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Boston Basic Income

Boston Basic Income

By Alex Howlett

Hosted by Alex Howlett and Derek Van Gorder, Boston Basic Income is a weekly discussion that explores different topics as they relate to basic income (UBI). Basic income is a regular income unconditionally paid to every individual person.

BBI is co-sponsored by the US Basic Income Guarantee Network (https://usbig.net) (USBIG) and Project Greshm (https://www.greshm.org).
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122 — Moral Framing

Boston Basic IncomeOct 08, 2020

00:00
01:38:17
138 — Private UBI
Mar 01, 202145:15
137 — Modern Money
Feb 14, 202144:18
136 — NGDP Targeting

136 — NGDP Targeting

Central banks conventionally use various tools to try to stabilize the average prices of consumer goods.  The Fed, in particular, attempts to keep price inflation at about 2% per year.  Reliably low and stable inflation allows markets to set prices in dollar terms without having to worry about changes in the general purchasing power of the dollar.

Nominal GDP level targeting is a monetary policy alternative to inflation targeting that stabilizes the total amount of money being spent on the economy's products.  This allows the purchasing power of the dollar to adjust in response to changes in the level of economic output.  In other words, if there's more (less) total stuff to buy, then each individual dollar buys more (less).

But how does NGDP targeting compare to inflation targeting in facilitating the smooth operation of the economy?  NGDP targeting expert George Selgin will be joining us to discuss.

George Selgin is the director of the Center for Monetary and Financial Alternatives at the Cato Institute.  He has written widely on the topics of monetary theory, monetary policy, and free banking.

The reading for this week is a 2018
blog post by Selgin entitled "Some 'Serious' Theoretical Writings That Favor NGDP Targeting."

It provides a nice jumping-off point for digging further into the topic.

Previous related Boston Basic Income topics have included:
BBI #84: Deflation
BBI #88: Recessions
BBI #131: Fiscal vs Monetary Policy

Original YouTube Recording

Image by Clker-Free-Vector-Images on Pixabay

Feb 04, 202150:49
135 — The Welfare System
Jan 29, 202144:03
134 — The Working Hypothesis
Jan 20, 202155:17
133 — Consenting Power

133 — Consenting Power

To kick off 2021, we discuss basic income's effect on the agency of individual people to live their lives how they choose.  We've previously talked about how basic income gives people the power to say no.  Consenting power is the power to say yes.

When society is structured such that people have no choice but to work a job, to what extent is this analogous to slavery?  Can we say that basic income gives people more consenting power without also arguing that the absence of basic income reduces labor-market efficiency?

The reading this week is
a chapter from Henry George's Progress and Poverty: "The Enslavement of Laborers the Ultimate Result of Private Property in Land."

Henry George said that whoever owned the land also effectively owned the people who lived on/from the land.  But George also lived in a time when it was easier to draw a connection between land, labor, and the product of the economy.  To what extent do his arguments still make sense today?  In our modern world, what kinds of things serve as "land" in the Henry George sense?

Previous related Boston Basic Income topics have included:
BBI #78: Land Value Tax
BBI #86: Thomas Paine
BBI #116: Power to Say No

Original YouTube Recording

Image Source: Queen Mary Psalter

Jan 11, 202148:27
132 — Cultural Incentives

132 — Cultural Incentives

We often discuss the extent to which the economy needs labor to produce its output.  But to what extent do people need to work jobs in order to live meaningful and fulfilling lives?  Is it a coincidence that people happen to have a "need" to do the very thing that society expects of them?  To what extent do cultural and economic incentives shape human psychology?

Does it become a problem if the economy needs less labor?  Is it a problem if basic income leaves some people jobless?  How adaptable are psychology and culture to these kinds of changes?

This clip from Downton Abbey suggests that norms around work are not universal.

We have two featured guests joining us this week: Bethany Burum and Erez Yoeli.  Bethany is a social psychologist and lecturer at Harvard University.  Erez is an economist and director of the MIT Sloan School's Applied Cooperation Team.  Together they study cultural evolution, explain hidden incentives, and use game theory to describe human social behavior.

For optional reading, we have an April 2020 Guardian article by Lauren Aratani entitled, "Experts warn of mental health fallout from mass US unemployment."

