A lot of full-time jobs in the modern economy simply don’t pay a living wage. And even those jobs may be obliterated by new technologies. What’s to be done so that financially vulnerable people aren’t just crushed? It may finally be time for an idea that economists have promoted for decades.
This visualisation shows the growth of global GDP and its distribution, looking at the US, China and India.
By 2025, self-driving cars could lead to a steep decline in fossil fuels – and in personal car ownership. Smart electric vehicles will pick you up, drop you off, and mostly look after themselves. A realistic scenario?
Students of Austrian business cycle theory are familiar with the term malinvestment. A malinvestment is any poor use of resources or capital, commonly made in response to bad policy (usually artificially low interest rates and/or unsustainable increases in the monetary supply). Here, we introduce a related term: malincentive. While not part of the official economic lexicon, I consider a ‘malincentive’ a useful word to describe any promise of short-term gain whose long-term costs outweigh any immediate benefits enjoyed. Malincetives and malinvestment go hand-in-hand. In my opinion, the former causes the latter. As humans, we respond remarkably well to incentives. And dumb incentives encourage us to make dumb investments.
How more and more people are making money without contributing anything of value
One of the leading prophets of the robot revolution sees a link between artificial intelligence and political upheaval in the US.
Take back your life from the tyranny of working to survive.