberal capitalism, 207–211; war and peace, 205–207 Global capitalism, globalization and, 153–155 Global GDP: China’s share of, 9, 10; Germany’s share of, 9, 10; India’s share of, 9, 10; United States’ share of, 9, 10 Global inequality, 6–9; decline in, 257n36; geopolitical changes and, 211–214; history of income inequality, 6–9; measurement of, 231–233 Global Inequality (Milanovic), 102 Globalization: capitalism and, 3; eras of, 150–155; facilitating worldwide corruption, 107; inequality in liberal meritocratic capitalism and, 22; malaise in the West about, 9–10; scenarios for evolution of, 209–211; support for in Asia, 9; tax havens and, 44; welfare state and, 50–55, 155–159; welfare state in era of, 50–55; worldwide corruption and, 159–175.


pages: 492 words: 118,882

The Blockchain Alternative: Rethinking Macroeconomic Policy and Economic Theory by Kariappa Bheemaiah

accounting loophole / creative accounting, Ada Lovelace, Airbnb, algorithmic trading, asset allocation, autonomous vehicles, balance sheet recession, bank run, banks create money, Basel III, basic income, Ben Bernanke: helicopter money, bitcoin, blockchain, Bretton Woods, business cycle, business process, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, cashless society, cellular automata, central bank independence, Claude Shannon: information theory, cloud computing, cognitive dissonance, collateralized debt obligation, commoditize, complexity theory, constrained optimization, corporate governance, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crowdsourcing, cryptocurrency, David Graeber, deskilling, Diane Coyle, discrete time, disruptive innovation, distributed ledger, diversification, double entry bookkeeping, Ethereum, ethereum blockchain, fiat currency, financial innovation, financial intermediation, Flash crash, floating exchange rates, Fractional reserve banking, full employment, George Akerlof, illegal immigration, income inequality, income per capita, inflation targeting, information asymmetry, interest rate derivative, inventory management, invisible hand, John Maynard Keynes: technological unemployment, John von Neumann, joint-stock company, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, Kevin Kelly, knowledge economy, large denomination, liquidity trap, London Whale, low skilled workers, M-Pesa, Marc Andreessen, market bubble, market fundamentalism, Mexican peso crisis / tequila crisis, MITM: man-in-the-middle, money market fund, money: store of value / unit of account / medium of exchange, mortgage debt, natural language processing, Network effects, new economy, Nikolai Kondratiev, offshore financial centre, packet switching, Pareto efficiency, pattern recognition, peer-to-peer lending, Ponzi scheme, precariat, pre–internet, price mechanism, price stability, private sector deleveraging, profit maximization, QR code, quantitative easing, quantitative trading / quantitative finance, Ray Kurzweil, Real Time Gross Settlement, rent control, rent-seeking, Satoshi Nakamoto, Satyajit Das, savings glut, seigniorage, Silicon Valley, Skype, smart contracts, software as a service, software is eating the world, speech recognition, statistical model, Stephen Hawking, supply-chain management, technology bubble, The Chicago School, The Future of Employment, The Great Moderation, the market place, The Nature of the Firm, the payments system, the scientific method, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, too big to fail, trade liberalization, transaction costs, Turing machine, Turing test, universal basic income, Von Neumann architecture, Washington Consensus

Short-term GDP21 growth can no longer be the primary objective of governments. Thus, as the definition of capitalism begins to involve the democratic state to a greater degree, we should also use this opportunity to see how we can address the problems of technological unemployment, education, productivity changes, inequality, and ageism. One solution pathway could lie with helicopter money and universal basic income. Helicopter Drops and Universal Basic Income Refresh your memory and think about the last time you heard these “keywords”: technological unemployment, income inequality, stagnant wages, poverty, regulatory gridlock. If you are a regular follower of the news, then the chances are that you may have heard these terms almost on a weekly basis. But these terms are large-scaling in nature and talk about multiple socioeconomic or political issues.

It is this dividend that I refer to as the Universal Basic Income (UBI). A UBI is an income that is granted unconditionally to every member of a political community. As per the Basic Income Earth Network (BIEN) there are criteria to be adhered to when talking about UBI: 1. It is an income that is given to secure existence and allow social participation. 2. It is an individual right’s claim and is paid to individuals rather than households. 143 Chapter 3 ■ Innovating Capitalism 3. It is payable without means-tested verification. 4. There is no obligation to work. It is paid irrespective of any income from other sources. 5. It is paid without requiring the performance of any work or the willingness to accept a job if offered. While the concept of Universal Basic Income was not devised with technological unemployment in mind, it is increasingly bearing relevance to the current economic diaspora.

The book is a general read but offers readers a look into how key persons are thinking about the Blockchain, while offering a dictionary of whom to follow in this space. Chapter 3 Following is a list of literature resources for learning about Universal Basic Income (UBI): • “The Simple Analytics of Helicopter Money: Why It Works – Always” (2014), Willem H. Buiter • The Precariat: The New Dangerous Class (2011), Guy Standing • Inventing the Future: Postcapitalism and a World Without Work (2015), Nick Srnicek and Alex Williams • Raising the Floor: How a Universal Basic Income Can Renew Our Economy and Rebuild the American Dream (2016), Andy Stern 239 Index „„         A Aadhaar program, 80 Agent Based Computational Economics (ABCE) models complexity economists, 196 developments, 211–213 El Farol problem and minority games, 207–210 Kim-Markowitz Portfolio Insurers Model, 204 Santa Fe artificial stock market model, 205–207 Agent based modelling (ABM), 180–181 aggregate behavioural trends, 197 axiomatisation, linearization and generalization, 184 black-boxing, 199 bottom-up approach, 197 challenge, 198 computational modelling paradigm, 196 conceptualizing, individual agents, 198 EBM, 197 enacting agent interaction, 202–204 environmental factors, 198 environment creation, 201–202 individual agent, 199 parameters and modelling decisions, 199 simulation designing, 199–200 specifying agent behaviour, 200–201 Alaska, 147 Anti-Money Laundering (AML), 67 ARPANet, 54 Artificial Neural Networks (ANN), 222–224 Atlantic model, 75 Automatic Speech Recognition (ASR), 140 Autor-Levy-Murnane (ALM), 85 „„         B Bandits’ Club, 32 BankID system, 79 Basic Income Earth Network (BIEN), 143 Bitnation, 69 Blockchain, 45, 151 ARPANet, 54 break down points, 56–57 decentralized communication, 54 emails, 54 fiat currency, 123 functions, 55 Jiggery Pokery accounts, 107 malware, 54 protocols, 57 Satoshi, 55 skeleton keys, 54, 63–64 smart contract, 58 TCP/IP protocol, 54 technological and financial innovation, 54 trade finance, 101–102 Blockchain-based regulatory framework (BRF), 108 BlockVerify, 68 „„         C Capitalism, 83 ALM hypotheses and SBTC, 90 Blockchain and CoCo, 151 canonical model, 87 © Kariappa Bheemaiah 2017 K.


pages: 346 words: 97,330

Ghost Work: How to Stop Silicon Valley From Building a New Global Underclass by Mary L. Gray, Siddharth Suri

Affordable Care Act / Obamacare, Amazon Mechanical Turk, augmented reality, autonomous vehicles, barriers to entry, basic income, big-box store, bitcoin, blue-collar work, business process, business process outsourcing, call centre, Capital in the Twenty-First Century by Thomas Piketty, cloud computing, collaborative consumption, collective bargaining, computer vision, corporate social responsibility, crowdsourcing, data is the new oil, deindustrialization, deskilling, don't be evil, Donald Trump, Elon Musk, employer provided health coverage, en.wikipedia.org, equal pay for equal work, Erik Brynjolfsson, financial independence, Frank Levy and Richard Murnane: The New Division of Labor, future of work, gig economy, glass ceiling, global supply chain, hiring and firing, ImageNet competition, industrial robot, informal economy, information asymmetry, Jeff Bezos, job automation, knowledge economy, low skilled workers, low-wage service sector, market friction, Mars Rover, natural language processing, new economy, passive income, pattern recognition, post-materialism, post-work, race to the bottom, Rana Plaza, recommendation engine, ride hailing / ride sharing, Ronald Coase, Second Machine Age, sentiment analysis, sharing economy, Shoshana Zuboff, side project, Silicon Valley, Silicon Valley startup, Skype, software as a service, speech recognition, spinning jenny, Stephen Hawking, The Future of Employment, The Nature of the Firm, transaction costs, two-sided market, union organizing, universal basic income, Vilfredo Pareto, women in the workforce, Works Progress Administration, Y Combinator

[back] 13. National Domestic Workers Alliance website, accessed June 21, 2018, https://www.domesticworkers.org/. [back] 14. Andy Stern and Lee Kravitz, Raising the Floor: How a Universal Basic Income Can Renew Our Economy and Rebuild the American Dream (New York: PublicAffairs, 2016); Alyssa Battistoni, “The False Promise of Universal Basic Income,” Dissent, Spring 2017, https://www.dissentmagazine.org/article/false-promise-universal-basic-income-andy-stern-ruger-bregman; Rana Foroohar, “We’re About to Live in a World of Economic Hunger Games,” Time, July 19, 2016, http://time.com/4412410/andy-stern-universal-basic-income/; Thomas Piketty, Capital in the Twenty-First Century, trans. Arthur Goldhammer, reprint (Cambridge, MA: Belknap Press of Harvard University Press, 2017). [back] 15. “Common Ground for Independent Workers,” From the WTF?

., Charlie Curtsinger, Emery D. Berger, and Andrew McGregor. “AutoMan: A Platform for Integrating Human-Based and Digital Computation.” Communications of the ACM 59, no. 6 (June 2016): 102–109. https://doi.org/10.1145/2927928. Basi, J. K. Tina. Women, Identity and India’s Call Centre Industry. London: Routledge, 2009. Battistoni, Alyssa. “The False Promise of Universal Basic Income.” Dissent, Spring 2017. https://www.dissentmagazine.org/article/false-promise-universal-basic-income-andy-stern-ruger-bregman. Board of Governors of the Federal Reserve System. Report on the Economic Well-Being of U.S. Households in 2016. Washington, DC: Federal Reserve Board, May 2017. https://www.federalreserve.gov/publications.htm. Boudreau, Kevin J., Patrick Gaule, Karim R. Lakhani, Christoph Riedl, and Anita Williams Woolley. “From Crowds to Collaborators: Initiating Effort & Catalyzing Interactions Among Online Creative Workers.”

A liberal arts education is a baseline necessity. Beyond that baseline, education is now part of “on-the-job” training and just as necessary for those hiring on-demand workers as the workers themselves. Safety Net Part B: Retainer base wage for all working adults Some, like longtime union leader Andy Stern, of the Service Employees International Union (SEIU), argue that the time has come to turn to a universal basic income, or UBI.14 This is not a new idea. It came into vogue with other Enlightenment ideals, like democracy. Early arguments for a basic income go like this: If citizens receive a basic income, the state can get out of the paternalistic business of managing the welfare state. It would no longer be in the role of deciding who deserves support or administering a system of doling out resources through a moral lens of who deserves help and what kind of help (cheese blocks vs. apples) would be most appropriate.


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Bullshit Jobs: A Theory by David Graeber

1960s counterculture, active measures, basic income, Berlin Wall, Bernie Sanders, Bertrand Russell: In Praise of Idleness, Bretton Woods, Buckminster Fuller, call centre, cognitive dissonance, collateralized debt obligation, David Graeber, Donald Trump, equal pay for equal work, full employment, global supply chain, High speed trading, hiring and firing, informal economy, Jarndyce and Jarndyce, Jarndyce and Jarndyce, job automation, John Maynard Keynes: technological unemployment, knowledge worker, moral panic, post-work, precariat, Silicon Valley, Silicon Valley startup, single-payer health, software as a service, telemarketer, The Future of Employment, Thorstein Veblen, too big to fail, Travis Kalanick, universal basic income, unpaid internship, wage slave, wages for housework, women in the workforce, working poor, Works Progress Administration, young professional, éminence grise

Years later, with Occupy Wall Street, which might be considered the first great rising of the caring classes, I watched those same “progressive” professional-managerials first attempt to co-opt the movement for the Democratic Party, then, when that proved impossible, sit idly by or even collude while a peaceful movement was suppressed by military force. on universal basic income as an example of a program that might begin to detach work from compensation and put an end to the dilemmas described in this book I don’t usually like putting policy recommendations in my books. One reason for this is that it has been my experience that if an author is critical of existing social arrangements, reviewers will often respond by effectively asking “so what are you proposing to do about it, then?” search the text until they find something that looks like a policy suggestion, and then act as if that is what the book is basically about. So if I were to suggest that a mass reduction of working hours or a policy of universal basic income might go far in solving the problems described here, the likely response will be to see this as a book about reducing working hours or about universal basic income, and to treat it as if it stands and falls on the workability of that policy—or even, the ease by which it could be implemented.

On the Impossibility of Developing an Absolute Measure of Value | How Most People in Contemporary Society Do Accept the Notion of a Social Value That Can Be Distinguished from Economic Value, Even If It Is Very Difficult to Pin Down What It Is | Concerning the Inverse Relationship Between the Social Value of Work and the Amount of Money One Is Likely to Be Paid for It | On the Theological Roots of Our Attitudes Toward Labor | On the Origins of the Northern European Notion of Paid Labor as Necessary to the Full Formation of an Adult Human Being | How, with the Advent of Capitalism, Work Came to Be Seen in Many Quarters Either as a Means of Social Reform or Ultimately as a Virtue in Its Own Right, and How Laborers Countered by Embracing the Labor Theory of Value | Concerning the Key Flaw in the Labor Theory of Value as It Became Popular in the Nineteenth Century, and How the Owners of Capital Exploited That Flaw | How, over the Course of the Twentieth Century, Work Came to Be Increasingly Valued Primarily as a Form of Discipline and Self-Sacrifice Chapter 7 What Are the Political Effects of Bullshit Jobs, and Is There Anything That Can Be Done About This Situation? On How the Political Culture under Managerial Feudalism Comes to Be Maintained by a Balance of Resentments | How the Current Crisis over Robotization Relates to the Larger Problem of Bullshit Jobs | On the Political Ramifications of Bullshitization and Consequent Decline of Productivity in the Caring Sector as It Relates to the Possibility of a Revolt of the Caring Classes | On Universal Basic Income as an Example of a Program That Might Begin to Detach Work from Compensation and Put an End to the Dilemmas Described in This Book Acknowledgments About the Author Notes Bibliography To anyone who would rather be doing something useful with themselves. Preface: On the Phenomenon of Bullshit Jobs In the spring of 2013, I unwittingly set off a very minor international sensation.

So if I were to suggest that a mass reduction of working hours or a policy of universal basic income might go far in solving the problems described here, the likely response will be to see this as a book about reducing working hours or about universal basic income, and to treat it as if it stands and falls on the workability of that policy—or even, the ease by which it could be implemented. That would be deceptive. This is not a book about a particular solution. It’s a book about a problem—one that most people don’t even acknowledge exists. Another reason I hesitate to make policy suggestions is that I am suspicious of the very idea of policy. Policy implies the existence of an elite group—government officials, typically—that gets to decide on something (“a policy”) that they then arrange to be imposed on everybody else. There’s a little mental trick we often play on ourselves when discussing such matters. We say, for instance, “What are we going to do about the problem of X?”


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Bezonomics: How Amazon Is Changing Our Lives and What the World's Best Companies Are Learning From It by Brian Dumaine

activist fund / activist shareholder / activist investor, AI winter, Airbnb, Amazon Web Services, Atul Gawande, autonomous vehicles, basic income, Bernie Sanders, Black Swan, call centre, Chris Urmson, cloud computing, corporate raider, creative destruction, Danny Hillis, Donald Trump, Elon Musk, Erik Brynjolfsson, future of work, gig economy, Google Glasses, Google X / Alphabet X, income inequality, industrial robot, Internet of things, Jeff Bezos, job automation, Joseph Schumpeter, Kevin Kelly, Lyft, Marc Andreessen, Mark Zuckerberg, money market fund, natural language processing, pets.com, plutocrats, Plutocrats, race to the bottom, ride hailing / ride sharing, Sand Hill Road, self-driving car, shareholder value, Silicon Valley, Silicon Valley startup, Snapchat, speech recognition, Steve Jobs, Stewart Brand, supply-chain management, Tim Cook: Apple, too big to fail, Travis Kalanick, Uber and Lyft, uber lyft, universal basic income, wealth creators, web application, Whole Earth Catalog

He believes that the economy will provide jobs for those displaced by automation and AI. That said, from time to time he has pondered the need for a universal basic income (UBI) to make up for lost jobs. In essence, with a UBI the federal government steps in and pays every American a basic wage to make up for the disruption that technology is about to wreak on the job market. Bezos, who has libertarian leanings, hasn’t made up his mind yet on a UBI. In general, he is a social progressive who is not politically outspoken and has limited his public advocacy. That puts him at odds with his fellow tech titans, including Facebook’s Mark Zuckerberg and his cofounder Chris Hughes, Tesla’s Elon Musk, and venture capitalist Marc Andreessen, all of whom support some form of a universal basic income. The UBI is simply a logical response to a socially and politically complex problem.

Those left untouched by Amazon are either lucky enough to be in sectors of the economy where this AI giant doesn’t play—heavy industry, law, restaurants, and real estate—or are just dallying cluelessly until the Amazon steamroller crushes them. The repercussions of Bezonomics on how we work and live are also profound. Amazon is a master of robotics, and although the company has created more than 650,000 jobs from its inception to 2019, it’s about to unleash a wave of automation that—when copied by others—will roil our labor markets to the point where governments will need to take seriously the idea of a universal basic income. At the same time, as more companies pursue their own Bezonomics business model, life will become even more digitized, ushering in a world where, instead of visiting malls or small neighborhood stores where we can interact with friends and neighbors, we’ll sit in isolation in the glow of a screen and do our shopping with a click of the buy button. During the writing of this book, many thoughtful friends and colleagues have asked me whether Amazon is good or bad.

So far, the Amazon Go store, automated warehouses, and self-driving delivery vans are just early warning signs of a wave of new technologies that will make hundreds of millions of jobs obsolete around the world. For most people, the pink-slip-bearing robots haven’t arrived yet. But all signs point to the fact that they’re coming, except for those who exist in certain insulated professions—often ones that are high-touch or have an emotional component. Some of the dispossessed will find new jobs, others will survive on a universal basic income provided by their government, and others still will turn to the gig economy, trying to eke out a living any way they can. One way to do this, of course, is to start a business that sells stuff on Amazon. That, however, would mean having to compete directly with Amazon’s relentless AI flywheel. CHAPTER 9 Dancing with the Devil John Morgan looks back wistfully on his days running a kitesurfing shop on the coast of Spain.


The New Class War: Saving Democracy From the Metropolitan Elite by Michael Lind

affirmative action, anti-communist, basic income, Bernie Sanders, Boris Johnson, Bretton Woods, business cycle, capital controls, Cass Sunstein, central bank independence, centre right, collective bargaining, commoditize, corporate governance, crony capitalism, deindustrialization, Doha Development Round, Donald Trump, Edward Snowden, future of work, global supply chain, guest worker program, Haight Ashbury, illegal immigration, immigration reform, invisible hand, knowledge economy, liberal world order, low skilled workers, low-wage service sector, manufacturing employment, Mark Zuckerberg, mass immigration, means of production, moral panic, Nate Silver, new economy, offshore financial centre, oil shock, open borders, plutocrats, Plutocrats, Ponzi scheme, purchasing power parity, Ralph Nader, regulatory arbitrage, rent-seeking, Richard Florida, Ronald Reagan, Silicon Valley, The Wealth of Nations by Adam Smith, Thorstein Veblen, trade liberalization, union organizing, universal basic income, upwardly mobile, WikiLeaks, Wolfgang Streeck, working poor

., 50 identity politics, 74 immigration, immigrants, xi–xiv, 14, 17, 27, 41–42, 68, 74–79, 91, 115–16, 127, 150–51, 168 amnesties, 164 attitudes toward, survey on, 70–71 in Britain, 26 class conflict, 21–26 citizenship and, 160–61, 163–64 and competition for public goods, 79, 81, 153–54 democratic pluralism and, 155–65 dependency ratio and, 161–62 economic growth, 159–61 equal rights for all workers, 163–64 in Germany, 67 guest workers, 59, 120, 158, 160–61, 163 in heartlands, 16 housekeepers, 21–22, 124, 156, 158–59 hub-heartland divide and, 21–23 illegal, 67, 77–79, 154, 156, 159 illegal, amnesty for, 164 labor unions and, 153–55 menial jobs and, 155–58 myth of job shortages, 155–59 open borders policy and, 154–55, 157 public attitudes toward, 78–79 public support for welfare state, 155 racism, 26 refugees, 78 sanctuary city laws and, 21–22 types of opposition to, 111 unionization, 151–53 universal basic income and, 125, 127 unskilled and less-skilled, 59–60, 70, 77, 155–60 US Commission on Immigration Reform, 76–77 voting rights and, 163–64 wages and, 157–59, 163 ward system and, 138 welfare and, 154–55 workers, xii, xiii, xv, 11–12, 15–16, 21–23, 26, 59–60, 79, 111, 122, 124, 129–30, 148, 155–65 income and wages, 33, 35, 37, 51–53, 55, 59, 115, 120, 122, 127, 136, 151, 152, 157, 159 earned income tax credit and, 122 immigrants and, 157–59, 163 and large vs. small employers, 125–27 minority groups and, 157 universal basic income, 122–25, 127 wage boards and, 137 industrialization, xi, 8, 28–29 deindustrialization, 68, 126, 129, 132, 138 interest group liberalism, 40, 48–49 see also democratic pluralism intergenerational mobility, 7–8 iPhone, 57–58, 118, 151 Isaacs, Julia B., 7 Jefferson, Thomas, 138 Johnson, Boris, xiii, 81, 100, 112, 131 Johnson, Chalmers, 149 Johnson, Hugh, 35 Jordan, Barbara, 77 judges, see courts Judis, John B., 164 Juncker, Jean-Claude, 54 juristocracy, 62; see courts Justice Department, 126 Kakaes, Konstantin, 57 Kaufmann, Eric, 23 Kazin, Michael, 97 Keynes, John Maynard, 128 Kirkegaard, Jacob Funk, x Kitto, H.

Somewhat bolder proposals to help the working class, which also avoid any heretical questioning of the labor market effects of deunionization, offshoring, and mass immigration, include more redistribution of income in the form of cash transfers or tax breaks and more opportunities for working-class citizens to start their own businesses. Redistributionist proposals range from expanding tax subsidies to wage earners, like America’s earned income tax credit (EITC), to the old but periodically revived idea of a universal basic income (UBI), which would allow all citizens to live at a minimally adequate level without working. While some minor forms of enhanced redistribution to mollify discontented voters will undoubtedly be tried in many Western countries, proposals for massive cash transfers are doomed for a number of reasons. Purchasing political acquiescence from workers who have stagnant or declining incomes with substantial amounts of cash requires an economically dynamic sector of the economy to make the bribes affordable.

A “robot tax” has been endorsed by French socialist Benoît Hamon and American capitalist Bill Gates, to fund a UBI as a solution to the as-yet-nonexistent problem of mass technological unemployment. But if robots were cheap and common enough to cause mass unemployment, the commoditized robot industry might not generate enough profit to support a massively expanded welfare state; you might as well try to pay for a universal basic income with a microwave oven tax. If, on the other hand, robots were scarce and selling for a premium, technological unemployment would not be a problem—and the robot tax perversely would encourage the substitution of low-wage workers for advanced machines, putting the Industrial Revolution into reverse. Nor can a few niche advanced manufacturing sectors pay for the massive redistribution from the few to the many required by the redistribution strategy.