Previous related Boston Basic Income topics have included:
BBI #56 — Workism
BBI #102 — Idleness and Leisure
BBI #116 — Power to Say No

Image Credit: Pacheco et al. (CC BY 2.5)

Dec 21, 202001:27:50
131 — Fiscal vs Monetary Policy
Dec 12, 202001:36:16
130 — Petrodollars
Dec 05, 202001:33:41
129 — Workers vs Consumers
Nov 26, 202001:40:20
128 — Gold Standard
Nov 20, 202001:31:60
127 — Subsistence UBI
Nov 13, 202001:35:48
126 — Neoliberalism
Nov 06, 202001:33:43
125 — Labor Demand
Oct 30, 202001:33:03
124 — Resource Conservation

124 — Resource Conservation

For our long-term survival and prosperity, we need to be careful about how we manage our resources.  How does basic income fit into a plan for resource conservation?  How can it help?  How might it hurt?

This week's session includes seven featured guests to discuss these questions.

Kate McFarland is the associate director of the Center for Ethics and Human Values at The Ohio State University and the former editor of Basic Income News.

Peter Barnes is an environmentalist, entrepreneur, and author who has written about citizens' dividends and the shared ownership of—and responsibility for—our natural resources.

Deia Schlosberg is a filmmaker whose recent documentary, "The Story of Plastic," explores our plastic pollution crisis.  Her upcoming "Bootstraps" docu-series examines the human impact of basic income.

Derek Van Gorder is a filmmaker, YouTuber, and frequent Boston Basic Income participant.  His work explores Consumer Monetary Theory and the philosophy and economics of basic income.

Diane Pagen is a social worker and long-time basic income activist.  She organized last year's Basic Income March in New York City, which inspired marches in 29 other cities.

Conrad Shaw is a UBI researcher, writer, and creator of the UBI calculator.  He is also co-producer on Deia Schlosberg's forthcoming "Bootstraps" docu-series.

Michael Howard is a philosophy professor, president of USBIG, and co-editor of the "Basic Income Studies" journal.

To help frame our discussion, we have a short article and video.  The article is by Michael Howard from 2012 in which he argues for a carbon cap and dividend as a step toward basic income.

https://scholars.org/contribution/cap-carbon-emissions-and-pay-dividends-citizens-strategy-unite-americans-against

The video is 20-minute edit by Derek Van Gorder of Alex Howlett describing the concept of a "natural rate" of basic income.

https://youtu.be/lTwim8TK_cg

Previous related Boston Basic Income topics have included

https://youtu.be/tVWfInD2jLk — BBI #16: Climate and the Environment
https://youtu.be/lOLmz2rebDg — BBI #30: Population Growth
https://youtu.be/TBO4G_nfBuc — BBI #41: Economic Growth

Image by Gerd Altmann on Pixabay
(https://pixabay.com/illustrations/sustainability-energy-tree-3295757/)


Oct 23, 202001:39:04
123 — Money From Nothing

123 — Money From Nothing

Featured guests Robert Hockett and Aaron James join us to discuss their new book, "Money From Nothing.."

https://www.penguinrandomhouse.com/books/647222/money-from-nothing-by-aaron-james/

In the book, Hockett and James argue that the Fed can take a greater role in managing our economy's money for the benefit of the people.  We'll talk to them about basic income and other important goals the government can achieve when our monetary system is allowed to reach its full potential.

For optional reading/listening, we have a short podcast interview with Aaron James in which he discusses the role of the Fed, the nature of money, and what makes it possible for our society to implement a basic income.

https://news.uci.edu/2020/10/05/uci-podcast-at-the-intersection-of-economics-and-political-philosophy/

Previous related Boston Basic Income topics have included:

https://youtu.be/7_tG_QBfR54 — BBI #20: National Debt
https://youtu.be/jajL83BDoU8 — BBI #29: Consumer Monetary Theory vs. Modern Monetary Theory
https://youtu.be/7yeCPXouq0s — BBI #46: The Treasury and the Fed

Oct 15, 202001:52:58
122 — Moral Framing

122 — Moral Framing

To what extent is it useful to frame basic income as a moral issue?  Righteous-sounding rhetoric can be a powerful persuasive device, but does it help for basic income experts to think about the issue in moral terms?

This week's session brings in five featured guests to discuss these questions.

Bethany Burum is a social psychologist and lecturer and Harvard University.  She and her colleagues study cultural evolution and use game theory to explain human social behavior.

Michael Lewis is a professor of social work at Hunter College.  He has published widely on the topic of basic income and he was a co-founder the US Basic Income Guarantee Network (USBIG) in 1999.

Kate McFarland is the associate director of the Center for Ethics and Human Values at The Ohio State University and the former editor of Basic Income News.

Karl Widerquist is a philosophy professor at Georgetown Qatar.  He is a former co-chair of the Basic Income Earth Network (BIEN), as well as a co-founder of both the USBIG and Basic Income News.

