Always thought the best way to make the economy work equitably (and in favour of those who deserve it most) is as follows:

At a chosen arbitrary date, such as, let's say, January 1st of each year, all the assets of the country, including the entire assets of its' government owned and operated sector, its' corporate sector, and all the individual citizens, would be calculated as having a monetary value. This total monetary sum would then be divided equally among the citizens. Then, after I've spent mine, all the assets would be calculated and shared, then, after I've spent mine.....................