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> paying people for doing what they love even when you are going to, in effect, throw away whatever they produce is madness. No, it's hardcore keynesism. You'r
by toyg 5y ago
> paying people for doing what they love even when you are going to, in effect, throw away whatever they produce is madness.
No, it's hardcore keynesism. You're still sustaining demand in the market for all their necessities, from food and toilet paper to brushes and smart LEDs; and you are supporting the overall quality of life in the country, which passes also through people getting involved in art in various ways (as critics, consumers, etc). The fact that you may or may not get valuable output at the end is relatively irrelevant; in the end, a couple of resulting unicorns could probably repay the whole operation just by publicity and goodwill flowing to Ireland.
- imtringued 5y agoKeynes was dreaming of a world where we figured out how to solve the liquidity preference problem. I.e. tax land value and tax cash. If we did that, then we would have so much free time, that we would be spending all our time on social/cultural activities. The inflation targeting thing was an attempt to solve the problem in a less micromanaged way. In practice you still got the usual wealth concentration cycle that everyone knows from history.