Basic income & full output policy
This essay briefly summarizes the policy concept of a Calibrated Basic Income (CBI), and describes its proposed objective: bringing an economy into a state of full output for consumers.
Traditionally, central banks and governments have used monetary & fiscal policy to try to achieve a state of full employment, where the number of jobs available for workers is increased primarily via private sector debt expansion.
Consumer Monetary Theory (CMT) suggests that chronic problems such as poverty and cyclical recessions are unintentional byproducts of an employment-oriented approach. By instead targeting full output for consumers, via public sector debt expansion, policymakers may better activate the economy's full productive potential.