The Covid crisis is prompting many rethinks about the fundamentals of economics policy and the social contract. How will all the money diverted into furlough schemes and other emergency programmes be recovered? How does increasing automation of work tasks change considerations? Is it time to accelerate the adoption of a Basic Income?
A frequent argument against Basic Income is that it would be either too small to be meaningful or too large to be affordable. Some seek a return to austerity measures as soon as possible.
But various heterodox economists dispute the importance of a “balanced budget” for a country, like the UK, which can create money by fiat. Potential paradigm shifts such as “Modern Monetary Theory”, “Bank Money”, and “Sovereign Money” are gaining more attention. How should we assess these approaches? Are they recipes for runaway inflation and ruinous debt for future generations? Or an inspired new way of understanding economic reality and “affordability”?
This London Futurists webinar in partnership with Radix will feature Geoff Crocker, Radix’s newest fellow, technology strategist, author, and advocate for both basic income and sovereign money. He will be sharing insights from his recent book ‘Basic Income and Sovereign Money: the alternative to economic crisis and austerity policy’ – which Martin Wolf of the Financial Times included in his list of the best mid-year economic books – and answering audience questions.
This webinar is also part of Radix’s exploration of options for recovery from Covid.