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AI Superpowers: China, Silicon Valley, and the New World Order by Kai-Fu Lee

AI winter, Airbnb, Albert Einstein, algorithmic trading, artificial general intelligence, autonomous vehicles, barriers to entry, basic income, business cycle, cloud computing, commoditize, computer vision, corporate social responsibility, creative destruction, crony capitalism, Deng Xiaoping, deskilling, Donald Trump, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, full employment, future of work, gig economy, Google Chrome, happiness index / gross national happiness, if you build it, they will come, ImageNet competition, income inequality, informal economy, Internet of things, invention of the telegraph, Jeff Bezos, job automation, John Markoff, Kickstarter, knowledge worker, Lean Startup, low skilled workers, Lyft, mandatory minimum, Mark Zuckerberg, Menlo Park, minimum viable product, natural language processing, new economy, pattern recognition, pirate software, profit maximization, QR code, Ray Kurzweil, recommendation engine, ride hailing / ride sharing, risk tolerance, Robert Mercer, Rodney Brooks, Rubik’s Cube, Sam Altman, Second Machine Age, self-driving car, sentiment analysis, sharing economy, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, Skype, special economic zone, speech recognition, Stephen Hawking, Steve Jobs, strong AI, The Future of Employment, Travis Kalanick, Uber and Lyft, uber lyft, universal basic income, urban planning, Y Combinator

More creative versions of these programs could correct for this, and I encourage companies and governments to continue experimenting with them. But I fear this kind of approach will be far from sufficient to address the long-term pressures that AI will bring to the labor market. For that, we may have to adopt more radical redistributive measures. THE BASICS OF UNIVERSAL BASIC INCOME Currently, the most popular of these methods of redistribution is, as mentioned earlier, the universal basic income (UBI). At its core, the idea is simple: every citizen (or every adult) in a country receives a regular income stipend from the government—no strings attached. A UBI would differ from traditional welfare or unemployment benefits in that it would be given to everyone and would not be subject to time limits, job-search requirements, or any constraints in how it could be spent.

See also WeChat Chinese startups and, 58 as dominant AI player, 83, 91, 93 global markets and, 137 Groupon partnership with, 47–48 internet AI and, 109 Microsoft Research Asia and, 89 mobile payments and, 73–74, 76 “Pearl Harbor attack” on Alibaba, 60–61 success of, 40 super-app model and, 70–71 Zhou and, 41–42 TensorFlow, 95, 228 Terminator (film series), 141 Tesla, 131–32 tests and grading, 123 3Q War, 41–42 Thrun, Sebastian, 88, 113–14 Tmall, 36 Toutiao (news platform), 40, 108–9, 163 traffic management, 84, 94, 103, 124, 134 transfer learning, 12 Traptic, 129 truck drivers, 101, 102 Trump, Donald, 98, 104 Tsinghua University, 89 Tujia, 73 tutoring, customized, 123–24 Twitter, 23, 24, 31, 33, 40 U Uber bicycle sharing compared to, 78, 79 Chinese entrepreneurs compared to, 24–25 Chinese market and, 39 Didi and, 40, 68–69, 70, 72, 79, 137 four waves of AI and, 106 global markets and, 137 O2O revolution and, 68–69 self-driving cars and, 19, 131 services using model of, 213–14 WeChat and, 70 UBI. See universal basic income (UBI) unemployment, mass, 5, 19–21, 144, 145–48, 154–55, 173, 199–200 United Kingdom, 11, 20, 169 United States birth of AI and, 11, 13–14 China’s competition with. See China and U.S., competition between digital world dominance of, 2, 11–12, 18 economic stratification in, 150 education experiments in, 229 Fermi’s move to, 85 global economic inequality and, 168–70 government’s hands-off approach, 18, 229 great decoupling and, 150, 202 inequality within, 170–72, 199–200 inheritance of technological skillsets in, 33 jobs at risk of automation in, 157–60, 164 mobile payments in, compared to China, 75–77 privacy protection in, 125 self-driving cars in, 133 spending on research vs. Google, 92–93 traffic accidents in, 101 universal basic income and, 207 universal basic income (UBI), 201, 206–10, 218, 220, 222, 225 University of Modena, 191–92 University of Science and Technology of China, 81–82 “useless class,” 172, 230 utopians vs. dystopians, 140–44 V value alignment problem, 142 venture capital (VC) industry AI world order and, 20 American, 70 Chinese, 3–4, 11, 40, 47–48, 51–54, 58, 64–65, 88, 97–99 competition between companies and, 15 creation of, and AI revolution, 153–55 Lee and, ix, xi, 3, 52 new venture ecosystem, 216–17 VIPKid, 123–24 volunteerism, 218–20, 221, 229 W Wadhwa, Vivek, 165 wage suppression, 165 Wall Street, 35 Walsh, Frank, 173 Wang Xing as the Cloner, 22–24, 25–26 Facebook and Twitter copied by, 22, 23, 24, 31, 32–33, 42 Meituan, founding of, 45–49 Meituan Dianping, 49, 69, 70, 78 Ware, Bronnie, 186–87, 195 War of a Thousand Groupons, 45–49 Waymo, 92, 131, 135 weak features vs. strong features, 110–11, 113, 191 wealth and class inequality, 19–20, 144, 145–47, 150–51, 154, 170–72, 199–200.

No economic or social policy can “brute force” a change in our hearts. But in choosing different policies, we can reward different behaviors and start to nudge our culture in different directions. We can choose a purely technocratic approach—one that sees each of us as a set of financial and material needs to be satisfied—and simply transfer enough cash to all people so that they don’t starve or go homeless. In fact, this notion of universal basic income seems to be becoming more and more popular these days. But in making that choice I believe we would both devalue our own humanity and miss out on an unparalleled opportunity. Instead, I want to lay out proposals for how we can use the economic bounty created by AI to double-down on what makes us human. Doing this will require rewriting our fundamental social contracts and restructuring economic incentives to reward socially productive activities in the same way that the industrial economy rewarded economically productive activities.


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The AI Economy: Work, Wealth and Welfare in the Robot Age by Roger Bootle

"Robert Solow", 3D printing, agricultural Revolution, AI winter, Albert Einstein, anti-work, autonomous vehicles, basic income, Ben Bernanke: helicopter money, Bernie Sanders, blockchain, call centre, Capital in the Twenty-First Century by Thomas Piketty, Chris Urmson, computer age, conceptual framework, corporate governance, correlation does not imply causation, creative destruction, David Ricardo: comparative advantage, deindustrialization, deskilling, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, everywhere but in the productivity statistics, facts on the ground, financial intermediation, full employment, future of work, income inequality, income per capita, industrial robot, Internet of things, invention of the wheel, Isaac Newton, James Watt: steam engine, Jeff Bezos, job automation, job satisfaction, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, John von Neumann, Joseph Schumpeter, Kevin Kelly, license plate recognition, Marc Andreessen, Mark Zuckerberg, market bubble, mega-rich, natural language processing, Network effects, new economy, Nicholas Carr, Paul Samuelson, Peter Thiel, positional goods, quantitative easing, RAND corporation, Ray Kurzweil, Richard Florida, ride hailing / ride sharing, rising living standards, road to serfdom, Robert Gordon, Robert Shiller, Robert Shiller, Second Machine Age, secular stagnation, self-driving car, Silicon Valley, Simon Kuznets, Skype, social intelligence, spinning jenny, Stanislav Petrov, Stephen Hawking, Steven Pinker, technological singularity, The Future of Employment, The Wealth of Nations by Adam Smith, Thomas Malthus, trade route, universal basic income, US Airways Flight 1549, Vernor Vinge, Watson beat the top human players on Jeopardy!, We wanted flying cars, instead we got 140 characters, wealth creators, winner-take-all economy, Y2K, Yogi Berra

Accordingly, there is a groundswell of support for a truly radical approach to income redistribution, which seems comparatively easy, appropriate to the problem at hand and politically feasible, namely the introduction of some form of basic or universal income. The idea has resonance without the possible effects of robots and AI. But, as the ensuing detailed discussion should make clear, it seems to have particular relevance to a world undergoing the robot and AI shock. A universal basic income (UBI) The idea of a guaranteed minimum income, or GMI, often referred to as a universal basic income (UBI), which is the nomenclature that I will use here, comes in many variants.6 In its purest form a UBI is the grant of a regular income at a single fixed level per individual (or per household), regardless of circumstances, financial or otherwise, and without the need to fulfill any conditions, save being a citizen of the country in question, or having been a resident there for so many years.

On the face of it, it does seem plausible that the increased employment of robots and AI will lead to increased inequality of incomes between workers. (I discuss this issue in Chapter 6.) Equally, in the first instance, without any deliberate policy action by government to spread the benefits accruing from the employment of robots and AI (perhaps through the imposition of a robot tax whose revenues are used to fund a universal basic income, which I discuss in Chapters 7 and 9), the impact will probably also be to boost profits at the expense of wages. But even if one of these two things does happen, or even both, we cannot blithely assume that they will inevitably lead to deficient demand. For a start, if the robot and AI revolution is as profound as its enthusiasts allege, then society as a whole will be radically changed.

It must inevitably fall to the state. Indeed, as we prepare for the AI economy, the state potentially needs to be at the center of three major policy issues: • The regulation and possible taxation of robots and AI. • Radical reform of the education system to prepare people for both work and leisure in the Robot Age. • The possible redistribution of income including, perhaps, through the introduction of a universal basic income (UBI). In regard to these matters, it is high time for us to move from discussion and speculation to action – or at least to the contemplation of it. PART 3 What is to be done? 7 Encourage it, or tax and regulate it? “Unfortunately, robots do not pay taxes.” Luciano Floridi1 “I suppose it is tempting, if the only tool you have is a hammer, to treat every problem as if it were a nail.”


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The People vs Tech: How the Internet Is Killing Democracy (And How We Save It) by Jamie Bartlett

Ada Lovelace, Airbnb, Amazon Mechanical Turk, Andrew Keen, autonomous vehicles, barriers to entry, basic income, Bernie Sanders, bitcoin, blockchain, Boris Johnson, central bank independence, Chelsea Manning, cloud computing, computer vision, creative destruction, cryptocurrency, Daniel Kahneman / Amos Tversky, Dominic Cummings, Donald Trump, Edward Snowden, Elon Musk, Filter Bubble, future of work, gig economy, global village, Google bus, hive mind, Howard Rheingold, information retrieval, Internet of things, Jeff Bezos, job automation, John Maynard Keynes: technological unemployment, Julian Assange, manufacturing employment, Mark Zuckerberg, Marshall McLuhan, Menlo Park, meta analysis, meta-analysis, mittelstand, move fast and break things, move fast and break things, Network effects, Nicholas Carr, off grid, Panopticon Jeremy Bentham, payday loans, Peter Thiel, prediction markets, QR code, ransomware, Ray Kurzweil, recommendation engine, Renaissance Technologies, ride hailing / ride sharing, Robert Mercer, Ross Ulbricht, Sam Altman, Satoshi Nakamoto, Second Machine Age, sharing economy, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, smart cities, smart contracts, smart meter, Snapchat, Stanford prison experiment, Steve Jobs, Steven Levy, strong AI, TaskRabbit, technological singularity, technoutopianism, Ted Kaczynski, the medium is the message, the scientific method, The Spirit Level, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, theory of mind, too big to fail, ultimatum game, universal basic income, WikiLeaks, World Values Survey, Y Combinator

There are parts of this glorious and gleaming metropolis that reek of destitution, used needles, human waste and food banks, some of it literally in the shadows of the world’s biggest and coolest companies. One morning I witnessed junkies openly shooting up on a busy pavement: it wasn’t yet 9a.m. And, on the same street, techies wearing white earbuds entered the gleaming offices of a company that promises to let you ‘belong anywhere’. Epilogue: Universal Basic Income At some point all this creative destruction becomes bad even for the winners. No one wants to live in a world comprising a handful of trillionaires and hordes of unemployed or extremely poorly paid people – not even the trillionaires. A growing number of people are proposing a bold new idea to deal with this. In 2017 I interviewed Sam Altman, the president of Y Combinator, the most important fund in Silicon Valley for tech start-ups.

Sam is a Princeton dropout and frequently wears a hoodie, yet when I met him, he was only 31 years old and already a multi-millionaire. He is often described as ‘the man who invents the future’. The companies Y Combinator have funded include Airbnb and Starsky Robotics, and are now altogether valued at $80 billion. Aware of the potential turbulence that AI might unleash, Y Combinator recently started to fund a pilot in universal basic income. UBI, as it is commonly referred to, is an increasingly popular idea to deal with the possible rise of joblessness and tech-fuelled inequality. The basic concept is that governments should give everyone enough money to live on, with no strings attached. Several pilot schemes, including Oakland, California and Finland, are examining the idea (although it’s too early to say how well they are working yet), and a number of serious thinkers and writers believe it is worth further investigation.

A growing number of people from both the left and the right of politics imagine that the falling cost of goods and higher machine-driven productivity will produce a world of plenty and the end of meaningless work. Our lives will be happier, easier and more fulfilling. Greater connectivity and more information will continue to make us generally wiser, better informed and hopefully kinder. But, to make sure people aren’t left behind, something akin to a universal basic income will be needed to spread the wealth around. For many people this is the utopian scenario. By contrast, the dystopian scenario is that central governments will gradually lose the ability to function properly. Inequality will increase to a point where a tiny number of people end up with all the tech and all the wealth and everyone else has no choice but to scratch out a living serving the winners.


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Evil Geniuses: The Unmaking of America: A Recent History by Kurt Andersen

affirmative action, Affordable Care Act / Obamacare, airline deregulation, airport security, always be closing, American ideology, American Legislative Exchange Council, anti-communist, Apple's 1984 Super Bowl advert, artificial general intelligence, autonomous vehicles, basic income, Bernie Sanders, blue-collar work, Bonfire of the Vanities, bonus culture, Burning Man, call centre, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, centre right, computer age, coronavirus, corporate governance, corporate raider, COVID-19, Covid-19, creative destruction, Credit Default Swap, cryptocurrency, deindustrialization, Donald Trump, Elon Musk, ending welfare as we know it, Erik Brynjolfsson, feminist movement, financial deregulation, financial innovation, Francis Fukuyama: the end of history, future of work, game design, George Gilder, Gordon Gekko, greed is good, High speed trading, hive mind, income inequality, industrial robot, interchangeable parts, invisible hand, Isaac Newton, James Watt: steam engine, Jane Jacobs, Jaron Lanier, Jeff Bezos, jitney, Joan Didion, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, knowledge worker, low skilled workers, Lyft, Mark Zuckerberg, market bubble, mass immigration, mass incarceration, Menlo Park, Naomi Klein, new economy, Norbert Wiener, Norman Mailer, obamacare, Peter Thiel, Picturephone, plutocrats, Plutocrats, post-industrial society, Powell Memorandum, pre–internet, Ralph Nader, Right to Buy, road to serfdom, Robert Bork, Robert Gordon, Robert Mercer, Ronald Reagan, Saturday Night Live, Seaside, Florida, Second Machine Age, shareholder value, Silicon Valley, Social Responsibility of Business Is to Increase Its Profits, Steve Jobs, Stewart Brand, strikebreaker, The Death and Life of Great American Cities, The Future of Employment, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Tim Cook: Apple, too big to fail, trickle-down economics, Tyler Cowen: Great Stagnation, Uber and Lyft, uber lyft, union organizing, universal basic income, Unsafe at Any Speed, urban planning, urban renewal, very high income, wage slave, Wall-E, War on Poverty, Whole Earth Catalog, winner-take-all economy, women in the workforce, working poor, young professional, éminence grise

Since 2013, when the digital pioneer and Microsoft philosopher-prince Jaron Lanier wrote a book about the basic unfairness of the Internet economy and proposed requiring the tech companies to somehow pay for our data, that notion has also moved from chimerical toward possible. Ditto with universal basic income. Andrew Yang’s presidential candidacy was quixotic but also successful—it gave the first extended, respectful national spotlight to the two important truths underlying his campaign: the inexorable automation of jobs, and our need to radically readjust the political economy to cope. Who knows how or when or if a universal basic income could be rolled out, or what its precise funding mechanisms and rules would be? But it’s feasible.*7 The Yang campaign version was $1,000 a month from age eighteen on, funded by a value-added tax and a carbon tax. In a Pew Research survey about automation and economics in 2017, pre-Yang, 61 percent of people were in favor of the government giving “all Americans a guaranteed income that would meet their basic needs” as a way of dealing with “robots and computers [that] are capable of doing many human jobs.”

America also decided in the early 1900s that it would be fairer and more sensible to fund the federal government mainly by a new direct tax on the incomes of the affluent, with progressively higher taxation percentages on higher incomes. Which meant that a quarter-century later, in the 1930s, we could afford to decide that in this country becoming old should no longer mean becoming poor. In 1940, the year Social Security benefits started, three-quarters of Americans sixty-five and older lived in poverty; by 1980 the average retiree was getting the equivalent of $14,000 a year from the federal government, a universal basic income for the old. The countervailing powers that we built into our free-market political economy from 1880 until 1980 did not amount to an anticapitalist conversion. Rather, it was really the opposite, essential to the system’s evolution and renewal, making our version of capitalism more fair, less harsh, and politically sustainable, a robust foundation for a growing middle class whose spending fueled more economic growth and a society that made most of its citizens reasonably content and proud.

The proposition that the worker who loses his job in one industry will necessarily be able to find employment, possibly after appropriate retraining, in some other industry, is as invalid as would be the assertion that horses who lost their jobs in transportation and agriculture could necessarily have been put to another economically productive use. In the thirty-seven years since Leontief wrote that, of course, America has indeed put increasingly uneconomic workers on short rations. And although there’s still a lot of optimistic, hand-waving conventional wisdom about the future of jobs in the new AI era, a national conversation about putting workers out to pasture with universal basic incomes has begun. Automation and computers replace human workers in all kinds of ways, some more obvious and visible than others, but the process of actual robots taking over the jobs of Americans is still in its early days. Maybe a million U.S. workers—machinists and welders and the like—have already been replaced by robots. But beyond those direct replacements of skilled workers, two MIT economists recently found that during the first wave of industrial robots in the 1990s and 2000s, each robot installed led to the loss of a half-dozen jobs.


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Automating Inequality by Virginia Eubanks

autonomous vehicles, basic income, business process, call centre, cognitive dissonance, collective bargaining, correlation does not imply causation, deindustrialization, disruptive innovation, Donald Trump, Elon Musk, ending welfare as we know it, experimental subject, housing crisis, IBM and the Holocaust, income inequality, job automation, mandatory minimum, Mark Zuckerberg, mass incarceration, minimum wage unemployment, mortgage tax deduction, new economy, New Urbanism, payday loans, performance metric, Ronald Reagan, self-driving car, statistical model, strikebreaker, underbanked, universal basic income, urban renewal, War on Poverty, working poor, Works Progress Administration, young professional, zero-sum game

. $2.00 a Day: Living on Almost Nothing in America. Boston: Houghton Mifflin Harcourt, 2015. Garza, Alicia. “A Herstory of the #Blacklivesmatter Movement.” http://blacklivesmatter.com/herstory/. [Accessed June 28, 2017.] Gillespie, Sarah. “Mark Zuckerberg Supports Universal Basic Income. What Is It?” CNN Money, May 26, 2017. http://money.cnn.com/2017/05/26/news/economy/mark-zuckerberg-universal-basic-income/index.html. [Accessed June 28, 2017.] Hiltzik, Michael. “Conservatives, Liberals, Techies, and Social Activists All Love Universal Basic Income: Has Its Time Come?” Los Angeles Times, June 22, 2017. http://www.latimes.com/business/hiltzik/la-fi-hiltzik-ubi-20170625-story.html. [Accessed June 28, 2017.] Holland, Gale. “13,000 Fall into Homelessness Every Month in L.A. County, Report Says.” Los Angeles Times, Aug. 25, 2015. http://www.latimes.com/local/lanow/la-me-homeless-pathways-20150825-story.html.

But, as Kathryn J. Edin and H. Luke Shaefer point out in $2.00 a Day: Living on Almost Nothing in America, work doesn’t always work for everyone. “We need a program that can provide a temporary cash cushion,” they write, “because no matter what strategies we implement, work … will sometimes fail.”4 In the face of fears that automation promises a jobless future, a cash assistance plan, the universal basic income (UBI) is enjoying a resurgence. Experiments in UBI are currently being conducted in Finland and in Ontario, Canada. In May 2017, Hawaii adopted a bill declaring that “all families … deserve basic financial security” and began to explore instituting a UBI. High-tech entrepreneurs such as Mark Zuckerberg, CEO of Facebook, and Elon Musk, founder of Tesla Motors, believe that a UBI will provide a cushion allowing everyone to innovate and try new ideas.

See also eligibility rules equity as a national value Errington, Sue eugenics expungement “failure to cooperate” fair hearings Family Assistance Program (FAP) false negatives false positives “fear of falling” Federal Bureau of Investigation (FBI) Federal Emergency Relief Administration (FERA) Flaherty, David food banks food stamps. See also Supplemental Nutrition Assistance Program (SNAP) Ford, Ezell Ford, Ira B. Ford, Mabel Ford, Shawntee foster care fraud detection and algorithms and Indiana technologies and universal basic income (UBI) Freeland, Mary Galton, Francis Gambrill, Eileen “gaming” the system Gandy, Oscar Gangadharan, Seeta Peña Garcetti, Eric Garza, Alicia gentrification. See also urban renewal Gilbert, Fred Gilens, Martin Gillespie, Sarah Goldberg v. Kelly Gordon, Pat Gray, Freddie Great Depression Great Railroad Strike of 1877 Great Recession of 2007 Gregory, Justin E. Gresham, Jane Porter Grzyb, Patrick Gustafson, Kaaryn Hankins, Tanya harm reduction Hawkins, Amanda Green health care and child neglect and mental health and passbook system and poorhouses as a right and surveys health-care fraud health-care system and employment and Indiana providers and employees health insurance and Indiana start dates for See also Medicaid Higgins, Will Hippocratic oath for technology and administration Holden, Ollice Holland, Gale Holly, Chris Holmes, Oliver Wendell Homeless Management Information System (HMIS) homelessness and criminalization of poverty and encampments Homeless Outreach Program Integrated Care System (HOPICS) Los Angeles Homeless Services Authority (LAHSA) Measure H (sales tax increase) Measure HHH (Homelessness Reduction and Prevention, Housing and Facilities Bond) “no wrong door” approach shelters and storage units See also housing Honkala, Cheri Hoover, J.


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The Startup Way: Making Entrepreneurship a Fundamental Discipline of Every Enterprise by Eric Ries

activist fund / activist shareholder / activist investor, Affordable Care Act / Obamacare, Airbnb, autonomous vehicles, barriers to entry, basic income, Ben Horowitz, Black-Scholes formula, call centre, centralized clearinghouse, Clayton Christensen, cognitive dissonance, connected car, corporate governance, DevOps, Elon Musk, en.wikipedia.org, fault tolerance, Frederick Winslow Taylor, global supply chain, index card, Jeff Bezos, Kickstarter, Lean Startup, loss aversion, Marc Andreessen, Mark Zuckerberg, means of production, minimum viable product, moral hazard, move fast and break things, move fast and break things, obamacare, peer-to-peer, place-making, rent-seeking, Richard Florida, Sam Altman, Sand Hill Road, secular stagnation, shareholder value, Silicon Valley, Silicon Valley startup, six sigma, skunkworks, Steve Jobs, the scientific method, time value of money, Toyota Production System, Uber for X, universal basic income, web of trust, Y Combinator

UBI isn’t even necessarily the only way to build a truly universal economic benefit. A federal job guarantee might achieve similar outcomes: jacobinmag.com/​2017/​02/​federal-job-guarantee-universal-basic-income-investment-jobs-unemployment/. 21. nytimes.com/​2016/​12/​17/​business/​economy/​universal-basic-income-finland.html. 22. qz.com/​696377/​y-combinator-is-running-a-basic-income-experiment-with-100-oakland-families. 23. kauffman.org/​what-we-do/​resources/​entrepreneurship-policy-digest/​can-social-insurance-unlock-entrepreneurial-opportunities. 24. theatlantic.com/​business/​archive/​2016/​06/​netherlands-utrecht-universal-basic-income-experiment/​487883/; theguardian.com/​world/​2016/​oct/​28/​universal-basic-income-ontario-poverty-pilot-project-canada. 25. vox.com/​new-money/​2017/​2/​13/​14580874/​google-self-driving-noncompetes. 26. kauffman.org/​what-we-do/​resources/​entrepreneurship-policy-digest/​how-intellectual-property-can-help-or-hinder-innovation. 27. forbes.com/​2009/​08/​10/​government-internet-software-technology-breakthroughs-oreilly.html. 28. obamawhitehouse.archives.gov/​the-press-office/​2013/​05/​09/​executive-order-making-open-and-machine-readable-new-default-government-. 29.

