Hi Ron,

I can only assume by your comment of “everybody’s having free money won’t crash any currency into worthlessness . . .” that you’re not familiar with how inflation works.

A basic income wouldn’t (or at least, shouldn’t) be funded by monetary means — that is, the central bank creating new money — because that would indeed cause inflation. Instead, it would be funded through fiscal policy — public money raised through a very progressive taxation regime — which simply redistributes more evenly the wealth that already exists in the economy.

Doing this could conceivably lead to what’s called demand-pull inflation over the short-term, but even that’s unlikely given that it wouldn’t be an external price shock (like a spike in oil prices, for example). It’s just relocating money more efficiently. In any case, inflation isn’t bad as long as it’s not too high. As a matter of fact the argument could be made that inflation is too low right now.

And finally, for what it’s worth, I could equally say that I have a bridge to sell you, because if automation proves to be as disruptive as predicted, it’s utopian to think that there’s a viable alternative to a redistribution of wealth.

I hope I’ve responded adequately to your condescending criticism.

2018 winner of the Dalton Camp Award for essay-writing. M.A. Political Science. I'll go to the mat for the Oxford comma.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store