15 December

For those interested in the universal basic income idea (everybody getting a living wage whether they have a job or not). Not a bad summary of the underlying ideas at the link below, here's a taste: "In the mythology of our economy, incomes are determined by how much one contributes to the marketplace, thus such outcomes are “fair and just” (from each according to their abilities, to each according to their deeds). Yet the reality is that power determines incomes more than anything else, and this power is distributed not according to the necessary requirements of an efficient economy, but according to past income and wealth and how the “rules of the game” are set. Incomes are determined by bargaining, and how well you can bargain is determined by your initial position and the context of the bargaining process (laws, regulations and customs). If you belong to a strong union, or if your industry has considerable market power (few competitors) or if you have the political clout to get the government to set the rules in your favor, and most important, if you can exclude others from competing against you, and encourage them to compete against each other, you will have significant power and can greatly determine your income. The less economic power you have the lower your income will be...The rules of the market are created by those with power and thus have never benefited the poor and marginalized, and have only benefited the middle class to the extent that they have been able to influence these rules through collective action."