And, of course, the program could be administered privately on behalf of the Federal Reserve, in the same way that banks today already act as the Fed’s private interface to the citizenry. I honestly don’t know how many people don’t pursue their entrepreneurial dreams for lack of $1,000 that they could afford to lose. But I think the number could be large. The cost to find out would be pretty small, and this program could easily be piloted in one community or city to find out. UNIVERSAL BASIC INCOME A policy idea that is all the rage in Silicon Valley right now is the universal basic income (UBI), the idea that governments could guarantee to every citizen a secure income that is unrelated to their ability to work.20 Even a modest UBI would probably pay huge dividends in the category of more startups formed, by simply reducing the risk inherent in failure. If you could not become unemployed and thereby destitute, the worst-case scenario that most frightens would-be entrepreneurs would be moot.

Scale fast,” unemployment insurance Taylor, Frederick Winslow, 8.1 Team of Teams (McChrystal) teams attracting members corporate, typical, 3.1, 3.2 cross-functional, 1.1, 6.1, 6.2, p03.1, 10.1, 10.2, 10.3 executive sponsors, 6.1, 7.1, 7.2 focus on, 3.1, nts.1n3 incentivizing island of freedom or sandbox milestones for, 2.1, 5.1 modern company morale, 6.1, 7.1 small versus big, 3.1, p02.1 startup teams, 3.1, 6.1, p03.1 two-pizza team, 1.1, 5.1 Techstars, 2.1, 7.1, 7.2 Telefónica Tomoyama, Shigeki, 1.1, 6.1 Toyota, itr.1, 1.1, 6.1, 11.1 InfoTechnology Center (ITC) Internet-connected car TPS, 1.1, 1.2, 8.1 transformation (organizational), itr.1, itr.2, itr.3, p01.1, 6.1, p03.1, 10.1 beginning of common patterns energy (motivation) for outcomes of Phase One, p02.1, p02.2, 6.1 Phase Two, p02.1, p02.2, 7.1 Phase Three, p02.1, p02.2, 8.1 Phases and Scales, p02.1, 9.1 three questions for unified theory of Twilio, itr.1, 3.1, 4.1, 6.1 Twitter uncertainty, 1.1, 2.1, 7.1, 10.1 unicorn startup, 1.1, 11.1 unified theory of entrepreneurship universal basic income (UBI), 11.1, nts.1n20 USAID, U.S. Global Development Lab U.S. Citizenship and Immigration Services (USCIS), 8.1, p03.1, 11.1 U.S. Department of Education, College Scorecard, 4.1, 4.2, 4.3, 4.4, 4.5, 4.6, 7.1, 11.1 U.S. Digital Service (USDS), 2.1, 3.1, p02.1, 6.1, 7.1, 8.1 U.S. government, itr.1, 6.1 digital dimension, p02.1, 6.1, 6.2 employees as entrepreneurs Government 2.0/Data.gov, 11.1 procurement reform See also specific agencies U.S.


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People, Power, and Profits: Progressive Capitalism for an Age of Discontent by Joseph E. Stiglitz

"Robert Solow", affirmative action, Affordable Care Act / Obamacare, barriers to entry, basic income, battle of ideas, Berlin Wall, Bernie Madoff, Bernie Sanders, business cycle, Capital in the Twenty-First Century by Thomas Piketty, carried interest, central bank independence, clean water, collective bargaining, corporate governance, corporate social responsibility, creative destruction, Credit Default Swap, crony capitalism, deglobalization, deindustrialization, disintermediation, diversified portfolio, Donald Trump, Edward Snowden, Elon Musk, Erik Brynjolfsson, Fall of the Berlin Wall, financial deregulation, financial innovation, financial intermediation, Firefox, Fractional reserve banking, Francis Fukuyama: the end of history, full employment, George Akerlof, gig economy, global supply chain, greed is good, income inequality, information asymmetry, invisible hand, Isaac Newton, Jean Tirole, Jeff Bezos, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John von Neumann, Joseph Schumpeter, labor-force participation, late fees, low skilled workers, Mark Zuckerberg, market fundamentalism, mass incarceration, meta analysis, meta-analysis, minimum wage unemployment, moral hazard, new economy, New Urbanism, obamacare, patent troll, Paul Samuelson, pension reform, Peter Thiel, postindustrial economy, price discrimination, principal–agent problem, profit maximization, purchasing power parity, race to the bottom, Ralph Nader, rent-seeking, Richard Thaler, Robert Bork, Robert Gordon, Robert Mercer, Robert Shiller, Robert Shiller, Ronald Reagan, secular stagnation, self-driving car, shareholder value, Shoshana Zuboff, Silicon Valley, Simon Kuznets, South China Sea, sovereign wealth fund, speech recognition, Steve Jobs, The Chicago School, The Future of Employment, The Great Moderation, the market place, The Rise and Fall of American Growth, the scientific method, The Wealth of Nations by Adam Smith, too big to fail, trade liberalization, transaction costs, trickle-down economics, two-sided market, universal basic income, Unsafe at Any Speed, Upton Sinclair, uranium enrichment, War on Poverty, working-age population

FEC, 332n29 “splinternet,” 135 split shifts/split scheduling, 66, 197 Standard Oil, 134 standards of living after 1800, 264n23 government-sponsored research and, 232 growth and, 181 increases over past 250 years, 11–12 international comparisons of, 35–37 knowledge and, 183–84, 240, 263n22 tariffs and, 91 Stanford University, 16 Staples, 125 state capitalism, 95 stock market, 112, 207, 214, 236 streaming video, 147–48 structural reforms, 70 student debt, 220 subsidies, 96–97 “sugar high,” from 2017 tax bill, 185, 236–38 suicide, 42 Super PACs, 332n29 supply and demand, labor and, 82, 122, 198 supply chains, 92 supply-side economics, xv, xvii, 25, 195 Supreme Court gene patent cases, 74–75, 127 lack of enforcement power, 241 on limits to freedom of speech, 133 loss of status as fair arbiter, 165–67 and power of money in politics, 169–70 Senate and, 6 Voting Rights Act gutted by, 202 Sweden, 25, 133, 269n45 Switzerland, 193 Syprine, 71 tariffs, 35, 87, 90–93 taxation of data, 131 educational system and, 220 of financial institutions, 207 and free-rider problem, 156 rent-seeking and, 268n43 restoring fairness to system, 205–8 and structural transformation from technological change, 123 and Sweden’s economic success, 25 and technological change, 122 of universities, 16, 184 tax avoidance, 108 tax bill (2017), 85 Affordable Care Act and, 212–13 damage to future generations from, 204 failed ideas behind, 184–85 flaws and loopholes, xvii–xix, 85, 258n6 infrastructure and, 183 public opinion of, 160 real estate interests and, 168–69 regressiveness of, 175, 194, 206 research universities and, 16, 184 share buybacks, 109 “sugar high” from, 236–38 trade deficit and, 90 Trump and, 152 as voodoo economics, xv tax cuts effects of, 268–69n44, 268n43 growth slowed by, 25, 26 under Trump, See tax bill (2017) tax revenue, globalization and, 84–86 teachers, 123, 200, 201 teams and teamwork, 225–26 Tea Party movement, 114, 174, 178 technology AI, See artificial intelligence Big Data, See Big Data challenges posed by, 117–37 customer targeting, 125–26 data regulation, 128–31 effect on individuals/social interactions, 136 employment and, 118–23 job destruction and, 86–87 lower wages and increased inequality from, 122–23 market power and, 73–74, 123–35 privacy and, 127–28 real pace of innovation, 118–19 threat to democracy posed by, 131–35 wealth of nation and, xiv telecom industry, 49 Ten Commandments, 143 term limits, 166, 167 Thaler, Richard, 126 Thatcher, Margaret, xiv–xv Thiel, Peter, 47, 104 Thomas, Clarence, 165 three-fifths clause, 161 Time Warner, 325n17 tolerance, 228 TPP (Trans-Pacific Partnership), 87 trade agreements, 80, 83–84, 87–89, 91, 99 trade deficit, 35, 89–91, 307n32 trade imbalance, budget deficits and, 90 trade liberalization, 82; See also globalization Trade-Related Aspects of Intellectual Property Rights (TRIPS), 89 trade wars, 93–94 transaction costs mortgage reform and, 217 public vs. private sector, 189, 214 of voting, 161 Trans-Pacific Partnership (TPP), 87 transparency, disclosure laws and, 171 Treasury Department, US, 173 trickle-down economics, xxv, 38, 82–83; See also supply-side economics TRIPS (Trade-Related Aspects of Intellectual Property Rights), 89 Trump, Donald, and administration; See also tax bill (2017) and Affordable Care Act, 212–13 attack on checks and balances, 233–34 attack on Enlightenment ideals, 14–22 attack on judiciary, 17, 165 attack on political system, 164 attack on publicly-funded research, 184 attack on truth, 177, 234 attack on truth-telling institutions, 14–18 2008 bank bailout and rise of, 114 and business community, 14–16 cost-benefit analysis under, 205 election of, 3 and globalization, 80–81 and immigration, 181 and lack of consequences for elites in Great Recession, 152 lack of rational discussion of nation’s problems, 240 Nazi’s rise in Germany compared to, 15–16 and need for good governance, 234–35 net neutrality repeal, 147 and protectionism, 89 public institutions undermined by, 231–33 Reagan administration’s parallels with, xvi and “rigged” system, 21 rule of law disregarded by, 80–81 tax “reform,” See tax bill [2017] and TPP, 87 and trade wars, 93–94 Trumponomics, xx; See also tax bill (2017) trust, as essential to economic system, 104 truth Enlightenment’s concern with, 10 Trump’s attack on, 14–18, 234 Tüfekçi, Zeynep, 126 Turing Pharmaceuticals, 296n72 twin deficits, 307n30 Twitter, 132 UBI (universal basic income), 190–91 Ulukaya, Hamdi, 266n33 unemployment automation and, 119–20 labor markets and, 65 market economies and, 23 universal basic income, 190–91 as waste of resources, 193 unemployment insurance, 189–90 unions, 66–67, 86–87 union shops, 67 United Kingdom, independent public media in, 133 US Trade Representative (USTR), 99–100 universal basic income (UBI), 190–91 universal health care, 13 universities income inequality and, 200 and 2017 tax bill, 16, 184 Trump’s attack on, 16–17 University of California, Berkeley, 16 University of Chicago, 68 unskilled workers, See low-skilled workers urbanization, 153, 187 USTR (US Trade Representative), 99–100 usury laws, 145 Valeant, 71 values American, 222 as cause of current problems, 239–40 conservatism vs. embracing change, 226–28 globalization and multiple systems of, 94–97 market economy and, 30 myths and, 224–26 shared, 228–30 social reality vs., 223–28 vertical mergers, 325n17 Visa, 60 Vlingo, 286n34 voodoo economics, xv voter disenfranchisement/suppression, 161–62 voting, 246 voting reform, 161–63 Voting Rights Act (1965), 202 wages after Great Recession, 193–94 class disparities, 38–39 globalization and, 80, 82 market power and, 65–66 new technologies and, 122–23 productivity and, 38 teachers and incentive pay, 201 Wall Street, 173; See also stock market Walmart, 71–72 Walton family, 43, 279n40 wealth concentration among three richest Americans, 5 creating vs. taking, 49–50 curbing the influence on democracy, 176–78 and inequality of opportunity, 44–45 and manipulation of public opinion via new technology, 132 and media control, 133 wealth creation, xiv, 26 wealth income ratio, 54 wealth inequality, 43, 177–78, 206, 238 wealth of nations alternative theories on sources of, 22–31 attack on sources of, 14–22 elements of, xiv, xxiv supply-side economics and, 25 true sources of, 8–9 unfettered markets and, 23–25 Wealth of Nations, The (Smith), 8–9 wealth redistribution, 50, 64 weather-related disasters, 207 Wells Fargo, 103 WhatsApp, 70, 73, 124 women and labor force growth, 181 life expectancy and socioeconomic status, 41 and teacher salaries, 200 wage inequality, 41 work, See jobs work–life balance, 192, 197 World Bank, 80 World Bank human capital index, 36 World Trade Organization (WTO), 83 World War II, 120, 210 Wynn, Steve, 331n26 Yale University, 126 Youn, Monica, 333n35 zero-sum thinking, 19 Zuckerberg, Mark, 117 ALSO BY JOSEPH E.

Individuals often have unrealistic expectations of what wages they should get, and underestimate the value of having a job—not just the income, but the social connections, with important consequences for well-being—and the cost of not having a job for future employability.18 Any time we consider unemployment insurance programs, it is essential to recall that they have a further macroeconomic benefit; they act as automatic stabilizers—when the economy is weak and jobs aren’t being created fast enough, they automatically kick in, and the income they provide helps the economy maintain an even keel.19 Having in place programs ready to deal with a deep downturn, such as the one the country went through after the 2008 crisis, makes good sense: Such protections cost us little in times when the labor market is tight, and despite the expense, save us a great deal during recessions. Without them, the slowing or shrinking of the economy would be much worse. The relative weakness of the American social safety net is part of what accounted for the severity of the 2008 Great Recession, much worse than in Germany and other Northern European countries, some of which were initially hit even worse. Universal basic income Some, especially in the hi-tech community, have put forward the intriguing suggestion of a universal basic income (UBI) as a supplement to our existing social safety nets. Some have even suggested that such a program should replace the myriad other social support programs. A UBI would essentially be a financial stipend for all citizens. Everybody would get a check from the government, say on the first of the month. Of course, those with good jobs would be sending back in taxes to the government far more than they receive.

Especially in the US, with its gridlocked political system, even recognizing that there is a problem doesn’t suffice, as we saw in the response to the Great Recession. There can be long, costly delays before Congress votes for the needed injection of funds into the economy. 20.There has been a plethora of books advocating a UBI, including the following: Guy Standing, Basic Income: A Guide for the Open-Minded (New Haven: Yale University Press, 2017); Annie Lowrey, Give People Money: How a Universal Basic Income Would End Poverty, Revolutionize Work, and Remake the World (New York: Crown, 2018); and Philippe Van Parijs and Yannick Vanderborght, Basic Income: A Radical Proposal for a Free Society and a Sane Economy (Cambridge, MA: Harvard University Press, 2017). The titles suggest the transformative role that the authors believe a UBI would have for our society. 21.Some have suggested that there are also political advantages—universal programs, like Social Security, receive more support, simply because they are universal.


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Fully Automated Luxury Communism by Aaron Bastani

"Robert Solow", autonomous vehicles, banking crisis, basic income, Berlin Wall, Bernie Sanders, Bretton Woods, capital controls, cashless society, central bank independence, collapse of Lehman Brothers, computer age, computer vision, David Ricardo: comparative advantage, decarbonisation, dematerialisation, Donald Trump, double helix, Elon Musk, energy transition, Erik Brynjolfsson, financial independence, Francis Fukuyama: the end of history, future of work, G4S, housing crisis, income inequality, industrial robot, Intergovernmental Panel on Climate Change (IPCC), Internet of things, Isaac Newton, James Watt: steam engine, Jeff Bezos, job automation, John Markoff, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kevin Kelly, Kuiper Belt, land reform, liberal capitalism, low earth orbit, low skilled workers, M-Pesa, market fundamentalism, means of production, mobile money, more computing power than Apollo, new economy, off grid, pattern recognition, Peter H. Diamandis: Planetary Resources, post scarcity, post-work, price mechanism, price stability, private space industry, Productivity paradox, profit motive, race to the bottom, RFID, rising living standards, Second Machine Age, self-driving car, sensor fusion, shareholder value, Silicon Valley, Simon Kuznets, Slavoj Žižek, stem cell, Stewart Brand, technoutopianism, the built environment, the scientific method, The Wealth of Nations by Adam Smith, Thomas Malthus, transatlantic slave trade, Travis Kalanick, universal basic income, V2 rocket, Watson beat the top human players on Jeopardy!, Whole Earth Catalog, working-age population

See also luxury populism Post, Mark, 170–2, 175, 176 post-capitalism information and, 59–60 without communism, 56–9 poverty, 24–5 Preston Model, 208–11, 213 private space industry, 120–1 privatisation, 202–4, 207, 209–10 production, mode of, 195 productivity paradox, 233 productivity revolution, 60–3 progressive procurement, 207 property-owning democracy, 25 prototype politics, 198 PV (photovoltaic) cells, 47, 102–5 radical politics, revival of, 27–8 railway lines, 33–4 realism, capitalist, 17–9 red politics, 188–92 Rees-Mogg, Jacob, 206–7 Reformation, 240, 241 regeneration, 207 Reither, Walter, 70–1 Relativity Space, 123, 124 renewable energy about, 104, 108 financing, 219–20 generating and storing, 218–19 green movement and, 238–9 transitioning to, 218–19 renewables, 106 ‘Reopening the American Frontier: Exploring How the Outer Space Treaty Will Impact American Commerce and Settlement in Space’, 129 Resolution Foundation, 58 resources asteroid mining, 119–20 globalism and, 197 post-scarcity in, 117–37 private space industry, 120–1 space, 119–37 Ricardo, David, 69, 233 rice production, 161–2 Richards, Bob, 124 Rifkin, Jeremy, 79 Rio Earth Summit, 98, 197 robots about, 78, 133 Atlas, 82–3, 132 da Vinci surgery robot, 90 information technology and robotics, 76 ‘KIVA’, 89 rise of, 80–2 Rocket Lab, 121, 122, 123 Romer, Paul, 63–5, 199–200 Roosevelt, Franklin, 194 Rutter, Brad, 80 Sanders, Bernie, 29, 30 Saturn V, 120, 122 Saudi Arabia, 220–1 Schumpeter, Joseph, 36 Scottish National Party, 28 Second Disruption, 11, 32–6, 72–4, 79, 94, 96, 106, 134, 139, 141, 163, 188, 190, 192, 198, 201, 208, 217, 232–3, 236, 238, 241 Selden, Mike, 172, 173 self-regulation, consequences of, 206 ‘Sermon on Indulgences and Grace’ (Luther), 241 Silicon Valley, 196 ‘Six Laws of Technology’ (Kranzberg), 237 Skelton, Noel, 25 Smith, Adam, 69, 233 ‘Social Prosperity for the Future’, 214 socialised capital market, 230–2 socialism, 191 society, electoralism and, 194–6 soil fertility, 118 ‘solar home’, 113–14 solar power/energy about, 101–5, 107 Global South and, 106–11 in Saudi Arabia, 220–1 Solow, Robert, 233 Sondergaard, Peter, 87 space asteroid mining, 133–4 falling costs of, 122–4 mineral wealth in, 134–7 Moon Express, 125–6 near-Earth asteroids (NEAs), 130–1 Outer Space Treaty (1967), 127 as private industry, 120–1 private sector, 132–3 SPACE Act (2015), 2, 9 Space Launch System, 120 Space Shuttle programme, 122 SpaceX, 119–21, 122, 133–4, 156 speculative economy, repressing the, 229–30 Sputnik, 137, 153 state socialism, 213 steam engine, 93, 95, 149, 164, 201, 238 steam power, 33 Summers, Larry, 64–5, 116, 199–200 Supplemental Nutrition Assistance Program, 24 surplus, food, disruptions and, 159–60 sustenance about, 178–9 cultured meat, 170–5 egg whites, 177–9 food, surplus and disruptions, 159–60 meat from vegetables, 175–7 milk, 177–9 planetary limits, 160–4 post-scarcity in, 159–81 synthetic meat, 168–70 wine, 177–81 synthetic meat, 168–70 Syriza, 28, 30 TALEN (transcription activator-like effector-based nucleases), 150 Taylor, Frederick, 60–3, 85 Taylorism, 60–3 technological unemployment, 86–8 technology Marx on, 237 relationship between politics and, 237 Technology and Unemployment report, 53 Terran 1 rocket, 124 Tesla, 84, 85, 106 Thatcher, Margaret, 206–7 Third Disruption, 11, 37–48, 70, 79, 82, 92, 116, 143–4, 148, 156, 171, 185–8, 192–6, 201, 212–4, 217, 221, 226, 232, 234, 236, 238, 241–3 3-D Magnetic Recording technology, 45–6 3-D printing, 122–4, 127 Tithebarn project, 208 transatlantic telegraph cable, 34 transcription activator-like effector-based nucleases (TALEN), 150 transportation, in UK, 215 travel, exponential, 39–40 Trump, Donald, 21, 24, 29, 30 Trussell Trust, 24 Turnspit dog, 72–3 Uber, 84, 85 UBI (Universal Basic Income), 224–6 UBS (Universal Basic Services), 207–8, 213–17, 224, 226, 236 UK ageing in Britain, 141–4 healthcare in, 215–16 transportation in, 215 UKIP, 28 unemployment, 26 unfreedom, 214 unions, in Britain, 211–12 Universal Basic Income (UBI), 224–6 Universal Basic Services (UBS), 207–8, 213–17, 224, 226, 236 University College London, 90 US Department of Agriculture, 178 US Food and Drug Administration, 153 US National Institute of Health, 147 US National Space Council, 129 US Senate Committee on Commerce, Science and Transportation, 129 utopia, from crisis to, 48–9 V2, 137 Valeti, Uma, 173 vegetables, meat from, 175–7 Verne, Jules Around the World in Eighty Days, 33 von Braun, Wernher, 120, 128 voting, 195 wage-labour, 35 Wagner, Erika, 135 Wales, 114 Watson (computer), 80 Watson, James, 144, 149 Watt, James, 33 Watt’s steam engine, 93, 95, 149, 201, 238 The Wealth of Nations (Smith), 69–70 wheat production, 161–2, 165 Whole Foods Market, 88 Wikipedia, 235 wind power/energy, 111–13 windfall tax, 230 wine, cellular agriculture and, 177–81 work, future of, 92–3 worker-owned cooperatives, 209–10 worker-owned economy, 207–8, 211–12, 219 World Bank, 221, 222 Wycliffe, John, 239–41 Xplorer, 132 Yang (factory worker), 1–2 ZFNs (zinc finger nucleases), 150 zinc, 118 zinc finger nucleases (ZFNs), 150 Žižek, Slavoj, 17n

Amid recent calls for reparations to atone for the historic injustices of the Atlantic slave trade and European empires, a One World Tax would turn a timely idea into a concrete demand. Wealthier countries must pay for the clean energy of poorer ones. 11 Reforging the Capitalist State It measures everything, in short, except that which makes life worthwhile. Robert Kennedy Money for Nothing While the state guaranteeing the provision of certain goods has a long history, particularly in the twentieth century, it is the idea of a Universal Basic Income – the ‘UBI’ – which seems to have attracted greater curiosity in recent years. The reason why isn’t difficult to understand. Many are convinced of its ability to address multiple aspects of the five crises, with it being uniquely capable of responding to ‘the conjunction of growing inequality, a new wave of automation, and a more acute awareness of the ecological limits to growth’. The impulse behind UBI is as simple as Universal Basic Services, except rather than certain goods being free at the point of use for everybody, every citizen is given a fixed amount of money at regular intervals.

University College London Institute for Global Prosperity, 2017. ‘NHS Statistics, Facts and Figures’. NHS Confederation, 14 July 2017. Decarbonisation Klein, Naomi. This Changes Everything: Capitalism vs. the Climate. Penguin Books, 2015. ‘Softbank and Saudi Arabia Announce New Solar Generation Project’. CNBC, 27 March 2018. 11. Reforging the Capitalist State Money for Nothing Martinelli, Luke. ‘Assessing the Case for a Universal Basic Income in the UK.’ University of Bath Institute for Policy Research, September 2017. Van Parijs, Philippe and Yannick Vanderborght. Basic Income: A Radical Proposal for a Free Society and a Sane Economy. Harvard University Press, 2017. Zamora, Daniel. ‘The Case Against a Basic Income’. Jacobin, 28 December 2017. Central Banks as Central Planners Blakely, Grace. ‘On Borrowed Time: Finance and the UK’s Current Account Deficit’.


