Mise
isle of lucy
I've been thinking about it, and this is what I think will happen...
1) Average prices in the West will decrease, prices in the third world will increase, because people have less/more cash to spend.
2) The standard of living in the West will still remain higher than in third world countries, because third world countries still lack industries. However, within the same country, obviously the standard of living will be homogenised and no-one will live without.
Aside from that, not much else will change. There will still be some entrepreneuring and exceptionally hard working, but far less than before, so we won't "advance" as quickly as we do now. But I think that's a small price to pay to know that we don't have any poverty, at least in the West. Third world countries might still be screwed though.
Incidentally, for the people's standards of living in the West to remain the same, everyone must work, so there is incentive to work, otherwise you don't get any food or clothes or anything.
1) Average prices in the West will decrease, prices in the third world will increase, because people have less/more cash to spend.
2) The standard of living in the West will still remain higher than in third world countries, because third world countries still lack industries. However, within the same country, obviously the standard of living will be homogenised and no-one will live without.
Aside from that, not much else will change. There will still be some entrepreneuring and exceptionally hard working, but far less than before, so we won't "advance" as quickly as we do now. But I think that's a small price to pay to know that we don't have any poverty, at least in the West. Third world countries might still be screwed though.
Incidentally, for the people's standards of living in the West to remain the same, everyone must work, so there is incentive to work, otherwise you don't get any food or clothes or anything.