Originally Posted by Vasu
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EDIT: Hrae, what's fine on paper should work IRL if implemented correctly. Ciao now. Back in the evening.
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Socialism works on paper, too, but it doesn't account for how humans actually behave. IF everyone were responsible with their money AND made correct decisions, then yes, the method you described would be great. However, reality is a lot messier than absolute philosophies.
Game theory really comes into play, here. Look up altruism and how it relates to evolutionary stable strategies.