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This Could Be Our Future: A Manifesto for a More Generous World by Yancey Strickler

basic income, big-box store, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, cognitive dissonance, corporate governance, Daniel Kahneman / Amos Tversky, David Graeber, Donald Trump, Doomsday Clock, effective altruism, Elon Musk, financial independence, gender pay gap, global supply chain, housing crisis, Ignaz Semmelweis: hand washing, invention of the printing press, invisible hand, Jeff Bezos, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Nash: game theory, Joi Ito, Joseph Schumpeter, Kickstarter, Louis Pasteur, Mark Zuckerberg, medical bankruptcy, new economy, Oculus Rift, off grid, offshore financial centre, Ralph Nader, RAND corporation, Richard Thaler, Ronald Reagan, self-driving car, shareholder value, Silicon Valley, Simon Kuznets, Snapchat, Social Responsibility of Business Is to Increase Its Profits, stem cell, Steve Jobs, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, Travis Kalanick, universal basic income, white flight

“not in my business”: As reported by Axios (“Forget About Broad-Based Pay Raises, Executives Say,” May 27, 2018) at the Federal Reserve Bank of Dallas event “Technology-Enabled Disruption: Implications for Business, Labor Markets, and Monetary Policy” on May 24–25, 2018. Lazonick has put it: Lazonick’s characterization of buybacks as “profits without prosperity” was in Harvard Business Review (“Profits Without Prosperity,” September 2014). universal basic income: Two recommended books to learn more about universal basic income: Rutger Bregman’s Utopia for Realists and Annie Lowrey’s Give People Money. debt to enter the workforce: Background and stats on student loans come from CNBC (“Why Does a College Degree Cost So Much?” in 2015 and “Student Loan Balances Jump Nearly 150 Percent in a Decade” in 2017). elections are decided almost entirely by money: The 2015 report on the relationship between campaign expenditures and campaign results (“How Money Drives US Congressional Elections: More Evidence”) was written by Thomas Ferguson, Paul Jorgensen, and Jie Chen and published by the Institute for New Economic Thinking.

This would be a world of “profits without prosperity,” as the economist William Lazonick has put it. Our current trajectory is driving us toward this future in Insane Mode, while keeping us woefully unprepared for the shocks that will come when we get there. We need a better answer for what to do with excess capital than give it away to shareholders. One potential answer is higher taxes combined with some version of a universal basic income. This has merits and challenges too long to go into here. Regardless of the specific plan, if we don’t change course we’ll end up in an ugly future with a very big mullet. MULLET UNIVERSITY Some of the biggest victims of the Mullet Economy aren’t even part of it yet. They’re college students, soon-to-be college students, and recent college graduates who are taking on record amounts of debt to enter the workforce.

Bentoism Elizabeth Anderson, Value in Ethics and Economics Michael Walzer, Spheres of Justice: A Defense of Pluralism and Equality How Ideas Work Yuval Noah Harari, Sapiens: A Brief History of Humankind John Higgs, The KLF: Chaos, Magic, and the Band Who Burned a Million Pounds John Higgs, Stranger Than We Can Imagine: An Alternative History of the 20th Century Thomas Kuhn, The Structure of Scientific Revolutions Daniel Rodgers, Age of Fracture J. Z. Young, Doubt and Certainty in Science: A Biologist’s Reflections on the Brain Economics Rutger Bregman, Utopia for Realists: How We Can Build the Ideal World David Graeber, Debt: The First 5,000 Years (Updated and Expanded) Annie Lowrey, Give People Money: How a Universal Basic Income Would End Poverty, Revolutionize Work, and Remake the World Mariana Mazzucato, The Entrepreneurial State: Debunking Public vs. Private Sector Myths Mariana Mazzucato, The Value of Everything: Making and Taking in the Global Economy Carlota Perez, Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages Thomas Picketty, Capital in the Twenty-First Century E.


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Radical Markets: Uprooting Capitalism and Democracy for a Just Society by Eric Posner, E. Weyl

3D printing, activist fund / activist shareholder / activist investor, Affordable Care Act / Obamacare, Airbnb, Amazon Mechanical Turk, anti-communist, augmented reality, basic income, Berlin Wall, Bernie Sanders, Branko Milanovic, business process, buy and hold, carbon footprint, Cass Sunstein, Clayton Christensen, cloud computing, collective bargaining, commoditize, Corn Laws, corporate governance, crowdsourcing, cryptocurrency, Donald Trump, Elon Musk, endowment effect, Erik Brynjolfsson, Ethereum, feminist movement, financial deregulation, Francis Fukuyama: the end of history, full employment, George Akerlof, global supply chain, guest worker program, hydraulic fracturing, Hyperloop, illegal immigration, immigration reform, income inequality, income per capita, index fund, informal economy, information asymmetry, invisible hand, Jane Jacobs, Jaron Lanier, Jean Tirole, Joseph Schumpeter, Kenneth Arrow, labor-force participation, laissez-faire capitalism, Landlord’s Game, liberal capitalism, low skilled workers, Lyft, market bubble, market design, market friction, market fundamentalism, mass immigration, negative equity, Network effects, obamacare, offshore financial centre, open borders, Pareto efficiency, passive investing, patent troll, Paul Samuelson, performance metric, plutocrats, Plutocrats, pre–internet, random walk, randomized controlled trial, Ray Kurzweil, recommendation engine, rent-seeking, Richard Thaler, ride hailing / ride sharing, risk tolerance, road to serfdom, Robert Shiller, Robert Shiller, Ronald Coase, Rory Sutherland, Second Machine Age, second-price auction, self-driving car, shareholder value, sharing economy, Silicon Valley, Skype, special economic zone, spectrum auction, speech recognition, statistical model, stem cell, telepresence, Thales and the olive presses, Thales of Miletus, The Death and Life of Great American Cities, The Future of Employment, The Market for Lemons, The Nature of the Firm, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Thorstein Veblen, trade route, transaction costs, trickle-down economics, Uber and Lyft, uber lyft, universal basic income, urban planning, Vanguard fund, women in the workforce, Zipcar

The other half of COST revenue would be roughly $5,300 per person in the United States under present capital valuations and almost certainly would skyrocket under our proposal because of the more efficient allocation of assets, the revelation of capital income hidden at present, and the growth of the economy our proposal would ignite. These funds could be used to finance government services, public goods (such as investment in basic research), or social welfare programs for the poor. One could also imagine a system in which the revenue generated by the COST is simply sent back to the population on a per capita basis as a social dividend—akin to the universal basic income, which is currently being touted by leading commentators.63 In this form, a COST would also serve as a much more effective way to collect a tax on wealth, which some economists have recently advocated for other reasons, because it has a built-in self-enforcement mechanism in the form of a buyer’s right to force a sale. This would avoid establishing an elaborate and ineffectual government monitoring apparatus as exists for other attempts to collect taxes on capital income and wealth.64 To envision the egalitarian potential of a COST, consider how it would affect a typical American family.

Lipton, Beyond Cybersquatting: Taking Domain Name Disputes Past Trademark Policy, 40 Wake Forest Law Review 1361 (2005). 61. Hope King, Owner of ClintonKaine.com wants $90,000, CNN Money (July 27, 2016), http://money.cnn.com/2016/07/27/technology/clinton-kaine-website/index.html. 62. Lauren Cohen, Umit G. Gurun, & Scott Duke Kominers, The Growing Problem of Patent Trolling, 352 Science 521 (2016). 63. It is increasingly popular to refer to such a universal refundable tax credit as a “universal basic income” (UBI). We resist this description because a UBI is typically described as being indexed to some notion of an income required to live a decent life, a notion that we consider ill-defined and which, in any case, is not the aim of our proposal. Our social dividend would be proportioned to the total self-assessed wealth of a country and not to some notion of basic needs. 64. David P. Hariton, Sorting Out the Tangle of Economic Substance, 52 Tax Lawyer 235 (1999); David A.

Michael, 66–67 Spotify, 289, 292 stagnation, 3, 8–11, 14, 24, 190, 254, 257–58, 262, 276 stagnequality, 11–12, 24, 27, 257, 276 Stalin, Joseph, 93 Standard Oil Company, 40, 174–75, 177 starvation, 2, 38, 127, 260–61 State Street, 171, 181–84, 183 Stewart, Jimmy, 17 Stigler, George, xix, 49 stock market, 8, 78, 171, 179, 181, 193, 211, 275 Stolper, Wolfgang, 142–43 stop-and-frisk law, 89 strategic voting, 93, 119–20, 303n20 Sun Yat-Sen, 46, 56 supermajorities, 84–85, 88, 92 supersonic trains, 30–32 Suri, Sid, 233–34 surveillance, 237, 293 Sweden, 182, 272 Syria, 116, 140, 145 Syverson, Chad, 298 Taft, William, 175 Taiwan, 46, 56, 71 tariffs, 138, 266 taxes: arbitrage and, 275; avoidance of, 317n18; carbon, 243; common ownership self-assessed tax (COST) and, 61–69 (see also common ownership self-assessed tax [COST]); consolidated business influence and, 262; consumer groups and, 262; corporate, 189, 191; credits and, 121, 302n63; double taxation and, 65; human capital and, 259–61; immigrants and, 143–45, 156; import, 132; liberalism and, 5, 9, 23–24; property, 28, 31, 42–44, 51, 55–70, 73–76, 301n36; Quadratic Voting (QV) and, 263, 275; reform and, 274–75; retirement and, 260; road congestion and, 276; self-assessment and, 31, 55–56, 61–62, 70, 72, 258, 260, 270, 302n63; subsidies and, 274; tariffs and, 138, 266; turnover rate and, 58–61, 64, 76; universal basic income (UBI) and, 302n63; US vs. European systems of, 143–44 Taylor, Fred, 280 Tea Party, 3 “Technique for the Measurement of Attitudes” (Likert), 111 technofeudalism, 230–33 technology, 2; artificial intelligence (AI), 202, 208–9, 213, 219–24, 226, 228, 230, 234, 236, 241, 246, 248, 254, 257, 287, 292; automated video editing and, 208; biotechnology, 254; capitalism and, 34, 203, 316n4; climate treaties and, 265; common ownership self-assessed tax (COST) and, 71–72, 257–59; computers, 21 (see also computers); consumers and, 287; cybersquatters and, 72; data and, 210–13, 219, 222–23, 236–41, 244; diminishing returns and, 226, 229–30; distribution of complexity and, 228; facial recognition and, 208, 216–19; growth and, 255; human capital and, 293; hyperlinks and, 210; Hyperloop and, 30–33; immigrants and, 256–57; income distribution of companies in, 223; information, 139, 210; innovation and, 30–32, 34, 71, 172, 187, 189, 202, 258; intellectual property and, 26, 38, 48, 72, 210, 212, 239; Internet and, 21, 27, 51, 71, 210–12, 224, 232, 235, 238–39, 242, 246–48; job displacement and, 222, 253, 316n4; labor and, 210–13, 219, 222–23, 236–41, 244, 251, 253–59, 265, 274, 293, 316n4; machine learning (ML) and, 208–9, 213–14, 217–21, 226–31, 234–35, 238, 247, 289, 291, 315n48; marginal value and, 224–28, 247; markets and, 203, 286–87, 292; medical, 291; Moore’s Law and, 286–87; network effects and, 211, 236, 238, 243; neural nets and, 214–19; overfitting and, 217–18; pencils and, 278–79; programmers and, 163, 208–9, 214, 217, 219, 224; property and, 34, 66, 70–71; Quadratic Voting (QV) and, 264; Radical Markets and, 277, 285–86; rapid advances in, 4, 173; recommendation systems and, 289–90; robots and, 222, 248, 251, 254, 287; sea power and, 131; self-driving cars and, 230; server farms and, 217; siren servers and, 220–24, 230–41, 243; social media and, 231, 236, 251; spam and, 210, 245; surveillance and, 237, 293; thinking machines and, 213–20; wealth and, 254; websites, 151, 155, 221; World Wide Web and, 210 techno-optimists, 254–55, 316n1 techno-pessimists, 254–55, 316n2 TEDz talk, 169 tenant farmers, 37–38, 41 Thaler, Richard, 67 Thales of Miletus, 172 Theory of Price, The (Stigler), 49 Theory of the Leisure Class (Veblen), 78 Three Principles of the People (Sun), 46 Through the Looking-Glass (Carroll), 176 Tirole, Jean, 236–37 Tom Sawyer (Twain), 233, 237 trade barriers, 14 tragedy of the commons, 44 transportation, 136, 139, 141, 174, 207, 288, 291 trickle down theories, 9, 12 Trump, Donald, 12–14, 120, 169, 296n20 Turkey, 15 turnover rate, 58–61, 64, 76 Twain, Mark, 233, 237 Twitter, 117, 221 Uber, xxi, 70, 77, 117, 288 unemployment, 9–11, 190, 200, 209, 223, 239, 255–56 unions, 23, 94, 118, 200, 240–45, 316n4 United Airlines, 171, 191 United Arab Emirates (UAE), 151–52, 158–59 United Kingdom: British East India Company and, 21, 173; Corbyn and, 12, 13; democracy and, 95–96; House of Commons and, 84–85; House of Lords and, 85; labor and, 133, 139, 144; Labor Party and, 45; national health system of, 290–91; Philosophical Radicals and, 95; rationing in, 20; voting and, 96 United States: American Constitution and, 86–87; American Independence and, 95; Articles of Confederation and, 88; checks and balances system of, 87; Civil War and, 88; Cold War and, xix, 25, 288; common ownership self-assessed tax (COST) and, 71–76; democracy and, 86–90, 93, 95; Gilded Age and, 174, 262; gun rights and, 15, 90; H1–B program and, 149, 154, 162–63; income distribution in, 4–6; Jackson and, 14; labor and, 9–10, 130, 135–54, 157–61, 164–65, 210, 222; liberalism and, 24 (see also liberalism); lobbyists and, 262; Long Depression of, 36; markets and, 272, 288, 290; monopolies and, 21; New Deal and, 176, 200; Nixon and, 288; Occupy Wall Street and, 3; political campaign contributions and, 15; political corruption and, 27; populist tradition of, 12; primary system and, 93; Progressive movement in, 45; property and, 36, 38, 45, 47–48, 51, 71–76; Radical Markets and, 177, 182–83, 196, 201; religious liberty and, 15; Revolutionary War and, 88; stop-and-frisk law and, 89; technology and, 71–72; Trump and, 12–14, 120, 169, 296n20 United States v.


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Human Compatible: Artificial Intelligence and the Problem of Control by Stuart Russell

3D printing, Ada Lovelace, AI winter, Alan Turing: On Computable Numbers, with an Application to the Entscheidungsproblem, Alfred Russel Wallace, Andrew Wiles, artificial general intelligence, Asilomar, Asilomar Conference on Recombinant DNA, augmented reality, autonomous vehicles, basic income, blockchain, brain emulation, Cass Sunstein, Claude Shannon: information theory, complexity theory, computer vision, connected car, crowdsourcing, Daniel Kahneman / Amos Tversky, delayed gratification, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Ernest Rutherford, Flash crash, full employment, future of work, Gerolamo Cardano, ImageNet competition, Intergovernmental Panel on Climate Change (IPCC), Internet of things, invention of the wheel, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, John Nash: game theory, John von Neumann, Kenneth Arrow, Kevin Kelly, Law of Accelerating Returns, Mark Zuckerberg, Nash equilibrium, Norbert Wiener, NP-complete, openstreetmap, P = NP, Pareto efficiency, Paul Samuelson, Pierre-Simon Laplace, positional goods, probability theory / Blaise Pascal / Pierre de Fermat, profit maximization, RAND corporation, random walk, Ray Kurzweil, recommendation engine, RFID, Richard Thaler, ride hailing / ride sharing, Robert Shiller, Robert Shiller, Rodney Brooks, Second Machine Age, self-driving car, Shoshana Zuboff, Silicon Valley, smart cities, smart contracts, social intelligence, speech recognition, Stephen Hawking, Steven Pinker, superintelligent machines, Thales of Miletus, The Future of Employment, Thomas Bayes, Thorstein Veblen, transport as a service, Turing machine, Turing test, universal basic income, uranium enrichment, Von Neumann architecture, Wall-E, Watson beat the top human players on Jeopardy!, web application, zero-sum game

See work, elimination of Tegmark, Max, 4, 114, 138 Tellex, Stephanie, 73 Tencent, 250 tensor processing units (TPUs), 35 Terminator (film), 112, 113 Tesauro, Gerry, 55 Thaler, Richard, 244 Theory of the Leisure Class, The (Veblen), 230 Thinking, Fast and Slow (Kahneman), 238 thinking, learning from, 293–95 Thornton, Richard, 133 Times, 7, 8 tool (narrow) artificial intelligence, 46, 47, 136 TPUs (tensor processing units), 35 tragedy of the commons, 31 Transcendence (film), 3–4, 141–42 transitivity of preferences, 23–24 Treatise of Human Nature, A (Hume), 167 tribalism, 150, 159–60 truck drivers, 119 TrueSkill system, 279 Tucker, Albert, 30 Turing, Alan, 32, 33, 37–38, 40–41, 124–25, 134–35, 140–41, 144, 149, 153, 160–61 Turing test, 40–41 tutoring, 100–101 tutoring systems, 70 2001: A Space Odyssey (film), 141 Uber, 57, 182 UBI (universal basic income), 121 uncertainty AI uncertainty as to human preferences, principle of, 53, 175–76 human uncertainty as to own preferences, 235–37 probability theory and, 273–84 United Nations (UN), 250 universal basic income (UBI), 121 Universal Declaration of Human Rights (1948), 107 universality, 32–33 universal Turing machine, 33, 40–41 unpredictability, 29 utilitarian AI, 217–27 Utilitarianism ((Mill), 217–18 utilitarianism/utilitarian AI, 214 challenges to, 221–27 consequentialist AI, 217–19 ideal utilitarianism, 219 interpersonal comparison of utilities, debate over, 222–24 multiple people, maximizing sum of utilities of, 219–26 preference utilitarianism, 220 social aggregation theorem and, 220 Somalia problem and, 226–27 utility comparison across populations of different sizes, debate over, 224–25 utility function, 53–54 utility monster, 223–24 utility theory, 22–26 axiomatic basis for, 23–24 objections to, 24–26 value alignment, 137–38 Vardi, Moshe, 202–3 Veblen, Thorstein, 230 video games, 45 virtual reality authoring, 101 virtue ethics, 217 visual object recognition, 6 von Neumann, John, 23 W3C Credible Web group, 109 WALL-E (film), 255 Watson, 80 wave function, 35–36 “we’re the experts” argument, 152–54 white-collar jobs, 119 Whitehead, Alfred North, 88 whole-brain emulation, 171 Wiener, Norbert, 10, 136–38, 153, 203 Wilczek, Frank, 4 Wiles, Andrew, 185 wireheading, 205–8 work, elimination of, 113–24 caring professions and, 122 compensation effects and, 114–17 historical warnings about, 113–14 income distribution and, 123 occupations at risk with adoption of AI technology, 118–20 reworking education and research institutions to focus on human world, 123–24 striving and enjoying, relation between, 121–22 universal basic income (UBI) proposals and, 121 wage stagnation and productivity increases, since 1973, 117 “work in human–machine teams” argument, 163 World Economic Forum, 250 World Wide Web, 64 Worshipful Company of Scriveners, 109 Zuckerberg, Mark, 157 ABCDEFGHIJKLMNOPQRSTUVWXYZ About the Author Stuart Russell is a professor of Computer Science and holder of the Smith-Zadeh Chair in Engineering at the University of California, Berkeley.

He did not, however, imagine that in the long run—after a century of further technological advances—there would be a return to full employment: Thus for the first time since his creation man will be faced with his real, his permanent problem—how to use his freedom from pressing economic cares, how to occupy the leisure, which science and compound interest will have won for him, to live wisely and agreeably and well. Such a future requires a radical change in our economic system, because, in many countries, those who do not work face poverty or destitution. Thus, modern proponents of Keynes’s vision usually support some form of universal basic income, or UBI. Funded by value-added taxes or by taxes on income from capital, UBI would provide a reasonable income to every adult, regardless of circumstance. Those who aspire to a higher standard of living can still work without losing the UBI, while those who do not can spend their time as they see fit. Perhaps surprisingly, UBI has support across the political spectrum, ranging from the Adam Smith Institute28 to the Green Party.29 For some, UBI represents a version of paradise.30 For others, it represents an admission of failure—an assertion that most people will have nothing of economic value to contribute to society.

The analogy between data science employment and a small lifeboat for a giant cruise ship comes from a discussion with Yong Ying-I, head of Singapore’s Public Service Division. She conceded that it was correct on the global scale, but noted that “Singapore is small enough to fit in the lifeboat.” 28. Support for UBI from a conservative viewpoint: Sam Bowman, “The ideal welfare system is a basic income,” Adam Smith Institute, November 25, 2013. 29. Support for UBI from a progressive viewpoint: Jonathan Bartley, “The Greens endorse a universal basic income. Others need to follow,” The Guardian, June 2, 2017. 30. Chace, in The Economic Singularity, calls the “paradise” version of UBI the Star Trek economy, noting that in the more recent series of Star Trek episodes, money has been abolished because technology has created essentially unlimited material goods and energy. He also points to the massive changes in economic and social organization that will be needed to make such a system successful. 31.


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The Autonomous Revolution: Reclaiming the Future We’ve Sold to Machines by William Davidow, Michael Malone

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, agricultural Revolution, Airbnb, American Society of Civil Engineers: Report Card, Automated Insights, autonomous vehicles, basic income, bitcoin, blockchain, blue-collar work, Bob Noyce, business process, call centre, cashless society, citizen journalism, Clayton Christensen, collaborative consumption, collaborative economy, collective bargaining, creative destruction, crowdsourcing, cryptocurrency, disintermediation, disruptive innovation, distributed ledger, en.wikipedia.org, Erik Brynjolfsson, Filter Bubble, Francis Fukuyama: the end of history, Geoffrey West, Santa Fe Institute, gig economy, Gini coefficient, Hyperloop, income inequality, industrial robot, Internet of things, invention of agriculture, invention of movable type, invention of the printing press, invisible hand, Jane Jacobs, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, license plate recognition, Lyft, Mark Zuckerberg, mass immigration, Network effects, new economy, peer-to-peer lending, QWERTY keyboard, ransomware, Richard Florida, Robert Gordon, Ronald Reagan, Second Machine Age, self-driving car, sharing economy, Shoshana Zuboff, Silicon Valley, Simon Kuznets, Snapchat, speech recognition, Stuxnet, TaskRabbit, The Death and Life of Great American Cities, The Rise and Fall of American Growth, the scientific method, trade route, Turing test, Uber and Lyft, uber lyft, universal basic income, uranium enrichment, urban planning, zero day, zero-sum game, Zipcar

See Transportation Security Administration Turing, Alan, 46 Turing Pharmaceuticals, 57–58 Turner, Frederick Jackson, 159 Turo, 84, 86 Twenge, Jean M., 146, 147–148 Twitter, 49, 142, 146–147, 168, 173 Uber, 70, 84, 85, 86, 100 UBI. See universal basic income unemployment rates, 1, 105, 106–107, 111 unions, labor, 30–31 United States (US): CIA, 119, 172 cybercrime and security response from, 175, 179 cyber weapons of, 172–173 government, history and evolution of, 159–161 income inequality in, 13, 31, 163–164, 191–192, 194 total household income for, 194 workers’ rights legislation in, 30–31, 160 universal basic income (UBI), 110–111, 192 urban environments. See cities/urban environments Uruk, 24, 183–184 US. See United States Utopian ideals, 4–5, 19–20, 195 value systems, 12 citizen unity on and commitment to, 193–195 redefining, 67–68, 189–190 Vanguard, 77 vehicles.

One of the most creative and well-thought-out proposals for addressing this issue that we have seen comes from the arch-conservative writer Charles Murray, who has proposed basically terminating all welfare programs and replacing them with a basic income of $13,000 per year for all citizens over the age of twenty-one. Everyone would be required to spend $3,000 on health insurance. Payments would start to taper off after someone was earning more than $30,000 per year.52 Murray argues that the savings resulting from the elimination of entitlements would be enough to finance much of the plan. One of the most common objections to universal basic income (UBI) proposals is that they undermine the self-esteem and personal identity that comes with having a job. Opponents of UBI paint pictures of twenty-one-year-old white males living in cheap apartments, hooked on opioids, playing video games ten hours a day, and contemplating suicide. But as Murray points out, the plan would not incentivize unemployment, because everyone would still have to work to live at a comfortable level.

