Time to scrap the minimum wage and replace it with free market forces.

It’s time to move on from the minimum wage to an unconditional basic income for every citizen, whether they are working in other paid work, non working (although define “work”) or retired. Creating full employment overnight.

It’s simple supply and demand economics. Its time to acknowledge and validate both sides. For instance if people didn’t play video games, programmers would be out of paid work. Buyers are just as important to the economy as sellers.

If all the money disappeared overnight, we would still live. If all the resources disappeared overnight, were all dead. There’s enough resources to meet everyone’s basic needs, money is just a means of distributing those resources, so there’s enough money to do it.

If our economy can fund an average wage of £26,000 a year it can fund an unconditional basic income of say £15,000 a year. Although why not just set it at £10,000 per citizen, Afterall our MP’s are awarding themselves that just as a pay rise.

Failing that, our government currently spends £14,900 per adult. just put it all into one pot and pay everyone an unconditional basic income of £14,900 then turn all other government departments into charities and let people contribute to the departmental budgets they want to contribute to.

That’s true libertarianism, leading to a truly free market economy.

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2 thoughts on “Time to scrap the minimum wage and replace it with free market forces.

  1. Another idealistic project based on a total absence of grasp of the realities of wealth creation, combined with a misunderstanding of what motivates people and makes them strive for better things. I sympathise with your desire to solve the economy’s problems, but God help us if you ever get the power to put these ideas into practice.

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