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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 email@example.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.
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, precariat, prediction markets, QWERTY keyboard, railway mania, RAND corporation, Ray Kurzweil, RFID, Rodney Brooks, 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, universal basic income, Vernor Vinge, working-age population, Y Combinator, young professional
Articulate, well-connected and forceful middle class professionals will be standing alongside professional drivers and factory workers, demanding that the state do something to protect them and their families. Universal Basic Income If and when societies reach the point where we have to admit that a significant proportion of the population will never work again – through no fault of their own – a mechanism will have to be found to keep those people alive. And not just scraping by on the poverty line: they will have to be provided with an income which allows at least the possibility of a decent life by the standards of the societies they live in. The answer is well-known, and fairly obvious: a universal basic income (UBI), available to all without condition; a living wage which is paid to all citizens simply because they are citizens. Probably the longest-standing organisation advocating UBI is the Basic Income Earth Network.
[ccxcii] http://money.cnn.com/2015/06/23/investing/facebook-walmart-market-value/ [ccxciii] http://quoteinvestigator.com/2011/11/16/robots-buy-cars/ [ccxciv] http://thegreatdepressioncauses.com/unemployment/ [ccxcv] http://www.statista.com/statistics/268830/unemployment-rate-in-eu-countries/ [ccxcvi] http://www.statista.com/statistics/266228/youth-unemployment-rate-in-eu-countries/ [ccxcvii] http://www.scottsantens.com/ [ccxcviii] http://www.economonitor.com/dolanecon/2014/01/27/a-universal-basic-income-conservative-progressive-and-libertarian-perspectives-part-3-of-a-series/ [ccxcix] https://www.reddit.com/r/BasicIncome/wiki/index#wiki_that.27s_all_very_well.2C_but_where.27s_the_evidence.3F [ccc] https://www.reddit.com/r/BasicIncome/wiki/studies [ccci] http://basicincome.org.uk/2013/08/health-forget-mincome-poverty/ [cccii] http://fivethirtyeight.com/features/universal-basic-income/?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.”
With this in mind, it seems to me that it should be our aim to get rid of the need for jobs and employment just for the purpose of survival. Our strategies for the future should be not about finding new salary jobs, but rather about removing the need for them, and about setting up a better and more advanced social structure. This is where looking at the challenges involved and the path to a successful alternative, as Chace does in chapter 5, is essential. Where ideas such as a universal basic income (UBI) are concerned, it is useful to keep in mind that the world is not the US. Even if there is some initial antipathy in the US, because of associations between UBI and what might naively be labeled as 'socialist' thinking, the US will not wish to be left behind if other nations successfully implement the change. The time to dive deeply into the many issues raise in this book, to start a wider conversation about those issues, and to look creatively for the most well-balanced solutions and outcomes, is now.
Four Futures: Life After Capitalism by Peter Frase
3D printing, Airbnb, basic income, bitcoin, 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, Norbert Wiener, Occupy movement, pattern recognition, peak oil, Plutocrats, plutocrats, 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.
autonomous vehicles, banking crisis, Bartolomé de las Casas, basic income, Berlin Wall, Bertrand Russell: In Praise of Idleness, Branko Milanovic, cognitive dissonance, computer age, conceptual framework, credit crunch, David Graeber, Diane Coyle, Erik Brynjolfsson, everywhere but in the productivity statistics, Fall of the Berlin Wall, Francis Fukuyama: the end of history, Frank Levy and Richard Murnane: The New Division of Labor, full employment, George Gilder, George Santayana, happiness index / gross national happiness, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, income inequality, invention of gunpowder, James Watt: steam engine, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kevin Kelly, Kickstarter, knowledge economy, knowledge worker, Kodak vs Instagram, labour market flexibility, labour mobility, low skilled workers, means of production, megacity, meta analysis, meta-analysis, microcredit, minimum wage unemployment, Mont Pelerin Society, Nathan Meyer Rothschild: antibiotics, Occupy movement, offshore financial centre, Paul Samuelson, Peter Thiel, post-industrial society, precariat, RAND corporation, randomized controlled trial, Ray Kurzweil, Ronald Reagan, Second Machine Age, Silicon Valley, Simon Kuznets, Skype, stem cell, Steven Pinker, telemarketer, The Future of Employment, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, Tyler Cowen: Great Stagnation, universal basic income, wage slave, War on Poverty, We wanted flying cars, instead we got 140 characters, wikimedia commons, women in the workforce, working poor, World Values Survey
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.
Cain and Douglas Wissoker, “A Reanalysis of Marital Stability in the Seattle-Denver Income Maintenance Experiment,” Institute for Research on Poverty (January 1988). http://www.irp.wisc.edu/publications/dps/pdfs/dp85788.pdf 47. According to a poll conducted by Harris in 1969. Mike Alberti and Kevin C. Brown, “Guaranteed Income’s Moment in the Sun,” Remapping Debate. http://www.remappingdebate.org/article/guaranteed-income’s-moment-sun 48. Matt Bruenig, “How a Universal Basic Income Would Affect Poverty,” Demos (October 3, 2013). http://www.demos.org/blog/10/3/13/how-universal-basic-income-would-affect-poverty 49. Linda J. Bilmes, “The Financial Legacy of Iraq and Afghanistan: How Wartime Spending Decisions Will Constrain Future National Security Budgets,” Faculty Research Working Paper Series (March 2013). https://research.hks.harvard.edu/publications/getFile.aspx?Id=923 50. Try this for a thought experiment: A basic income of $1.25 a day for everyone on Earth would cost an annual $3 trillion, or 3.5% of the global GDP.
Everyone should read it. Bregman shows us we’ve been looking at the world inside out. Turned right way out we suddenly see fundamentally new ways forward. If we can get enough people to read this book, the world will start to become a better place.” – Richard Wilkinson, co-author of The Spirit Level: Why More Equal Societies Almost Always Do Better “Rutger Bregman makes a compelling case for Universal Basic Income with a wealth of data and rooted in a keen understanding of the political and intellectual history of capitalism. He shows the many ways in which human progress has turned a Utopia into a Eutopia – a positive future that we can achieve with the right policies.” – Albert Wenger, entrepreneur and partner at Union Square Ventures, early backers of Twitter, Tumblr, Foursquare, Etsy, and Kickstarter “Learning from history and from up-to-date social science can shatter crippling illusions.
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, Bretton Woods, 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, 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, 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.
By directing the left towards a post-work future, not only will significant gains be aimed for – such as the reduction of drudgery and poverty – but political power will be built in the process. In the end, we believe a post-work society is not only achievable, given the material conditions, but also viable and desirable.6 This chapter charts a way forward: building a post-work society on the basis of fully automating the economy, reducing the working week, implementing a universal basic income, and achieving a cultural shift in the understanding of work. FULL AUTOMATION Our first demand is for a fully automated economy. Using the latest technological developments, such an economy would aim to liberate humanity from the drudgery of work while simultaneously producing increasing amounts of wealth. Without full automation, postcapitalist futures must necessarily choose between abundance at the expense of freedom (echoing the work-centricity of Soviet Russia) or freedom at the expense of abundance, represented by primitivist dystopias.7 With automation, by contrast, machines can increasingly produce all necessary goods and services, while also releasing humanity from the effort of producing them.8 For this reason, we argue that the tendencies towards automation and the replacement of human labour should be enthusiastically accelerated and targeted as a political project of the left.9 This is a project that takes an existing capitalist tendency and seeks to push it beyond the acceptable parameters of capitalist social relations.
As Paul Mattick puts it, ‘the leisure of the starving, or the needy, is no leisure at all but a relentless activity aimed at staying alive or improving their situation’.90 The underemployed, for instance, have plenty of free time but lack the means to enjoy it. Underemployed, it turns out, is really just a euphemism for under-waged. This is why an essential demand in a post-work society is for a universal basic income (UBI), giving every citizen a liveable amount of money without any means-testing.91 It is an idea that has periodically popped up throughout history.92 In the early 1940s, a version of it was advanced as an alternative to the Beveridge Report that eventually shaped the UK welfare state.93 In a now largely forgotten period during the 1960s and 1970s, the basic income was central to proposals for US welfare reform.
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 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, distributed ledger, diversification, double entry bookkeeping, 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, labour market flexibility, large denomination, liquidity trap, London Whale, low skilled workers, M-Pesa, Marc Andreessen, market bubble, market fundamentalism, Mexican peso crisis / tequila crisis, 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.
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
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. One difficulty is that winding up subsidies would raise the cost of living since the prices of the previously subsidized items would rise.
Chapter 9 is about the promotion of inclusive development through enhancement of social opportunities, especially the provision of education and health care. It takes a cool and critical look at the role of the state and the private sector in providing these essential services. Chapter 10 is about inclusion via ‘social protection’ and income redistribution. In India, this takes place primarily through price subsidies. In contrast, the chapter advocates achieving egalitarian aims, including a universal ‘basic income’, by the use of cash transfers. The existing methods of reaching the poor are shown to be ineffective and costly. There is, in addition, an analysis of how enhanced cash transfers could be financed with relative ease if the existing dysfunctional price subsidies were eliminated. Part IV moves on to the political economy of Indian development. Chapter 11 is concerned with domestic political economy.
Another alternative is to use proxy means tests to identify the poor, e.g. by excluding people who pay income tax and/ or have the obvious markers of high income such as ownership of land above five acres, ownership of houses with more than three rooms, and possession of relatively expensive consumer durables such as automobiles, bearing in mind that some of these categories would overlap.26 In this way, one might be able to isolate say 67 per cent or 50 per cent of the population containing all poor people with a high degree of certainty. My view is that any such effort would be politically very contentious and 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 [ 211 ] 212 divisive. A universal transfer would be preferable if it were fiscally possible because it would arouse much less resistance. The Appendix to this chapter estimates the cost of universal ‘basic income’ provision, taking account of the realistic constraints identified above. The scheme envisaged therein would raise the average income of poor people to the poverty line by making the requisite uniform and universal cash transfer. The Appendix shows that at 2014/15 prices, this would involve making a cash transfer of about Rs. 17,500 a year per household (i.e. around Rs. 1450 per month per household) which, if it covered all households, would cost 3.5 per cent of GDP annually.
