Couldn’t the collective threat that everyone just diasporas mitigate inflation if businesses tried to pull any funny business?
Why does it work for Monaco?
It really depends on the parameters of the thought experiment.
If everyone suddenly received a lot of money, there would be a wild period of adjustment before we figure out the pricing system again and life continues as normal. Even though there’s a lot more money, there is not magically more TVs to buy. Nor would we all start building tv factories - there’s not magically more copper or concrete to buy either.
If we all got more money and buried it in our yards and swore never to use it, then nothing has changed. For the sake of the thought experiment, someone would break the promise (I would - I want air conditioning), and then everyone else would break it too, and we end up in the previous situation.
If everyone were suddenly truly wealthy - as in stuff / things - some might think we would chill out and coast for a while. But having satisfied our big needs ( I am not being hunted by tigers) and our medium needs (Air conditioning, yay!), I imagine humanity would just keep working - there are always more problems to solve / there is always more work to do.
