Shall we manage technological innovation without managing markets or let it mangle society and individuals at will like the runaway horse it is?
And if we manage technological innovation, how do we do that?
First, there is no such thing as an inhumane civilized political economy. It is either humane or it is broken. As Marshall noted, if Labor 'have', then, given a stable range of supply and demand, equilibrium, that economy works. If Labor is living from paycheck to paycheck without hope or affordable recourse, which is our present condition, that economy is broken. For the economy to succeed both in each polity and globally, we must minimize the human cost of technological innovation and its creative/destruction dynamic.
Second, since no one has ever seen disruption on the scale that Artificial Intelligence promises, we need an innovative institution such as no one has seen before, a GSE certainly but with a difference.
What is needed is a civil corporation at whose establishment a single share of non-transferable voting stock, preferred, is issued to every voting citizen and shares of nonvoting transferable stock, common, are offered and listed on NYSE.
This corporation is empowered by government charter to administer funds generated by licensing smart machines, the legal equivalent of licensing a draft horse as such machines approximate a mechanical working animal, minus the cost of collection.
The corporation would declare appropriate dividends and directly address creative/destruction with education, training, financial support, and capital for those directly displaced by smart machines.
It is conceivable that the common stock, having market value, a significant advantage over fiat money, could be used as money and regulated to maintain value in a stable range by new issues and buybacks of that common stock.
This scheme is practical, doable, and sensible. It is also necessary in order to maintain the value system of our civilization in the political economy, to make sense making cents.
Let's do it.
Do Well and Be Well.
And if we manage technological innovation, how do we do that?
First, there is no such thing as an inhumane civilized political economy. It is either humane or it is broken. As Marshall noted, if Labor 'have', then, given a stable range of supply and demand, equilibrium, that economy works. If Labor is living from paycheck to paycheck without hope or affordable recourse, which is our present condition, that economy is broken. For the economy to succeed both in each polity and globally, we must minimize the human cost of technological innovation and its creative/destruction dynamic.
Second, since no one has ever seen disruption on the scale that Artificial Intelligence promises, we need an innovative institution such as no one has seen before, a GSE certainly but with a difference.
What is needed is a civil corporation at whose establishment a single share of non-transferable voting stock, preferred, is issued to every voting citizen and shares of nonvoting transferable stock, common, are offered and listed on NYSE.
This corporation is empowered by government charter to administer funds generated by licensing smart machines, the legal equivalent of licensing a draft horse as such machines approximate a mechanical working animal, minus the cost of collection.
The corporation would declare appropriate dividends and directly address creative/destruction with education, training, financial support, and capital for those directly displaced by smart machines.
It is conceivable that the common stock, having market value, a significant advantage over fiat money, could be used as money and regulated to maintain value in a stable range by new issues and buybacks of that common stock.
This scheme is practical, doable, and sensible. It is also necessary in order to maintain the value system of our civilization in the political economy, to make sense making cents.
Let's do it.
Do Well and Be Well.
Comments
Post a Comment