Every major economic and financial trend that has changed Australian life has emanated out of academia (with at first often dismissive laughs but surprisingly quickly full implementation and realised consequences): globalisation, central banking, floating currencies, value-added taxation, cryptocurrencies, gender equality, global warming. These were all fringe academic ideas that became accepted as truisms. When everyone receives universal income, market forces accommodate and the price of everything moves accordingly, dollar for dollar. Originating out of the academic workings of British economist William Beveridge, who led the Beveridge Committee, commissioned by Winston Churchill in 1944 to rethink the welfare system, what […]
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