All good questions. Here’s my $0.02, though I’m sure there are many answers.
How do you incentivize people to care more for strangers than their next of kin?
I’m not sure you do. As the saying goes, “Blood runs deep”. I think that thinks like Singer’s “The Life You Can Save” and other similar discussions can help with compassion towards somewhat unknown “others”. Suffice to say there is plenty of human suffering in the world that may serve to motivate people to help others well outside of their immediate social circles.
How do you incentivize people not to hoard their Raha dollars instead of actively using it?
It seems like this would come as a result of having more things on the market from more people. If, with a wave of a magic wand, tomorrow we could use Raha anywhere that we could use PayPal (as an example), it would suddenly have some real and tangible value and people would begin to spend it. I’m no economist, but I guess what I’m getting at is that currency has the value that people assign it. If it’s valued, it is valuable and will be spent… Though there will always be some who save much more than spend.
The people you need to convince are the wealthiest people of the world. Why would they want to put their money in Raha?
I get a bit of hope in this department by the likes of T he Gates Foundation, et. Al. I think the wealthy have a tremendous opportunity to reduce human suffering, and thankfully, some realize it. My other thought on this is that, at least in the democracies of the world, change is made by the individuals. Policy is shaped by the people who step up to the plate and serve their community.
Wouldn’t a true UBI cause inflation because everyone has more money to spend?
Maybe? It seems like it’s a lot to do with balance. Countries around the world have more money to spend each year, and seem to be doing well enough. I think I will have to defer to the more clever economic minds on how to make that work for something like Raha.
Why don’t you have inflation?
It’s a fair cop? I’m not sure what would happen without some management of inflation or deflation (similar to the function of the Federal Reserve in the U.S.). It seems to me that there is a chance for runaway inflation or deflation if it’s left to be completely hands-off.