Therefore, we need to create new rules to accompany the new forms as quickly as possible. Hopefully we can find free-market solutions (or private/public solutions), such as investing proactively in the infrastructure of the future and in greater entrepreneurship. If those solutions do not lessen inequality, we are going to have to use other systems for redistributing wealth, such as higher taxes, free universal health care, and universal basic income (UBI). One consequence of all of this is that we may end up with even bigger government. Countries like Sweden spend about 10 to 15 percent more of their GDP on government than we do.13 Not coincidentally, Sweden’s Gini coefficient—the lower the number, the greater the income equality—is 0.259, less than a third of that of the United States.14 If the solution to income inequality comes in the form of high tax rates, universal health care, and UBI we will have moved closer to socialism—a very big value change.


pages: 343 words: 91,080

Uberland: How Algorithms Are Rewriting the Rules of Work by Alex Rosenblat

"side hustle", Affordable Care Act / Obamacare, Airbnb, Amazon Mechanical Turk, autonomous vehicles, barriers to entry, basic income, big-box store, call centre, cashless society, Cass Sunstein, choice architecture, collaborative economy, collective bargaining, creative destruction, crowdsourcing, disruptive innovation, don't be evil, Donald Trump, en.wikipedia.org, future of work, gender pay gap, gig economy, Google Chrome, income inequality, information asymmetry, Jaron Lanier, job automation, job satisfaction, Lyft, marginal employment, Mark Zuckerberg, move fast and break things, Network effects, new economy, obamacare, performance metric, Peter Thiel, price discrimination, Ralph Waldo Emerson, regulatory arbitrage, ride hailing / ride sharing, self-driving car, sharing economy, Silicon Valley, Silicon Valley ideology, Skype, social software, stealth mode startup, Steve Jobs, strikebreaker, TaskRabbit, Tim Cook: Apple, transportation-network company, Travis Kalanick, Uber and Lyft, Uber for X, uber lyft, union organizing, universal basic income, urban planning, Wolfgang Streeck, Zipcar

Facebook cofounder and philanthropist Chris Hughes dedicated his intellectual thought leadership to promoting a universal basic income,15 and Mark Zuckerberg, his former roommate, mentioned it in the commencement speech he gave at Harvard.16 This quasi-moral solution to income inequality—and to expanding the definition of equality for this generation—finds its strongest American proponents in Silicon Valley. Home to the billion-dollar titans of industry, who form a slightly reluctant political elite in the New Economy, Silicon Valley and the culture of technology radiate influence across the business, political, and media culture of major American cities. And Silicon Valley has a strong stake in national debates over whether automation technology, such as self-driving cars, will take all our jobs. Universal basic income is one form of “automation alimony” that is proposed to relieve the rising inequality often attributed to automation.

Tressie McMillan Cottom, Lower Ed: The Troubling Rise of For-Profit Colleges in the New Economy (New York: New Press, 2017), ch. 9; The Movement for Black Lives, “Platform,” n.d., https://policy.m4bl.org/platform/. 15. Chris Hughes, Fair Shot: Rethinking Inequality and How We Earn (New York: St. Martin’s Press, 2018). 16. Todd Haselton, “Mark Zuckerberg Joins Silicon Valley Bigwigs in Calling for Government to Give Everybody Free Money,” CNBC, May 25, 2017, www.cnbc.com/2017/05/25/mark-zuckerberg-calls-for-universal-basic-income-at-harvard-speech.html. 17. Eric A. Posner and Glen E. Weyl, “Property Is Only Another Name for Monopoly,” Journal of Legal Analysis (January 31, 2017), https://ssrn.com/abstract=2818494. 18. Jack, “Imagining the Sharing Economy.” 19. Robin Chase, “Bye, Bye Capitalism: We’re Entering the Age of Abundance,” Backchannel, July 16, 2015, https://medium.com/backchannel/see-ya-later-capitalism-the-collaborative-economy-is-taking-over-34a5fc3a37cd.

., 121 uberSelect, 57, 78–79 uberSUV, 67 uberX, 46, 50, 67, 85, 87–88 uberXL, 50 unemployment, 8, 22. See also job creation rhetoric unfair reviews, 147, 154. See also rating system unionization of drivers, 53–54, 179 United Kingdom, 156 United Mine Workers of America, 184–85 United Nations, 188 United States: 2016 presidential election, 114; driver statistics in, 50; national identity of, 11–12; Trump’s travel ban policy, 190–92. See also specific cities and states universal basic income, 23–24 University of Phoenix, 42 Unroll.Me, 189–90 up-front pricing policy, 121–25, 161, 200 Urtasun, Raquel, 185 U.S. Bureau of Labor Statistics, 25–26 Utah, 223n22 valuation of Uber, 28, 29–30, 190, 204 Vancouver, Canada, 177, 205, 258n11 venture capital funding, 10, 27–28 Via, 51, 52 wage theft, 15, 114–15, 125–28, 194, 201 Wall Street collapse, 22–23 Wall Street Journal, 26 Warnshuis, Corinne, 189 Washington, DC, 12 Waymo, 161 Waze, 205 WeChat, 199 Wells, Katie, 68 Wells Fargo, 23 “Westchester Would Send Anti-business Message by Opting Out from Ridehailing” (Maredia), 181 WhatsApp, 199, 205 white supremacist rally, 167 Wikimedia Foundation, 32 Wikipedia, 32 Wilson, Christo, 128 women: attrition rate of, 72; labeled as narcissists, 230n63; sexual assault of, 161, 194; sexual harassment of, 56, 139–40, 147, 188, 193, 194, 195–96; UN work initiative for, 188; value of work of, 32, 37–38; Wikipedia and, 32.


pages: 309 words: 86,909

The Spirit Level: Why Greater Equality Makes Societies Stronger by Richard Wilkinson, Kate Pickett

basic income, Berlin Wall, clean water, Diane Coyle, epigenetics, experimental economics, experimental subject, Fall of the Berlin Wall, full employment, germ theory of disease, Gini coefficient, God and Mammon, impulse control, income inequality, Intergovernmental Panel on Climate Change (IPCC), knowledge economy, labor-force participation, land reform, longitudinal study, Louis Pasteur, meta analysis, meta-analysis, Milgram experiment, moral panic, offshore financial centre, phenotype, plutocrats, Plutocrats, profit maximization, profit motive, Ralph Waldo Emerson, statistical model, The Chicago School, The Spirit Level, The Wealth of Nations by Adam Smith, Thorstein Veblen, ultimatum game, upwardly mobile, World Values Survey, zero-sum game

Tax and benefit policies are the most obvious way. Other influential areas of policy include minimum wage legislation, education policies, the management of the national economy, whether unemployment is kept to low levels, whether different rates of VAT and sales taxes are applied to necessities and luxuries, provision of public services, pension policies, inheritance taxes, negative income tax, basic income policies, child support, progressive consumption taxes,351 industrial policy, retraining schemes, and many more. But in this chapter we have also suggested more fundamental changes to ensure that income differences are subject to democratic control and greater equality becomes more deeply rooted in the social fabric. At this stage, creating the political will to make society more equal is more important than pinning our colours to a particular set of policies to reduce inequality.


pages: 336 words: 83,903

The Refusal of Work: The Theory and Practice of Resistance to Work by David Frayne

anti-work, basic income, Bertrand Russell: In Praise of Idleness, call centre, clockwatching, David Graeber, deindustrialization, deskilling, future of work, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kickstarter, knowledge economy, knowledge worker, low skilled workers, McJob, means of production, moral panic, new economy, post-work, profit motive, Silicon Valley, Silicon Valley ideology, Skype, unpaid internship, working poor, young professional

., 93 GDP, critiqued as indicator of progress, 3, 223 Generation X, 114 Genesis, Book of, 23 Gerald, a former academic, 151, 177, 178, 180, 193–4 Germany, 35-hour week in, 224 gestural type of rebellion, 214 Goffman, Erving, 192, 200, 204, 212 Goodman, Eleanor, 157 Google, offices of, 59 Gorz, André, 2, 19–20, 35–41, 43, 61, 62, 67, 74, 82, 90–1, 92, 115–16, 149–50, 151, 178, 179, 184–5, 217, 220–1 Gothenburg (Sweden), shorter working day in, 224 graduates, disillusionment of, 146 Graeber, David, 40 Granter, Edward, 112 gratifying work see satisfying work gratitude, culture of, 232 Greece: ancient, work regarded as curse, 23–4; sea turtle rescue project, 181 Green Party (UK): Basic Income policy, 226; policy on reducing working hours, 224 Gregg, Melissa, 72, 218 growth, economic, 43, 44, 236; critique of, 3–4, 6 Guinness beer, marketing of, 87 H Haiven, Max, 231 Hank, a brothel client, 55 ‘hardworking people’, reference to, 99 Harmony, a utopian society, 31 having, mode of being, 79, 166 Hayden, Anders, 39 Health and Safety Executive (UK), 148 hedonism, alternative, 116, 162–3, 168, 187 ‘Hephaestus’ company, 56–7 high-commitment work cultures, 57 hobbies, use of term, 70 Hochschild, Arlie, 52, 137; The Managed Heart, 53–4; The Outsourced Self, 67 Hodgkinson, Tom, How To Be Idle, 206 holidays, entitlement to, 139 homes, atmosphere of, 184–5 Honneth, Axel, 193 honour, 193 Horkheimer, Max, 81 humanisation of working day, 61 Humphery, Kim, 90 Hunnicutt, Benjamin, Work Without End, 82–5, 96–7 hygiene, Gorz’s definition of, 149–50 I identification with job roles, 62 identity, linked to work, 14–15, 27 idleness, morally objectionable, 83 idler: synonyms for, 189; use of term, 120 Idlers’ Alliance, 118–19, 122, 206, 207, 234 idling, concept of, 234 Illich, Ivan, 185–6 illness, 148, 196–7; has a meaning, 149; medical diagnosis of, 197; mental, 152; need for justification of, 202; non-suppression of, 150–1; repoliticisation of, 229 imagination, defending the importance of, 235–7 immaterial labour, 56 immaturity, perceived, 197–8 ‘in between jobs’, 202 inclusion, social, 161 income: alternative sources of, 161; management of, 121; to be decoupled from work, 112 indifference in work, 47–52 inner critic, 203 insecurity, 73–4 interiority, loss of, 81 International Labour Organisation (ILO), 42, 68 internships, unpaid, 81 interviews: limitations of, 121; methodology of, 118–19 intimacy of work, 52–61 Italian Autonomist movement, 1–2 J Jack, a former librarian, 122–4, 170 Jackson, Tim, 43 Jahoda, Marie, 106, 137 James, Selma, 115 Jarrett, Joanna, 199 job application forms, 76 job centres, 201 job competition, globalisation of, 42 job creation, 6 job insecurity, 6 joblessness, voluntary, in USA, 124–5 Jobseeker’s Allowance, 104, 134, 136 July, Miranda, 189 junk commodities, accumulation of, 170 K Kelley, Robin, 115 Kelvin, Peter, 199 Kerouac, Jack, 206 Kerr, Walter, The Decline of Pleasure, 173 Kettering, Charles, 85 Keynes, John Maynard, 33–5, 68, 82, 84; ‘Economic Possibilities for Our Grandchildren’, 33 Khasnabish, Alex, 231 knowledge economy, 49, 61 L labour exchanges, regulate casual labouring, 28 labour habits, new, formation of, 29 labour market, pressure of, 80 Labour Party (UK), 5 ‘labourers without labour’, 39, 41 Lafargue, Paul, The Right To Be Lazy, 21 laptops, 72 Larry, a former social worker, 120, 131–4, 137, 175 Lazarsfeld, Paul, 204 laziness, alleged culture of, 100 Learning to Love You More project, 189 Lefkowitz, Bernard, 124–5 Lego Movie, The, 71–2 leisure: as privilege for all, 95; fear of, 111; promotes consumption, 84 leisure time, shortage of, 68 less work see working less Levitas, Ruth, 235 Lewis, Justin, 85 life plans, 210 Linder, Staffan, 173–4, 177 living in a community, 144 living with intention, 128 living with less, as empowerment, 180 living without work, 21–3, 117, 119, 141 Lodziak, Conrad, 89 looking after pets, 195 ‘looking over one’s shoulder’, 76 loss of income, personal consequences of, 109 low-wage work, 6 lowering levels of spending, 171 Lucy, a former bargain shop worker, 127, 134–8, 151, 153, 159, 167, 174–5, 177, 183, 186, 194, 195, 198, 205–6 Lynx deodorant, marketing of, 87 M Marcuse, Herbert, 8, 35; Eros and Civilisation, 34; One-Dimensional Man, 26 Marienthal, sociological research into, 106–8, 110 Markland, George L., 97 Marx, Karl, 26, 30, 46, 85, 106, 116, 125, 142, 143, 147, 148; Capital, 32, 47, 114; Economic and Philosophical Manuscripts of 1844, 47–8; views on technology, 32, 33; views on work, 17–18, 32 material objects, connection to, 183 material wealth, desire for, 27 Matthew, a former office worker, 13, 58, 134–8, 141, 142–4, 146–7, 159, 169, 174, 177, 183, 186, 194, 201, 202, 205–6 maturity, definition of, 198 McDonald’s, 167, 213 ‘McJobs’, 114 McKenna, S., 109 McShit T-shirt, 213 Mead, George Herbert, 203 mealtimes see eating together meaningfulness in work, 63 meaningless work, 12–13, 22, 40 medication, rejection of, 150–1 Merton, Robert, 146 Mike, an interviewee, 124, 130, 165 Mills, C.


pages: 348 words: 97,277

The Truth Machine: The Blockchain and the Future of Everything by Paul Vigna, Michael J. Casey

3D printing, additive manufacturing, Airbnb, altcoin, Amazon Web Services, barriers to entry, basic income, Berlin Wall, Bernie Madoff, bitcoin, blockchain, blood diamonds, Blythe Masters, business process, buy and hold, carbon footprint, cashless society, cloud computing, computer age, computerized trading, conceptual framework, Credit Default Swap, crowdsourcing, cryptocurrency, cyber-physical system, dematerialisation, disintermediation, distributed ledger, Donald Trump, double entry bookkeeping, Edward Snowden, Elon Musk, Ethereum, ethereum blockchain, failed state, fault tolerance, fiat currency, financial innovation, financial intermediation, global supply chain, Hernando de Soto, hive mind, informal economy, intangible asset, Internet of things, Joi Ito, Kickstarter, linked data, litecoin, longitudinal study, Lyft, M-Pesa, Marc Andreessen, market clearing, mobile money, money: store of value / unit of account / medium of exchange, Network effects, off grid, pets.com, prediction markets, pre–internet, price mechanism, profit maximization, profit motive, ransomware, rent-seeking, RFID, ride hailing / ride sharing, Ross Ulbricht, Satoshi Nakamoto, self-driving car, sharing economy, Silicon Valley, smart contracts, smart meter, Snapchat, social web, software is eating the world, supply-chain management, Ted Nelson, the market place, too big to fail, trade route, transaction costs, Travis Kalanick, Turing complete, Uber and Lyft, uber lyft, unbanked and underbanked, underbanked, universal basic income, web of trust, zero-sum game

One proposal gaining weight among some policymakers and certain economists is that of a universal basic income, or UBI. Under this policy, which has been proposed by the UK Labour Party and is present in some form within a number of Scandinavian countries, governments provide a basic living wage to every adult citizen. This idea, first floated by Thomas Paine in the eighteenth century, has enjoyed a resurgence on the left as people have contemplated how robotics, artificial intelligence, and other technologies would hit working-class jobs such as truck driving. But it may gain wider traction as decentralizing forces based on blockchain models start destroying middle-class jobs. In fact, even though a universal basic income would, on the surface, run against the classic economic rationalist belief that state subsidies disincentivize work, the idea has some support on the right.

See also ledger-keeping Trump, Donald trust, distributed trusted computing Trusted Computing Group Trusted IoT Alliance trusted third parties and Bitcoin and blockchain-inspired startups and blockchain property registries and cloud computing and energy sector and governance and identity and permissioned systems truth discovery truth machine Tual, Stephan Turing, Alan “Turing complete” Uber “God’s View” knowledge Ubitquity UBS Ujo Ulbricht, Ross UNESCO Union Square Ventures United Kingdom Brexit Financial Conduct Authority Government Office for Science blockchain report and universal basic income United Nations UN High Commission for Refugees (UNHCR) UNHCR identity program World Food Program (WFP) universal basic income (UBI) user attention Veem venture capital (VC) Ver, Roger Veripart Verisign Vertcoin Vigna, Paul. See also Age of Cryptocurrency, The (Casey and Vigna) Vogelsteller, Fabian Walden, Jesse Wall Street. See financial sector WannaCry ransom attacks Waze Web 3 Foundation Weber, Mark WeTrust Wilcox-O’Hearn, Zooko Wilson, Fred Wilson, Steve Wladawsky-Berger, Irving Wong, Pindar Wood, Gavin World Bank blockchain lab World Economic Forum World Food Program (WFP) Wosnak, Nathan Wu, Jihan Wuille, Peter Xanadu project Xapo Xi Jinping Yelp Yieira, Thingo Yunis, Muhammad Zaatari refugee camp (Jordan).


pages: 236 words: 67,953

Brave New World of Work by Ulrich Beck

affirmative action, anti-globalists, Asian financial crisis, basic income, Berlin Wall, collective bargaining, conceptual framework, Fall of the Berlin Wall, feminist movement, full employment, future of work, Gunnar Myrdal, hiring and firing, illegal immigration, income inequality, informal economy, job automation, knowledge worker, labour market flexibility, labour mobility, low skilled workers, McJob, means of production, mini-job, post-work, postnationalism / post nation state, profit maximization, purchasing power parity, rising living standards, Silicon Valley, working poor, working-age population, zero-sum game

With the basic funding of civil labour, however, it creates a direct source of legitimacy for itself. Three advantages are commonly mentioned by writers making the case for civic money: Facilitation of a low-wage sector, thereby combating long-term unemployment among the low-skilled losers of globalization. Prevention of income-poverty in general, encouragement of time out for further education, civil labour, etc. Reduction of the poverty bureaucracy.104 Often the plea for a guaranteed basic income or civic money is linked to the aim of freeing the poor from their poverty. This is doubtless an important and honourable aim, but on closer scrutiny it has more to do with ‘crisis management’, with pushing the poverty rate, like the crime rate, below a certain critical threshold, so that ‘order’ is maintained in society and politicians can present themselves at elections as effective operators.


pages: 1,034 words: 241,773

Enlightenment Now: The Case for Reason, Science, Humanism, and Progress by Steven Pinker

3D printing, access to a mobile phone, affirmative action, Affordable Care Act / Obamacare, agricultural Revolution, Albert Einstein, Alfred Russel Wallace, anti-communist, Anton Chekhov, Arthur Eddington, artificial general intelligence, availability heuristic, Ayatollah Khomeini, basic income, Berlin Wall, Bernie Sanders, Black Swan, Bonfire of the Vanities, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, clean water, clockwork universe, cognitive bias, cognitive dissonance, Columbine, conceptual framework, correlation does not imply causation, creative destruction, crowdsourcing, cuban missile crisis, Daniel Kahneman / Amos Tversky, dark matter, decarbonisation, deindustrialization, dematerialisation, demographic transition, Deng Xiaoping, distributed generation, diversified portfolio, Donald Trump, Doomsday Clock, double helix, effective altruism, Elon Musk, en.wikipedia.org, end world poverty, endogenous growth, energy transition, European colonialism, experimental subject, Exxon Valdez, facts on the ground, Fall of the Berlin Wall, first-past-the-post, Flynn Effect, food miles, Francis Fukuyama: the end of history, frictionless, frictionless market, germ theory of disease, Gini coefficient, Hans Rosling, hedonic treadmill, helicopter parent, Hobbesian trap, humanitarian revolution, Ignaz Semmelweis: hand washing, income inequality, income per capita, Indoor air pollution, Intergovernmental Panel on Climate Change (IPCC), invention of writing, Jaron Lanier, Joan Didion, job automation, Johannes Kepler, John Snow's cholera map, Kevin Kelly, Khan Academy, knowledge economy, l'esprit de l'escalier, Laplace demon, life extension, long peace, longitudinal study, Louis Pasteur, Martin Wolf, mass incarceration, meta analysis, meta-analysis, Mikhail Gorbachev, minimum wage unemployment, moral hazard, mutually assured destruction, Naomi Klein, Nate Silver, Nathan Meyer Rothschild: antibiotics, Nelson Mandela, New Journalism, Norman Mailer, nuclear winter, obamacare, open economy, Paul Graham, peak oil, Peter Singer: altruism, Peter Thiel, precision agriculture, prediction markets, purchasing power parity, Ralph Nader, randomized controlled trial, Ray Kurzweil, rent control, Republic of Letters, Richard Feynman, road to serfdom, Robert Gordon, Rodney Brooks, rolodex, Ronald Reagan, Rory Sutherland, Saturday Night Live, science of happiness, Scientific racism, Second Machine Age, secular stagnation, self-driving car, sharing economy, Silicon Valley, Silicon Valley ideology, Simon Kuznets, Skype, smart grid, sovereign wealth fund, stem cell, Stephen Hawking, Steven Pinker, Stewart Brand, Stuxnet, supervolcano, technological singularity, Ted Kaczynski, The Rise and Fall of American Growth, the scientific method, The Signal and the Noise by Nate Silver, The Spirit Level, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Kuhn: the structure of scientific revolutions, Thomas Malthus, total factor productivity, union organizing, universal basic income, University of East Anglia, Unsafe at Any Speed, Upton Sinclair, uranium enrichment, urban renewal, War on Poverty, We wanted flying cars, instead we got 140 characters, women in the workforce, working poor, World Values Survey, Y2K

They are uniquely suited to invest in education, basic research, and infrastructure, to underwrite health and retirement benefits (relieving American corporations of their enervating mandate to provide social services), and to supplement incomes to a level above their market price, which for millions of people may decline even as overall wealth rises.67 The next step in the historic trend toward greater social spending may be a universal basic income (or its close relative, a negative income tax). The idea has been bruited for decades, and its day may be coming.68 Despite its socialist aroma, the idea has been championed by economists (such as Milton Friedman), politicians (such as Richard Nixon), and states (such as Alaska) that are associated with the political right, and today analysts across the political spectrum are toying with it. Though implementing a universal basic income is far from easy (the numbers have to add up, and incentives for education, work, and risk-taking have to be maintained), its promise cannot be ignored. It could rationalize the kludgy patchwork of the hidden welfare state, and it could turn the slow-motion disaster of robots replacing workers into a horn of plenty.

Automation, jobs, and inequality: Brynjolfsson & McAfee 2016. 65. Economic challenges and solutions: Dobbs et al. 2016; Summers & Balls 2015. 66. S. Winship, “Inequality Is a Distraction. The Real Issue Is Growth,” Washington Post, Aug. 16, 2016. 67. Governments vs. employers as social service providers: M. Lind, “Can You Have a Good Life If You Don’t Have a Good Job?” New York Times, Sept. 16, 2016. 68. Universal basic income: Bregman 2017; S. Hammond, “When the Welfare State Met the Flat Tax,” Foreign Policy, June 16, 2016; R. Skidelsky, “Basic Income Revisited,” Project Syndicate, June 23, 2016; C. Murray, “A Guaranteed Income for Every American,” Wall Street Journal, June 3, 2016. 69. Studies of the effects of basic income: Bregman 2017. High-tech volunteering: Diamandis & Kotler 2012. Effective altruism: MacAskill 2015.

Terrorism is not effective. Gwern.net. https://www.gwern.net/Terrorism-is-not-Effective. Braudel, F. 2002. Civilization and capitalism, 15th–18th century (vol. 1: The structures of everyday life). London: Phoenix Press. Bregman, A. S. 1990. Auditory scene analysis: The perceptual organization of sound. Cambridge, MA: MIT Press. Bregman, R. 2017. Utopia for realists: The case for a universal basic income, open borders, and a 15-hour workweek. Boston: Little, Brown. Brennan, J. 2016. Against democracy. National Interest, Sept. 7. Brickman, P., & Campbell, D. T. 1971. Hedonic relativism and planning the good society. In M. H. Appley, ed., Adaptation-level theory: A symposium. New York: Academic Press. Briggs, J. C. 2015. Re: Accelerated modern human-induced species losses: Entering the sixth mass extinction.


