R M Cullen MD MSc MFM BA DipStats DipProfEthics

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Midinomics: the creation of a local economy

around which goods and services flow

It is vitally important that the community develops its own economy. The size of this economy is the dollar value of transactions which take place between community members.

The community has four roles in the national economy.

• It provides jobs for the middle class. The proleteriat has health needs. It is taught. It is policed. Its young people provide fodder for the criminal justice system.
• Some of its members export their labour to that national economy.
• Some members export goods and services to the national economy.
• All members of the community consume goods and services. Some of those goods and services are produced by the local economy, some are imported from the national economy and some are imported from the global economy.

The community is a source of jobs for the national economy, a source of labour to the national economy, a source of goods and services, and a place in which goods and services are consumed.

However, it's income depends on what those in control of the national economy decide is in the national economy's best interest. If there is a fall off in demand in the national economy, then the wage receipts coming into the community will be reduced (as jobs are lost). Also export receipts will be reduced. Should the government decide to reduce welfare (transfer) payments, perhaps by tightening eligibility criteria, then money flowing into the local economy will be reduced.

At present the average income of the proleteriat is determined externally. What is required is a shift to a community economy, where members buy goods produced by members of the community and supply their labour, goods, and services to enterprises owned by the local community. Those state funded jobs generated by the local community (e.g teachers) should be filed by members of that community.

The aim is to have money circulating around the local community, rather than merely passing through the community.

The larger the local economy the more the community sets its own average income level, and the less affected it is by recession in the wider economy.