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, distributed ledger, drone strike, Elon Musk, 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, RAND corporation, recommendation engine, RFID, rolodex, Satoshi Nakamoto, self-driving car, sentiment analysis, shareholder value, sharing economy, Silicon Valley, smart cities, smart contracts, 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, universal basic income, urban planning, urban sprawl, Whole Earth Review, WikiLeaks, women in the workforce
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.
With most fabricated objects tagged with information about their material composition, alongside instructions for recycling, it’s easy to disassemble products when they’ve reached the end of their useful life and sort their components for recapture or reuse; in fact, an automated recovery chain just as elaborate as the supply chain exists to do precisely that. It is clearer every day that the legitimating purpose of all economic activity is the production of universal bounty. Here, a formal Universal Basic Income isn’t necessary, because the goods of life are essentially free for the taking. The fruits of the Earth are distributed not merely equitably, but lavishly, as we always knew they could be. The grand framing narrative of commodity capitalism is finally shattered and left behind, the economics of want no longer relevant to a time when demand is estimated by wise algorithm, and fulfilled by automated production.
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 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, knowledge economy, knowledge worker, late capitalism, low skilled workers, market clearing, means of production, Metcalfe's law, 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, women in the workforce
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.
One byproduct of promoting competition and diversity in the service sector is that, once you can’t relentlessly drive down wages, there would have to be a surge of technical innovation, the outcome of which would be to reduce the number of work hours needed across society overall. 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 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.
Rethinking Capitalism: Economics and Policy for Sustainable and Inclusive Growth by Michael Jacobs, Mariana Mazzucato
3D printing, balance sheet recession, banking crisis, basic income, Bernie Sanders, Bretton Woods, business climate, Carmen Reinhart, central bank independence, collaborative economy, complexity theory, conceptual framework, corporate governance, corporate social responsibility, creative destruction, credit crunch, Credit Default Swap, crony capitalism, David Ricardo: comparative advantage, decarbonisation, deindustrialization, dematerialisation, Detroit bankruptcy, double entry bookkeeping, Elon Musk, endogenous growth, energy security, eurozone crisis, factory automation, facts on the ground, fiat currency, Financial Instability Hypothesis, financial intermediation, forward guidance, full employment, G4S, Gini coefficient, Growth in a Time of Debt, Hyman Minsky, income inequality, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), Internet of things, investor state dispute settlement, invisible hand, Isaac Newton, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, labour market flexibility, low skilled workers, Martin Wolf, mass incarceration, Mont Pelerin Society, neoliberal agenda, Network effects, new economy, non-tariff barriers, paradox of thrift, Paul Samuelson, price stability, private sector deleveraging, quantitative easing, QWERTY keyboard, railway mania, rent-seeking, road to serfdom, savings glut, Second Machine Age, secular stagnation, shareholder value, sharing economy, Silicon Valley, Steve Jobs, the built environment, The Great Moderation, The Spirit Level, Thorstein Veblen, too big to fail, total factor productivity, transaction costs, trickle-down economics, universal basic income, very high income
The proliferation of free internet-based services has inspired many to innovate in networks of sharing access to possessions, exchanging time and collaborating in creative projects. This is one of the routes along which ICT enables a green economy grounded in sustainability and focused on services and personal care. Move towards some form of basic income. Providing a minimum income in the advanced countries—such as the universal basic income currently being trialled in Finland, a negative income tax and/or workfare for community projects and services—is the necessary platform for encouraging the sharing and collaborative economies, the growth of voluntary organisations and of creative endeavours that could contribute to the quality of life both at the community level and through participation in global networks. In the ‘green good life’, well-being would increasingly be measured not by possessions, but by positive experiences of healthy living, community sharing and creative involvement in networking and group activities.
China Development Bank (CDB) circular economy citizenship goods climate change and capitalism and economics and politics Paris Accord policy Club of Rome Cold War collective goods Compaq compensation contracts competition Japanese law limits perfect competition protected firms and sectors consumerism consumers behaviour benefits choice debt demand protection welfare corporate sector accountability debt financialisation Fortune 500 companies Fortune 1000 companies governance new public management (NPM) organisational models resource allocation D DARPA debt consumer corporate household hysteria private public short-term sovereign debt-to-GDP ratios decarbonisation and structural change democracy and capitalism election campaigns post-democratic politics Department of Defense Department of Energy Department of health developing countries devolution discrimination anti-discrimination laws displacement of peoples Dosi, Giovanni Draghi, Mario E economic and monetary union (EMU) economic growth and inequality and innovation and technology environmental concerns green growth zero growth economic policy and capitalism consensus-building macroeconomic policy monetary expansion reshaping economic theory economic models model of the firm neoclassical orthodox post-Keynesian education access to and skills efficiency employment growth ‘non-standard’ work energy sector storage technologies environmental impacts environmental risk damage degradation sustainability technologies euro zone debt-to-GDP ratio economic policy fiscal policy GDP growth government lending investment macroeconomic conditions private investment productivity growth recession southern countries sovereign debt unemployment European Central Bank (ECB) role European Exchange Rate Mechanism (ERM) European Investment Bank (EIB) proposed new European Fund for Investment European Regional Development Fund (ERDF) European Stability Mechanism European Union (EU) competition law debt-to-GDP ratio de-industrialisation GDP growth government lending Growth Compact investment-led recovery macroeconomic conditions monetary expansion policy framework private investment productivity growth Stability and Growth Pact unemployment executive pay F Federal Reserve financial crash of 1929 financial crash of 2008 financial markets borrowing discrimination efficient markets hypothesis mispricing short-termism systemic risks financial regulation Finland public innovation research and development universal basic income firms business models in perfect competition productive firm First World War fiscal austerity fiscal compact fiscal consolidation fiscal deficits fiscal policy fiscal tightening food insecurity Forstater, Matthew Fortune 500 companies Fortune 1000 firms fossil fuels fracking France average real wage index labour productivity growth private debt public deficit unemployment Freeman, Chris Friedman, Milton G G4S Gates, Bill Germany average real wage index GDP green technology investment state investment bank unemployment wages global financial system globalisation and welfare state asymmetric first golden age Godley, Wynne Goldman Sachs Goodfriend, Marvin Google governments and innovation deficits failures intervention by modernisation of risk-taking Graham, Benjamin Great Depression Greece austerity bailouts debt problems GDP investment activity public deficit unemployment green technology green direction for innovation greenhouse gas emissions Greenspan, Alan Grubb, Michael H Hatzius, Jan health and climate change older people Hirschman, Albert history Integration with theory home mortgage specialists household income housing purchases value I IBM income distribution industrial revolution inequality adverse effects and economic performance China ethnicity explanation for income international trend OECD countries opportunities redistributive policies reinforcement reversing rise taxation UK wealth inflation information and communications technologies (ICT) consumer demand green direction internet of things online education planned obsolescence innovation and climate change and companies and government and growth innovative enterprise path-dependence public sector institutions European financial role Intel interest rates and quantitative easing Intergovernmental Panel on Climate Change (IPCC) International Bank for Reconstruction and Development (IBRD) International Energy Agency (IEA) International Labour Organization (ILO) International Monetary Fund (IMF) Studies investment and theory of the firm crowding out decline in investment in innovation private private vs publicly owned firms public public–private investment partnerships investment-led growth Ireland debt problems investment activity Public deficit Israel public venture capital fund research and development Italy average real wage index debt problems GDP Income inequality unemployment J Japan average real wage index competitive advantage over US GDP wages Jobs, Steve Juncker, Jean-Claude K Kay Review Keynes, John Maynard KfW Knight, Frank Koo, Richard Krueger, Alan Krugman, Paul L labour markets insecurity of regulation structures United States labour productivity and wages declining growth public deficit unemployment Lehman Brothers Lerner, Abba liquidity crisis Lloyd George, David lobbying corporate M Maastricht Treaty Malthus, Thomas market economy theory markets behaviour failure uncertainty Marshall, Alfred Marx, Karl McCulley, Paul Merrill Lynch Mill, John Stuart Minsky, Hyman mission oriented investment monetary policy money and fiscal policy and macroeconomic policy bank money electronic transactions endogenous exogenous fiat money government bonds IOUs modern money theory quantity theory theories monopolies monopoly rents natural Moore, Gordon N NASA nanotechnology National Health Service (NHS) National Institutes of Health (NIH) national savings neoliberalism corporate Newman, Frank Newton, Isaac O Obama, Barack P patents patient capital patient finance see patient capital Penrose, Edith Piketty, Thomas PIMCO Pisano, Gary Polanyi, Karl Portugal austerity bailout debt problems GDP investment activity unemployment privatisation productivity marginal productivity theory productive firm unproductive firm – see also labour productivity public deficits public goods public organisations and change public policy and change evaluation role public service outsourcing public spending public–private investment partnerships Q quantitative easing quarterly capitalism R Reagan, Ronald recessions Reinhart, Carmen renewable energy policy rents and banks increase rent-seeking research and development (R&D) state organisations Ricardo, David risk-taking – mitigation of risk role of the state Rogoff, Kenneth Roosevelt, Franklin D.
