VIDEO: The economics of basic income (by Geoff Crocker)
A new video has been released by Geoff Crocker, on a “radical concept of funding basic income by perpetual deficit”. This video is a result of a presentation done at the Asia Pacific UBI Conference, which was held of the latest 17th and 18th of March 2018.
In this short video, Geoff Crocker generally reviews the most typical arguments for and against basic income, focusing on the financing issues. Particularly, he conceives a thought experiment where all economic goods and services are produced by machines. The question then arises: how to distribute these among the population? Crocker’s conclusions, from this onset, are that basic income becomes “essential to maintain consumer demand”, and that “financial deficit is inevitable”. This, apparently, derives directly from the fact that modern economies operate at a permanent deficit and that “unearned income [is] necessary in high tech economies”.
Geoff Crocker’s ideas had already been mentioned on Basic Income News, in a paper he called “The economic necessity of basic income”.