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View Diary: Economics Works Backwards Now (192 comments)

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  •  Social Credit (22+ / 0-)

    C.H. Douglas long ago suggested something called Social Credit.

    From Wikipedia:

    "Douglas proposed that unemployment is a logical consequence of machines replacing labour in the productive process, and any attempt to reverse this process through policies designed to attain full employment directly sabotages our cultural inheritance. Douglas also believed that the people displaced from the industrial system through the process of mechanization should still have the ability to consume the fruits of the system, because he suggested that we are all inheritors of the cultural inheritance, and his proposal for a national dividend is directly related to this belief."

    Here's something funny related to the same idea:

    “Suppose a party of people were wrecked on a desert island, what do you think would be the first thing they’d do? Obviously they would look around for a man with money to employ them in gathering fruit. If there were no capitalist among them, or if he didn’t see his way to make a profit out of the business, they would all remain unemployed and starve to death, no matter how fertile the island might be.

    "If therefore we want to have plenty of employment, we must give every possible incentive to entrepreneurs – encouraging them to get as much of our money from us as they can, so that they can spend it on employing us to make more for them.” (Eimar O’Duffy, Asses in Clover, Jon Carpenter Publishing 2003, p 246-7)

    I wish there were a Wizard of Oz to give the GOP a heart, Democrats courage, and the media a brain.

    by Malacandra on Mon Sep 12, 2011 at 12:04:59 PM PDT

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