Here is the list of some features a new proposed economy should possess in order to be considered in this discussion.
- Crisis free. A proposed economy model should be designed not to ever enter a crisis, at least in theory. It implies that we define then what a crisis is. In a naive way, we know, that we are in a crisis when prices and unemployment rate are rising, production stops and companies go out of business quicker than usual. The currently employed monetary system is designed to have a crisis sooner or later. The USA government has been recently doing an excellent job to keep the country out of a major crisis for long enough period already. However, we may surely tell that sooner or later there will be a major and painful crisis, which may result in a World War III. Some people claim that World War III is already going on. The proposed economy should have some math theory and equations behind it. Those equations should be designed and tested to be stable, whatever it means in a mathematical sense. The details of what it means to be stable for a particular economic model depends on the model itself and needs to be clarified within each particular instance. We require a new economy to be proven stable in the math-theoretical sense.
- Money facilitates the exchange only if the notion of money is still applicable at all. Money served our needs very well for the whole known history of humans to facilitate the exchange. We will always need some measure of value attached to with whatever substance or object we deal. As a side effect, the old notion of money encourages greed and cheating. We never had a technology advanced enough to control the production and distribution globally, but now we do. We should make use of it to simplify our life as human individuals and to free our time for creative work instead of endless thinking about making money by any mean. In the new economy, ideally, the necessary exchange function of money will probably be hidden inside the computer code working for us. People should only concentrate on how to do the job better, and not on how they get money. The original concept of money was meant to make those two things to be the same – better job means more money and vice-versa, but in reality, this works only partially and cause a lot of grief when misused. A new economy should be free of this problem and to let humans concentrate on purely human tasks only.
- Optimizes quality of life instead of profit. Some people would say that this is a utopian requirement since humans are naturally lazy and will not work productively enough unless they are pressured with necessity. Other people would argue that humans may work much more efficiently if provided with a real, complete freedom in actions and resources. A proposed economy model should still have a good incentive for people to perform, which may vary from one proposal to another. In any case, such an incentive should probably be measured through the value of an achievement instead of the amount of money.
- Provides a new kind of incentive. The profit has been a great incentive in the past under the conventional monetary system. However, it is too easy to misuse it, and it is too easy to slip into a shaded area of criminal activity when profit is the major, if not the only, incentive. The most of the alternative economies suggested up to now lack a real incentive for people to work and to produce, which, consequently, turns them into a utopia. Unfortunately, the humans are yet not ready to live without an incentive of a “mechanical” type, which is not based on high consciousness. In the very remote future, maybe, we will eventually grow in the consciousness to such a high level, that simply being a human will provide good enough incentive to do good, but we cannot count on it now.
- Publicly open. The structure of a new economy must be completely and unconditionally open to the general public. It does not mean that the theory behind is simple enough for everyone to understand, but the whole thing must be available for those who wish to research it and capable of doing it. The whatever computer code needed to run the economy should also be freely available for everyone to be able to reproduce the binaries employed.
- Secure. Open software code and theory do not imply that the data is also all public. Some data belonging to private individuals should not be freely available to everyone. Algorithms of how the data is securely stored and transmitted are open, but the data itself can be deciphered by properly authorized people only.
- True freedom. A new economy should provide freedom for an individual to choose what they want to do. The opportunities must be the same for every participant. The individuals must not ever be forced to leave the currently occupied place to live. Their children should be able to receive the same education as children of any other person. Healthcare should be provided to anyone who needs it, regardless any other factors. It will free up people from worrying about the necessary things in life and will let them concentrate on productive and creative activity only. It should also reduce the criminal activity since the essential reasons to commit a crime are removed.