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SAN DIEGO, Aug. 31, 2022 /PRNewswire/ — The third option recognizes the heroic works of economists such as Robert Reich, Thomas Piketty, Joseph Stiglitz, Paul Krugman, James Heckman, Branko Milanovic, Paul Collier, David Harvey and Peter Barnes, who are ready, willing and proactively shaping an economy designed to come with everyone.
37. 2 million Americans (11. 4 per cent) live below the poverty line; 50% will have to cover living expenses between $38,266 and $85,139 (family of four) while earning an annual salary of less than $35,000.
Piketty believes that the social sciences want to reconnect with economics to shape interdisciplinary fields capable of flattening the steep curves of wealth inequality, climate change, deteriorating physical and intellectual health, resource depletion, and the developing political department they engender. Currently, everyone is paid separately on the open market; there is no economic incentive for anyone to work in combination for normal prosperity. As Robert Simmons of The Third Option puts it, “Capitalism makes us all complicit in the crimes we commit against ourselves. “
Reich emphasizes that “the government does not ‘invade’ the ‘free market. ‘Create the market. . . without them, there is no market. “
Stiglitz and Milanovic that reactive taxation and moving “regimes” are no longer acceptable, and instead prefer proactive “endowment funds” that create certain equivalent opportunities. It is preferable to apply taxes directly to the source of negative externalities (pollution, damaged health) make sure that the “decisive stops” are in the right place.
Collier advocates taxing cheap rents, in particular the inflationary charge of living in densely populated spaces, where economies of scale and agglomeration merit lower charges, not higher ones. Barnes warns that a third of America’s source of income comes from “interest, dividends, capital gains and inheritances” that are only growing; the status quo of a “commons” made up of shared resources (air, water ) allows Americans to convert “shared wealth” into “shareholder dividends. “
Heckman seeks equity for young people from “disadvantaged backgrounds” who face monetary despair plagued by “a diversity of social and non-public issues. “Harvey believes that capital serves only as a medium of exchange, to facilitate the “movement of goods. “without the means to exercise coercive control.
The third option urges economists to form a union of involved social scientists, an “economic justice league,” that will lead us toward a more interdependent form of economic democracy.
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SOURCE The 3rd option