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That's crapitalism for you. Nothing but a giant pyramid scheme. When will people wake up and realize this isn't the way to do "society" as it does not encourage progress on a wide scale, just greed.
That's crapitalism for you. Nothing but a giant pyramid scheme. When will people wake up and realize this isn't the way to do "society" as it does not encourage progress on a wide scale, just greed.
Capitalism isn't all bad. It has some good aspects as well.
Most of these families get rich from appropriating commonly created wealth - wealth they never created. Most is via appropriating "economic rent" from land values. Economic rent is when there is no enterprise of cost of production,. In short, someone else created the wealth, which is usually the community. It is legalised stealing. Reclaim "economic rent" to pay for public services and these parasitic predators will disappear and Income Tax (a tax on production) and Sales Tax (a tax on trade) can be abolished.
We have a trickle up economy. Reclaiming economic rent will stop that and keep wealth in the hands of the wealth producers - not parasites.
Bankers do not create wealth. Banks are wealth destroyers.
High house prices are bad for the economy. Capital is sucked out of the economy and put into an unproductive asset.
We use neo-classical economics which is all wrong. It excludes banks, debt, money and land (all natural resources), so is useless at forecasting and running the economy in general, hence why we have catastrophic crashes.
We have Predators and Producers. Predators appropriate value created by others. The Producers create the value. The top richest people are primarily the Predators. The productive do not keep the fruits of their labours, it is taken from them.
We live in a Rentier society. Rentiers seek out "economic rent", which is wealth created by others. They skew the system towards the financial sector which means inequality goes up. Everybody in the real economy gets poorer.
.......... they have a considerable amount more than most of the population and it is not particularly fair. .........
I know. I feel so sorry for the poor in Britain. Just think how much more fair it would be if only the taxpayers provided them with council housing, free medical, subsidized transportation, free education, and Dole money instead of leaving them starving to death in the gutter.
That's crapitalism for you. Nothing but a giant pyramid scheme. When will people wake up and realize this isn't the way to do "society" as it does not encourage progress on a wide scale, just greed.
Oh come on. What system has done more to create wealth and lift people out of poverty? Even Karl Marx said as much.
A capitalistic economy needs regulation of course, but managing "society" as you put it does not mean a centralized system of resource redistribution.
Bankers do not create wealth. Banks are wealth destroyers.
High house prices are bad for the economy. Capital is sucked out of the economy and put into an unproductive asset.
We use neo-classical economics which is all wrong. It excludes banks, debt, money and land (all natural resources), so is useless at forecasting and running the economy in general, hence why we have catastrophic crashes.
We have Predators and Producers. Predators appropriate value created by others. The Producers create the value. The top richest people are primarily the Predators. The productive do not keep the fruits of their labours, it is taken from them.
We live in a Rentier society. Rentiers seek out "economic rent", which is wealth created by others. They skew the system towards the financial sector which means inequality goes up. Everybody in the real economy gets poorer.
I disagree with your list, not completely but for the most part it's a list cut and pasted from a Keynes text book.
What do you mean by "keep wealth in the public domain"? If you redistribute resources to prom who haven't produced or contributed to GDP you dominish the economies capacity to generate growth. Ironically, this is a central point to Marx's work on the means of production.
Here is the question; what "proper controls" should be implemented and by who? I agree about regulation, but I would like to hear your ideas..
I disagree with your list, not completely but for the most part it's a list cut and pasted from a Keynes text book.
It is not from Keynes. Look at the video.
Quote:
What do you mean by "keep wealth in the public domain"?
Understand what "economic rent" is first. That is very important. Economic rent is where there is no enterprise or cost of production. In short, others made that wealth, invariable the community. This is appropriated by private individuals and organisations - "economic freeloading". There is lots of commonly created wealth which should stay in the public domain and used for common services. The most glaring is land values which are not created by the landowners, although it does occur in other forms. This is appropriated. There is also common resources which we all own and the proceeds put back into the public purse. Then we do not need to tax the productive. Taxing labour (production) and sales (trade) is exactly what we should not be taxing. We do the opposite of what we should doing by rewarding unproductive predators not the productive.
We:
privatise social wealth
socialise private wealth
We need to do exactly the opposite:
Keep social wealth socialised (reclaiming economic rent)
Keep private wealth in private pockets (eliminate income and sales taxes and as many others as possible)
Quote:
Here is the question; what "proper controls" should be implemented and by who? I agree about regulation, but I would like to hear your ideas..
Reclaim economic rent. This can be in many forms but a levy on the "values" of land reclaims commonly created wealth and enough to eliminate income and sale taxes. Charge for the use and extraction of common natural resources and the use of the electromagnetic spectrum.
That gets all people working in productive activities eliminating parasites. Then the free-market comes into play. The system is self regulating. Economic rent is reclaimed by "value", so if the market drops so does the levy, if it rises so does the levy. The government then takes a back seat and makes sure the free-market is not rigged or monopolised.
The banks need control and not be allowed to print money as they do. Money should be issued by central banks only. The USA Federal Reserve is a private bank and should be pubic owned like the Bank of England. Take out a loan, the bank creates the money in computer figures on software, and charges interest. When the loan is repaid the money is destroyed. What a scam. They charge interest all along. I could go on but that is enough for now to get the gist.
Understand what "economic rent" is first. That is very important. Economic rent is where there is no enterprise or cost of production. In short, others made that wealth, invariable the community. This is appropriated by private individuals and organisations - "economic freeloading". There is lots of commonly created wealth which should stay in the public domain and used for common services. The most glaring is land values which are not created by the landowners, although it does occur in other forms. This is appropriated. There is also common resources which we all own and the proceeds put back into the public purse. Then we do not need to tax the productive. Taxing labour (production) and sales (trade) is exactly what we should not be taxing. We do the opposite of what we should doing by rewarding unproductive predators not the productive.
We:
privatise social wealth
socialise private wealth
We need to do exactly the opposite:
Keep social wealth socialised (reclaiming economic rent)
Keep private wealth in private pockets (eliminate income and sales taxes and as many others as possible)
Reclaim economic rent. This can be in many forms but a levy on the "values" of land reclaims commonly created wealth and enough to eliminate income and sale taxes. Charge for the use and extraction of common natural resources and the use of the electromagnetic spectrum.
That gets all people working in productive activities eliminating parasites. Then the free-market comes into play. The system is self regulating. Economic rent is reclaimed by "value", so if the market drops so does the levy, if it rises so does the levy. The government then takes a back seat and makes sure the free-market is not rigged or monopolised.
The banks need control and not be allowed to print money as they do. Money should be issued by central banks only. The USA Federal Reserve is a private bank and should be pubic owned like the Bank of England. Take out a loan, the bank creates the money in computer figures on software, and charges interest. When the loan is repaid the money is destroyed. What a scam. They charge interest all along. I could go on but that is enough for now to get the gist.
Ok, I get economic rent (most of my academic study is in economics and I would consider myself a classic liberal), but my question is "exactly how through policy so you implement a levy on unearned income"?
I agree with you about rent. Today's wealth amongst the elite is acquired through a false bubble in the stock market; created by QE and now three quarter trillion dollar bond purchases by the Fed. The basic laws of supply and demand have almost gone out the window in today's global financial markets.
Another huge problem is in discourse itself. You will see posts above railing against capitalism itself, or arguments on the other side about "rich people". Neither are correct and they allow politics to crate a false argument between two wrongs. Until the issue of unearned income is differentiated from an attack on capitalism we won't even begin to discuss the issues you raise.
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