Basic income and basic capital are two common ideas for redesigning distribution. Basic income provides people with a regular income from government. Basic capital provides people with a lump-sum grant. An important part of scholarly debate concentrates on the merits of basic income versus basic capital. This paper claims that these debates are too narrow. First, current debates overlook the way that a chief inspiration for both ideas, Thomas Paine, wanted basic capital and basic income to be complements not substitutes. (...) Second, it is more instructive to compare basic capital or basic income with a wider set of alternatives than with each other. Widening the debates would benefit the discussion of a basic capital or basic income. (shrink)

Asset egalitarianism is a new agenda but an old idea. At its root is the notion that every citizen should be able to have an individual property stake, and it has recently been revived in Britain and in the U.S. in a number of proposals aimed at countering the huge and growing inequality in the distribution of assets. Such asset egalitarianism is fed from many streams; it has a long history in civic republican thought, beginning with Thomas Paine and Thomas (...) Jefferson, but has also featured in the distributist theories of G.K. Chesterton and Hilaire Belloc; the guild socialism of G.D.H. Cole and the ethical socialism of R.H. Tawney; the market liberalism of the Ordo Liberals and some of the Austrian School, particularly F.A. Hayek; and more recently the market socialism of James Meade, A.B. Atkinson and Julian Le Grand, and the market egalitarianism of Michael Sherraden, Samuel Bowles, Herbert Gintis, Richard Freeman and Bruce Ackerman. There are also important links to the proponents of a citizens' income as a different approach to the welfare state (White 2002) as well as to the ideas of stakeholding (Dowding et al. 2003). (shrink)

Covid-19 has sparked calls for a universal basic income as a way of coping with a demand shock caused by the pandemic. Temporary income payments have been part of the emergency response to the pandemic. This paper questions the effectiveness of temporary payments as a way to raise demand. Some observers claim that vouchers are better targeted at sectors hit hard by Covid-19 as people may have a tendency to save than spend from temporary payments. There may be a stronger (...) case for permanent rather than temporary payments if the aim is to boost demand in the economy. (shrink)