Equal Money For All is a Crap! (2024)

FAQs

What if everyone in the world has the same amount of money? ›

Equitable distribution of wealth means 'fair' distribution of wealth among the people, whereas the equal distribution of wealth is a utopian concept. If everyone on earth had an equal share of all the money that currently exist, the chances are that everyone would become poor.

In economics, Gresham's law is a monetary principle stating that "bad money drives out good". For example, if there are two forms of commodity money in circulation, which are accepted by law as having similar face value, the more valuable commodity will gradually disappear from circulation. Sir Thomas Gresham.

Money isn't everything since it can't buy us the essential things in life: health and love. One of the most important things in life is your relationships. Friends and family are the people who will be there for you through thick and thin, and they are worth more than any amount of money.

Universal basic income (UBI) is a social welfare proposal in which all citizens of a given population regularly receive a minimum income in the form of an unconditional transfer payment, i.e., without a means test or need to work.

Much of the global wealth would disappear. The purchasing power of the amount that people would receive after the even distribution would decrease because the economy would not produce any new goods. The economy would stop growing, which would eventually reduce the world's population.

Golden Rule #1: Don't spend more than you earn

Basic money management starts with this rule. If you always spend less than you earn, your finances will always be in good shape. Understand the difference between needs and wants, live within your income, and don't take on any unnecessary debt. Simples.

Gresham's law, which says that bad money tends to drive good money out of circulation, may account for many nations' episodes of money troubles, as far back as ancient Athens.

Weber's Law is relatively easy to understand as it's just saying that when initial values are small it's easier to perceive small changes in them and to tell those two things apart. When things get bigger like prices, weights, numbers of things, it's harder to perceive the same small change.

"Money is not everything. Make sure you earn a lot before speaking such nonsense."

A world without money will require an extremely ideal approach as when people are stripped of the incentives of activity, they choose to not participate in the activity. If workers receive no rewards, they will not work. But this will not eradicate any of the human needs crucial to the survival of humanity.

Does money really need to exist? ›

But money is important when you need it to pay for basic necessities or to cover emergencies. Money is also important to afford certain experiences that contribute joy to our lives.

As with every other human behaviour, being cheap or frugal is based on our psychology. They both involve saving money, and they both try to get a good value, but the overall factors behind them are different. The cheap approach is the one driven by anxiety and the scarcity of not having money.

Universal basic income proposes that the government regularly give every adult citizen a set amount of money, typically without conditions related to wealth or employment. The aims of such a system include reducing poverty and helping individuals meet basic needs.

If everyone was paid the same salary for an equal amount of work, this would lead to lower productivity due to the lack of competition, completely changing the concepts of merit, reward and ranking.

A global currency would mean all transaction costs related to international finance would be eliminated as well. Exchanging currencies always requires a conversion, which banks charge as a fee, and there can be a loss in value in changing one currency to another. Having one global currency would eliminate all of this.

If everyone was paid the same salary for an equal amount of work, this would lead to lower productivity due to the lack of competition, completely changing the concepts of merit, reward and ranking.

With a universal currency in place, individual countries would still control fiscal policy (i.e., how they choose to tax and spend money). But they would no longer be able to control the value or supply of that money through monetary policy (i.e., minting new bills or adjusting interest rates).

With universal wealth, consumer behavior and spending patterns would undergo significant changes. Affordability would cease to be a barrier, resulting in an increased demand for luxury goods, premium services, and experiences that were previously considered inaccessible.