LFMI

Artificial intelligence and robots will soon create prosperity that will make human work superfluous, not to mention that there will not even be a place to work as we will become redundant. Echoing his earlier predictions, Elon Musk added that people will be able to stop working if everyone is paid a \"universal high income\". Not a \"universal basic income\", he argued, but a \"universal high income\".

Price inflation is not inevitable. One of the most common explanations for price growth is identifying it with capitalism. The argument is that inflation is unavoidable as the economy grows. It is thought that for businesses to have an incentive to invest and wages to grow, the prices of goods and services should rise in the first place.

In its third consecutive meeting, the Governing Council of the European Central Bank (ECB) cut all three key interest rates as expected by a quarter of a percentage point. They are now in a range of 3.00%-3.40%. Although before the announcement of the decision, there were some speculations that monetary policymakers might resort to a more rapid easing, the gradual tapering path ultimately prevailed.

The new coalition in Lithuania has made it clear that the aim is to ensure adequate funding for defense and national security. It has promised to reform the second pillar of pension funds as a priority. In addition, it has proposed a tax reform, with a specific component: progressive taxation for higher earners, irrespective of their income.

The concept of a digital euro is rapidly moving from theory to reality, yet its fundamental purpose remains ambiguous. Proponents argue that it could enhance financial security, expand access to banking services, and bolster geopolitical independence. However, the sheer variety of justifications raises a critical question: is any single argument compelling enough to warrant its creation?

The key elements of a stable and sustainable pension system are long-term sustainability and the shared responsibility between the citizens and the state for a dignified and well-funded old age. However, the political parties that entered the elections in Lithuania have little regard for the worsening demographic trends.

The LFMI is excited to announce the launch of a new podcast, Beyond Economics and Back, available now on YouTube and Spotify. This engaging podcast brings together experts from various fields to explore liberty and free markets beyond the usual economic discussions, offering fresh perspectives on human agency, dignity, and freedom.

We do not like to lack anything in our daily lives. We do not like scarcity. Or, to put it even more strongly – we hate it. But what would happen if scarcity disappeared, and we began to lack scarcity? It is also worth looking at scarcity from a philosophical, less quotidian point of view, which allows us, among other things, to see everyday life itself in a different light.

On the eve of Taxpayers\' Day, the largest taxpayers were honored at a ceremony held at the Martynas Mažvydas National Library of Lithuania. The event, organized by the Lithuanian Free Market Institute (LFMI) in partnership with the law firm TGS Baltic, also saw the introduction of the Taxpayers\' Rights Charter, which aims to foster a relationship of trust and respect between taxpayers and government institutions.

Last October, the European Central Bank (ECB) announced that it was concluding the research phase of the Digital Europroject and moving on to its implementation. However, the questions of what impact the introduction of central bank digital currency (CBDC) will have on the financial market and whether it will benefit consumers still need to be answered.