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They Want What We’ve Got

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Posted in Contemporary economics Tagged with: , , , , ,

I live in Somerville, a city near Boston that is rapidly gentrifying.  It seems like a pretty good place to think about the implications of  Common Ownership Self-Assessed Tax, or COST system, that Eric Posner and Glen Weyl sketch out in Radical Markets: Uprooting Capitalism and Democracy for a Just Society (Princeton, 2018) The example they give is Rio de Janeiro, but their notion of “perpetual auctioning” easier to imagine think in a place close to home. Here’s the “thought experiment” the authors propose. Suppose the entire city of Rio is perpetually up for auction. Imagine that every building, business,