Rational Individual Budget Driven Economy (RIBDE) for sustained and robust Economical Growth

Thirupalu Jan 08, 2021 08:46 AM

The flow of wealth and labour should be uniform and rational. This will enable every nuke and corner of the economic system, to participate actively in the economic activity. If it happens so, sustained and robust economical growth can be ensured. The budget of every individual should be desingned in such a way that the wealth flows to the fields in proportion to the labour and population engaged in that field. This will enable all the individuals to actively engage in the economic activity. This will lead to astounding economical growth.

Introcuction

World economies are stumbling due to the unforecast economic recessions, weak economic growths, unemployment, suicides of farmers, pandemics like COVID-19, etc. It has become a challenge to the states world over to provide bred and butter, employment, etc to their subjects. The new concept of Rational Individual Budget Driven Economy (RIBDE) may prove to be a boon to the states globally in addressing the above issues.

RATIONAL INDIVIDUAL BUDGET DRIVEN ECONOMY(RIBDE)

If an individual earns Rs.100, what percent of his/her earning should be spent in which head, is unfortunately being decided by capitalists globally. This is irrational and leading to irrational concentration of wealth. This should be decided by the WORLD CIVILISATION MANAGEMENT ORGANISATION (WCMO), a world body with the help of its constituent bodies such as World Body of Economists, World Body of Educationists, World Body of Sociologists, the World Body of Scientists, the World Body of Religions, etc. I have already mentioned about WMCO in my earlier articles. The WMCO is a world body to be instituted in the lines of UNO (United Nations Organisation). But completely different because it will be at zenith in terms of power, finances, technology, knowlege resources, etc. No country in the world will be able to challenge the supremacy of the body and no particular country will be having a special status in the body.

Structuring of Individual Budget

All the members of these bodies will put their minds together, by laying store upon the aspects of Brain Economy (that is already published in the earlier articles on this site), the percentage of the population engaged in that field, social, religious, educational, economical and scientific aspects, values, for the rational distribution of wealth and labor, mainly keeping in view the sustained advancement of human civilization, will churn out a RATIONAL INDIVIDUAL BUDGET(RIB)which envisages the plan of what percent of an individual’s budget should be spent in what field( eg : - education, entertainment, home needs, insurance, food, etc).

One important thing they may follow is, for example, if 20% of the world population is engaged in the agriculture and earns their livelihood, the prices of the agri-products should be maintained so that 20% of the budget of every individual should be spent on agri-products requirement of his/her family. This will ensure that, that populatiion can earn their bread and butter comfortably. If that is not possible, then the manipulation of shifting of the population may be done to the other fields so that the people remaining can earn their livelihood comfortably.

Advertisement, other than mouth advertisement, decelerates the growths of economies

Contrary to this, a major part of the expenditure of the individual budget is flowing to the advertisement industry where hardly 1 % of the world population is sharing this wealth and burgeoning its bellies with wealth. The people engaged in this industry have no connection with either manufacturing or distribution or consumption of the goods and services which they promote and take zero risk in these transactions.

Still they are earning a major portion in this field ahead of manufacturers, customers and the distributors. Is it justified? Mouth advertisement is the best, penniless and helps in Rational Distribution of Wealth. I think the world's major population is engaged in agriculture farming and related fields which produce raw material to basic needs fulfilling products such as food, medicine, clothes, etc.

One can live without advertisement but one can’t live without these products. But very less of the individual budget is flowing into these fields, that too, to the actual stakeholders of the field, because of which farmers are becoming bankrupt and committing suicides. Thousands of hunger and malnutrition deaths are happening in every minute in the world. Is it justified? Is it the feature of an advanced civilization?

The prices of the goods and services in different fields should be maintained by the state by keeping in view the quantum of population engaged in that field, which is 100% possible. An economy in which the prices of goods and services are determined by the demand, supply and other objective factors, in my opinion, is a primitive one.

Rational and Scientific Economy

In a scientific economy, the prices are planned, determined and controlled by the state. It is possible. Human civilization is a system because every human’s life affects that of the others either directly or indirectly. Just as blood and its uniform circulation supports the human biological system to live long, in the same way, wealth and labour and its rational distribution supports human civilization to live long and not technological development. Lightening Fast Scientific and Technological Development (LFSTD) is the sure outcome of the Rational Distribution of Wealth and Labour (RDWL), but RDWL is not the sure outcome of LFSTD. The objective of RIBDE is, only to ensure RDWL. This way the budget of everyone should be tailored by the WCMO to boost up the world economies.