1. "The population and the political class of a free country wish that a significant number of adults be able to live substantially on their placement income.
These adults are those who are unable or unwilling to provide work in exchange for remuneration while owning assets that provide them with placement income.
2. At the forefront of the conditions under which this collective desire is economically viable is compensation for monetary erosion.
In a country with full EPCE feedback equity investments protect against monetary erosion through the distribution of free shares.
3. Let us call rents by exchange those which a patrimony of value procures, and rents by transfer those which are provided by allowances and pensions by distribution of contributions.
Annuities by transfer have the advantage and disadvantage of not mobilizing an investment patrimony. This is an advantage at the time of their establishment. This is a disadvantage because of the retraining and job creation that require new placements in capital.
4. The social body can adjust the mass of rents by exchange to its needs.
Once the full exercise of EPCE feedback is established, the average on investment estates rises above the exchange annuity requirements Rente_Par_Echange during periods of structural underemployment. As full employment approaches, the average yield falls to the level sufficient for the sole satisfaction of the rent needs by exchange. The two refusals mentioned in the following proposition contribute to this.