Schumpeter, Joseph Second World War Senior, Nassau Serco share prices shareholder value short-termism and investments empirical evidence of investors’ discount rates policy implications value of future cash-flows single European market smart phones social care Solyndra Spain austerity debt problems GDP investment activity private debt unemployment stagnation economic secular state investment banks funding for green projects renewable energy investments Stirling, Andy stock market values Szczurek, Mateusz T taxation avoidance and evasion energy and materials favourable rates income tax rates inequality policy preferential treatment reform revenues short-term gains tax breaks technological revolutions consumer demand diffusion green direction green growth history recessions telecommunications Tesla Motors Thatcher, Margaret top earners Australia Canada United Kingdom United States trade unions Transatlantic Trade and Investment Partnership (TTIP) transparency Treaty on Stability, Coordination and Governance Turkey income inequality U unemployment Europe global southern Europe United Kingdom United States young people universal basic income United Kingdom GDP income inequality inequality investment labour productivity growth private debt public deficit Public Finance Initiative (PFI) recessions and recovery research and development sectoral financial balances support for banks top earners unemployment wages United States average real wage index business models emergency loans to banks energy policies GDP income inequality investment Japanese competition labour productivity growth National Commission on Fiscal Responsibility and Reform poverty private debt public deficit research and development sectoral financial balances Small Business Innovation Research (SBIR) programme top earners trickle-down strategy unemployment wages wealth US legislation Recovery and Reinvestment Act (ARRA) Taxpayer Relief Act 2012 V Veblen, Thorstein venture capital venture capitalism Volcker, Paul Von Hayek, Friedrich W wages and labour productivity average real wage index higher-skilled workers legal minimum lower-skilled workers United Kingdom wealth creation welfare payments welfare state western capitalism collapse failures Wolf, Martin Woodford, Michael world economy Cambridge Alphametrics Model (CAM) Y Yellen, Janet youth unemployment
Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist by Kate Raworth
3D printing, Asian financial crisis, bank run, basic income, battle of ideas, Berlin Wall, bitcoin, blockchain, Branko Milanovic, Bretton Woods, Buckminster Fuller, 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, Douglas Engelbart, Douglas Engelbart, en.wikipedia.org, energy transition, Erik Brynjolfsson, 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, 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, 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
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.
., 6 micro-businesses, 9, 173, 178 microeconomics, 132–4 microgrids, 187–8 Micronesia, 153 Microsoft, 231 middle class, 6, 46, 58 middle-income countries, 90, 164, 168, 173, 180, 226, 254 migration, 82, 89–90, 166, 195, 199, 236, 266, 286 Milanovic, Branko, 171 Mill, John Stuart, 33–4, 73, 97, 250, 251, 283, 284, 288 Millo, Yuval, 101 minimum wage, 82, 88, 176 Minsky, Hyman, 87, 146 Mises, Ludwig von, 66 mission zero, 217 mobile banking, 199–200 mobile phones, 222 Model T revolution, 277–8 Moldova, 199 Mombasa, Kenya, 185–6 Mona Lisa (da Vinci), 94 money creation, 87, 164, 177, 182–8, 205 MONIAC (Monetary National Income Analogue Computer), 64–5, 75, 142, 262 Monoculture (Michaels), 6 Monopoly, 149 Mont Pelerin Society, 67, 93 Moral Consequences of Economic Growth, The (Friedman), 258 moral vacancy, 41 Morgan, Mary, 99 Morogoro, Tanzania, 121 Moyo, Dambisa, 258 Muirhead, Sam, 230, 231 MultiCapital Scorecard, 241 Murphy, David, 264 Murphy, Richard, 185 musical tastes, 110 Myriad Genetics, 196 N national basic income, 177 Native Americans, 115, 116, 282 natural capital, 7, 116, 269 Natural Economic Order, The (Gessel), 274 Nedbank, 216 negative externalities, 213 negative interest rates, 275–6 neoclassical economics, 134, 135 neoliberalism, 7, 62–3, 67–70, 81, 83, 84, 88, 93, 143, 170, 176 Nepal, 181, 199 Nestlé, 217 Netherlands, 211, 235, 224, 226, 238, 277 networks, 110–11, 117, 118, 123, 124–6, 174–6 neuroscience, 12–13 New Deal, 37 New Economics Foundation, 278, 283 New Year’s Day, 124 New York, United States, 9, 41, 55 Newlight Technologies, 224, 226, 293 Newton, Isaac, 13, 15–17, 32–3, 95, 97, 129, 131, 135–7, 142, 145, 162 Nicaragua, 196 Nigeria, 164 nitrogen, 49, 52, 212–13, 216, 218, 221, 226, 298 ‘no pain, no gain’, 163, 167, 173, 204, 209 Nobel Prize, 6–7, 43, 83, 101, 167 Norway, 281 nudging, 112, 113, 114, 123–6 O Obama, Barack, 41, 92 Oberlin, Ohio, 239, 240–41 Occupy movement, 40, 91 ocean acidification, 45, 46, 52, 155, 242, 298 Ohio, United States, 190, 239 Okun, Arthur, 37 onwards and upwards, 53 Open Building Institute, 196 Open Source Circular Economy (OSCE), 229–32 open systems, 74 open-source design, 158, 196–8, 265 open-source licensing, 204 Organisation for Economic Co-operation and Development (OECD), 38, 210, 255–6, 258 Origin of Species, The (Darwin), 14 Ormerod, Paul, 110, 111 Orr, David, 239 Ostrom, Elinor, 83, 84, 158, 160, 181–2 Ostry, Jonathan, 173 OSVehicle, 231 overseas development assistance (ODA), 198–200 ownership of wealth, 177–82 Oxfam, 9, 44 Oxford University, 1, 36 ozone layer, 9, 50, 115 P Pachamama, 54, 55 Pakistan, 124 Pareto, Vilfredo, 165–6, 175 Paris, France, 290 Park 20|20, Netherlands, 224, 226 Parker Brothers, 149 Patagonia, 56 patents, 195–6, 197, 204 patient capital, 235 Paypal, 192 Pearce, Joshua, 197, 203–4 peer-to-peer networks, 187, 192, 198, 203, 292 People’s QE, 184–5 Perseus, 244 Persia, 13 Peru, 2, 105–6 Phillips, Adam, 283 Phillips, William ‘Bill’, 64–6, 75, 142, 262 phosphorus, 49, 52, 212–13, 218, 298 Physiocrats, 73 Pickett, Kate, 171 pictures, 12–25 Piketty, Thomas, 169 Playfair, William, 16 Poincaré, Henri, 109, 127–8 Polanyi, Karl, 82, 272 political economy, 33–4, 42 political funding, 91–2, 171–2 political voice, 43, 45, 51–2, 77, 117 pollution, 29, 45, 52, 85, 143, 155, 206–17, 226, 238, 242, 254, 298 population, 5, 46, 57, 155, 199, 250, 252, 254 Portugal, 211 post-growth society, 250 poverty, 5, 9, 37, 41, 50, 88, 118, 148, 151 emotional, 283 and inequality, 164–5, 168–9, 178 and overseas development assistance (ODA), 198–200 and taxation, 277 power, 91–92 pre-analytic vision, 21–2 prescription medicines, 123 price-takers, 132 prices, 81, 118–23, 131, 160 Principles of Economics (Mankiw), 34 Principles of Economics (Marshall), 17, 98 Principles of Political Economy (Mill), 288 ProComposto, 226 Propaganda (Bernays), 107 public relations, 107, 281 public spending v. investment, 276 public–private patents, 195 Putnam, Robert, 76–7 Q quantitative easing (QE), 184–5 Quebec, 281 Quesnay, François, 16, 73 R Rabot, Ghent, 236 Rancière, Romain, 172 rating and review systems, 105 rational economic man, 94–103, 109, 111, 112, 126, 282 Reagan, Ronald, 67 reciprocity, 103–6, 117, 118, 123 reflexivity of markets, 144 reinforcing feedback loops, 138–41, 148, 250, 271 relative decoupling, 259 renewable energy biomass energy, 118, 221 and circular economy, 221, 224, 226, 235, 238–9, 274 and commons, 83, 85, 185, 187–8, 192, 203, 264 geothermal energy, 221 and green growth, 257, 260, 263, 264, 267 hydropower, 118, 260, 263 pricing, 118 solar energy, see solar energy wave energy, 221 wind energy, 75, 118, 196, 202–3, 221, 233, 239, 260, 263 rentier sector, 180, 183, 184 reregulation, 82, 87, 269 resource flows, 175 resource-intensive lifestyles, 46 Rethinking Economics, 289 Reynebeau, Guy, 237 Ricardo, David, 67, 68, 73, 89, 250 Richardson, Katherine, 53 Rifkin, Jeremy, 83, 264–5 Rise and Fall of the Great Powers, The (Kennedy), 279 risk, 112, 113–14 Robbins, Lionel, 34 Robinson, James, 86 Robinson, Joan, 142 robots, 191–5, 237, 258, 278 Rockefeller Foundation, 135 Rockford, Illinois, 179–80 Rockström, Johan, 48, 55 Roddick, Anita, 232–4 Rogoff, Kenneth, 271, 280 Roman Catholic Church, 15, 19 Rombo, Tanzania, 190 Rome, Ancient, 13, 48, 154 Romney, Mitt, 92 Roosevelt, Franklin Delano, 37 rooted membership, 190 Rostow, Walt, 248–50, 254, 257, 267–70, 284 Ruddick, Will, 185 rule of thumb, 113–14 Ruskin, John, 42, 223 Russia, 200 rust belt, 90, 239 S S curve, 251–6 Sainsbury’s, 56 Samuelson, Paul, 17–21, 24–5, 38, 62–7, 70, 74, 84, 91, 92, 93, 262, 290–91 Sandel, Michael, 41, 120–21 Sanergy, 226 sanitation, 5, 51, 59 Santa Fe, California, 213 Santinagar, West Bengal, 178 São Paolo, Brazil, 281 Sarkozy, Nicolas, 43 Saumweder, Philipp, 226 Scharmer, Otto, 115 Scholes, Myron, 100–101 Schumacher, Ernst Friedrich, 42, 142 Schumpeter, Joseph, 21 Schwartz, Shalom, 107–9 Schwarzenegger, Arnold, 163, 167, 204 ‘Science and Complexity’ (Weaver), 136 Scotland, 57 Seaman, David, 187 Seattle, Washington, 217 second machine age, 258 Second World War (1939–45), 18, 37, 70, 