Here's what you need to know about universal basic income. (via CNBCMakeIt)
published by the National Bureau of Economic Research in February. They also say these social welfare programs would still be needed even with UBI.Critics say universal basic income is too expensive, that it gives people incentive to be unproductive, that it's bad for people's self-worth and that there are more efficient ways to spend government money to help those who can't support themselves.
"Just giving $1,000 to everybody in itself is not the right solution" if helping those who need it most in society is the goal, Thomas Piketty, an economist and professor at the Paris School of Economics, toldAnd Ian Goldin, a professor of globalization and development at the University of Oxford,that "individuals gain not only income, but meaning, status, skills, networks and friendships through work.
Nobel laureate in economics Joseph Stiglitz told CNBC in April, "I think there's a certain dignity from work. Some of my younger students say, 'Oh there could be a lot of dignity from meditation and from other ways of spending time.' But I think for most people there will be a real desire to work," Stiglitz says.Some of the news seems positive. For example, left-leaning think tanksays a $1,000-a-month payment would actually grow the economy by $2.
And some small UBI use cases seem to show that cash handouts help those who receive them in some ways — alleviating emotional stress and helping individuals pay their bills. However, it is not a silver bullet for unemployment.
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