China’s Social Credit Scoring System | #156
S01:E156

China’s Social Credit Scoring System | #156

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Episode description

This week the Gwartney team talks about China's social credit scoring system. We recently went to a presentation in Witchita, KS where we saw Abigail Devereaux talk about this social credit system. She highlights the dangers of a social credit system and why it shouldn't be used in a centralized way. Private rating systems help us make great decisions, but this social credit system attacks freedoms. You can listen to our podcast and read her paper on this topic by following this link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3286666


Timeline:

What goes into your Social Credit? - 3:00

Should we be worried? - 5:35

Debt Score - 10:00

426? You get to Travel!- 13:05

Aggregation of criteria leads to people as 'units' - 22:35

Mussolini - 27:00

Objective social Rating - 31:40

Socially valuable to the Region - 34:00

Building out? - 35:45

Lil trickle in the U.S? - 37:50


Quote of the Cast: 

I'm just glad my score is higher than Nate's- Justin 

The “Faith in Economics” podcast, produced by the Gwartney Institute at Ottawa University, explores the intersection of faith and economics as a means to aid human flourishing. In the episode, host Cole McRae converses with Dr. Russ McCullough, Dr. Justin Clark, and Dr. Peter Jacobson regarding recent developments in U.S. government efficiency efforts, particularly focusing on controversial figures like Elon Musk and initiatives like “Doge.” The panel discusses the idea of a “Doge dividend,” a proposed initiative where savings from government spending cuts would be returned to citizens in the form of checks, reminiscent of COVID stimulus checks, aiming to offer approximately $5,000 per American based on 20% of the budget cuts achieved.

The conversation emphasizes the need to restructure government expenditure and addresses the complexities of executing cuts responsibly, likening it to a surgical operation that inevitably removes some healthy aspects along with the waste. Dr. Jacobson and Dr. Clark express support for the dividend proposal, highlighting its potential to politically empower citizens and counter the narrative that tax cuts benefit only the wealthy. The economists advocate for a more significant percentage than 20% for dividends to encourage public awareness and engagement with government spending.

Diverse views regarding balancing the national budget and addressing the national debt also emerge. While Dr. Clark argues the importance of immediate compensation for spending cuts to bolster political will, Dr. Jacobson counters that the method whether through dividends or future tax cuts won’t ultimately impact debt responsibility. This lively discourse illustrates the nuanced relationship between government efficiency, fiscal policy, and citizen engagement, advocating for a systematic change that could reshape economic conditions while benefiting ordinary Americans through incentivized spending cuts. The episode concludes with reflections on the broader implications of the proposed Doge dividend amidst ongoing discussions about government deficits and accountability in spending.