170 secular stagnation, 256 self-interest, 28, 68, 96–7, 99–100, 102–3 Selfish Society, The (Gerhardt), 283 Sen, Amartya, 43 Shakespeare, William, 61–3, 67, 93 shale gas, 264, 269 Shang Dynasty, 48 shareholders, 82, 88, 189, 191, 227, 234, 273, 292 sharing economy, 264 Sheraton Hotel, Boston, 3 Siegen, Germany, 290 Silicon Valley, 231 Simon, Julian, 70 Sinclair, Upton, 255 Sismondi, Jean, 42 slavery, 33, 77, 161 Slovenia, 177 Small Is Beautiful (Schumacher), 42 smart phones, 85 Smith, Adam, 33, 57, 67, 68, 73, 78–9, 81, 96–7, 103–4, 128, 133, 160, 181, 250 social capital, 76–7, 122, 125, 172 social contract, 120, 125 social foundation, 10, 11, 44, 45, 49, 51, 58, 77, 174, 200, 254, 295–6 social media, 83, 281 Social Progress Index, 280 social pyramid, 166 society, 76–7 solar energy, 59, 75, 111, 118, 187–8, 190 circular economy, 221, 222, 223, 224, 226–7, 239 commons, 203 zero-energy buildings, 217 zero-marginal-cost revolution, 84 Solow, Robert, 135, 150, 262–3 Soros, George, 144 South Africa, 56, 177, 214, 216 South Korea, 90, 168 South Sea Bubble (1720), 145 Soviet Union (1922–91), 37, 67, 161, 279 Spain, 211, 238, 256 Spirit Level, The (Wilkinson & Pickett), 171 Sraffa, Piero, 148 St Gallen, Switzerland, 186 Stages of Economic Growth, The (Rostow), 248–50, 254 stakeholder finance, 190 Standish, Russell, 147 state, 28, 33, 69–70, 78, 82, 160, 176, 180, 182–4, 188 and commons, 85, 93, 197, 237 and market, 84–6, 200, 281 partner state, 197, 237–9 and robots, 195 stationary state, 250 Steffen, Will, 46, 48 Sterman, John, 66, 143, 152–4 Steuart, James, 33 Stiglitz, Joseph, 43, 111, 196 stocks and flows, 138–41, 143, 144, 152 sub-prime mortgages, 141 Success to the Successful, 148, 149, 151, 166 Sugarscape, 150–51 Summers, Larry, 256 Sumner, Andy, 165 Sundrop Farms, 224–6 Sunstein, Cass, 112 supply and demand, 28, 132–6, 143, 253 supply chains, 10 Sweden, 6, 255, 275, 281 swishing, 264 Switzerland, 42, 66, 80, 131, 186–7, 275 T Tableau économique (Quesnay), 16 tabula rasa, 20, 25, 63, 291 takarangi, 54 Tanzania, 121, 190, 202 tar sands, 264, 269 taxation, 78, 111, 165, 170, 176, 177, 237–8, 276–9 annual wealth tax, 200 environment, 213–14, 215 global carbon tax, 201 global financial transactions tax, 201, 235 land-value tax, 73, 149, 180 non-renewable resources, 193, 237–8, 278–9 People’s QE, 185 tax relief v. tax justice, 23, 276–7 TED (Technology, Entertainment, Design), 202, 258 Tempest, The (Shakespeare), 61, 63, 93 Texas, United States, 120 Thailand, 90, 200 Thaler, Richard, 112 Thatcher, Margaret, 67, 69, 76 Theory of Moral Sentiments (Smith), 96 Thompson, Edward Palmer, 180 3D printing, 83–4, 192, 198, 231, 264 thriving-in-balance, 54–7, 62 tiered pricing, 213–14 Tigray, Ethiopia, 226 time banking, 186 Titmuss, Richard, 118–19 Toffler, Alvin, 12, 80 Togo, 231, 292 Torekes, 236–7 Torras, Mariano, 209 Torvalds, Linus, 231 trade, 62, 68–9, 70, 89–90 trade unions, 82, 176, 189 trademarks, 195, 204 Transatlantic Trade and Investment Partnership (TTIP), 92 transport, 59 trickle-down economics, 111, 170 Triodos, 235 Turkey, 200 Tversky, Amos, 111 Twain, Mark, 178–9 U Uganda, 118, 125 Ulanowicz, Robert, 175 Ultimatum Game, 105, 117 unemployment, 36, 37, 276, 277–9 United Kingdom Big Bang (1986), 87 blood donation, 118 carbon dioxide emissions, 260 free trade, 90 global material footprints, 211 money creation, 182 MONIAC (Monetary National Income Analogue Computer), 64–5, 75, 142, 262 New Economics Foundation, 278, 283 poverty, 165, 166 prescription medicines, 123 wages, 188 United Nations, 55, 198, 204, 255, 258, 279 G77 bloc, 55 Human Development Index, 9, 279 Sustainable Development Goals, 24, 45 United States American Economic Association meeting (2015), 3 blood donation, 118 carbon dioxide emissions, 260 Congress, 36 Council of Economic Advisers, 6, 37 Earning by Learning, 120 Econ 101 course, 8, 77 Exxon Valdez oil spill (1989), 9 Federal Reserve, 87, 145, 146, 271, 282 free trade, 90 Glass–Steagall Act (1933), 87 greenhouse gas emissions, 153 global material footprint, 211 gross national product (GNP), 36–40 inequality, 170, 171 land-value tax, 73, 149, 180 political funding, 91–2, 171 poverty, 165, 166 productivity and employment, 193 rust belt, 90, 239 Transatlantic Trade and Investment Partnership (TTIP), 92 wages, 188 universal basic income, 200 University of Berkeley, 116 University of Denver, 160 urbanisation, 58–9 utility, 35, 98, 133 V values, 6, 23, 34, 35, 42, 117, 118, 121, 123–6 altruism, 100, 104 anthropocentric, 115 extrinsic, 115 fluid, 28, 102, 106–9 and networks, 110–11, 117, 118, 123, 124–6 and nudging, 112, 113, 114, 123–6 and pricing, 81, 120–23 Veblen, Thorstein, 82, 109, 111, 142 Venice, 195 verbal framing, 23 Verhulst, Pierre, 252 Victor, Peter, 270 Viner, Jacob, 34 virtuous cycles, 138, 148 visual framing, 23 Vitruvian Man, 13–14 Volkswagen, 215–16 W Wacharia, John, 186 Wall Street, 149, 234, 273 Wallich, Henry, 282 Walras, Léon, 131, 132, 133–4, 137 Ward, Barbara, 53 Warr, Benjamin, 263 water, 5, 9, 45, 46, 51, 54, 59, 79, 213–14 wave energy, 221 Ways of Seeing (Berger), 12, 281 Wealth of Nations, The (Smith), 74, 78, 96, 104 wealth ownership, 177–82 Weaver, Warren, 135–6 weightless economy, 261–2 WEIRD (Western, educated, industrialised, rich, democratic), 103–5, 110, 112, 115, 117, 282 West Bengal, India, 124, 178 West, Darrell, 171–2 wetlands, 7 whale hunting, 106 Wiedmann, Tommy, 210 Wikipedia, 82, 223 Wilkinson, Richard, 171 win–win trade, 62, 68, 89 wind energy, 75, 118, 196, 202–3, 221, 233, 239, 260, 263 Wizard of Oz, The, 241 Woelab, 231, 293 Wolf, Martin, 183, 266 women’s rights, 33, 57, 107, 160, 201 and core economy, 69, 79–81 education, 57, 124, 178, 198 and land ownership, 178 see also gender equality workers’ rights, 88, 91, 269 World 3 model, 154–5 World Bank, 6, 41, 119, 164, 168, 171, 206, 255, 258 World No Tobacco Day, 124 World Trade Organization, 6, 89 worldview, 22, 54, 115 X xenophobia, 266, 277, 286 Xenophon, 4, 32, 56–7, 160 Y Yandle, Bruce, 208 Yang, Yuan, 1–3, 289–90 yin yang, 54 Yousafzai, Malala, 124 YouTube, 192 Yunnan, China, 56 Z Zambia, 10 Zanzibar, 9 Zara, 276 Zeitvorsoge, 186–7 zero environmental impact, 217–18, 238, 241 zero-hour contracts, 88 zero-humans-required production, 192 zero-interest loans, 183 zero-marginal-cost revolution, 84, 191, 264 zero-waste manufacturing, 227 Zinn, Howard, 77 PICTURE ACKNOWLEDGEMENTS Illustrations are reproduced by kind permission of: archive.org
The Retreat of Western Liberalism by Edward Luce
3D printing, affirmative action, Airbnb, basic income, Berlin Wall, Bernie Sanders, Branko Milanovic, Bretton Woods, call centre, carried interest, centre right, cognitive dissonance, colonial exploitation, colonial rule, computer age, corporate raider, cuban missile crisis, currency manipulation / currency intervention, Dissolution of the Soviet Union, Doha Development Round, Donald Trump, double entry bookkeeping, Erik Brynjolfsson, European colonialism, everywhere but in the productivity statistics, Fall of the Berlin Wall, Francis Fukuyama: the end of history, future of work, George Santayana, gig economy, Gini coefficient, global supply chain, illegal immigration, imperial preference, income inequality, informal economy, Internet of things, Jaron Lanier, knowledge economy, liberal capitalism, Marc Andreessen, Mark Zuckerberg, Martin Wolf, mass immigration, means of production, Monroe Doctrine, moral panic, more computing power than Apollo, mutually assured destruction, new economy, New Urbanism, Norman Mailer, offshore financial centre, one-China policy, Peace of Westphalia, Peter Thiel, Plutocrats, plutocrats, precariat, purchasing power parity, reserve currency, Richard Florida, Robert Gordon, Ronald Reagan, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Skype, Snapchat, software is eating the world, South China Sea, Steve Jobs, superstar cities, TaskRabbit, telepresence, The Wealth of Nations by Adam Smith, Thomas L Friedman, Tyler Cowen: Great Stagnation, universal basic income, unpaid internship, Washington Consensus, We are the 99%, We wanted flying cars, instead we got 140 characters, white flight, World Values Survey, Yogi Berra
In practice, he wasted little time in laying out a tax-cutting and deregulatory banquet for their delectation. In marketing they call this bait and switch. The net effect of Trump’s actual – as opposed to his rhetorical – economic agenda will be to deepen the economic conditions that gave rise to his candidacy. It is not my aim to set out a detailed policy manifesto. Every grand remedy has its downsides. Setting up a Universal Basic Income – one solution that has attracted growing support – has broad meretricious appeal. Every citizen would receive a basic income of say £15,000 a year. All other welfare benefits would be scrapped, which would fund the whole thing. A UBI would cushion the losers in bad times and give them a springboard during the good. At a stroke it would also get rid of the vast bureaucratic apparatus that decides who qualifies for benefits and who doesn’t.
