Tuesday, July 13, 2010

Gareth Morgan & A Tax On Capital

If a completely comprehensive capital tax was put in place on assets (especially without a guaranteed basic income) it would be deplorable. As anyone who was secure in their freehold ownership of anything would have to pay an ongoing cost of ownership. No-one could rest or make a contribution that wasn't immediately financially rewarding.

With her poll tax (on people) Margaret Thatcher was trying to make everyone into 'rational capitalists' ('Homo economicus') by compelling all people to make financial gain the purpose and result of what they do. People aren't that way naturally. First and foremost, fulfilment is our primary motivation, whether this attracts a financial income or not.

I think Morgan also stands within the economic conception that the primary motivation of people must be financial for economies to work. I don't prescribe to that. I believe that the primary motivation of people is to fulfil themselves and realise their potential in what they do, and thus we need to create a system, including an economic system, that enables people to do this. I think if we put the incentive of fulfilment by contribution first, above financial incentive, then we can create a system where every one is fulfilled in contributing to a system that enables everyones fulfilment.


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