Digital Economy

Vishu Bandari
Sep 6, 2018 · 2 min read

The idea of marketopia which is a heaven of market where every asset is continuously auctioned and the money is re-distributed to citizens, it is an extreme of socialism where the property is not owned by the bureaucracy elites but by the people of society as it has pure common ownership with this context lets move onto real world.

Henry george is a well recognised economist who believed that true free market and true socialism went hand-in-hand , which is currently studied as mechanism design and is used for auctioning search words in google and facebook rather we could use them to solve the most pressing problems in our society.we have five detailed practical proposals building of this spirit lets look at them one by one:

  1. common ownership self-assessed tax in which every owner of significant private property would self assess the value of that property and stand willing to sell the property at that value and pay a tax on that self assessed value. This would act like an incentive for people to make an investment and all assets would be liquidly available for turnover for better potential use.

2. Quadratic voting : this a system of auctioning but for collective decision making where minorities have the chance to show their greater strength of interest in given issues compared to majority, where everyone is endowed to certain amount of voice credits and they can use this to promote any political candidates or political issues. they can put more votes on matters that are more important to them with a basic rule, that the cost in voice credits of influence on any given issue would be the square of the number of votes to buy on that issue.

3. migration — visas between individual people. In which individuals of country have the ability to bring in a migrant subjected to the risk that they should be paying some part of their benefits to the other.

4. antitrust policy is an increasingly powerful tool for maintaining a competitive and dynamic economy, but it is completely unenforced in the two most important areas in which markets powers is accumulating in our economy. institutional investors are over third of corporate economy where we can see the rising prices as a correlation between these as they are coordinated in the entirety of corporate economy and the other is the power that companies have on workers

5. data as labor : every digital contribution that an individual makes must be seen as a labor, to demand a fare share of value created by the data in companies like facebook and google, microsoft.

these ideas are quite radical and these require fundamental changes to our social institutions. Infact they are need of the hour as more of the social conflicts is reflected populist social movements which are solved through judiciary or through any higher organisations, we should be looking at new ways to incorporate the use market and technology for a better future.