., 201 Thoreau, Henry David, 127–8 Thrower, Randolph, 132 Tillerson, Rex, 147–8, 161 Toil Index, 35–6 Trans-Pacific Trade Partnership, 73, 167 transport, 54, 55, 56–7, 58, 61; self-driving vehicles, 54, 57, 60, 68 Trump, Donald: admiration for Putin, 7, 129, 135; and America First movement, 117; autocratic/authoritarian nature of, 133, 169, 171, 178–9; Bannon as Surkov of, 173; Chinese view of, 85–6, 140; confusion as strategic goal, 79, 86, 127, 128, 130, 131, 173, 178–9, 195–6; foreign policy, 167–70, 178–80, 181–4; ignorance of how other countries think, 161, 167–9; inaugural address, 135, 146; Andrew Jackson comparisons, 113–14; and male voters, 57; as mortal threat to democracy, 97, 104, 111, 126, 133–6, 138, 139, 161, 169–70, 178–84, 203–4; and Muslim ban, 135, 181, 182; narcissism of, 170; need for new Mark Felt/Deep Throat, 136; and nuclear weapons, 175, 176; offers cure worse than the disease, 14, 181; plan to deport Mexican immigrants, 114, 135; poorly educated as base, 103, 123; promised border wall, 94–5; protectionism of, 19–20, 73, 149; and pro wrestling, 124; stealing of the left’s clothes, 101, 103; stoking of racism by, 97; support for plutocracy, 193, 195, 196, 199–200; and Taiwan, 145, 166–7, 168; targeting of Muslims, 135, 181–3, 195–6; and Twitter, 70, 146; and UFC, 126; urban–hinterland split in 2016 vote, 47–8, 119, 120, 130, 135; and US political system, 131, 133–5; US–China war scenario, 145–53, 161; victory in US presidential election, 5, 6–7, 11–12, 15, 28, 47–8, 79, 87, 96–8, 111, 120, 194–5 Trump: The Game (board game), 7 Tsai Ing-Wen, 151 Tunisia, 12, 82 Turkey, 12, 82, 137, 140, 175 Twitter, 34, 53, 70, 146 Uber, 63 UFC (Ultimate Fighting Championship), 125–6, 127 UK Independence Party (UKIP), 90, 98, 100, 101–2, 190; xenophobia during Brexit campaign, 100–1 Ukraine: Orange Revolution (2004), 79; Putin’s annexation of Crimea (2014), 8, 173 United States of America (USA): 1968 Democratic Convention, 188–9; 2016 presidential election, 5, 6–7, 11–12, 15, 28, 47–8, 79, 87–8, 91–8, 119, 130, 133, 135; 9/11 terrorist attacks, 79–80, 81, 182; America First movement, 117; civil rights victories (1960s), 190; ‘complacent classes’ in, 40; Constitution, 112–13, 163; and containment of China, 25–6, 145–6, 157–61, 165; decline of established parties, 89; declining hegemony of, 14, 21–2, 26–8, 140–1, 200–1; domestic terrorist attacks, 182, 183; elite–heartland divide, 47–8, 119, 130, 135; foreign policy since WW2, 183–4; gig economy, 63–5; gilded age, 42–3; growth after 2008 crisis, 30–1; growth of inequality in modern era, 43, 44–8, 49, 50–1; history in popular imagination, 163; Lend-Lease aid to Britain, 169; middle-income problem in, 35–41; Monroe Doctrine (1823), 164–5; murder rate in suburbs, 47; nineteenth-century migration to, 41; Operation Iraqi Freedom, 8, 81, 85, 156; opioid-heroin epidemic, 37–8; Patriot Act, 80; political system, 112–13, 131–6, 163; post-Cold War triumphalism, 6, 71; primacy in Asia Pacific, 26, 157, 160–1; racial/ethnic make-up of, 94–6; relations with Soviet Union see Cold War; relative decline of, 170; ‘reverse white flight’ in, 46; technological leap forward (from 1870), 58–9; vanishing class mobility in, 43–6; ‘war on terror’, 80–1, 140, 183; Washington’s ‘deep state’, 133–4 Universal Basic Income (UBI) proposals, 196–7 Universal Declaration of Human Rights, 8–9, 10 Vance, J.D., 108 Venezuela, 82 Versailles Conference (1919), 154 Vienna, Congress of (1814–15), 7 Vietnam, 166 Wallace, George, 113 Walters, Johnnie M., 132 ‘war on terror’, US, 80–1, 140, 183 Warsh, Kevin, 150 Washington Consensus, 29–30, 71, 77, 78–9, 158–9 Washington Post, 132 Weber, Max, 162 welfare systems, 42, 101–3, 191, 198 Western thought: on China, 158–9, 161–2; conceit of primacy of, 4–5, 8–9, 85, 158–9, 162; declining influence of, 200–1; idea of progress, 4, 8, 11–12, 37; modernity concept, 24, 162; non-Western influences on, 24–5; see also democracy, liberal; liberalism, Western WhatsApp, 54 White, Hugh, 25, 158 Wilders, Geert, 102 Wilentz, Sean, 114 Williamson, John, 29 Wilson, Woodrow, 115 Woodward, Bob, 132 Wordsworth, William, 3 World Bank, 84 World Trade Organization (WTO), 26, 72, 149, 150 Wright, Thomas, 180 WWE (World Wrestling Entertainment), 124–5 Xi Jinping, 19–20, 26, 27, 146, 149, 168, 170; and US–China war scenario, 150, 152 Yellen, Janet, 150 Yeltsin, Boris, 78, 79 Young, Michael, 45–6 YouTube, 54 Zakaria, Fareed, 13, 119
Social Democratic America by Lane Kenworthy
affirmative action, Affordable Care Act / Obamacare, barriers to entry, basic income, Celtic Tiger, centre right, clean water, collective bargaining, corporate governance, David Brooks, desegregation, Edward Glaeser, endogenous growth, full employment, Gini coefficient, hiring and firing, Home mortgage interest deduction, illegal immigration, income inequality, invisible hand, Kenneth Arrow, labor-force participation, manufacturing employment, market bubble, minimum wage unemployment, new economy, postindustrial economy, purchasing power parity, race to the bottom, rent-seeking, rising living standards, Robert Gordon, Robert Shiller, Robert Shiller, Ronald Reagan, school choice, shareholder value, sharing economy, Skype, Steve Jobs, too big to fail, Tyler Cowen: Great Stagnation, union organizing, universal basic income, War on Poverty, working poor, zero day
The idea originated with Milton Friedman, and Congress gave a version of it serious consideration in the early 1970s.147 Today, it is supported by some on the left, most prominently Philippe Van Parijs, and some on the right, such as Charles Murray.148 On the left, the argument in favor focuses on the potential enhancement of freedom—specifically, freedom from work. In the words of Van Parijs: A basic income would serve as a powerful instrument of social justice: it would promote freedom for all by providing the material resources that people need to pursue their aims.…A UBI [universal basic income] makes it easier to take a break between two jobs, reduce working time, make room for more training, take up self-employment, or join a cooperative. And with a UBI, workers will only take a job if they find it suitably attractive.… If the motive in combating unemployment is not some sort of work fetishism—an obsession with keeping everyone busy—but rather a concern to give every person the possibility of taking up gainful employment in which she can find recognition and accomplishment, then the UBI is to be preferred.149 For proponents on the right, the chief advantage is reduction in the deadweight costs of public social programs.
The Role of Cash Transfers and Household Taxes.” Chapter 4 in Growing Unequal? Paris: OECD. Whiteford, Peter. 2009. “Transfer Issues and Directions for Reform: Australian Transfer Policy in Comparative Perspective.” Kensington, Australia: Social Policy Research Center. Wider Opportunities for Women (WOW). 2011. “Living Below the Line: Economic Insecurity and America’s Families.” Washington, DC. Widerquist, Karl. 2013. “Is Universal Basic Income Still Worth Talking About?” Pp. 568–584 in The Economics of Inequality, Poverty, and Discrimination in the 21st Century. Edited by Robert Rycroft. New York: Praeger. Wilensky, Harold L. 1975. The Welfare State and Equality. Berkeley: University of California Press. Wilensky, Harold L. 2002. Rich Democracies. Berkeley: University of California Press. Wilentz, Sean. 2008. The Age of Reagan.
The Unbanking of America: How the New Middle Class Survives by Lisa Servon
Affordable Care Act / Obamacare, Airbnb, basic income, Build a better mousetrap, Cass Sunstein, choice architecture, creative destruction, Credit Default Swap, employer provided health coverage, financial exclusion, financial independence, financial innovation, gender pay gap, George Akerlof, gig economy, income inequality, informal economy, Jane Jacobs, Joseph Schumpeter, late fees, Lyft, M-Pesa, medical bankruptcy, microcredit, Occupy movement, payday loans, peer-to-peer lending, precariat, Ralph Nader, Richard Thaler, Robert Shiller, Robert Shiller, Ronald Reagan, sharing economy, too big to fail, transaction costs, unbanked and underbanked, underbanked, universal basic income, Unsafe at Any Speed, We are the 99%, white flight, working poor, Zipcar
Planning for the future shouldn’t involve the kind of tradeoffs today’s young people are facing—whether to invest in themselves by pursuing an advanced degree or forgo it and take care of their parents, whether to go to college when that decision might mean decades of indebtedness and the inability to own a home or have a child. When people invest in their own education—their human capital—it’s good for all of us because human capital increases productivity, which helps fuel the economy. We have good reason to care about one another’s financial health. There is more than one way to tackle this much larger set of problems, and many ideas exist: creating a universal basic income, implementing a federal jobs-creation program, providing greater subsidies for childcare, housing, education, and health care. We have the resources and the ideas. What we need now is political will. In addition, we need to rethink our assumptions about the way people make decisions. Most people have very good reasons for doing what they do with their money. The job of policymakers and financial-services providers is, first, to understand these choices and the needs that drive them without prejudgment, and second, to make financial systems work better and enable people to make sound choices.
