do you think the world would be a better place if every one was given £1.000.000?

Answer 1

NO Everyone should earn money no point if it was free money then money will have no nominal value. If everyone was given that kind of money there would be no cleaning no staff no workers on the streets as people would not have the time for normal jobs. The oppurtunity costs would be leisure etc instead of jobs. The world would be a worse place as the workforce would be below average in addition to this work would have no monetary value. And to further cuase frustration money would not buy goods due to hyperinflation as there is more money in circulation people will use houses or cars as a barter trade. The point is simple if everyone was given huge sums of money the massive circulation of this wealth would lead to horrific effects. Due to excessive amounts of money normal goods like butter milk etc will increase in price and the supply and demand within the world would be extremly uneven worse then it is now.

Even though capitalism is unfair it is better then handing everyone one million each as the economics suggest that the supply of goods would not cope put it this way if everyone has huge wealth then basic retail jobs or road sweeping that keep any country running will be wiped out.

The whole point of money is to be limited and this is why 1% of most countrys have extremly wealthy people the rest are middle class and working class. If the balance was ofset a normal country would not run basic utilities like milk, butter and education would be finished.

Overall the world would be a worse place if everyone was given one million the whole point of money is to enable value in the trustee of the bank. If it is gievn out in wast amounts the average country will have a uneven balance beyond capitalism where nobody will work the average shift and there is no commodity of transfer as money is the best form of liquidation.

Please note this is the case of zimbabwe and germany were hyperinflation has cuased massive effects of economic downturn. Barter trade is the other form of using transaction instead of money this would be used if everone was given a million as everyone has a million now people would need to get propertys and goods fast as there is enough money production would need to exceed its current rate. Overall building machiney and normal assets would be worth more then a million the average family would need 100 times that million if they did not buy a house before the previos people.

In conclusion the proposal of giving evrone a million would be bizzare and lead to a hyperinflation, uneven trade, barter economy, structural unemployment and even a huge economic mismanagement of money and its real value this is a opinion but the economic analysis is correct thank you

Answer 2

Boring answer, but it would a disaster.

Nobody would go to work. Inflation would hit the roof, because everything people would sold would shoot up in price....why sell seomthing for £5 when everyone was a millionaire? What cost £5 would then cost £5,000. After a couple of days of this, inflation would ve running at hundreds of % and then the million pound would not buy you very much and end up being worthless.

Then, the fact that nobody went to work and industry came to a stand still would cause a mass rcession and we would all me much worse off than where we started.

Answer 3

Even if everyone were given a million pounds - after a few days there would be those using the money to create wealth and improving their standard of living, whilst others would gamble it away - so there would be changes in the relative wealth.

Other factors have already been mentioned - evereything would be so expensive as money would be so cheap.

Answer 4

Looks to me like this is a toss between Haroula and "Love has always been enough". We should have more of these people. Me? I do a bunch of stuff but feel anything I say will be boasting - the real hero's here are as I mentioned above to include yourself (the person that posed the question - give yourself 10 points!)

Answer 5

No, because then inflation would rise.

It's not how much you make, it's how much you spend and how you spend it.

There's many people who make $100,000 a year and still manage to be living paycheck to paycheck because they do not live below their means.

If people can't control their finances properly, no amount of money can help them out of their hole.

There's been people who win millions in the Lottery and for whatever reason, they end up broke, even worse off than before they won, becase they couldn't manage their money.

Answer 6

No. Inflation would skyrocket, much as it did when the Spanish brought back masses of gold from the New World. They thought they were importing wealth, but they were actually importing money.

Flooding the system with currency does not make anyone rich. It makes everyone poor.

Answer 7

Good question. I think though that everyone would want to buy their own house and there are not enought houses to go around so prices would rise. Along I assume with all other consumer goods so eventually a million would not be enough to live on?

Answer 8

How would the government raise the money? Would you be prepared to pay income tax at about 95p in the £ and VAT at around 100%.
The £1m would not last long..

Answer 9

Without going too deep into the question, I would have to say nothing would change much, other than peoples greed take over and probably want more.

There is one things about us humans, we want what we can't have or hard to acheive the easy way.

Answer 10

No - if we all had 1m then everything would increase in cost, no body wud be better off in the long run. ( Unless ur offering and then drop me a line!!!)