Category: Basic Income

Robot taxes and universal basic income – How do we manage our automated future?

Robot taxes and universal basic income - How do we manage our automated future?

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NOTE: A 2015 study found that 45 percent of US jobs could be replaced right now by current technology.

So what do you do in a world with no jobs for billions of people? Or in the US, with no jobs for 45% of the working population? (That’s what? In millions?)And what are the unemployed and unemployable supposed to do? Starve? Die?There are 3 "solutions" under discussion: A Universal Basic Income (UBI); robot tax; and negative income tax (about the same as UBI). But despite the writing on the wall, and the fact that few can "go back to […]

Universal basic income in India: An idea whose time has not come

Cash transfers to poor people

For many years, economists have advocated cash transfers to poor people as the best tool for poverty elimination. This avoids the inefficiency of in-kind transfers such as those undertaken by the Indian ‘Public Distribution System’ which is beset by operational difficulties, and transfers to the non-poor.

The basic arithmetic works out as follows: If we deliver $0.5/day to the bottom 20% of society, this is an expenditure of $95 billion/year at the current Indian population of 1.3 billion. This is 2.4% of GDP/year. This calculation is all nominal. When we say $0.5/day this is […]

The Observer: On Finland’s Basic Income experiment

The Observer: On Finland’s Basic Income experiment

On Sunday 19 February 2017, The Observer published an opinion piece: ‘ Is Finland’s basic universal income a solution to automation, fewer jobs and lower wages? ‘

Both left and right are promoting the idea of a basic wage for everyone, currently on trial, as a solution to the new world of work. Photo Info: Mari Saarenpää with her dog Oiva in Paltamo, Finland. She was randomly selected to take part in the basic income experiment. Photograph: Tuomas Härkönen

When he got the letter after Christmas saying he was entitled to an unconditional income of €560 (£478) a month, Mika Ruusunen […]

Ontario, Canada, to start piloting basic income project

Ontario, Canada, to start piloting basic income project

Out of all the ideas to end global poverty, the simplest seems to also be more effective: governments just handing out money to people. The so-called idea of basic income is catching wings, as more and more cities and even countries debate implementing it. The latest on the list is the province of Ontario, Canada.

Yes, really. Basic income

The central business district of London, Ontario, Canada. Image credits: Mathew Campbell.As crazy as it seems, the idea of basic income is thoroughly embedded in modern economy, not on some socialist utopia. A basic income (also called unconditional basic income — UBI) […]

Why does it matter if the income comes from a basic income source or not? Rents rise only if there is more demand than supply. And it seems silly to say that we are not capable of supplying enough housing for our current population.

Safety net is not UBI. Safety net expects a working class and a market economy. UBI expects non-workers wholly dependant on the government with set, public incomes.

Supply doesn’t matter. The land owning class, me, gives no shit about supply. We’ll all just raise rates to match what the government gives. Why wouldn’t we? This is exactly what happens with any government entitlement. Medicare covers mobility scooters up to $5000. Guess what? My $2500 scooter now costs $5000. My competitors will do the same. Then in a day that becomes the new norm.

That’s only one problem with UBI. The others […]

Leave or Remain? The final salary pension decision

Leave or Remain? The final salary pension decision

Final salary pensions may be gold-plated, but are you also sitting on a transferrable gold mine? Neil Adams of Drewberry Wealth weighs up the pros and cons of transferring to a personal pension, and offers a way to calculate your potential benefits. Gold-plated. Gold standard. Or how about the less glitzy ‘copper-bottomed’ or ‘cast-iron guarantee’? However you look at it, final salary (or defined benefit) pensions have a formidable reputation as the pinnacle of retirement savings, the most attractive option available.

As the name implies, a final salary pension (if you have one) is provided by your employer. You save […]

Universal Basic Income: The way forward

Universal Basic Income: The way forward

Excerpt from the Economic Survey on universal basic income

#Economic Survey #Sewa Bharat #Renana Jhabvala #Economy #Budget 2017 #Demonetisation #Narendra Modi #Economic Survey #UBI #Universal Basic Income 9.44 The irresistible force of even as powerful an idea as UBI will run into the immovable object of a resistant, pesky reality. So, what is the way forward, always remembering that the yardstick for assessment is not whether UBI can be perfect or faultless but only whether it can improve substantially upon the status quo?

Poverty reduction and illustrative fiscal cost calculations 9.45 What would a UBI potentially cost? […]

Just launches new brand identity, drops Retirement in name

Just launches new brand identity, drops Retirement in name

Just, founded in 2014 by retirement specialists who wanted to address shortcomings in the South African retirement market, has launched its new brand identity, ‘Just’ last week, locking in the descriptor ‘Rethink Retirement’. Dean Moore, CEO Just “The name ‘Just’ was carefully chosen. It means ‘fair’ and we want all our clients to have a fair and secure retirement. It also preserves continuity with our previous name of Just Retirement and we will continue to offer everything that we became known for while operating under the Just Retirement banner – innovative products and outstanding service,” says Just SA CEO, […]

Tech CEOs back call for basic income as AI job losses threaten industry backlash

Tech CEOs back call for basic income as AI job losses threaten industry backlash

It’s 2067 and robots have wiped out millions of jobs, AI is rampant, and unemployment is on the rise. Technology companies and CEOs have become public enemy number one.

This portrayal of the future is one tech executives are keen to avoid and has driven a growing chorus to support the idea of a universal basic income (UBI).

"There is going to be backlash when it comes to jobs," Sayantan Ghosal, an economics professor at the University of Glasgow who has written about UBI, told CNBC by phone.U.S. technology firms have been investing heavily in research and development of AI. Tesla […]

Tech CEOs back basic income as AI job losses threaten industry backlash

Tech CEOs back basic income as AI job losses threaten industry backlash

Standing is also a co-founder of the Basic Income Earth Network (BIEN), a non-governmental organisation that promotes the policy. He is currently advising Y Combinator, a large U.S. start-up accelerator, on its basic income experiment . The firm is looking into a basic income experiment in Oakland.

How a basic income project might work in the future is unclear and the technology industry is still not sure. One idea is for governments to pay everyone a monthly sum. Experts say it will not disincentivize workers because it will provide a bare minimum of living. Instead, workers will still want to […]