See Truth in Lending Act TransUnion, 70, 151 trust in banks, xix, 44–45, 111–12, 118, 146 business practice tricks and, 34, 36 in check cashing, xix in informal savings and loans, xv, 124–27, 131–34 in innovation, 146 of millennials, 111–12, 118 Truth in Lending Act (TILA, 1968), 200n43, 209n68 U un- and underbanked, xvi–xvii, 44, 147, 165. See also financial exclusion underground economy. See informal savings and loans unemployment, 50, 64, 73–74, 107–8 Uniform Small Loan Laws, 65, 224n163 universal basic income, 168 universal financial health, 166–67 Urban Institute, 175 US Financial Diaries, 203n52 V Vazquez, Raul, 162–64 Venkatesh, Sudhir, 127–28 Venmo app, 112–13 Virginia Poverty Law Center, 96–97, 184 Visa, 55, 71–72 W wages. See income Warren, Elizabeth, 39–40, 69–70 Washington Mutual, 36 Watson Grote, Mae, 31 wealthy people, xii, 6, 26, 29, 85 Weinstein, John, 84–86, 90–91, 184 welfare, 3, 11–12, 18, 21–22, 85, 94 Wells Fargo, 31, 37, 87 white people, 3, 7–8, 41–42, 86–87 Wiggins, Dana, 96–97, 101 Y young adults.
Move Fast and Break Things: How Facebook, Google, and Amazon Cornered Culture and Undermined Democracy by Jonathan Taplin
1960s counterculture, 3D printing, affirmative action, Affordable Care Act / Obamacare, Airbnb, Amazon Mechanical Turk, American Legislative Exchange Council, Apple's 1984 Super Bowl advert, back-to-the-land, barriers to entry, basic income, battle of ideas, big data - Walmart - Pop Tarts, bitcoin, Brewster Kahle, Buckminster Fuller, Burning Man, Clayton Christensen, commoditize, creative destruction, crony capitalism, crowdsourcing, data is the new oil, David Brooks, David Graeber, don't be evil, Donald Trump, Douglas Engelbart, Douglas Engelbart, Dynabook, Edward Snowden, Elon Musk, equal pay for equal work, Erik Brynjolfsson, future of journalism, future of work, George Akerlof, George Gilder, Google bus, Hacker Ethic, Howard Rheingold, income inequality, informal economy, information asymmetry, information retrieval, Internet Archive, Internet of things, invisible hand, Jaron Lanier, Jeff Bezos, job automation, John Markoff, John Maynard Keynes: technological unemployment, John von Neumann, Joseph Schumpeter, Kevin Kelly, Kickstarter, labor-force participation, life extension, Marc Andreessen, Mark Zuckerberg, Menlo Park, Metcalfe’s law, Mother of all demos, move fast and break things, move fast and break things, natural language processing, Network effects, new economy, Norbert Wiener, offshore financial centre, packet switching, Paul Graham, Peter Thiel, Plutocrats, plutocrats, pre–internet, Ray Kurzweil, recommendation engine, rent-seeking, revision control, Robert Bork, Robert Gordon, Robert Metcalfe, Ronald Reagan, Sand Hill Road, secular stagnation, self-driving car, sharing economy, Silicon Valley, Silicon Valley ideology, smart grid, Snapchat, software is eating the world, Steve Jobs, Stewart Brand, technoutopianism, The Chicago School, The Market for Lemons, Tim Cook: Apple, trade route, transfer pricing, trickle-down economics, Tyler Cowen: Great Stagnation, universal basic income, unpaid internship, We wanted flying cars, instead we got 140 characters, web application, Whole Earth Catalog, winner-take-all economy, women in the workforce, Y Combinator
This is not a world any of us wants to live in, let alone work in. Already in the United States we know that the labor-force participation rate for men between the ages of twenty-five and fifty-four who have only a high school diploma is at historic lows as this chart demonstrates. The only way out of this crisis—to realize Andreessen’s vision of six billion people dabbling in art, science, and culture—is to have some version of a universal basic income (UBI), free health care, and a deep reduction in the length of the workday. Already some employers in Sweden are cutting their workday to six hours, and Finland is experimenting with a guaranteed income. These are not impossible goals, yet Andreessen can still posit a future in which a deep social safety net exists without the most modest proposed changes to the status quo, such as free college tuition and universal health care.
If the Internet started out both decentralized and democratic, why can’t we return to that state? I am under no illusion that this would be an easy process or that I have the correct strategy. I am not going to try to address the larger issue of whether robots and artificial intelligence are going to lead to a world without jobs, for that would take a book in itself. I have suggested that policy makers begin exploring a universal basic income, or UBI, a concept that has support on both the left and right. It does seem to me that to ignore the dystopian possibility that software will “eat the world” would be foolhardy. Just because some techno-optimists continue to insist that old jobs will be replaced by new jobs we can’t imagine yet does not mean it is true. Google’s AlphaGo artificial intelligence system may have bested the world’s greatest Go player, but I’m not worried that it’s going to replace our greatest musicians, filmmakers, and authors, even though an NYU artificial intelligence laboratory has programmed a robot named Benjamin to be a screenwriter.
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, 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
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.
The precariat would also benefit from so-called ‘Tobin taxes’, levied on speculative capital transactions. There are arguments for believing that reducing short-term capital flows would be beneficial in any event. And then there are ecological taxes, designed to compensate for the externalities caused by pollution and to slow or reverse the rapid depletion of resources. In short, there is no reason to think a universal basic income is unaffordable. Internationally, the recent legitimation of cash transfers as an instrument of development aid is promising. They were first accepted as short-term schemes for post-shock situations, as after earthquakes and floods. Later, as noted earlier, conditional cash transfer schemes swept Latin America. Donors and aid agencies have come round to them. Cash transfers, stripped of their phoney conditionality, should become the main form of aid, to ensure the aid raises living standards and is not used for regressive or corrupt purposes.
The Sharing Economy: The End of Employment and the Rise of Crowd-Based Capitalism by Arun Sundararajan
3D printing, additive manufacturing, Airbnb, Amazon Mechanical Turk, autonomous vehicles, barriers to entry, basic income, bitcoin, blockchain, Burning Man, call centre, collaborative consumption, collaborative economy, collective bargaining, commoditize, corporate social responsibility, cryptocurrency, David Graeber, distributed ledger, employer provided health coverage, Erik Brynjolfsson, ethereum blockchain, Frank Levy and Richard Murnane: The New Division of Labor, future of work, George Akerlof, gig economy, housing crisis, Howard Rheingold, information asymmetry, Internet of things, inventory management, invisible hand, job automation, job-hopping, Kickstarter, knowledge worker, Kula ring, Lyft, Marc Andreessen, megacity, minimum wage unemployment, moral hazard, moral panic, Network effects, new economy, Oculus Rift, pattern recognition, peer-to-peer, peer-to-peer lending, peer-to-peer model, peer-to-peer rental, profit motive, purchasing power parity, race to the bottom, recommendation engine, regulatory arbitrage, rent control, Richard Florida, ride hailing / ride sharing, Robert Gordon, Ronald Coase, Second Machine Age, self-driving car, sharing economy, Silicon Valley, smart contracts, Snapchat, social software, supply-chain management, TaskRabbit, The Nature of the Firm, total factor productivity, transaction costs, transportation-network company, two-sided market, Uber and Lyft, Uber for X, universal basic income, Zipcar
In this chapter, I highlight the labor issues central to shaping this future of work. First, I examine the current debate on the employment status of sharing economy workers and proposed expansions to the US worker categorization model. Next, I ask, how do we ensure that a social safety net is available to people whose chosen form of work is something other than full-time employment? In the long run, a universal basic income may be socially desirable, although crafting policy that shares the funding of a portable safety net among the individual, the marketplace, and the government may be more politically feasible. Third, I conjecture that platforms facilitating genuine entrepreneurship at a small scale will lead to more inclusive growth than those whose platform-provider relationship is more hierarchical, and outline over 20 metrics that might help identify the right kind of platform-based entrepreneurship.
A simple extension might instead lower income volatility between weeks or months, based on a historical average earnings stream. A bolder possibility along these lines is embodied in the idea of a fixed monthly income guaranteed by the government. While this idea may seem quite extreme, it is a vision whose advocates range from the social entrepreneur Peter Barnes, whose book With Liberty and Dividends for All discusses the desirability of a universal basic income,21 to the venture capitalist Albert Wenger of Union Square Ventures, who spoke about basic income at his TEDxNewYork talk in November 2014. In her entertaining Medium post “Silicon Valley’s Basic Income Bromance,” Lauren Smiley discusses the diverse base of support for basic income across a variety stakeholders in the technology industry. The underlying idea of a basic income is really simple.
Terms of Service: Social Media and the Price of Constant Connection by Jacob Silverman
23andMe, 4chan, A Declaration of the Independence of Cyberspace, Airbnb, airport security, Amazon Mechanical Turk, augmented reality, basic income, Brian Krebs, California gold rush, call centre, cloud computing, cognitive dissonance, commoditize, correlation does not imply causation, Credit Default Swap, crowdsourcing, don't be evil, drone strike, Edward Snowden, feminist movement, Filter Bubble, Firefox, Flash crash, game design, global village, Google Chrome, Google Glasses, hive mind, income inequality, informal economy, information retrieval, Internet of things, Jaron Lanier, jimmy wales, Kevin Kelly, Kickstarter, knowledge economy, knowledge worker, late capitalism, license plate recognition, life extension, lifelogging, Lyft, Mark Zuckerberg, Mars Rover, Marshall McLuhan, mass incarceration, meta analysis, meta-analysis, Minecraft, move fast and break things, move fast and break things, national security letter, Network effects, new economy, Nicholas Carr, Occupy movement, optical character recognition, payday loans, Peter Thiel, postindustrial economy, prediction markets, pre–internet, price discrimination, price stability, profit motive, quantitative hedge fund, race to the bottom, Ray Kurzweil, recommendation engine, rent control, RFID, ride hailing / ride sharing, self-driving car, sentiment analysis, shareholder value, sharing economy, Silicon Valley, Silicon Valley ideology, Snapchat, social graph, social web, sorting algorithm, Steve Ballmer, Steve Jobs, Steven Levy, TaskRabbit, technoutopianism, telemarketer, transportation-network company, Turing test, Uber and Lyft, Uber for X, universal basic income, unpaid internship, women in the workforce, Y Combinator, Zipcar
Through ubiquitous surveillance and data collection, now stretching from computers to cell phones to thermostats to cars to public spaces, a handful of large companies have successfully socialized our data production on their behalves. We need some redistribution of resources, which ultimately means a redistribution of power and authority. A universal basic income, paid for in part by taxes and fees levied on the companies making fabulous profits out of the quotidian materials of our lives, would help to reintroduce some fairness into our technologized economy. It’s an idea that’s had support from diverse corners—liberals and leftists often cite it as a pragmatic response to widespread inequality, while some conservatives and libertarians see it as an improvement over an imperfect welfare system. As the number of long-term unemployed, contingent, and gig workers increases, a universal basic income would restore some equity to the system. It would also make the supposed freedom of those TaskRabbit jobs actually mean something, for the laborer would know that even if the company cares little for his welfare or ability to make a living, someone else does and is providing the resources to make sure that economic precarity doesn’t turn into something more dire.
