This is brilliantly put.
So whats the solution?
So whats the solution?
Surely owning a factory is capturing the benefits of productivity just as much as owning the land it stands on?
(if we have a fixed supply of factories e.g. because of zoning laws then it could become a case of economic rents. But the simple solution there is "don't do that then")
Another way to think of what I'm saying is this: there are billions of people out there in the world who want more stuff. There are lot of companies and workers who want sell those people more stuff. And there are enough resources out there to make all that stuff for them (energy for a long time was the big limiter). Obviously, there is an economic disconnect that is limiting people from getting the goods that they want and need. What's really happening is that poor people just don't have anything to trade with. The solution is to give them something to trade with.
We don't have to do a UBI. I think we would be fine if central banks did something like give the bottom 20% of income earners a one time payment of ~$20k.
It sucks because it is irreversible. This is unnecessary. Just have the government finance UBI. After all, people like Larry Summers, with his "secular stagnation" theory, are calling for a shift from monetary policy to fiscal policy. And I think UBI, as you say, would be a very effective fiscal policy tool.
Yes, there is.
Advanced economies are mostly service based.
Countries are poor because of lack of social organization.
Many poor countries have tons of resources (Africa).
Many rich countries (UK, Japan, Germany, Singapore) etc. - have none.