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Deaths of Despair and the Future of Capitalism by Anne Case, Angus Deaton

Affordable Care Act / Obamacare, basic income, Bertrand Russell: In Praise of Idleness, business cycle, call centre, collapse of Lehman Brothers, collective bargaining, Corn Laws, corporate governance, correlation coefficient, crack epidemic, creative destruction, crony capitalism, declining real wages, deindustrialization, demographic transition, Dissolution of the Soviet Union, Donald Trump, Downton Abbey, Edward Glaeser, Elon Musk, falling living standards, Fellow of the Royal Society, germ theory of disease, income inequality, Jeff Bezos, Joseph Schumpeter, Kenneth Arrow, labor-force participation, low skilled workers, Martin Wolf, Mikhail Gorbachev, obamacare, pensions crisis, randomized controlled trial, refrigerator car, rent-seeking, risk tolerance, shareholder value, Silicon Valley, The Spirit Level, The Wealth of Nations by Adam Smith, Tim Cook: Apple, trade liberalization, universal basic income, working-age population, zero-sum game

We are often happy to subsidize food or shelter for those who cannot provide it for themselves, the argument goes, so why not leisure? As Bertrand Russell once noted, among the strongest advocates that the poor should work more are the idle rich, who have never done any.15 Such arguments are important when we come to think about what to do, in chapter 16, and particularly about the much-discussed universal basic income. The Changing Nature of Work for Those with Less Education The American working class has not always existed. The manufacturing jobs that supported and defined it began to take workers out of agriculture into factories in the nineteenth century, more rapidly so after the Civil War, and reached a peak around 1950. The rise of the stay-at-home housewife was relatively new even in 1950; before that, husbands and wives had cooperated in earning a living.

If Michael Young’s division into the “populists” and the “hypocrisy” is ongoing, with educational success dividing the US population, as well as populations in Europe, the safety net is something of a Band-Aid, useful but incapable of addressing the fundamental problem. That said, we have no recipe for policies that would address that issue. The philosopher Kwame Anthony Appiah has argued that we need to valorize a wider range of talents beyond the passing of meritocratic exams, but it is unclear, at least to us, how that might be implemented.17 The idea of a universal basic income (UBI) has many adherents, and it would make sense that, in a world in which robots have replaced many or even most workers, something of the kind would be required to ensure that all of the national income did not go to the owners of and inventors of the robots. But we are still a long way from such a dystopia. Yet even today, there are powerful and persuasive arguments for a UBI, just as there are arguments for universal healthcare and universal education; people in a free society should have a free basic allocation of time to use as they choose.

Emma Rothschild, 2000, “A basic income for all: Security and laissez-faire,” Boston Review, October 1, http://bostonreview.net/forum/basic-income-all/emma-rothschild-security-and-laissez-faire. 20. Herbert Simon, 2000, “A basic income for all: UBI and the flat tax,” Boston Review, October 1, http://bostonreview.net/forum/basic-income-all/herbert-simon-ubi-and-flat-tax. 21. Hilary W. Hoynes and Jesse Rothstein, 2019, “Universal basic income in the US and advanced countries,” NBER Working Paper 25538, February, https://www.nber.org/papers/w25538. 22. Robert H. Frank, 2014, “Let’s try a basic income and public work,” Cato Unbound, August 11, https://www.cato-unbound.org/2014/08/11/robert-h-frank/lets-try-basic-income-public-work. 23. Eric A. Posner and E. Glen Weyl, 2018, Radical markets: Uprooting capitalism and democracy for a just society, Princeton University Press. 24.


pages: 573 words: 115,489

Prosperity Without Growth: Foundations for the Economy of Tomorrow by Tim Jackson

"Robert Solow", bank run, banking crisis, banks create money, Basel III, basic income, bonus culture, Boris Johnson, business cycle, carbon footprint, Carmen Reinhart, Cass Sunstein, choice architecture, collapse of Lehman Brothers, creative destruction, credit crunch, Credit Default Swap, David Graeber, decarbonisation, dematerialisation, en.wikipedia.org, energy security, financial deregulation, Financial Instability Hypothesis, financial intermediation, full employment, Growth in a Time of Debt, Hans Rosling, Hyman Minsky, income inequality, income per capita, Intergovernmental Panel on Climate Change (IPCC), Internet of things, invisible hand, job satisfaction, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kenneth Rogoff, Kickstarter, laissez-faire capitalism, liberal capitalism, Mahatma Gandhi, mass immigration, means of production, meta analysis, meta-analysis, moral hazard, mortgage debt, Naomi Klein, new economy, offshore financial centre, oil shale / tar sands, open economy, paradox of thrift, peak oil, peer-to-peer lending, Philip Mirowski, profit motive, purchasing power parity, quantitative easing, Richard Thaler, road to serfdom, Robert Gordon, Ronald Reagan, science of happiness, secular stagnation, short selling, Simon Kuznets, Skype, smart grid, sovereign wealth fund, Steve Jobs, The Chicago School, The Great Moderation, The Rise and Fall of American Growth, The Spirit Level, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, universal basic income, Works Progress Administration, World Values Survey, zero-sum game

By concentrating instead on what matters, we are drawn inevitably to the features that must define the economy of tomorrow, the enterprise of tomorrow, the investment of tomorrow. A simple shift of focus opens out wide new horizons of possibility. Realising those possibilities relies on developing an innovative palette of policy options. Beyond the conventional dichotomy between regulation and incentive, the progressive State must engage creatively and imaginatively in change. Universal basic income, sovereign money, capital taxation, pension restructuring, fiduciary reform, financial prudence: these have all received increasing attention in the years since the financial crisis. They are ideas whose time has come.15 At the end of the day, the task of elaborating the economy of tomorrow is precise, definable, meaningful and pragmatic. But it flies in the face of conventional wisdom.

‘Environmental kuznets curves – real progress or passing the buck? A case for consumption-based approaches’. Ecological Economics 25(2): 177–194. Rousseau, Jean-Jacques 1754. A Discourse upon the Origin and the Foundation of the Inequality of Mankind, reprinted 2004. New York: Dover. Online at www.bartleby.com/168/605.html (accessed 15 November 2015). RSA 2015. ‘Creative citizen, creative state: the principled and pragmatic case for a universal basic income’. London: Royal Society for the Arts. Online at www.thersa.org/discover/publications-and-articles/reports/basic-income (accessed 14 May 2016). Rutherford, Jonathan 2008. Wellbeing, Economic Growth and Recession. London: Sustainable Development Commission. Online at www.sd-commission.org.uk/publications.php?id=779 (accessed 19 January 2016). Ryan-Collins, Josh, Tony Greenham, Richard Werner and Andrew Jackson 2012.