3D printing, Ada Lovelace, AI winter, Airbnb, artificial general intelligence, augmented reality, barriers to entry, basic income, bitcoin, blockchain, brain emulation, Buckminster Fuller, cloud computing, computer age, computer vision, correlation does not imply causation, credit crunch, cryptocurrency, cuban missile crisis, dematerialisation, discovery of the americas, disintermediation, don't be evil, Elon Musk, en.wikipedia.org, epigenetics, Erik Brynjolfsson, everywhere but in the productivity statistics, Flash crash, friendly AI, Google Glasses, industrial robot, Internet of things, invention of agriculture, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, John von Neumann, Kevin Kelly, life extension, low skilled workers, Mahatma Gandhi, means of production, mutually assured destruction, Nicholas Carr, pattern recognition, peer-to-peer, peer-to-peer model, Peter Thiel, Ray Kurzweil, Rodney Brooks, Second Machine Age, self-driving car, Silicon Valley, Silicon Valley ideology, Skype, South Sea Bubble, speech recognition, Stanislav Petrov, Stephen Hawking, Steve Jobs, strong AI, technological singularity, The Future of Employment, theory of mind, Turing machine, Turing test, universal basic income, Vernor Vinge, wage slave, Wall-E, zero-sum game
Social provision for the unemployed has improved greatly since then, and countries (for instance in southern Europe) with similar levels of unemployment today don’t seem so desperate. But if the day dawns when everyone acknowledges that more than half the population will never work again, the result will surely be a political and social crisis sufficient to oblige governments everywhere to do something about it. UBI and VR If and when the economic singularity arrives, we may need to institute what is now called the Universal Basic Income (UBI). This is a payment available to all citizens as of right, providing everyone with the living standard of today’s middle-class American. The optimistic scenario is that AI-powered robots do all the work, creating an economy of what Peter Diamandis calls radical abundance, leaving humans to pursue self-fulfilment by reading, writing, talking, playing sports and undertaking adventures.
Doing Good Better: How Effective Altruism Can Help You Make a Difference by William MacAskill
barriers to entry, basic income, Black Swan, Branko Milanovic, Cal Newport, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, clean water, corporate social responsibility, correlation does not imply causation, Daniel Kahneman / Amos Tversky, David Brooks, effective altruism, en.wikipedia.org, end world poverty, experimental subject, follow your passion, food miles, immigration reform, income inequality, index fund, Intergovernmental Panel on Climate Change (IPCC), Isaac Newton, job automation, job satisfaction, labour mobility, Lean Startup, M-Pesa, mass immigration, meta analysis, meta-analysis, microcredit, Nate Silver, Peter Singer: altruism, purchasing power parity, quantitative trading / quantitative ﬁnance, randomized controlled trial, self-driving car, Skype, Stanislav Petrov, Steve Jobs, Steve Wozniak, Steven Pinker, The Future of Employment, The Wealth of Nations by Adam Smith, universal basic income, women in the workforce
He studied moral and political philosophy at Harvard. He considered continuing his studies at graduate school but instead pursued journalism in part because doing so gave him a platform from which to champion particularly important causes. He worked for The Washington Post and now works for Vox.com. In this position, he’s been able to promote and discuss ideas he thinks are important, such as more liberal immigration policies, a universal basic income, and the idea of earning to give. In advocacy, we would expect the distribution of impact to be highly fat-tailed: it’s a winner-takes-all environment, where a small number of thought leaders command most of the attention. We don’t have data on impact through advocacy in general, though the distribution of book sales, which one could use as a proxy, is highly fat-tailed, as is the distribution of Twitter follower counts.
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, 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, 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
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. 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.
Rethinking the Economics of Land and Housing by Josh Ryan-Collins, Toby Lloyd, Laurie Macfarlane, John Muellbauer
agricultural Revolution, asset-backed security, balance sheet recession, bank run, banking crisis, barriers to entry, basic income, Bretton Woods, Capital in the Twenty-First Century by Thomas Piketty, collective bargaining, Corn Laws, correlation does not imply causation, creative destruction, credit crunch, debt deflation, deindustrialization, falling living standards, financial deregulation, financial innovation, Financial Instability Hypothesis, financial intermediation, full employment, garden city movement, George Akerlof, ghettoisation, Gini coefficient, Hernando de Soto, housing crisis, Hyman Minsky, income inequality, information asymmetry, knowledge worker, labour market flexibility, labour mobility, land reform, land tenure, land value tax, Landlord’s Game, low skilled workers, market bubble, market clearing, Martin Wolf, means of production, money market fund, mortgage debt, negative equity, Network effects, new economy, New Urbanism, Northern Rock, offshore financial centre, Pareto efficiency, place-making, price stability, profit maximization, quantitative easing, rent control, rent-seeking, Richard Florida, Right to Buy, rising living standards, risk tolerance, Second Machine Age, secular stagnation, shareholder value, the built environment, The Great Moderation, The Market for Lemons, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, transaction costs, universal basic income, urban planning, urban sprawl, working poor, working-age population
Poorer owners of valuable land could be allowed to delay payment until they die or at the point of sale. Or they could give up a percentage of their equity in the property each year that wasn’t paid to the state or local authority, enabling the community to gain from any capital appreciation (Mayhew and Smith, 2016). Another option would be to hypothecate the proceeds of any large-scale land tax evenly across the population as some kind of universal basic income, as envisaged by Henry George ( 1979), or perhaps hypothecate it to support a widely popular public service such as the National Health Service. The salience issue – that property taxes are unpopular because of their visibility – is a challenging problem. Visibility is clearly desirable from a decision-making perspective because it makes taxpayers aware of the costs of local public services, which enhances accountability.
The New Urban Crisis: How Our Cities Are Increasing Inequality, Deepening Segregation, and Failing the Middle Class?and What We Can Do About It by Richard Florida
affirmative action, Airbnb, basic income, Bernie Sanders, blue-collar work, business climate, Capital in the Twenty-First Century by Thomas Piketty, clean water, Columbine, congestion charging, creative destruction, David Ricardo: comparative advantage, declining real wages, deindustrialization, Donald Trump, East Village, edge city, Edward Glaeser, failed state, Ferguson, Missouri, Gini coefficient, Google bus, high net worth, income inequality, income per capita, industrial cluster, informal economy, Jane Jacobs, jitney, Kitchen Debate, knowledge economy, knowledge worker, land value tax, low skilled workers, Lyft, megacity, Menlo Park, mortgage tax deduction, Nate Silver, New Economic Geography, new economy, New Urbanism, occupational segregation, Paul Graham, Plutocrats, plutocrats, RAND corporation, rent control, rent-seeking, Richard Florida, rising living standards, Ronald Reagan, secular stagnation, self-driving car, Silicon Valley, sovereign wealth fund, superstar cities, the built environment, The Chicago School, The Death and Life of Great American Cities, the High Line, The Wealth of Nations by Adam Smith, Thorstein Veblen, trickle-down economics, Uber and Lyft, universal basic income, upwardly mobile, urban decay, urban planning, urban renewal, urban sprawl, white flight, young professional
The development of mass public education in the late nineteenth and early twentieth centuries, and the dramatic expansion of college and university training after World War II, promoted economic growth and helped to spur the development of a stable middle class.26 Investing more in early childhood development, especially in chronically poor neighborhoods, will increase overall human capital and add to the economy again today. Fundamentally, poverty is the absence of money. Providing every person with a guaranteed minimum income or universal basic income is the most straightforward way to combat it; and the most efficacious way to do that is through a negative income tax, which essentially returns money to the poor so that they can cover their basic needs. Such an approach is a more cost-effective and less bureaucratically cumbersome way of mitigating poverty than providing myriad direct-assistance programs for housing, food, child support, and the like.
Affordable Care Act / Obamacare, algorithmic trading, Amazon Mechanical Turk, American Legislative Exchange Council, asset-backed security, Atul Gawande, bank run, barriers to entry, basic income, Berlin Wall, Bernie Madoff, Black Swan, bonus culture, Brian Krebs, call centre, Capital in the Twenty-First Century by Thomas Piketty, Chelsea Manning, Chuck Templeton: OpenTable, cloud computing, collateralized debt obligation, computerized markets, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, crowdsourcing, cryptocurrency, Debian, don't be evil, drone strike, Edward Snowden, en.wikipedia.org, Fall of the Berlin Wall, Filter Bubble, financial innovation, financial thriller, fixed income, Flash crash, full employment, Goldman Sachs: Vampire Squid, Google Earth, Hernando de Soto, High speed trading, hiring and firing, housing crisis, informal economy, information asymmetry, information retrieval, interest rate swap, Internet of things, invisible hand, Jaron Lanier, Jeff Bezos, job automation, Julian Assange, Kevin Kelly, knowledge worker, Kodak vs Instagram, kremlinology, late fees, London Interbank Offered Rate, London Whale, Marc Andreessen, Mark Zuckerberg, mobile money, moral hazard, new economy, Nicholas Carr, offshore financial centre, PageRank, pattern recognition, Philip Mirowski, precariat, profit maximization, profit motive, quantitative easing, race to the bottom, recommendation engine, regulatory arbitrage, risk-adjusted returns, Satyajit Das, search engine result page, shareholder value, Silicon Valley, Snapchat, Spread Networks laid a new fibre optics cable between New York and Chicago, statistical arbitrage, statistical model, Steven Levy, the scientific method, too big to fail, transaction costs, two-sided market, universal basic income, Upton Sinclair, value at risk, WikiLeaks, zero-sum game
Perhaps the health policy experts will do more to advance creativity than all the copyright policymakers combined, simply by assuring some breathing room for the inevitable throng of failures in creative industries. I know, the tired rhetorical dichotomy between good old-fashioned American capitalism and the evils of socialism will be wheeled out against this approach. But what’s more statist— a) DHS contractors busting down the doors of copyright infringers, b) an allseeing Google/YouTube/Facebook check-in system to report on what you’re watching, or c) a universal basic income that greatly reduces the need to deploy a or b? The specter of socialism becomes 206 THE BLACK BOX SOCIETY an ever more laughable distraction as the interpenetration of state and business in finance and law enforcement serves an ever narrower set of interests. On the Narrowing Divide between Government and Business The “free markets vs. state” battles that devour American political discourse refer to a duality that is increasingly more apparent than real.
