Future Wealth Ownership Should Be Diffused
The states by introducing the new programs of growth based on the diffused ownership of productive capital would not only fasten the recovery but began to resolve a problem of imbalances.
On August 19 Apple became the first U.S. company with +2 trillion capitalisation. The company reached a market value of $2 trillion, doubling in valuation in just over two years. It was a super-fast growth from August 2, 2018 since the firm first reached a $1 trillion market cap. On July 31, 2020, Apple surpassed the state oil giant Saudi Aramco to become the world’s most valuable publicly traded company.
If anyone needs an evidence for the concentration of the wealth, the Apple is an example. The 3 or even more trillions market capitalisation of any company is obviously a positive development for the economy in general.
But this fact nullifies validity of the claim that jobs are solution for the economic inequality, and emphasises the fact the true source of income, even in the times of crisis is capital.
It is worthy to emphasise, that the economic inequality should be understood only as an inequality of economic opportunities. Under the system of the total economic equality everyone is equally poor, and there cannot be any other outcome.
The equal economic opportunity to become an owner of the productive capital is needed for every person when the hourly labor output is twenty or perhaps even thirty times more expensive than an output of the robot.
Every person should have access to the renewable capital investment loan to purchase the feasible businesses' shares, which would be paid from the future capital earnings. Instead of collateral, these transaction would be insured by the insurance firms with the guarantees of the lender of the last resort (the central banks). /Banks do not require collateral from the big investors.
In this way, every person (who would like to) could become a capital owner acquiring a stable economic foundation, over the years of the investment, and almost immediately the income from capital earnings. An additional income for every person would allow the countries to deal with the internal and external debts and would slowly reduce the demand for a welfare.
It is the only solution, which does not involve the increase of the budget deficits thus redistribution methods like taxation but rather respects current owners of wealth.
Such solution would not create any resentment or contribute to the greed as everyone, affluent and poor, young and aged could participate in that system. Thus, this system would finally allow everyone to benefit from the free market mechanisms on equal basis.
Apple success should prompt everyone to learn more about the Economic Personalism and share it with friends, family and colleagues.
At minimum, it should cause everyone to revise their view of the minimum wage or 'Guaranteed Income', which are the economic folly that would create, in the long-run, a terrible damage.
No, jobs are not solutions when economic growth is nearly totally capital not labor intensive, it is the ownership of productive capital for every child, woman and man.