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RE: Three Extremely Important Taboo Questions (And The Answers)
Just discovered your posts today and now I have a lot of catching up reading to do for your previous posts (a shame I couldn't upvote them to increase the payout though). Seems like you have a great interest and knowledge in this subject matter, would be keen to hear more of your thoughts about the blockchain economy :)
I’m still catching up on replying to comments, so good luck catching up with the posts. ;o)
If you have any requests for things to discuss, I’ll write something if I have any knowledge on it.
The idea of universal basic income on the blockchain is something that has been discussed. I am actually not a fan of passive income, and this is concept of universal basic income seems to be a variation on a theme. I am curious about universal basic income from the economics point of view. I will probably write something about the fallacy of passive income shortly though...
If you give someone monopoly control over a road and allow them to stick a toll booth on it, they collect money from people without having to earn it.
There are toll booths all over the economy. That's how wealth gets transferred from the hands of the many into the hands of the few.
If everyone were to suddenly receive an increase in income across the board, tolls would increase. The toll booth owners would benefit and no one else would. Inequality growth would be accelerated.
If you tax the toll booths instead of taxing people for being productive, it would fix this problem. That's the only way people would benefit from UBI, but they probably wouldn't need a UBI anymore because the economy would become a hell of a lot more prosperous without the toll collectors (economic rent seekers).
Couldn't agree more and couldn't have put it in words better myself. I think that passive income also offers a false sense of financial security because then you become dependent/reliant on that source of income and therefore lose your ability to produce value and be a productive member of society, which is where real financial security should come from - contribution to a greater cause and exchanging value with others.