Economic Literacy – by Janos Abel

Political Democracy is an illusion without Economic Democracy.

This page contains discussions about the need for a Social Dividend to be payable unconditionally to every adult citizen, at least, of a nation (if not every child as well).

How such thorough-going reform of the currently primitive capitalist system is to be financed, is a categorically separate issue to be discussed. Is a universal social dividend a good thing?. That is the fundamental question.

Note: This page on economics is by someone trained in engineering who studies economics outside the conventional academic community. For this reason this kind of economics can be viewed as “economics from the ground up”.

In this Economic Literacy series “money” is deliberately relegated to the least important level of the categorical structure of the social science we know as “economics”. Bringing money into the picture too early prevents clear presentation if basic principles.

The logical hierarchy of the elements of economics  can be illustrated as a simple sequence (the symbol, “<<<“, meaning “serves”): Economy<<<Finance<<<Money —in its various forms),
that is, Economy is the primary subject;
Finance is there to serve the economy; Money is but the medium of exchange that enables the Distribution of the product (goods and services— known as wealth). Money, itself, need never be scarce as it is merely the tokenized version of the aggregate value of wealth on the market waiting to be sold.

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