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Taming Leviathan with a Basic Income

In: Basic Income and the Free Market

Author

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  • Cameron Weber

Abstract

Anne Krueger in 1974s “The Political Economy of the Rent-Seeking Society” describes how incremental political interventions into the market eventually accumulate enough that they prevent the market from efficiently allocating society’s scarce resources. Arguably, the United States is at that point today. The United States is experiencing its worst period of prolonged underemployment since the foundation of the modern welfare state in the 1930s. Ted Burczak (2006: 139) calls this market malfunctioning, the welfare state “confront[ing] intractable Hayekian knowledge problems.” Robert Higgs describes “regime uncertainty,” which is the property rights uncertainty that results from changing and unpredictable policies.

Suggested Citation

  • Cameron Weber, 2013. "Taming Leviathan with a Basic Income," Exploring the Basic Income Guarantee, in: Guinevere Liberty Nell (ed.), Basic Income and the Free Market, chapter 0, pages 81-96, Palgrave Macmillan.
    • Handle: RePEc:pal:etbchp:978-1-137-31593-9_5
    DOI: 10.1057/9781137315939_5
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    Cited by:

    1. Weber, Cameron, 2016. "Reform of a modern welfare-state through a basic income to re-start higher levels of economic growth," MPRA Paper 115004, University Library of Munich, Germany.

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