Universal Basic Income (UBI) is a form of social security in which every citizen is afforded an unconditional sum of money, typically enough to provide themselves with basic needs. Proponents argue that it would eliminate poverty, increase economic growth, and reduce the bureaucracy of welfare systems. Critics claim UBI would decrease labor participation and cause major inflation.
As labor forces are threatened by mass unemployment as a result of increasing mechanization, many first-world nations have begun to flirt with the implementation of UBI. Tesla Motors CEO and futurism icon Elon Musk told CNBC in a November 2016 interview that there […]