The first time I learned about the idea "free money for all" I immediately shot it down as the latest socialist or progressive fad. Back then I was surprised to see Milton Friedman, economically not exactly on the left, had proposed a similar idea.
The idea seems to gain traction lately. Last year there was a referendum in Switzerland; there are basic incomes in Alaska & Iran (which have worked for decades); there are basic income for certain groups in European countries (the elderly or children); etc., etc. In general, it's already more common than most of us think, and it seems to work. Last week I read Erik Brynjolfsson's "Second Machine Age" and, he also argues a basic income as a good countermeasure to protect the middle class; job-destruction as a consequence of automation & robotics is going so fast, it's hard to stop.
How could it work? Well, a basic income would substitute the welfare state. You will end all welfare schemes and end all sorts of administrative secondary agencies making the welfare so inefficient & ineffective to a) prevent poverty & b) reintegrate poor people back to median income jobs.
You could dump economically dubious ideas such as minimum wage, job protection laws (big problem in Europe), help entrepreneurs start up, support small families, help flexworkers, etc.
Anyway, I'm curious what you guys think?
The idea seems to gain traction lately. Last year there was a referendum in Switzerland; there are basic incomes in Alaska & Iran (which have worked for decades); there are basic income for certain groups in European countries (the elderly or children); etc., etc. In general, it's already more common than most of us think, and it seems to work. Last week I read Erik Brynjolfsson's "Second Machine Age" and, he also argues a basic income as a good countermeasure to protect the middle class; job-destruction as a consequence of automation & robotics is going so fast, it's hard to stop.
How could it work? Well, a basic income would substitute the welfare state. You will end all welfare schemes and end all sorts of administrative secondary agencies making the welfare so inefficient & ineffective to a) prevent poverty & b) reintegrate poor people back to median income jobs.
You could dump economically dubious ideas such as minimum wage, job protection laws (big problem in Europe), help entrepreneurs start up, support small families, help flexworkers, etc.
Anyway, I'm curious what you guys think?