Derek Van Gorder is a filmmaker, YouTuber, and frequent Boston Basic Income participant.  His work explores Consumer Monetary Theory and the philosophy and economics of basic income.

For optional reading, we have a 2018 blog post by Alex Howlett entitled, "Justice Is Overrated."

https://www.greshm.org/blog/justice-is-overrated/

Previous related Boston Basic Income topics have included:

https://youtu.be/hgD2CGlZuC0 — BBI #5: Moral Concerns

https://youtu.be/n-V3Ps9Hd2A — BBI #22: Meritocracy and Entitlement

https://youtu.be/IFMycDcQDKQ — BBI #73: Moral Foundations

Image by JJ Jordan on Pexels

(https://www.pexels.com/photo/woman-in-black-dress-holding-balance-scale-3054065/)


Oct 08, 202001:38:17
121 — Debt Jubilee

121 — Debt Jubilee

Our society is becoming increasingly indebted.  This is creating financial instability and slowing down our economy.  Some people suggest that the solution is to have periodic "debt jubilees" in which the debts of private individuals are completely forgiven.  This process can quickly become complicated.  What about the people who are depending on cash flows from those debts being paid?

What would happen if the government paid people's debts for them?  How does that compare to an ongoing basic income that makes it easier for people to pay their own debts?  If we periodically have to press a reset button on our debt, is it a sign of a deeper problem in our economy?

For optional reading, we have a recent article from Democracy Journal by Richard Vague entitled, "It's time for a Debt 'Jubilee'"
https://democracyjournal.org/arguments/its-time-for-a-debt-jubilee/

Previous related Boston Basic Income topics have included:

https://youtu.be/7_tG_QBfR54 — BBI #20: National Debt
https://youtu.be/iwSNkGTJYts — BBI #49: Debt and Credit
https://youtu.be/_uWVbG6Yezc — BBI #117: Sovereign Money

Photo by Mohamed Nohassi on Unsplash
(https://unsplash.com/photos/odxB5oIG_iA)

Oct 02, 202001:45:29
120 — Money Shame

120 — Money Shame

Especially when it comes to our personal finances, we have a culture of shame and secrecy surrounding money.  Why is money so hard to talk about?  Is it a bad thing?  Is this "money shame" a problem for society or is it useful in some way?  Is it both?

Today, people go to great lengths to hide their poverty *and* to hide their wealth.  How would basic income influence how we feel, how we think, and how we talk about our personal finances?

Featured guest Conrad Shaw will dig into these questions with us.  As a writer, Conrad has explored the intersection of basic income and human nature.

For optional reading, we have a brand new Medium article by Conrad entitled, "The Shame that Binds Us."

https://medium.com/basic-income/the-shame-that-binds-us-700a66375a61

Photo by Mohamed Mahmoud Hassan on Public Domain Pictures
(https://publicdomainpictures.net/en/view-image.php?image=262950)

Sep 24, 202001:51:51
119 — Basic Income's Prospects

119 — Basic Income's Prospects

It's International Basic Income Week 2020 and we're living in the future.  But how close are we to making basic income a reality?  How far have we come and how far do we still have to go?  Does the world even agree on how to think about, or talk about basic income?  What will it take to get basic income supporters and skeptics on the same page?

To help us sort out these and other questions, we're bringing in featured guest Jason Burke Murphy.  Jason is a philosophy professor and political organizer who has been writing about basic income for over a decade.  He also serves on the board of directors for the US Basic Income Guarantee Network (USBIG).

For optional reading, we have a 2016 article by Jason entitled "Basic Income as Proposal, as Project, and as Idea."

https://basicincome.org/news/2016/06/basic-income-as-proposal-as-project-and-as-idea/

Previous related Boston Basic Income topics have included: "Skepticism of the Idea," "Basic Income vs. Job Guarantee," and "A World Without Basic Income"

Photo by Stefan Bohrer
(https://www.flickr.com/photos/generation-grundeinkommen/10577574344/)

Sep 18, 202001:38:56
118 — Social Safety Net

118 — Social Safety Net

Why does our society have a safety net of welfare programs and government assistance?  What conditions have made these things necessary?  Is it normal for the economy to leave some people behind in such a way that they need a safety net?  Does it make sense to think of basic income as part of the safety net, or as something else entirely?