INDEX Locators in italic refer to figures absolute decoupling 84–6; historical perspectives 89–96, 90, 92, 94, 95; mathematical relationship with relative decoupling 96–101, 111 abundance see opulence accounting errors, decoupling 84, 91 acquisition, instinctive 68 see also symbolic role of goods adaptation: diminishing marginal utility 51, 68; environmental 169; evolutionary 226 advertising, power of 140, 203–4 Africa 73, 75–7; life-expectancy 74; philosophy 227; pursuit of western lifestyles 70; growth 99; relative income effect 58, 75; schooling 78 The Age of Turbulence (Greenspan) 35 ageing populations 44, 81 agriculture 12, 148, 152, 220 Aids/HIV 77 algebra of inequality see inequality; mathematical models alienation: future visions 212, 218–19; geographical community 122–3; role of the state 205; selfishness vs. altruism 137; signals sent by society 131 alternatives: economic 101–2, 139–40, 157–8; hedonism 125–6 see also future visions; post-growth macroeconomics; reform altruism 133–8, 196, 207 amenities see public services/amenities Amish community, North America 128 An Inquiry into the Nature and Causes of the Wealth of Nations (Smith) 123, 132 angelised growth see green growth animal welfare 220 anonymity/loneliness see alienation anthropological perspectives, consumption 70, 115 anti-consumerism 131 see also intrinsic values anxiety: fear of death 69, 104, 115, 212–15; novelty 116–17, 124, 211 Argentina 58, 78, 78, 80 Aristotle 48, 61 The Art of Happiness (Dalai Lama) 49 arts, Baumol’s cost disease 171–2 assets, stranded 167–8 see also ownership austerity policies xxxiii–xxxv, 189; and financial crisis 24, 42–3; mathematical models 181 Australia 58, 78, 128, 206 authoritarianism 199 autonomy see freedom/autonomy Ayres, Robert 143 backfire effects 111 balance: private interests/common good 208; tradition/innovation 226 Bank for International Settlements 46 bank runs 157 banking system 29–30, 39, 153–7, 208; bonuses 37–8 see also financial crisis; financial system basic entitlements: enterprise as service 142; income 67, 72–9, 74, 75, 76, 78; limits to growth 63–4 see also education; food; health Basu, Sanjay 43 Baumol, William 112, 147, 222, 223; cost disease 170, 171, 172, 173 BBC survey, geographical community 122–3 Becker, Ernest 69 Belk, Russ 70, 114 belonging 212, 219 see also alienation; community; intrinsic values Bentham, Jeremy 55 bereavement, material possessions 114, 214–15 Berger, Peter 70, 214 Berry, Wendell 8 Better Growth, Better Climate (New Climate Economy report) 18 big business/corporations 106–7 biodiversity loss 17, 47, 62, 101 biological perspectives see evolutionary theory; human nature/psyche biophysical boundaries see limits (ecological) Black Monday 46 The Body Economic (Stuckler and Basu) 43 bond markets 30, 157 bonuses, banking 37–8 Bookchin, Murray 122 boom-and-bust cycles 157, 181 Booth, Douglas 117 borrowing behaviour 34, 118–21, 119 see also credit; debt Boulding, Elise 118 Boulding, Kenneth 1, 5, 7 boundaries, biophysical see limits (ecological) bounded capabilities for flourishing 61–5 see also limits (flourishing within) Bowen, William 147 Bowling Alone (Putnam) 122 Brazil 58, 88 breakdown of community see alienation; social stability bubbles, economic 29, 33, 36 Buddhist monasteries, Thailand 128 buen vivir concept, Ecuador xxxi, 6 built-in obsolescence 113, 204, 220 Bush, George 121 business-as-usual model 22, 211; carbon dioxide emissions 101; crisis of commitment 195; financial crisis 32–8; growth 79–83, 99; human nature 131, 136–7; need for reform 55, 57, 59, 101–2, 162, 207–8, 227; throwaway society 113; wellbeing 124 see also financial systems Canada 75, 206, 207 capabilities for flourishing 61–5; circular flow of the economy 113; future visions 218, 219; and income 77; progress measures 50–5, 54; role of material abundance 67–72; and prosperity 49; relative income effect 55–61, 58, 71, 72; role of shame 123–4; role of the state 200 see also limits (flourishing within); wellbeing capital 105, 107–10 see also investment Capital in the 21st Century (Piketty) 33, 176, 177 Capital Institute, USA 155 capitalism 68–9, 80; structures 107–13, 175; types 105–7, 222, 223 car industry, financial crisis 40 carbon dioxide emissions see greenhouse gas emissions caring professions, valuing 130, 147, 207 see also social care Cat on a Hot Tin Roof (Williams) 213 causal path analysis, subjective wellbeing 59 Central Bank 154 central human capabilities 64 see also capabilities for flourishing The Challenge of Affluence (Offer) 194 change see alternatives; future visions; novelty/innovation; post-growth macroeconomics; reform Chicago school of economics 36, 156 children: advertising to 204; labour 62, 154; mortality 74–5, 75, 206 Chile xxxiii, xxxvii, 58, 74, 74, 75, 76 China: decoupling 88; GDP per capita 75; greenhouse gas emissions 91; growth 99; life expectancy 74; philosophy 7; post-financial crisis 45–6; pursuit of western lifestyles 70; relative income effect 58; resource use 94; savings 27; schooling 76 choice, moving beyond consumerism 216–18 see also freedom/autonomy Christian doctrine see religious perspectives chromium, commodity price 13 Cinderella economy 219–21, 224 circular economy 144, 220 circular flow of the economy 107, 113 see also engine of growth citizen’s income 207 see also universal basic income civil unrest see social stability Clean City Law, São Paulo 204 climate change xxxv, 22, 47; critical boundaries 17–20; decoupling 85, 86, 87, 98; fatalism 186; investment needs 152; role of the state 192, 198, 201–2 see also greenhouse gas emissions Climate Change Act (2008), UK 198 clothing see basic entitlements Club of Rome, Limits to Growth report xxxii, xxxiii, 8, 11–16, Cobb, John 54 collectivism 191 commercial bond markets 30, 157 commitment devices/crisis of 192–5, 197 commodity prices: decoupling 88; financial crisis 26; fluctuation/volatility 14, 21; resource constraints 13–14 common good: future visions 218, 219; vs. freedom and autonomy 193–4; vs. private interests 208; role of the state 209 common pool resources 190–2, 198, 199 see also public services/amenities communism 187, 191 community: future visions of 219–20; geographical 122–3; investment 155–6, 204 see also alienation; intrinsic values comparison, social 115, 116, 117 see also relative income effect competition 27, 112; positional 55–61, 58, 71, 72 see also struggle for existence complexity, economic systems 14, 32, 108, 153, 203 compulsive shopping 116 see also consumerism Conference of the Parties to the UN Framework Convention on Climate Change (CoP21) 19 conflicted state 197, 201, 209 connectedness, global 91, 227 conspicuous consumption 115 see also language of goods consumer goods see language of goods; material goods consumer sovereignty 196, 198 consumerism 4, 21, 22, 103–4, 113–16; capitalism 105–13, 196; choice 196; engine of growth 104, 108, 120, 161; existential fear of death 69, 212–15; financial crisis 24, 28, 39, 103; moving beyond 216–18; novelty and anxiety 116–17; post-growth economy 166–7; role of the state 192–3, 196, 199, 202–5; status 211; tragedy of 140 see also demand; materialism contemplative dimensions, simplicity 127 contraction and convergence model 206–7 coordinated market economies 27, 106 Copenhagen Accord (2009) 19 copper, commodity prices 13 corporations/big business 106–7 corruption 9, 131, 186, 187, 189 The Cost Disease: Why Computers get Cheaper and Health Care Doesn’t (Baumol) 171, 172 Costa Rica 74, 74, 76 countercyclical spending 181–2, 182, 188 crafts/craft economies 147, 149, 170, 171 creative destruction 104, 112, 113, 116–17 creativity 8, 79; and consumerism 113, 116; future visions 142, 144, 147, 158, 171, 200, 220 see also novelty/innovation credit, private: deflationary forces 44; deregulation 36; financial crisis 26, 27, 27–31, 34, 36, 41; financial system weaknesses 32–3, 37; growth imperative hypothesis 178–80; mortgage loans 28–9; reforms in financial system 157; spending vs. saving behaviour of ordinary people 118–19; and stimulation of growth 36 see also debt (public) credit unions 155–6 crises: of commitment 192–5; financial see financial crisis critical boundaries, biophysical see limits (ecological) Csikszentmihalyi, Mihalyi 127 Cuba: child mortality 75; life expectancy 74, 77, 78, 78; response to economic hardship 79–80; revolution 56; schooling 76 Cushman, Philip 116 Dalai Lama 49, 52 Daly, Herman xxxii, 54, 55, 160, 163, 165 Darwin, Charles 132–3 Das Kapital (Marx) 225 Davidson, Richard 49 Davos World Economic Forum 46 Dawkins, Richard 134–5 de Mandeville, Bernard 131–2, 157 death, denial of 69, 104, 115, 212–15 debt, public-sector 81; deflationary forces 44; economic stability 81; financial crisis 24, 26–32, 27, 37, 41, 42, 81; financial systems 28–32, 153–7; money creation 178–9; post-growth economy 178–9, 223 Debt: The First Five Thousand Years (Graeber) 28 decoupling xix, xx, xxxvii, 21, 84–7; dilemma of growth 211; efficiency measures 84, 86, 87, 88, 95, 104; green growth 163, 163–5; historical perspectives 87–96, 89, 90, 92, 94, 95; need for new economic model 101–2; relationship between relative and absolute 96–101 deep emission and resource cuts 99, 102 deficit spending 41, 43 deflationary forces, post-financial crisis 43–7, 45 degrowth movement 161–3, 177 demand 104, 113–16, 166–7; post-financial crisis 44–5; post-growth economy 162, 164, 166–9, 171–2, 174–5 dematerialisation 102, 143 democratisation, and wellbeing 59 deposit guarantees 35 deregulation 27, 34, 36, 196 desire, role in consumer behaviour 68, 69, 70, 114 destructive materialism 104, 112, 113, 116–17 Deutsche Bank 41 devaluation of currency 30, 45 Dichter, Ernest 114 digital economy 44, 219–20 dilemma of growth xxxi, 66–7, 104, 210; basic entitlements 72–9, 74, 75, 76, 78; decoupling 85, 87, 164; degrowth movement 160–3; economic stability 79–83, 174–6; material abundance 67–72; moving beyond 165, 166, 183–4; role of the state 198 diminishing marginal utility: alternative hedonism 125, 126; wellbeing 51–2, 57, 60, 73, 75–6, 79 disposable incomes 27, 67, 118 distributed ownership 223 Dittmar, Helga 126 domestic debt see credit dopamine 68 Dordogne, mindfulness community 128 double movement of society 198 Douglas, Mary 70 Douthwaite, Richard 178 downshifting 128 driving analogy, managing change 16–17 durability, consumer goods 113, 204, 220 dynamic systems, managing change 16–17 Eastern Europe 76, 122 Easterlin, Richard 56, 57, 59; paradox 56, 58 eco-villages, Findhorn community 128 ecological investment 101, 166–70, 220 see also investment ecological limits see limits (ecological) ecological (ecosystem) services 152, 169, 223 The Ecology of Money (Douthwaite) 178 economic growth see growth economic models see alternatives; business-as-usual model; financial systems; future visions; mathematical models; post-growth macroeconomics economic output see efficiency; productivity ‘Economic possibilities for our grandchildren’ (Keynes) 145 economic stability 22, 154, 157, 161; financial system weaknesses 34, 35, 36, 180; growth 21, 24, 67, 79–83, 174–6, 210; post-growth economy 161–3, 165, 174–6, 208, 219; role of the state 181–3, 195, 198, 199 economic structures: post-growth economy 227; financial system reforms 224; role of the state 205; selfishness 137 see also business-as-usual model; financial systems ecosystem functioning 62–3 see also limits (ecological) ecosystem services 152, 169, 223 Ecuador xxxi, 6 education: Baumol’s cost disease 171, 172; and income 67, 76, 76; investment in 150–1; role of the state 193 see also basic entitlements efficiency measures 84, 86–8, 95, 104, 109–11, 142–3; energy 41, 109–11; growth 111, 211; investment 109, 151; of scale 104 see also labour productivity; relative decoupling Ehrlich, Paul 13, 96 elasticity of substitution, labour and capital 177–8 electricity grid 41, 151, 156 see also energy Elgin, Duane 127 Ellen MacArthur Foundation 144 emissions see greenhouse gas emissions employee ownership 223 employment intensity vs. carbon dioxide emissions 148 see also labour productivity empty self 116, 117 see also consumerism ends above means 159 energy return on investment (EROI) 12, 169 energy services/systems 142: efficiency 41, 109–11; inputs/intensity 87–8, 151; investment 41, 109–10, 151–2; renewable xxxv, 41, 168–9 engine of growth 145; consumerism 104, 108, 161; services 143, 170–4 see also circular flow of the economy enough is enough see limits enterprise as service 140, 141–4, 158 see also novelty/innovation entitlements see basic entitlements entrepreneur as visionary 112 entrepreneurial state 220 Environmental Assessment Agency, Netherlands 62 environmental quality 12 see also pollution environmentalism 9 EROI (energy return on investment) 12, 169 Essay on the Principle of Population (Malthus) 9–11, 132–3 evolutionary map, human heart 136, 136 evolutionary theory 132–3; common good 193; post-growth economy 226; psychology 133–5; selfishness and altruism 196 exchange values 55, 61 see also gross domestic product existential fear of death 69, 104, 115, 212–15 exponential expansion 1, 11, 20–1, 210 see also growth external debt 32, 42 extinctions/biodiversity loss 17, 47, 62, 101 Eyres, Harry 215 Fable of the Bees (de Mandeville) 131–2 factor inputs 109–10 see also capital; labour; resource use fast food 128 fatalism 186 FCCC (Framework Convention on Climate Change) 92 fear of death, existential 69, 104, 115, 212–15 feedback loops 16–17 financial crisis (2008) 6, 23–5, 32, 77, 103; causes and culpability 25–8; financial system weaknesses 32–7, 108; Keynesianism 37–43, 188; nationalisation of financial sector 188; need for financial reforms 175; role of debt 24, 26–32, 27, 81, 179; role of state 191; slowing of growth 43–7, 45; spending vs. saving behaviour of ordinary people 118–21, 119; types/definitions of capitalism 106; youth unemployment 144–5 financial systems: common pool resources 192; debt-based/role of debt 28–32, 153–7; post-growth economy 179, 208; systemic weaknesses 32–7; and wellbeing 47 see also banking system; business-as-usual model; financial crisis; reform Findhorn community 128 finite limits of planet see limits (ecological) Fisher, Irving 156, 157 fishing rights 22 flourishing see capabilities for flourishing; limits; wellbeing flow states 127 Flynt, Larry 40 food 67 see also basic entitlements Ford, Henry 154 forestry/forests 22, 192 Forrester, Jay 11 fossil fuels 11, 20 see also oil Foucault, Michel 197 fracking 14, 15 Framework Convention on Climate Change (FCCC) 92 France: GDP per capita 58, 75, 76; inequality 206; life-expectancy 74; mindfulness community 128; working hours 145 free market 106: financial crisis 35, 36, 37, 38, 39; ideological controversy/conflict 186–7, 188 freedom/autonomy: vs. common good 193–4; consumer 22, 68–9; language of goods 212; personal choices for improvement 216–18; wellbeing 49, 59, 62 see also individualism Friedman, Benjamin 176 Friedman, Milton 36, 156, 157 frugality 118–20, 127–9, 215–16 fun (more fun with less stuff) 129, 217 future visions 2, 158, 217–21; community banking 155–6; dilemma of growth 211; enterprise as service 140, 141–4, 147–8, 158; entrepreneur as visionary 112; financial crisis as opportunity 25; and growth 165–6; investment 22, 101–2, 140, 149–53, 158, 169, 208; money as social good 140, 153–7, 158; processes of change 185; role of the state 198, 199, 203; timescales for change 16–17; work as participation 140, 144–9, 148, 158 see also alternatives; post-growth macroeconomics; reform Gandhi, Mahatma 127 GDP see gross domestic product gene, selfish 134–5 Genuine Progress Indicator (GPI) 54, 54 geographical community 122–3 Germany xxxi; Federal Ministry of Finance 224–5; inequality 206; relative income effect 58; trade balance 31; work as participation 146 Glass Steagal Act 35 Global Commodity Price Index (1992–2015) 13 global corporations 106–7 global economy 98: culture 70; decoupling 86–8, 91, 93–5, 95, 97, 98, 100; exponential expansion 20–1; inequality 4, 5–6; interconnectedness 91, 227; post-financial crisis slowing of growth 45 Global Research report (HSBC) 41 global warming see climate change Godley, Wynne 179 Goldman Sachs 37 good life 3, 6; moral dimension 63, 104; wellbeing 48, 50 goods see language of goods; material goods; symbolic role of goods Gordon, Robert 44 governance 22, 185–6; commons 190–2; crisis of commitment 192–5, 197; economic stability 34, 35; establishing limits 200–8, 206; growth 195–9; ideological controversy/conflict 186–9; moving towards change 197–200, 220–1; post-growth economy 181–3, 182; power of corporations 106; for prosperity 209; signals 130 government as household metaphor 30, 42 governmentality 197, 198 GPI (Genuine Progress Indicator) 54, 54 Graeber, David 28 Gramm-Leach-Bliley Act 35 Great Depression 39–40 Greece: austerity xxxiii–xxxiv, xxxvii, 43; energy inputs 88; financial crisis 28, 30, 31, 77; life expectancy 74; schooling 76; relative income effect 58; youth unemployment 144 Green Economy initiative 41 green: growth xxxvii, 18, 85, 153, 166, 170; investment 41 Green New Deal, UNEP 40–1, 152, 188 greenhouse gas emissions 18, 85, 86, 91, 92; absolute decoupling 89–92, 90, 92, 98–101, 100; dilemma of growth 210–11; vs. employment intensity 148; future visions 142, 151, 201–2, 220; Kyoto Protocol 18, 90; reduction targets 19–20; relative decoupling 87, 88, 89, 93, 98–101, 100 see also climate change Greenspan, Alan 35 gross domestic product (GDP) per capita 3–5, 15, 54; climate change 18; decoupling 85, 93, 94; financial crisis 27, 28, 32; green growth 163–5; life expectancy 74, 75, 78; as measure of prosperity 3–4, 5, 53–5, 54, 60–1; post-financial crisis 43, 44; post-growth economy 207; schooling 76; wellbeing 55–61, 58 see also income growth xxxvii; capitalism 105; credit 36, 178–80; decoupling 85, 96–101; economic stability 21, 24, 67, 80, 210; financial crisis 37, 38; future visions 209, 223, 224; inequality 177; labour productivity 111; moving beyond 165, 166; novelty 112; ownership 105; post-financial crisis slowing 43–7, 45; prosperity as 3–7, 23, 66; role of the state 195–9; sustainable investment 166–70; wellbeing 59–60; as zero sum game 57 see also dilemma of growth; engine of growth; green growth; limits to growth; post-growth macroeconomy growth imperative hypothesis 37, 174, 175, 177–80, 183 habit formation, acquisition as 68 Hall, Peter 106, 188 Hamilton, William 134 Hansen, James 17 happiness see wellbeing/happiness Happiness (Layard) 55 Hardin, Garrett 190–1 Harvey, David 189, 192 Hayek, Friedrich 187, 189, 191 health: Baumol’s cost disease 171, 172; inequality 72–3, 205–6, 206; investment 150–1; and material abundance 67, 68; personal choices for improvement 217; response to economic hardship 80; role of the state 193 see also basic entitlements Heath, Edward 66, 82 hedonism 120, 137, 196; alternatives 125–6 Hirsch, Fred xxxii–xxxiii historical perspectives: absolute decoupling 86, 89–96, 90, 92, 94, 95; relative decoupling 86, 87–9, 89 Holdren, John 96 holistic solutions, post-growth economy 175 household finances: house purchases 28–9; spending vs. saving behaviour 118–20, 119 see also credit household metaphor, government as 30, 42 HSBC Global Research report 41 human capabilities see capabilities for flourishing human happiness see wellbeing/happiness human nature/psyche 3, 132–5, 138; acquisition 68; alternative hedonism 125; evolutionary map of human heart 136, 136; intrinsic values 131; meaning/purpose 49–50; novelty/innovation 116; selfishness vs. altruism 133–8; short-termism/living for today 194; spending vs. saving behaviour 34, 118–21, 119; symbolic role of goods 69 see also intrinsic values human rights see basic entitlements humanitarian perspectives: financial crisis 24; growth 79; inequality 5, 52, 53 see also intrinsic values hyperbolic discounting 194 hyperindividualism 226 see also individualism hyper-materialisation 140, 157 I Ching (Chinese Book of Changes) 7 Iceland: financial crisis 28; life expectancy 74, 75; relative income effect 56; response to economic hardship 79–80; schooling 76; sovereign money system 157 identity construction 52, 69, 115, 116, 212, 219 IEA (International Energy Agency) 14, 152 IMF (International Monetary Fund) 45, 156–7 immaterial goods 139–40 see also intrinsic values; meaning/purpose immortality, symbolic role of goods 69, 104, 115, 212–14 inclusive growth see inequality; smart growth income 3, 4, 5, 66, 124; basic entitlements 72–9, 74, 75, 76, 78; child mortality 74–5, 75; decoupling 96; economic stability 82; education 76; life expectancy 72, 73, 74, 77–9, 78; poor nations 67; relative income effect 55–61, 58, 71, 72; tax revenues 81 see also gross domestic product INDCs (intended nationally determined commitments) 19 India: decoupling 99; growth 99; life expectancy 74, 75; philosophy 127; pursuit of western lifestyles 70; savings 27; schooling 76 indicators of environmental quality 96 see also biodiversity; greenhouse gas emissions; pollution; resource use individualism 136, 226; progressive state 194–7, 199, 200, 203, 207 see also freedom/autonomy industrial development 12 see also technological advances inequality 22, 67; basic entitlements 72; child mortality 75, 75; credible alternatives 219, 224; deflationary forces 44; fatalism 186; financial crisis 24; global 4, 5–6, 99, 100; financial system weaknesses 32–3; post-growth economy 174, 176–8; role of the state 198, 205–7, 206; selfishness vs. altruism 137; symbolic role of goods 71; wellbeing 47, 104 see also poverty infant mortality rates 72, 75 inflation 26, 30, 110, 157, 167 infrastructure, civic 150–1 Inglehart, Ronald 58, 59 innovation see novelty/innovation; technological advances inputs 80–1 see also capital; labour productivity; resource use Inside Job documentary film 26 instant gratification 50, 61 instinctive acquisition 68 Institute for Fiscal Studies 81 Institute for Local Self-Reliance 204 institutional structures 130 see also economic structures; governance intended nationally determined commitments (INDCs) 19 intensity factor, technological 96, 97 see also technological advances intentional communities 127–9 interconnectedness, global 91, 227 interest payments/rates 39, 43, 110; financial crisis 29, 30, 33, 39; post-growth economy 178–80 see also credit; debt Intergovernmental Panel on Climate Change (IPCC) 18, 19, 201–2 International Energy Agency (IEA) 14, 152 International Monetary Fund (IMF) 45, 156–7 intrinsic values 126–31, 135–6, 212; role of the state 199, 200 see also belonging; community; meaning/purpose; simplicity/frugality investment 107–10, 108; ecological/sustainable 101, 152, 153, 166–70, 220; and innovation 112; loans 29; future visions 22, 101–2, 140, 149–53, 158, 169, 208, 220; and savings 108; social 155, 156, 189, 193, 208, 220–3 invisible hand metaphor 132, 133, 187 IPAT equation, relative and absolute decoupling 96 IPCC (Intergovernmental Panel on Climate Change) 18, 19, 201–2 Ireland 28; inequality 206; life expectancy 74, 75; schooling 76; wellbeing 58 iron cage of consumerism see consumerism iron ore 94 James, Oliver 205 James, William 68 Japan: equality 206; financial crisis 27, 45; life expectancy 74, 76, 79; relative income effect 56, 58; resource use 93; response to economic hardship 79–80 Jefferson, Thomas 185 Jobs, Steve 210 Johnson, Boris 120–1 Kahneman, Daniel 60 Kasser, Tim 126 keeping up with the Joneses 115, 116, 117 see also relative income effect Kennedy, Robert 48, 53 Keynes, John Maynard/Keynesianism 23, 34, 120, 174, 181–3, 187–8; financial crisis 37–43; financial system reforms 157; part-time working 145; steady state economy 159, 162 King, Alexander 11 Krugman, Paul 39, 85, 86, 102 Kyoto Protocol (1992) 18, 90 labour: child 62, 154; costs 110; division of 158; elasticity of substitution 177, 178; intensity 109, 148, 208; mobility 123; production inputs 80, 109; structures of capitalism 107 labour productivity 80–1, 109–11; Baumol’s cost disease 170–2; and economic growth 111; future visions 220, 224; investment as commitment 150; need for investment 109; post-growth economy 175, 208; services as engine of growth 170; sustainable investment 166, 170; trade off with resource use 110; work-sharing 145, 146, 147, 148, 148, 149 Lahr, Christin 224–5 laissez-faire capitalism 187, 195, 196 see also free market Lakoff, George 30 language of goods 212; material footprint of 139–40; signalling of social status 71; and wellbeing 124 see also consumerism; material goods; symbolic role of goods Layard, Richard 55 leadership, political 199 see also governance Lebow, Victor 120 Lehman Brothers, bankruptcy 23, 25, 26, 118 leisure economy 204 liberal market economies 106, 107; financial crisis 27, 35–6 life expectancy: and income 72, 73, 74, 77–9, 78; inequality 206; response to economic hardship 80 see also basic entitlements life-satisfaction 73; inequality 205; relative income effect 55–61, 58 see also wellbeing/happiness limits, ecological 3, 4, 7, 11, 12, 20–2; climate change 17–20; decoupling 86; financial crisis 23–4; growth 21, 165, 210; post-growth economy 201–2, 226–7; role of the state 198, 200–2, 206–7; and social boundaries 141; wellbeing 62–63, 185 limits, flourishing within 61–5, 185; alternative hedonism 125–6; intrinsic values 127–31; moving towards 215, 218, 219, 221; paradox of materialism 121–23; prosperity 67–72, 113, 212; role of the state 201–2, 205; selfishness 131–8; shame 123–4; spending vs. saving behaviour 118–21, 119 see also sustainable prosperity limits to growth: confronting 7–8; exceeding 20–2; wellbeing 62–3 Limits to Growth report (Club of Rome) xxxii, xxxiii, 8, 11–16 ‘The Living Standard’ essay (Sen) 50, 123–4 living standards 82 see also prosperity Lloyd, William Forster 190 loans 154; community investment 155–6; financial system weaknesses 34 see also credit; debt London School of Economics 25 loneliness 123, 137 see also alienation long-term: investments 222; social good 219 long-term wellbeing vs. short-term pleasures 194, 197 longevity see life expectancy love 212 see also intrinsic values low-carbon transition 19, 220 LowGrow model for the Canadian economy 175 MacArthur Foundation 144 McCracken, Grant 115 Malthus, Thomas Robert 9–11, 132–3, 190 market economies: coordinated 27, 106; liberal 27, 35–6, 106, 107 market liberalism 106, 107; financial crisis 27, 35–6; wellbeing 47 marketing 140, 203–4 Marmot review, health inequality in the UK 72 Marx, Karl/Marxism 9, 189, 192, 225 Massachusetts Institute of Technology (MIT) 11, 12, 15 material abundance see opulence material goods 68–9; identity 52; language of 139–40; and wellbeing 47, 48, 49, 51, 65, 126 see also symbolic role of goods material inputs see resource use materialism: and fear of death 69, 104, 115, 212–15; and intrinsic values 127–31; paradox of 121–3; price of 126; and religion 115; values 126, 135–6 see also consumerism mathematical models/simulations 132; austerity policies 181; countercyclical spending 181–2, 182; decoupling 84, 91, 96–101; inequality 176–8; post-growth economy 164; stock-flow consistent 179–80 Mawdsley, Emma 70 Mazzucato, Mariana 193, 220 MDG (Millennium Development Goals) 74–5 Meadows, Dennis and Donella 11, 12, 15, 16 meaning/purpose 2, 8, 22; beyond material goods 212–16; consumerism 69, 203, 215; intrinsic values 127–31; moving towards 218–20; wellbeing 49, 52, 60, 121–2; work 144, 146 see also intrinsic values means and ends 159 mental health: inequality 206; meaning/purpose 213 metaphors: government as household 30, 42; invisible hand 132, 133, 187 Middle East, energy inputs 88 Miliband, Ed 199 Mill, John Stuart 125, 159, 160, 174 Millennium Development Goals (MDG) 74–5 mindfulness 128 Minsky, Hyman 34, 35, 40, 182, 208 MIT (Massachusetts Institute of Technology) 11, 12, 15 mixed economies 106 mobility of labour, loneliness index 123 Monbiot, George 84, 85, 86, 91 money: creation 154, 157, 178–9; and prosperity 5; as social good 140, 153–7, 158 see also financial systems monopoly power, corporations 106–7 The Moral Consequences of Economic Growth (Friedman) 82, 176 moral dimensions, good life 63 see also intrinsic values moral hazards, separation of risk from reward 35 ‘more fun with less stuff’ 129, 217 mortality fears 69, 104, 115, 212–15 mortality rates, and income 74, 74–6, 75 mortgage loans 28–9, 35 multinational corporations 106–7 national debt see debt, public-sector nationalisation 191; financial crisis 38, 188 natural selection 132–3 see also struggle for existence nature, rights of 6–7 negative emissions 98–9 negative feedback loops 16–17 Netherlands 58, 62, 206, 207 neuroscientific perspectives: flourishing 68, 69; human behaviour 134 New Climate Economy report Better Growth, Better Climate 18 New Deal, USA 39 New Economics Foundation 175 nickel, commodity prices 13 9/11 terrorist attacks (2001) 121 Nordhaus, William 171, 172–3 North America 128, 155 see also Canada; United States Norway: advertising 204; inequality 206; investment as commitment 151–2; life expectancy 74; relative income effect 58; schooling 76 novelty/innovation 104, 108, 113; and anxiety 116–17, 124, 211; crisis of commitment 195; dilemma of growth 211; human psyche 135–6, 136, 137; investment 150, 166, 168; post-growth economy 226; role of the state 196, 197, 199; as service 140, 141–4, 158; symbolic role of goods 114–16, 213 see also technological advances Nudge: Improving Decisions about Health, Wealth, and Happiness (Thaler and Sunstein) 194–5 Nussbaum, Martha 64 nutrient loading, critical boundaries 17 nutrition 67 see also basic entitlements obesity 72, 78, 206 obsolescence, built in 113, 204, 220 oceans: acidification 17; common pool resources 192 Offer, Avner 57, 61, 71, 194, 195 oil prices 14, 21; decoupling 88; financial crisis 26; resource constraints 15 oligarchic capitalism 106, 107 opulence 50–1, 52, 67–72 original sin 9, 131 Ostrom, Elinor and Vincent 190, 191 output see efficiency; gross domestic product; productivity ownership: and expansion 105; private vs. public 9, 105, 191, 219, 223; new models 223–4; types/definitions of capitalism 105–7 Oxfam 141 paradoxes: materialism 121–3; thrift 120 Paris Agreement 19, 101, 201 participation in society 61, 114, 122, 129, 137; future visions 200, 205, 218, 219, 225; work as 140–9, 148, 157, 158 see also social inclusion part-time working 145, 146, 149, 175 Peccei, Aurelio 11 Perez, Carlota 112 performing arts, Baumol’s cost disease 171–2 personal choice 216–18 see also freedom/autonomy personal property 189, 191 Pickett, Kate 71, 205–6 Piketty, Thomas 33, 176, 177 planetary boundaries see limits (ecological) planning for change 17 pleasure 60–1 see also wellbeing/happiness Plum Village mindfulness community 128 Polanyi, Karl 198 policy see governance political leadership 199 see also governance Political Economy Research Institute, University of Massachusetts 41 pollution 12, 21, 53, 95–6, 143 polycentric governance 191, 192 Poor Laws 10 poor nations see poverty population increase 3, 12, 63, 96, 97, 190; Malthus on 9–11, 132–3 porn industry 40 Portugal 28, 58, 88, 206 positional competition 55–61, 58, 71, 72 see also social comparison positive feedback loops 16–17 post-growth capitalism 224 post-growth macroeconomics 159–60, 183–4, 221; credit 178–80; degrowth movement 161–3; economic stability 174–6; green growth 163–5; inequality 176–8; role of state 181–3, 182, 200–8, 206; services 170–4; sustainable investment 166–70 see also alternatives; future visions; reform poverty 4, 5–6, 216; basic entitlements 72; flourishing within limits 212; life expectancy 74, 74; need for new economic model 101; symbolic role of goods 70; wellbeing 48, 59–60, 61, 67 see also inequality; relative income effect power politics 200 predator–prey analogy 103–4, 117 private credit see credit private vs. public: common good 208; ownership 9, 105, 191, 219, 223; salaries 130 privatisation 191, 219 product lifetimes, obsolescence 113, 204, 220 production: inputs 80–1; ownership 191, 219, 223 productivity: investment 109, 167, 168, 169; post-growth economy 224; services as engine of growth 171, 172, 173; targets 147; trap 175 see also efficiency measures; labour productivity; resource productivity profits: definitions of capitalism 105; dilemma of growth 211; efficiency measures 87; investment 109; motive 104; post-growth economy 224; and wages 175–8 progress 2, 50–5, 54 see also novelty/innovation; technological advances progressive sector, Baumol’s cost disease 171 progressive state 185, 220–2; contested 186–9; countering consumerism 202–5; equality measures 205–7, 206; governance of the commons 190–2; governance as commitment device 192–5; governmentality of growth 195–7; limit-setting 201–2; moving towards 197–200; post-growth macroeconomics 207–8, 224; prosperity 209 prosocial behaviour 198 see also social contract prosperity 1–3, 22, 121; capabilities for flourishing 61–5; and growth 3–7, 23, 66, 80, 160; and income 3–4, 5, 66–7; limits of 67–72, 113, 212; materialistic vision 137; progress measures 50–5, 54; relative income effect 55–61, 58, 71, 72; social perspectives 2, 22, 48–9; state roles 209 see also capabilities for flourishing; post-growth macroeconomics; sustainable prosperity; wellbeing prudence, financial 120, 195, 221; financial crisis 33, 34, 35 public sector spending: austerity policies 189; countercyclical spending strategy 181–2, 182; welfare economy 169 public services/amenities: common pool resources 190–2, 198, 199; future visions 204, 218–20; investment 155–6, 204; ownership 223 see also private vs. public; service-based economies public transport 41, 129, 193, 217 purpose see meaning/purpose Putnam, Robert 122 psyche, human see human nature/psyche quality, environmental 12 see also pollution quality of life: enterprise as service 142; inequality 206; sustainable 128 quality to throughput ratios 113 quantitative easing 43 Queen Elizabeth II 25, 32, 34, 37 quiet revolution 127–31 Raworth, Kate 141 Reagan, Ronald 8 rebound phenomenon 111 recession 23–4, 28, 81, 161–3 see also financial crisis recreation/leisure industries 143 recycling 129 redistribution of wealth 52 see also inequality reforms 182–3, 222; economic structures 224; and financial crisis 103; financial systems 156–8, 180 see also alternatives; future visions; post-growth economy relative decoupling 84–5, 86; historical perspectives 87–9, 89; relationship with absolute decoupling 96–101, 111 relative income effect 55–61, 58, 71, 72 see also social comparison religious perspectives 9–10, 214–15; materialism as alternative to religion 115; original sin 9, 131; wellbeing 48, 49 see also existential fear of death renewable energy xxxv, 41, 168–169 repair/renovation 172, 220 resource constraints 3, 7, 8, 11–15, 47 resource productivity 110, 151, 168, 169, 220 resource use: conflicts 22; credible alternatives 101, 220; decoupling 84–9, 92–5, 94, 95; and economic output 142–4; investment 151, 153, 168, 169; trade off with labour costs 110 retail therapy 115 see also consumerism; shopping revenues, state 222–3 see also taxation revolution 186 see also social stability rights: environment/nature 6–7; human see basic entitlements risk, financial 24, 25, 33, 35 The Road to Serfdom (Hayek) 187 Robinson, Edward 132 Robinson, Joan 159 Rockström, Johan 17, 165 romantic movement 9–10 Roosevelt, Franklin D. 35, 39 Rousseau, Jean Jacques 9, 131 Russia 74, 76, 77–80, 78, 122 sacred canopy 214, 215 salaries: private vs. public sector 130, 171; and profits 175–8 Sandel, Michael 150, 164, 218 São Paulo, Clean City Law 204 Sardar, Zia 49, 50 Sarkozy, Nicolas xxxi, 53 savage state, romantic movement 9–10 savings 26–7, 28, 107–9, 108; investment 149; ratios 34, 118–20, 119 scale, efficiencies of 104 Scandinavia 27, 122, 204 scarcity, managing change 16–17 Schumpeter, Joseph 112 Schwartz, Shalom 135–6, 136 schooling see education The Science of Desire (Dichter) 114 secular stagnation 43–7, 45, 173 securitisation, mortgage loans 35 security: moving towards 219; and wellbeing 48, 61 self-development 204 self-expression see identity construction self-transcending behaviours see transcendence The Selfish Gene (Dawkins) 134–5 selfishness 133–8, 196 Sen, Amartya 50, 52, 61–2, 123–4 service concept/servicization 140–4, 147–8, 148, 158 service-based economies 219; engine of growth 170–4; substitution between labour and capital 178; sustainable investment 169–70 see also public services SFC (stock-flow consistent) economic models 179–80 shame 123–4 shared endeavours, post-growth economy 227 Sheldon, Solomon 214 shelter see basic entitlements shopping 115, 116, 130 see also consumerism short-termism/living for today 194, 197, 200 signals: sent out by society 130, 193, 198, 203, 207; social status 71 see also language of goods Simon, Julian 13 simplicity/simple life 118–20, 127–9, 215–16 simulations see mathematical models/simulations slow: capital 170; movement 128 smart growth 85, 163–5 see also green growth Smith, Adam 51, 106–7, 123, 132, 187 social assets 220 social boundaries (minimum standards) 141 see also basic entitlements social care 150–1 see also caring professions social comparison 115, 116, 117 see also relative income effect social contract 194, 198, 199, 200 social inclusion 48, 69–71, 114, 212 see also participation in society social investment 155, 156, 189, 193, 208, 220–3 social justice 198 see also inequality social logic of consumerism 114–16, 204 social stability 24, 26, 80, 145, 186, 196, 205 see also alienation social status see status social structures 80, 129, 130, 137, 196, 200, 203 social tolerance, and wellbeing 59, 60 social unrest see social stability social wage 40 social welfare: financial reforms 182–3; public sector spending 169 socialism 223 Sociobiology (Wilson) 134 soil integrity 220 Solon, quotation 47, 49, 71 Soper, Kate 125–6 Soros, George 36 Soskice, David 106 Soviet Union, former 74, 76, 77–80, 78, 122 Spain 28, 58, 144, 206 SPEAR organization, responsible investment 155 species loss/extinctions 17, 47, 62, 101 speculation 93, 99, 149, 150, 154, 158, 170; economic stability 180; financial crisis 26, 33, 35; short-term profiteering 150; spending: behaviour of ordinary people 34, 119, 120–1; countercyclical 181–2, 182, 188; economic stability 81; as way out of recession 41, 44, 119, 120–1; and work cycle 125 The Spirit Level (Wilkinson and Pickett) 71, 205–6 spiritual perspectives 117, 127, 128, 214 stability see economic stability; social stability stagflation 26 stagnant sector, Baumol’s cost disease 171 stagnation: economic stability 81–2; labour productivity 145; post-financial crisis 43–7, 45 see also recession state capitalism, types/definitions of capitalism 106 state revenues, from social investment 222–3 see also taxation state roles see governance status 207, 209, 211; and possessions 69, 71, 114, 115, 117 see also language of goods; symbolic role of goods Steady State Economics (Daly) xxxii steady state economies 82, 159, 160, 174, 180 see also post-growth macroeconomics Stern, Nicholas 17–18 stewardship: role of the state 200; sustainable investment 168 Stiglitz, Joseph 53 stock-flow consistent (SFC) economic models 179–80 Stockholm Resilience Centre 17, 201 stranded assets 167–8 see also ownership structures of capitalism see economic structures struggle for existence 8–11, 125, 132–3 Stuckler, David 43 stuff see language of goods; material goods; symbolic role of goods subjective wellbeing (SWB) 49, 58, 58–9, 71, 122, 129 see also wellbeing/happiness subprime lending 26 substitution, between labour and capital 177–178 suffering, struggle for existence 10 suicide 43, 52, 77 Sukdhev, Pavan 41 sulphur dioxide pollution 95–6 Summers, Larry 36 Sunstein, Cass 194 sustainability xxv–xxvi, 102, 104, 126; financial systems 154–5; innovation 226; investment 101, 152, 153, 166–70, 220; resource constraints 12; role of the state 198, 203, 207 see also sustainable prosperity Sustainable Development Strategy, UK 198 sustainable growth see green growth sustainable prosperity 210–12; creating credible alternatives 219–21; finding meaning beyond material commodities 212–16; implications for capitalism 222–5; personal choices for improvement 216–18; and utopianism 225–7 see also limits (flourishing within) SWB see subjective wellbeing; wellbeing/happiness Switzerland 11, 46, 157; citizen’s income 207; income relative to wellbeing 58; inequality 206; life expectancy 74, 75 symbolic role of goods 69, 70–1; existential fear of death 212–16; governance 203; innovation/novelty 114–16; material footprints 139–40; paradox of materialism 121–2 see also language of goods; material goods system dynamics model 11–12, 15 tar sands/oil shales 15 taxation: capital 177; income 81; inequality 206; post-growth economy 222 technological advances 12–13, 15; decoupling 85, 86, 87, 96–8, 100–3, 164–5; dilemma of growth 211; economic stability 80; population increase 10–11; role of state 193, 220 see also novelty/innovation Teilhard de Chardin, Pierre 8 terror management, and consumption 69, 104, 115, 212–15 terrorist attacks (9/11) 121 Thailand, Buddhist monasteries 128 Thaler, Richard 194 theatre, Baumol’s cost disease 171–2 theology see religious perspectives theory of evolution 132–3 thermodynamics, laws of 112, 164 Thich Nhat Hanh 128 thrift 118–20, 127–9, 215–16 throwaway society 113, 172, 204 timescales for change 16–17 tin, commodity prices 13 Today programme interview xxix, xxviii Totnes, transition movement 128–9 Towards a Green Economy report (UNEP) 152–3 Townsend, Peter 48, 61 trade balance 31 trading standards 204 tradition 135–6, 136, 226 ‘Tragedy of the commons’ (Hardin) 190–1 transcendence 214 see also altruism; meaning/purpose; spiritual perspectives transition movement, Totnes 128–9 Triodos Bank 156, 165 Trumpf (machine-tool makers) Germany 146 trust, loss of see alienation tungsten, commodity prices 13 Turkey 58, 88 Turner, Adair 157 21st Conference of the Parties to the UN Framework Convention on Climate Change (2015) 19 UBS (Swiss bank) 46 Ubuntu, African philosophy 227 unemployment 77; consumer goods 215; degrowth movement 162; financial crisis 24, 40, 41, 43; Great Depression 39–40; and growth 38; labour productivity 80–1; post-growth economy 174, 175, 183, 208, 219; work as participation 144–6 United Kingdom: Green New Deal group 152; greenhouse gas emissions 92; labour productivity 173; resource inputs 93; Sustainable Development Strategy 198 United Nations: Development Programme 6; Environment Programme 18, 152–3; Green Economy initiative 41 United States: credit unions 155–6; debt 27, 31–32; decoupling 88; greenhouse gas emissions 90–1; subprime lending 26; Works Progress Administration 39 universal basic income 221 see also citizen’s income University of Massachusetts, Political Economy Research Institute 41 utilitarianism/utility, wellbeing 50, 52–3, 55, 60 utopianism 8, 38, 125, 179; post-growth economy 225–7 values, materialistic 126, 135–6 see also intrinsic values Veblen, Thorstein 115 Victor, Peter xxxviii, 146, 175, 177, 180 vision of progress see future visions; post-growth economy volatility, commodity prices 14, 21 wages: and profits 175–8; private vs. public sector 130, 171 walking, personal choices for improvement 217 water use 22 Wealth of Nations, An Inquiry into the Nature and Causes (Smith) 123, 132 wealth redistribution 52 see also inequality Weber, Axel 46 welfare policies: financial reforms 182–3; public sector spending 169 welfare of livestock 220 wellbeing/happiness 47–50, 53, 121–2, 124; collective 209; consumer goods 4, 21, 22, 126; growth 6, 165, 211; intrinsic values 126, 129; investment 150; novelty/innovation 117; opulence 50–2, 67–72; personal choices for improvement 217; planetary boundaries 141; relative income effect 55–61, 58, 71, 72; simplicity 129; utilitarianism 50, 52–3, 55, 60 see also capabilities for flourishing western lifestyles 70, 210 White, William 46 Whybrow, Peter 68 Wilhelm, Richard 7 Wilkinson, Richard 71, 205–6 Williams, Tennessee 213 Wilson, Edward 134 wisdom traditions 48, 49, 63, 128, 213–14 work: as participation 140–9, 148, 157, 158; and spend cycle 125; sharing 145, 146, 149, 175 Works Progress Administration, USA 39 World Bank 160 World Values Survey 58 youth unemployment, financial crisis 144–5 zero sum game, growth as 57, 71


