Basic Income and the Free Market Austrian Economics and the Potential for Efficient Redistribution

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  • Format: Hardcover
  • Copyright: 2013-08-21
  • Publisher: Palgrave Macmillan

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A collection of essays by economists and political scientists, each with an interest in Austrian school arguments, Basic Income and the Free Market confronts the Basic Income Guarantee (BIG) concept. It outlines Austrian arguments for and against the BIG; critiques of Austrian theory from market-socialist and post-Keynesian perspectives that lead to defense of the BIG; critiques of BIG that consider Austrian and other heterodox theory; comparisons of the policy to proposals by others, such as Milton Friedman's negative income tax; pragmatic arguments for the policy; and proposals which discuss complex systems theory (which is embraced by 'left' and 'right' thinkers alike) and its relationship to Hayek's spontaneous order. The collection opens a dialog between Austrian and other heterodox economists as well as between 'classical liberal,' libertarian, and left-leaning or socialist political scientists and policymakers. The authors discuss whether the BIG could offer an alternative to both laissez-faire and existing welfare systems in developed countries, which are often criticized by both advocates and critics of laissez-faire, opening a constructive dialog in policy discussion. Included in this discussion is a systematic critique of pure laissez-faire interpretations of Austrian theory, and the analysis of the addition of a BIG to pure laissez-faire in the place of existing interventionist systems. Proposals making this case form the first section, followed by rebuttals and proposals against the policy, and rejoinders.

Author Biography

Guinevere Liberty Nell is a Research Programmer and Policy Analyst at the Heritage Foundation in Washington, DC, USA.

Table of Contents

Introduction; Guinevere Liberty Nell
1. Welfare in the Austrian Marketplace; Guinevere Liberty Nell
2. A Hayekian Case for a Basic Income; Theodore Burczak
3. The Basic Income Guarantee as a Helicopter Drop 'with Austrian Characteristics'; Daniel Kuehn
4. Taming Leviathan with a Basic Income; Cameron Weber
5. Basic Income Guarantee and the Negative Income Tax: A Comparative Spontaneous Orders Approach; Troy Camplin
6. Taking the 'G' Out of BIG: A Comparative Political Economy Perspective on Basic Income; Peter Boettke and Adam Martin (reprint)
7. A Little Less than BIG: A Pragmatic Perspective on Remedying Injustice; Laurent Dobuzinskis
8. Who Owns the Land? Land as the Basis for Funding of a Basic Income Guarantee; Guinevere Liberty Nell
9. A BIG Paradigm Shift for Society: A Speculative Look at Some of the Implications of introducing a BIG; Guinevere Liberty Nell and Daniel Richmond
10. Basic Income Guarantees in Free Cities; Zachary Caceres and Michael Strong

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