Re:Why we should all have a basic income
by Kalium on Thursday March 16, 2017 @06:31PM
(#13889773)
Is it perhaps possible that your hypothesis might not account particularly well for inflation? One cannot pump cash arbitrarily into an economy with a limited amount of value. Past a certain point, the scarcity of money changes.
If the UBI was $1,000,000/mo, I expect rents everywhere might soar and bread might cost $10k a loaf. There's more money, but the scarcity of goods doesn't change, so what happens is everything sprouts a couple of extra zeros. This is what runaway inflation can look like.
If the UBI was $1,000,000/mo, I expect rents everywhere might soar and bread might cost $10k a loaf. There's more money, but the scarcity of goods doesn't change, so what happens is everything sprouts a couple of extra zeros. This is what runaway inflation can look like.