Why We Can't Afford the Rich by Andrew Sayer
accounting loophole / creative accounting, Albert Einstein, asset-backed security, banking crisis, banks create money, basic income, Bretton Woods, British Empire, call centre, capital controls, carbon footprint, collective bargaining, corporate raider, corporate social responsibility, creative destruction, credit crunch, Credit Default Swap, crony capitalism, David Graeber, David Ricardo: comparative advantage, debt deflation, decarbonisation, declining real wages, deglobalization, deindustrialization, delayed gratification, demand response, don't be evil, Double Irish / Dutch Sandwich, en.wikipedia.org, Etonian, financial innovation, financial intermediation, Fractional reserve banking, full employment, G4S, Goldman Sachs: Vampire Squid, high net worth, income inequality, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), investor state dispute settlement, Isaac Newton, James Dyson, job automation, Julian Assange, labour market flexibility, laissez-faire capitalism, land value tax, low skilled workers, Mark Zuckerberg, market fundamentalism, Martin Wolf, mass immigration, means of production, moral hazard, mortgage debt, negative equity, neoliberal agenda, new economy, New Urbanism, Northern Rock, Occupy movement, offshore financial centre, oil shale / tar sands, patent troll, payday loans, Philip Mirowski, Plutocrats, plutocrats, popular capitalism, predatory finance, price stability, pushing on a string, quantitative easing, race to the bottom, rent-seeking, Ronald Reagan, shareholder value, short selling, sovereign wealth fund, Steve Jobs, The Nature of the Firm, The Spirit Level, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, transfer pricing, trickle-down economics, universal basic income, unpaid internship, upwardly mobile, Washington Consensus, wealth creators, Winter of Discontent, working poor, Yom Kippur War, zero-sum game
The areas of decline – the Detroits, Liverpools and Middlesbroughs – are also the areas in which there are huge expanses of abandoned and often poisoned land that need to be cleaned up and developed. It is ridiculous to encroach on precious rural land to build houses and shops while this is the case. Most of all, there is much work to be done to build a green economy. The restoration and improvement of the welfare state for everyone would be a big step towards a humane economy and society. As equality increased it might be possible to build support for a universal basic income to replace most specialised benefits, providing both security and a simplified welfare system. It will no doubt take a long time to reduce the unequal division of labour, given how deeply embedded it has come to be in our societies. But two things should help. First, democratising ownership and control of enterprises is likely to make it more probable that they would share out good and bad tasks more equally.
The Stack: On Software and Sovereignty by Benjamin H. Bratton
1960s counterculture, 3D printing, 4chan, Ada Lovelace, additive manufacturing, airport security, Alan Turing: On Computable Numbers, with an Application to the Entscheidungsproblem, algorithmic trading, Amazon Mechanical Turk, Amazon Web Services, augmented reality, autonomous vehicles, basic income, Benevolent Dictator For Life (BDFL), Berlin Wall, bioinformatics, bitcoin, blockchain, Buckminster Fuller, Burning Man, call centre, carbon footprint, carbon-based life, Cass Sunstein, Celebration, Florida, charter city, clean water, cloud computing, connected car, corporate governance, crowdsourcing, cryptocurrency, dark matter, David Graeber, deglobalization, dematerialisation, disintermediation, distributed generation, don't be evil, Douglas Engelbart, Douglas Engelbart, Edward Snowden, Elon Musk, en.wikipedia.org, Eratosthenes, ethereum blockchain, facts on the ground, Flash crash, Frank Gehry, Frederick Winslow Taylor, future of work, Georg Cantor, gig economy, global supply chain, Google Earth, Google Glasses, Guggenheim Bilbao, High speed trading, Hyperloop, illegal immigration, industrial robot, information retrieval, Intergovernmental Panel on Climate Change (IPCC), intermodal, Internet of things, invisible hand, Jacob Appelbaum, Jaron Lanier, John Markoff, Jony Ive, Julian Assange, Khan Academy, liberal capitalism, lifelogging, linked data, Mark Zuckerberg, market fundamentalism, Marshall McLuhan, Masdar, McMansion, means of production, megacity, megastructure, Menlo Park, Minecraft, Monroe Doctrine, Network effects, new economy, offshore financial centre, oil shale / tar sands, packet switching, PageRank, pattern recognition, peak oil, peer-to-peer, performance metric, personalized medicine, Peter Eisenman, Peter Thiel, phenotype, Philip Mirowski, Pierre-Simon Laplace, place-making, planetary scale, RAND corporation, recommendation engine, reserve currency, RFID, Robert Bork, Sand Hill Road, self-driving car, semantic web, sharing economy, Silicon Valley, Silicon Valley ideology, Slavoj Žižek, smart cities, smart grid, smart meter, social graph, software studies, South China Sea, sovereign wealth fund, special economic zone, spectrum auction, Startup school, statistical arbitrage, Steve Jobs, Steven Levy, Stewart Brand, Stuxnet, Superbowl ad, supply-chain management, supply-chain management software, TaskRabbit, the built environment, The Chicago School, the scientific method, Torches of Freedom, transaction costs, Turing complete, Turing machine, Turing test, universal basic income, urban planning, Vernor Vinge, Washington Consensus, web application, Westphalian system, WikiLeaks, working poor, Y Combinator
Friedland, “Money, Sex and God: The Erotic Logics of Religious Nationalism,” Sociological Theory 20 (2002): 381–425. 48. Robert MacBride, The Automated State: Computer Systems as a New Force in Society (Philadelphia: Chilton Book, 1967); Stanislaw Lem, Summa Technologica (Minneapolis: University of Minnesota Press, 2013; originally published 1964); and Thomas Wells, “The Robot Economy and the Crisis of Capitalism: Why We Need Universal Basic Income,” ABC Religion and Ethics (Australian Broadcasting Corporation), July 17, 2014, http://www.abc.net.au/religion/articles/2014/07/17/4048180.htm. 49. Srnicek and Williams’ book Inventing the Future would hold one end of this spectrum, while Evgeny Morozov's “The Planning Machine” would fix the other. See http://www.newyorker.com/magazine/2014/10/13/planning-machine. 50. McKenzie Wark, Molecular Red: Theory for the Anthropocene (London: Verso, 2015); Benedict Singleton, “Maximum Jailbreak,” e-flux, July 27, 2013, http://www.e-flux.com/journal/maximum-jailbreak/. 51.
The Great Leveler: Violence and the History of Inequality From the Stone Age to the Twenty-First Century by Walter Scheidel
agricultural Revolution, assortative mating, basic income, Berlin Wall, Bernie Sanders, Branko Milanovic, British Empire, capital controls, Capital in the Twenty-First Century by Thomas Piketty, collective bargaining, colonial rule, Columbian Exchange, conceptual framework, corporate governance, cosmological principle, crony capitalism, dark matter, declining real wages, demographic transition, Dissolution of the Soviet Union, Downton Abbey, Edward Glaeser, failed state, Fall of the Berlin Wall, financial deregulation, fixed income, Francisco Pizarro, full employment, Gini coefficient, hiring and firing, income inequality, John Markoff, knowledge worker, land reform, land tenure, low skilled workers, means of production, mega-rich, Network effects, nuclear winter, offshore financial centre, Plutocrats, plutocrats, race to the bottom, recommendation engine, rent control, rent-seeking, road to serfdom, Robert Gordon, Ronald Reagan, Second Machine Age, Simon Kuznets, The Future of Employment, The Wealth of Nations by Adam Smith, Thomas Malthus, transaction costs, transatlantic slave trade, universal basic income, very high income, working-age population, zero-sum game
Numerous and often ambitious measures add up to a comprehensive reform package: the public sector should seek to influence technological change by “encouraging innovation that increases the employability of workers”; legislators should strive to “reduce market power in consumer markets” and revive the bargaining power of organized labor; firms should share profits with workers in ways that “reflect ethical principles” or be barred from supplying public bodies; the top income tax rate should rise to 65 percent, income from capital should be taxed more aggressively than earnings from labor, taxes on estates and gifts should inter vivos be tightened, and property taxes should be set based on up-to-date assessments; national savings bonds should guarantee a “positive (and possibly subsidized) real rate of interest on savings” up to a personal cap; a statutory minimum wage should be “set at a living wage”; every citizen should receive a capital endowment upon reaching maturity or a later date; and “the government should offer guaranteed employment at the living wage to everyone who seeks it” (which Atkinson himself concedes “may seem outlandish”). Possible add-ons include an annual wealth tax and a “global tax regime for personal taxpayers, based on total wealth.” In addition, the European Union should be persuaded to introduce “universal basic income for children” as a taxable benefit indexed to median national income. In his extended discussion of whether this could actually be accomplished, Atkinson focuses on the costs to the economy (which remain unclear); the countervailing pressures of globalization, which he hopes to counter through European or global policy coordination; and fiscal affordability. Unlike other proponents of equalizing reform measures, Atkinson also ventures an estimate of the likely effect of this package: if four major policies were implemented—higher and more progressive income taxes, an earned income discount at low income levels, substantial taxable benefits paid out for each child, and a minimum income for all citizens—the Gini coefficient of equivalized disposable income would fall by 5.5 percentage points, thereby narrowing the current inequality gap between Britain and Sweden by a little more than half.