Rethinking Income and Money: Incorporating Technology into Economic Theory

By: Geoff Crocker

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Synopsis: This Palgrave Pivot is immensely relevant to current policy debates on poverty, welfare policy, monetary policy, and the impact of automation. Geoff Crocker offers a radical re-interpretation of economic theory, specifically of income, money, and technology. The book explores alternative economic paradigms, focusing on the urgent need to get adequate income to all households, whilst reducing national debt. Technology is essential for the understanding of economic outcomes, since consumption, production, employment, distribution, and transactions all shift radically with technological change. Major policy proposals include hybrid welfare schemes with reduced conditionality, an element of universal income, and a proposal for direct money financing of government expenditure, all without stoking inflation. This book will appeal to economists, policy analysts, economic journalists, and others who are interested in radical restructuring of the economy.