a new economic system?

Discussion in 'Economics' started by The Prince, Jun 10, 2011.

  1. I've been working on a (hybrid) economic system that values Health, Eduction, and the Environment. I would love your input/thoughts/comments. Everything is premised on a person's net worth being a number on a screen (direct deposit, credit cards); a number that could potentially be manipulated/tweaked.

    A Remedy:

    Everyone keeps what they have. If you are currently employed, you sign a contract with your employer promising 40 hours of quality work a week (maybe we can eventually change it to 35). In exchange, you will receive your current salary (and/or a credit for hours worked), health care, schooling for your children, and you will be taken care of after retirement (age 68? 70?), or if some debilitating illness occurs. Farmers continue producing food.

    No Taxes. Federal, State, Local – none. "The hardest thing to understand in the world is the income tax." -Albert Einstein Instead, we give a “blank check” (or an Invisible Hand) to city and local governments (or grassroots organizations) to hire everyone and anyone willing to work for the common good. It becomes a City Improvement or City Beautiful Movement. If you want to help rebuild Missouri, go do that. If you want to teach, (and meet the requirements) do that. If you want to do cancer research at a public hospital, do that. If you are willing to plant trees, do that. After verifying that you have worked your 40 hours a week, the city and local governments credit your account (change numbers on a screen). Perhaps we can also give this authority to a well respected local nonprofit or The Bill and Melinda Gates Foundation. All salaries from the “blank check” are public information (listed on a website). (If we can print money out of thin air, why can't we create jobs out of thin air?)

    A moratorium on the stock market – either by vote, a congressional resolution, or executive order. Or we just pretend it's Good Friday and “the market” never opens again. Every penny (except margin accounts) invested gets returned to the shareholders. (at the current price, or if speculation occurs, the price on a specific day, say 4/30/11 -the courts can figure out what is fair).

    To compensate companies for market capitalization, private companies "draft" (100, 500 workers). All unemployed people enter the “Employment Draft”. Starting with GE (largest market cap), companies choose the workers who will be the most beneficial to them. Jeffrey Immelt may choose the head of Goldman Sachs or Hank Paulson, or he may not. Erin Burnett can cover it on CNBC or Erin Andrews can cover it on ESPN 8 “The Ocho”. (or both, at the same time)(smile) The best companies also receive priority in architectural improvements etc.

    Every two years(?), workers feeling unfulfilled, disillusioned, or people wanting a change, may reenter the draft and work for a different company and/or in another industry. (a 2nd Round Draft, if you will)


    Highest priority placed on Prevention and Early Detection. Medical ID cards for everybody (like a credit card). Heavy focus on research (at least 10 years of “delibrate practice”) and maybe we can beat death. (harvested organs, stem cells, maximum nutrition, etc.)


    No more advertising. Not on TV, not on radio, not in magazines. (Maybe an exception for the Super Bowl. Maybe). Massive expansion of Consumer Reports and Zagat websites keeps consumers communicating and well informed.

    Entertainment Industry

    Media companies get a “blank check with a limit/salary cap” (what they are currently spending on talent). Actors/People in the Industry will receive a credit to their account, either negotiated with management or based on ratings.


    Same as Entertainment Industry. (Sports are considered a public good.) Owner of team has a “blank check with a limit/salary cap”. Players must be clean of performance enhancing drugs and submit to regular blood testing. If they don't like it, they can retire or work in another industry.

    College athletes will be paid (accounts credited by the university) commensurate with TV ratings, playing time, and jersey sales. They will also be required to take blood tests. No compliance, no compensation. Other student performers will also be paid by the university (musicians, theater performers etc.) commensurate with attendance and/or TV ratings, if applicable. Gus Johnson and Bill Raftery do the Final Four.

    Insurance industry

    None. Ideally, the entire industry can transition into Safety and Preparedness – making sure levies are built properly, bridges are earthquake proof, nuclear power plants are out of harm's way. “Failing to Prepare is Preparing to Fail.” -John Wooden


    Universities will be the center of our society. Universities will help run/improve K-8 and high school. School will be year round. Teachers will have summer off (or a different season off). All classrooms, school grounds, and day cares will have video cameras enabling parents to monitor their child any minute, hour, second of the day. We make music a priority.


    We pass a law requiring product prices to accurately reflect labor. Beers at the ballpark will not cost $9. Manolo Blahniks will not cost $645. Popcorn will not cost $6.50.

    Eventually we can (slightly) adjust hours worked to more accurately reflect their importance to society (i.e., 1 doctor hour equals 3 hours cooking - but we can decide that by vote, or like the NFL, in a courtroom). That way doctors can own the best real estate. But I have an inkling that musicians will be our most treasured asset.

    We can vote on all other issues or let the Supreme Court decide. Ideally all decisions will foster Health, Education, the Environment, and quality Journalism.

    I still can't figure out what to do with Las Vegas....but that's why we have politicians.

    In short, I'm trying to Maximize Labor. Maximizing Labor will compensate for the loss of taxes and private sector motivation.

    Thank YOU for Your Time