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The Million Dollar Thought Experiment

January 13, 2014

As a thought experiment, let’s imagine everyone was given $1 million dollars. What would happen in the short-term? The long-term?

My prediction is that in the short-term some people will keep doing what they are already doing, because of the sense of satisfaction or contribution they derive.

Others will walk away from their jobs and never come back. Those jobs are exactly the ones we don’t need.

There are some obvious practical difficulties with this, but in theory it is entirely possible.  There is enough money in circulation for everyone to have $1 million dollars (or if there wasn’t, we could just create it; problem solved).  But wait, if there’s enough money for everyone to be millionaires, why can’t we all enjoy the standards of living of millionaires?  Hmmm…

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