1000 Castaways: Fundamentals of Economics by Clint Ballinger

Author:Clint Ballinger [Ballinger, Clint]
Language: eng
Format: mobi
Publisher: Aetiology Press
Published: 2019-03-22T16:00:00+00:00

We are better off in every way if we directly employ the unemployed. Just as all would spin cord and weave mats on the ten person island, we should enable everyone who wants to to be able to work on all the endless tasks we are behind on in our real economies as well. As long as there are real resources available, there are always crusoes (ledger entries) to organize work on these tasks. No one should be forced to be idle because of an erroneous belief that there is not enough "money." (Much of the above discussion on automatic stabilizers derives from the general academic writing of economist Bill Mitchell at The University of Newcastle, Australia; see also the general work of economists L. Randall Wray at The University of Missouri-Kansas City and Pavlina R. Tcherneva at Bard College).

So there are five key reasons to have automatic backup projects:

1) Not having them is a permanent loss to society for no reason.

2) Not having them allows social ills from unemployment. This is a permanent and needless damage to future generations as well

3) Back up projects are fast and do not involve normal slow complex group decision making

4) Back up projects automatically help regions and cohorts.

5) Backup projects increase the stability of the economy not only for free, but with the benefits of 1-4. Not having them is a permanent loss - both now and to future generations - of wellbeing to society.

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