For optional reading this week we have a June 2020 article from the Brookings Institute "Up Front" blog by Henry J. Aaron entitled "The social safety net: The gaps that COVID-19 spotlights"

https://www.brookings.edu/blog/up-front/2020/06/23/the-social-safety-net-the-gaps-that-covid-19-spotlights/

Previous related Boston Basic Income topics have included: "The Nature of Poverty," "Meritocracy and Entitlement," "Basic Income vs. Job Guarantee," "A World Without Basic Income," "Minimum Wage," and "Bolsa Família."

Photo by Linnaea Mallette on Public Domain Pictures

(https://publicdomainpictures.net/en/view-image.php?image=292226)

Sep 10, 202001:44:59
117 — Sovereign Money

117 — Sovereign Money

The cash in your wallet constitutes money that's issued directly by the government.  We think of bank deposits as money too, but the deposits in your bank account are merely promises to pay you government-issued money.  Some critics of our current financial system argue that our economy would benefit from directly allowing the government to issue more of its own "sovereign money" rather than going through the banks.

Many sovereign money proponents want to establish total public control over money creation and feel that private money should be banned outright.  Others simply see an opportunity for the government to take a more active role in managing the economy's monetary system.  In his 2020 book, "Basic Income and Sovereign Money: The Alternative to Economic Crisis and Austerity Policy," economist Geoff Crocker makes the case for issuing a basic income in the form of "debt-free" sovereign money.  The idea is that the government can pay out a basic income without collecting any taxes or taking on any debt.

To what extent is this possible?  How can the concept of "debt-free" or "non-debt" money help us understand the economy?  How does a sovereign-money basic income compare to the Consumer Monetary Theory (CMT) perspective that we've previously discussed?

We have two optional readings this week.  The first is a 2014 World Economics Association Newsletter article by Mark Joób entitled "The Sovereign Money Initiative in Switzerland."

https://www.worldeconomicsassociation.org/newsletterarticles/momo/

The second is a 2014 article by Geoff Crocker published by the Centre for Welfare Reform, entitled "The Economic Necessity of Basic Income."

https://www.centreforwelfarereform.org/library/the-economic-necessity-of-basic-income.html

Previous related Boston Basic Income topics have included "The Nature of Money", "National Debt", "Consumer Monetary Theory vs Modern Monetary Theory", "Social Credit", "Natural Rate of UBI", and "Quantity Theory of Money"

Photo courtesy of the National Numismatic Collection, National Museum of American History.

(https://en.wikipedia.org/wiki/Sovereign_(British_coin)#/media/File:Australia_1857_Sovereign_(proof).jpg)

Sep 04, 202001:43:50
116 — Power to Say No

116 — Power to Say No

Some basic income skeptics worry that it will cause people to stop working.  Meanwhile, some basic income proponents say that the power to say no to a job is is a feature, not a bug.  To what extent does basic income cause people to leave the labor market?  Why does it matter?

This week's session brings in seven featured guests to discuss these questions.

Michael Lewis is a professor of social work at Hunter College.  He has published widely on the topic of basic income and he was a co-founder the US Basic Income Guarantee Network (USBIG) in 1999.

Kate McFarland is the associate director of the Center for Ethics and Human Values at The Ohio State University and the former editor of Basic Income News.

Diane Pagen is a social worker and long-time basic income activist.  She organized last year's Basic Income March in New York City, which inspired marches in 29 other cities.

Conrad Shaw is a UBI researcher, writer, and creator of the UBI calculator.  He is also co-producer on his wife Deia Schlosberg's forthcoming basic income docu-series, "Bootstraps."

Karl Widerquist is a philosophy professor at Georgetown Qatar.  He is a former co-chair of the Basic Income Earth Network (BIEN), as well as a co-founder of both the USBIG and Basic Income News.

Derek Van Gorder is a filmmaker, YouTuber, and frequent Boston Basic Income participant.  His work explores Consumer Monetary Theory and the philosophy and economics of basic income.

Almaz Zelleke is an associate professor of practice in political science at NYU Shanghai.  She has written on topics including feminism, distributive justice, and the ethics of basic income.

To help frame our discussion, we have a 2018 article by Kate McFarland entitled "Work and Basic Income: A Decommodification Perspective."

http://www.roosevelthouse.hunter.cuny.edu/?forum-post=work-basic-income-decommodification-perspective

Previous related Boston Basic Income topics have included "Human Purpose," "Freedom," "The Labor Market," "Basic Income vs Job Guarantee," Minimum Wage, "Workism," "The Free Rider Problem," "Retirement," "Organized Labor," "Power Dynamics," "Full Employment," and "Idleness and Leisure."

Aug 27, 202002:01:41
Introduction
Aug 23, 202004:21