pages: 134 words: 41,085

The Wake-Up Call: Why the Pandemic Has Exposed the Weakness of the West, and How to Fix It by John Micklethwait, Adrian Wooldridge

Admiral Zheng, Affordable Care Act / Obamacare, basic income, battle of ideas, Berlin Wall, Bernie Sanders, Boris Johnson, carried interest, cashless society, central bank independence, Corn Laws, coronavirus, COVID-19, Covid-19, creative destruction, David Ricardo: comparative advantage, Deng Xiaoping, Dominic Cummings, Donald Trump, Etonian, failed state, Fall of the Berlin Wall, global pandemic, Internet of things, invisible hand, Jones Act, knowledge economy, laissez-faire capitalism, McMansion, night-watchman state, offshore financial centre, oil shock, Panopticon Jeremy Bentham, Parkinson's law, pensions crisis, QR code, rent control, road to serfdom, Ronald Reagan, school vouchers, Shoshana Zuboff, Silicon Valley, smart cities, trade route, universal basic income, Washington Consensus

Uncle Sam is already on the line for over $3 trillion in stimulus, deferrals, and guarantees.12 By the end of May around forty-five million jobs were being supported by governments in the euro area alone. When British shops reopened, a cartoon in the Daily Telegraph showed a consumer, loaded down with goods, announcing, “Just charge it to Rishi Sunak,” Britain’s finance minister. The left wants more. Corbynistas and Sandersistas are having a merry time attaching all their favorite policies onto Covid-19 like so many baubles on a Christmas tree—radical redistribution here, universal basic income there. “The Corona crisis is not without its advantages,” says Ulrike Herrmann, a German anticapitalist. Some of this is silly, but two historically left-wing ideas are gathering admirers across the political spectrum: industrial policy and leveling up. In the eurozone, even before Covid, there was pressure to create companies big enough to compete with America’s and China’s behemoths.

After the Great Depression only eccentrics advocated getting rid of it. All the same, there are two reasons why an even larger Leviathan will not (and indeed should not) last forever. The first is that, for all their current tolerance, the markets and taxpayers will not stomach it. When governments spent heavily after the financial crisis, a round of belt-tightening quickly followed. Austerity could happen again. Fantasies about universal basic income will not survive an era of postpandemic belt-tightening. Look at France: Bruno Le Maire, the finance minister, has already ruled out tax rises. Or look at Italy, the country that has been most successful in resisting reform in Europe. For the moment, the markets are lending it money. But at some point, the penny will drop (or perhaps it will be told to drop by Mrs. Merkel). Asked “how did you go bankrupt?”


pages: 596 words: 163,682

The Third Pillar: How Markets and the State Leave the Community Behind by Raghuram Rajan

activist fund / activist shareholder / activist investor, affirmative action, Affordable Care Act / Obamacare, airline deregulation, Albert Einstein, Andrei Shleifer, banking crisis, barriers to entry, basic income, battle of ideas, Bernie Sanders, blockchain, borderless world, Bretton Woods, British Empire, Build a better mousetrap, business cycle, business process, capital controls, Capital in the Twenty-First Century by Thomas Piketty, central bank independence, computer vision, conceptual framework, corporate governance, corporate raider, corporate social responsibility, creative destruction, crony capitalism, crowdsourcing, cryptocurrency, currency manipulation / currency intervention, data acquisition, David Brooks, Deng Xiaoping, desegregation, deskilling, disruptive innovation, Donald Trump, Edward Glaeser, facts on the ground, financial innovation, financial repression, full employment, future of work, global supply chain, high net worth, housing crisis, illegal immigration, income inequality, industrial cluster, intangible asset, invention of the steam engine, invisible hand, Jaron Lanier, job automation, John Maynard Keynes: technological unemployment, joint-stock company, Joseph Schumpeter, labor-force participation, low skilled workers, manufacturing employment, market fundamentalism, Martin Wolf, means of production, moral hazard, Network effects, new economy, Nicholas Carr, obamacare, Productivity paradox, profit maximization, race to the bottom, Richard Thaler, Robert Bork, Robert Gordon, Ronald Reagan, Sam Peltzman, shareholder value, Silicon Valley, Social Responsibility of Business Is to Increase Its Profits, South China Sea, South Sea Bubble, Stanford marshmallow experiment, Steve Jobs, superstar cities, The Future of Employment, The Wealth of Nations by Adam Smith, trade liberalization, trade route, transaction costs, transfer pricing, Travis Kalanick, Tyler Cowen: Great Stagnation, universal basic income, Upton Sinclair, Walter Mischel, War on Poverty, women in the workforce, working-age population, World Values Survey, Yom Kippur War, zero-sum game

Nevertheless, nearly everyone will get all the care they need to be functioning members of society. Before we end this chapter, we need to discuss three issues. First, to what extent should some of the support beyond the Beveridge level of care, for those who have not saved money or paid for insurance, be decided and administered by the community? Second, should we prepare for increasing technological unemployment with schemes like a universal basic income? Third, how do we pay for the entitlements that have already been committed to, as well as the outstanding government debt, even before we embark on creating new entitlements? COMMUNITY-DETERMINED ADDITIONAL SUPPORT The basic level of economic support in case of unemployment, disability, or old age should have no conditions attached. Neither should social or private insurance that has been paid for through past premiums.

As we have discussed, the ICT revolution also allows for a greater flow of information to the state, which can offer a second line of defense against corruption. A MORE COMPREHENSIVE GOVERNMENT SUPPORT PLAN? Some want to go much further in providing support. One proposal has been gaining currency as societies anticipate massive joblessness from technological change. It is to give every adult in the country a universal basic income (UBI), which will be enough to live a decent life, with no questions asked. The difference from the basic support we discussed above is that UBI would be set at much higher levels, and paid to everyone regardless of need. There is an ongoing debate about whether those who fear technological unemployment are too pessimistic, underestimating the ability of markets and human ingenuity to find productive uses for unemployed humans.

., 137, 159–60, 292 inclusive civic nationalism, 297–99, 302 inclusive localism, xxii, 22, 285–87, 289–302, 327, 351, 394 income and wages, 90, 127, 152, 213, 388, 395, 396 dispersion across US cities, 220 of doctors, 388 Earned Income Tax Credit and, 345–46 economic segregation and, 307–9 effects of technology and trade on, 188–94 median wage, 189–91 occupational licensing and, 207 top one percent, 102, 191–94 universal basic income, 322–23 India, xxvi, xxviii, 19–20, 31, 113–15, 139, 144, 245, 246, 267–74, 287, 298, 317, 350, 391 affirmative action in, 300–302 bribery in, 312 China compared with, 247–48, 267, 269, 270, 275–76 corruption in, 272 cronyism in, 268, 269 decentralization in, 270, 272 democracy in, 268–70, 272–74 economic growth of villages in, 275 Finance Ministry in, 274 Indore, 335–37, 339, 344 land acquisition for public projects in, 275–76 liberalization in, 269–71, 273, 276 populism in, 272, 276–78 Rashtriya Swayamsevak Sangh in, xix, 277 socialism in, 267–69, 391 state, markets, and democracy in, 272–74 individualism, 194–96, 201, 284 Indore, 335–37, 339, 344 industrialization, 75, 88, 127, 275 Industrial Revolution(s), 16, 18, 26, 70, 74, 78, 84, 87, 91, 230 First, 116–17 Fourth, 117 handloom weavers and, 18–19, 116, 188 Second, 117–19, 122, 146, 147, 152, 153, 160–61 Third, 117 in U.S., 121 see also Information and Communications Technology (ICT) revolution inflation, 56–57, 163, 164, 366 Information and Communications Technology (ICT) revolution, xii–xiii, xxi, xxviii, 117, 148, 161, 162, 175–211, 213, 313, 321–22, 338, 340, 382, 393, 394 automation in, xii, xviii, 3, 143–44, 175, 178, 185–87, 314 communities and, xviii–xx, 176, 184–88 decentralization and, 312–13 interconnected world and, 350–51 jobs and, 143–44, 173, 175, 177–88, 395 trade and, 143–44, 173, 181–88 inheritance, 37, 45, 105 Inquiry into the Nature and Causes of the Wealth of Nations, An (Smith), 80 intellectual property, 73, 183, 278, 351, 362–63, 382–84 patents, 204–6, 362, 382–84 International Monetary Fund (IMF), xxvi, 146, 151, 270, 367, 368–69 international responsibilities, 363–67, 372, 397 internet, 117, 310 China and, 266, 350 community and, 330–35 political views and, 332–33 Ireland, 237, 238, 353–54 Italy, 145, 162, 303–4, 359 in European Union, 169 Montegrano, 12–14, 113, 227 in postwar period, 149, 152 Jackson, Andrew, 93 James I, King, 66–67 Jams II, King, 70 Janesville, Wisc., 341 Janesville (Goldstein), 186 Japan, 157, 160, 302, 368, 380 aging population in, 292–93 currency in, 366 immigration and, 292–93 income in, 191 in postwar period, 148, 153 protectionism in, 354 Jeffers, Jessica, 205 Jefferson, Thomas, 58 Jensen, Michael, 196 Jiang Zemin, 251 jobs, xii, xviii, 163, 164, 224, 343, 389, 395 African Americans and, 230–31 credentials and, 233–34, 317, 393 ICT revolution and, 143–44, 173, 175, 177–88, 395 and lump of labor fallacy, 180 mercantilism and, 62–63 occupational licensing and, 206–7, 387–88, 393 Second Industrial Revolution and, 122 see also income and wages; workers Johnson, Lyndon, 157–58, 229 Juncker, Jean-Claude, 172 Jungle, The (Sinclair), 104 Justice, US Department of, 202 Kahn, Alfred, 165 Kalanick, Travis, 196 Kaplan, Steve, 192 Katz, Bruce, 303 Kautilya, 31 Keynes, John Maynard, 154, 163, 395 Khan, Khizr, xxi Khilnani, Sunil, 298 Khodorkovsky, Mikhail, 111 Kim, Han, 220 King, Martin Luther, Jr., 157, 158, 397 Kleiner, Morris, 207 knowledge, diffusion of, 204–6 Krueger, Alan, 207 Kyoto Protocol, 365 laissez-faire, 77–78, 81, 83 landowners, 37, 58, 72, 74 gentry, 54–58, 64–66, 71, 72 Lasch, Christopher, 227 Latin America, 72, 93, 96 Lee Kuan Yew, 247 LEGO, 391 lending, see loans Le Pen, Marine, 236 Lerner, Josh, 362 Levine, David, 382–83 liberal democracy, 74–75 liberalism, 83, 160 liberalization, 206 in China, 248–67, 276 in India, 269–71, 273, 276 private sector’s reaction to, 194–201, 207–8 liberal market democracies, xiii, xx, xxvii libertarianism, 115 limited-access societies, 97–98 Lindsey, Brink, 205 loans, 44–45, 48 contract in, 29–31 see also usury lobbying, 378, 389 localism, xxi, xxviii, 285, 286, 303 inclusive, xxii, 22, 285–87, 289–302, 327, 351, 394 long-term benefits of, 303 location, importance of, 219–21 Long, Huey, 136 looms, 18–19, 116, 188 Louis XIV, King, 60, 65, 66 Luce, Edward, 227 Luther, Martin, 46 Madison, James, 97, 218 magnates, decline of, 53–54 Mahajan, Vijay, 337 Malthus, Thomas Robert, 83 Mann, Horace, 121 manufacturing, 152, 184–85, 206 Mao Zedong, 247–50 markets, xiii, xv, xvii–xviii, xx, xxii, xxvii–xxviii, 25–27, 50, 56, 77–106, 145, 154, 172, 173, 243–44, 283, 184, 285–87, 304, 393, 394 community adjustment to, 388–92 community and state buffers against volatility in, 127–38 community loss of faith in, 115–19 community values and, 390–92 competition in, see competition data in, 384–86 definition of, xiv democracy and, 106, 110 emerging, 245, 271; see also China; India fairness in, 115–16 freeing, 80–81 laissez-faire and, 77–78, 81, 83 liberalization of, see liberalization liberal market democracies, xiii, xx, xxvii perceived legitimacy of players in, 110–12 philosophy for, 81–84 reforming, 373–92 separation from community, xiv–xv state and, 304 transactions in, 3, 4 unbridled, 84–87 see also trade marriage, 231, 235 Marshall Plan, 149–51, 365 marshmallow test, 222–23 Marx, Karl, 49, 78, 87–91 Marxism, 87–91, 112, 115, 249, 287 Maximum Feasible Misunderstanding (Moynihan), 158 McClure’s Magazine, 103 McKinley, William, 106 McLean, Malcolm, 181 meatpacking industry, 104, 107–8 Medicare, 241, 324 mercantilism, 62–65, 80 Merchant of Venice, The (Shakespeare), 30 meritocracy, 390, 393 children and, 224–25, 228 in China, 257, 265 Merkel, Angela, 241 military technologies, 42–44, 51, 53 Mill, Harriet, 81 Mill, John Stuart, 81–83 minorities, 218, 219, 289, 296–97 affirmative action and, 300–302 see also African Americans; immigration, immigrants Mischel, Walter, 223 misery index, 163 Mitterand, François, 168 Mokyr, Joel, 20, 21 monarchy, 51–53, 56–59, 61–63, 65, 73 monasteries, 54, 57, 72 moneylending, see loans Monnet, Jean, 154 monopolies, 58–62, 64, 80, 81, 87, 91, 97, 99, 105, 106, 108, 109, 112, 201–7, 283, 379–82 antitrust laws and, 101, 103–4, 381–82 Montegrano, 12–14, 113, 227 Moore, Barrington, 73 Moretti, Enrico, 220 Morgan, John Pierpont, 99, 104 Morse, Adair, 220 Moynihan, Daniel Patrick, 158, 340 multilateral institutions, 367–70 Murphy, Kevin, 196 Murray, Charles, 227 muskets, 42–43 Muslims, 21, 35, 36, 241, 242, 272, 277 Napoleon I, 126 nationalism, xvii, 64, 184, 330, 397 civic, 297–99, 302 ethnic, 215–17; see also populist nationalism mercantilism and, 63 populist, see populist nationalism Nation at Risk, A, 232–33 nation-states, 26, 42, 50, 51–52, 61–62 Nehru, Jawaharlal, 267, 270, 287, 298 neighborhoods, 297 isolation index and, 333 sorting and, see residential sorting see also community Netville, 331–32 Neumann, Franz, 112 New Deal, 134–35 New Localism, The (Katz and Nowak), 303 news consumption, and diversity of opinions, 332–33 New York Times, 19, 98, 218, 387 Nixon, Richard, 98, 108 North, Douglass, 70, 97 Nowak, Jeremy, 303 Obama, Barack, xvii, 158, 235, 240 India visited by, 273 Obama, Michelle, 240 Obamacare, 144, 214, 239–41 Oceana (Harrington), 58 oil industry, 84–86, 99, 103, 107, 111 Oliver, Douglas, 9 one percent, 102, 191–94 On Liberty (Mill), 81–83 open-access societies, 98 Opium Wars, 349–50 Organization for Economic Co-operation and Development (OECD), 189–90 Our Towns: A 100,000-Mile Journey into the Heart of America (Fallows and Fallows), 344 Owen, Robert, 88 Owens, Ann, 226 Papal Revolution, 38, 40 parents, 222–31, 343 Paris Agreement, 365 parliaments, 77, 78–79 English, 57, 60–62, 65–70, 74, 77, 84, 105 patents, 204–6, 362, 382–84 patriotism, 298 peasants, 37–38, 73, 74, 78 see also feudalism, feudal communities Peltzman, Sam, 202 Perez, Carlotta, 118 Petersen, Mitchell, 15, 219 pharmaceutical drugs and companies, 183, 184, 204, 354, 362–63, 384 Physiocrats, 77 Piketty, Thomas, 191 Pilsen community, xxii–xxvi, 12, 298, 344, 381 Pirenne, Henri, 45 plague (Black Death), 40, 41–42 Polanyi, Karl, 84 police officers, 312 politics: conflict over, 234–36 isolation index and, 332–33 left-wing, xiii, xix, xxvii, 214, 217, 394 right-wing, xiii, xix, 214–17, 394 Polybius, 118 population aging, 260, 284, 286, 292–93, 324, 342–43, 348, 396 population diversity, see diversity population growth, 83, 152, 162–63 populism, xiii, xix, xxviii, 63, 136, 137, 211, 213–44, 284 in China, 276–79 and conflict over values and politics, 234–36 in Europe, 241–43 Global Financial Crisis and, 236–43 growing divide and, 218–19 in India, 272, 276–78 left-wing, 214, 217 Obamacare and, 239–41 Populist movement at turn of nineteenth century, 23, 26, 79, 98–101, 102, 105–6, 112, 244, 265 reemergence in the industrial West, 213–44 right-wing, 214–17 types of, 214–18 populist nationalism, xiii, xix–xx, xxi, xxvii, 144, 216–17, 241–44, 246, 276–79, 286, 289, 295–300, 302, 352, 353 in China, 276–79 in Europe, 241–43 in India, 276–78 why it cannot work, 296–97 Populist Revolt, The (Hicks), 99 Portugal, 148, 238 Poterba, James, 140 poultry farms, 354–55, 357 poverty, 396 African Americans and, 157 Elberfeld system of assistance, 129–31, 320 War on, 158, 160, 229 Powell, Enoch, 159 presidential election of 2016, 235, 236, 333, 354 Price, Brendan, 185 Princeton University, 125 printing press, 41–42, 46 private sector, 107–8, 111, 139, 147, 283, 284, 352, 371 liberalization and, 194–201, 207–8 Progressives, 26, 79, 98–99, 102–6, 112, 124, 134, 137, 244, 265 property, 26, 52, 57, 58, 74, 79, 83, 103, 115, 352, 362, 374, 394 competition and, 286 intellectual, see intellectual property land, see landowners taxes on, 121, 123 as theft, 110–11 protectionism, 108, 258–59, 278, 306, 353–56, 364 Protestant Ethic and the Spirit of Capitalism, The (Weber), 47 Protestant Reformation, 40–41, 47, 49 Protestants, 48, 49 public hearings, 389–90 Putnam, Robert, 227, 334 Quakers, 16–17, 230 race, see ethnicity and race race to the bottom, 358–60 railroad industry, 85, 87, 99, 101 Ramanathan, Swati, 312 Ramcharan, Rodney, 72 ranchers, 9–10, 11 Rand, Ayn, 80, 391 R&D, 183–84 Rashtriya Swayamsevak Sangh (RSS), xix, 277 Rauh, Joshua, 192 Rawls, John, 115 Raymundo, Raul, xxiii, xxvi Reagan, Ronald, 165, 194, 232 Reeves, Richard, 224 Reformation, 40–41, 47, 49 regulation(s), 103–5, 107–8, 165, 172 antitrust, 202 of banks, 358–60 communities and, 285, 304, 306–7, 341, 357 competition and, 165, 387–88 deregulation, 165–67, 194, 197 harmonization of, 354–63, 365, 371 relief efforts, 131–33, 135 see also safety nets religion, 49, 51, 64 Protestant Reformation, 40–41, 47, 49 Protestants, 48, 49 see also Catholic Church Republicans, 235–36 residential sorting, 144, 177, 222, 227, 314 by income, 307–9 race and immigration and, 229–31 resources, policies on, 365 Resurrection Project, xxiii–xxvi Ritter, Jay, 201 Robinson, James, 94 Rockefeller, John D., 84–91, 98, 103, 104, 108, 200 Rodgers, Daniel, 334 Rodrik, Dani, 364–65, 371 Roman Republic, 58 Romney, Mitt, 235 Roosevelt, Franklin, 134–37, 156 Roosevelt, Theodore, 106 Rosen, Sherwin, 193 Russell, John, 95 Russia, 97, 287, 292, 354, 369 wealthy in, 111 Saez, Emmanuel, 191 safety nets, 139, 173, 290 caregivers and, 319–20 community and, 127–38, 318–25 in Europe, 156 government support in, 322–24 health care, see health care paying