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Universal Basic Income: Will It Revolutionize Life in the 21st Century?

Universal Basic Income: Will It Revolutionize Life in the 21st Century?

Imagine living in a country where the government pays everyone the basic cost of living. Where every adult – young or old, rich or poor, employed or unemployed – receives the same annual income, with no conditions or qualifications, and receives this payment for the rest of their life. No more welfare systems or meager pensions, no more worries about quitting an unfulfilling job or being able to afford to go to college rather than straight into work. Everyone will have enough to live on, period.

This is the world of UBI, or Universal Basic Income. Other names for it […]

Universal basic income – What’s the idea behind it?

Universal basic income – What’s the idea behind it?

Introduction

The basic idea of a UBI is that everybody should be given a basic minimum income as an entitlement and not as compensation for work. In most advanced countries, social security systems are in place, but caveats apply and many are excluded. The UBI would be completely unconditional.

The proponents of UBI generally trace their origin from liberals like Milton Friedman. Universal basic income had been gaining ground globally. Countries like Switzerland and Finland have already voted in favour of it. In fact, Finland had introduced it the last month. What purpose does UBI solve? In the West, […]

India floats the idea of a universal basic income

India floats the idea of a universal basic income

Basic needs NOVEMBER 8th was not just the day of Donald Trump’s election. It was also when Indians found out most banknotes would lose all value unless promptly exchanged. Ever since, many have expected their patience in enduring the ensuing chaos to be rewarded in some way. Might scrapped cash unredeemed by presumed tax-dodgers be recycled into a lump-sum payment to each and every citizen? Or would the annual budget, presented on February 1st, be full of giveaways ahead of a string of state elections? In the event, the budget was restrained to the point of dullness. But the […]

Bonfire of the subsidiesIndia debates the case for a universal basic income

Bonfire of the subsidiesIndia debates the case for a universal basic income

ONE of the many indignities associated with being poor in India is navigating the country’s thicket of welfare programmes. The central government alone runs 950 of them; the states operate many more on top. Some are big, like those doling out subsidised food and fertiliser. Many are little more than an excuse for government ministers to stage a photo-op.

The Indian government this week floated the idea of replacing most of these schemes with a “universal basic income” (UBI), an unconditional cash payment that could be disbursed not just to the poor but to everyone (see article ). In rich […]

Second stab in back after notebandi: CPI-ML

Second stab in back after notebandi: CPI-ML

Summary: PATNA: It’s like stabbing people in their back again after the demonetisation, said the CPI-ML about the Budget presented in Parliament on Wednesday. "Debt-ridden peasants badly needed a (loan) waiver, but there is none," he said.Bhattacharya said the Economic Survey on Tuesday suggested the need for Universal Basic Income, but the Budget has not made any move in that direction. "Finance minister Arun Jaitley referred to demonetisation and described the Budget as an attack on black money, but he did not talk about benami property, the money stashed in tax havens and the money converted into gold and […]

Basic income is superior to the job guarantee

There are studies (such as the Gallup World Poll ) which point to a correlation between the unemployment situation and a relative reduction in people’s happiness. At first glance, one might immediately conclude that what we need is to provide jobs for everyone — problem solved. However, a rushed conclusion like this under-evaluates the situation, ignores its alternatives and can even become counterproductive.

These studies conclude that, beyond the obvious issue of income, jobs seem to be a source of meaning and self worth for people. This apparently only reinforces the above results, and so it seems that a Job […]

India flirts with a UBI

India flirts with a UBI

Basic needs NOVEMBER 8th was not just the day of Donald Trump’s election. It was also when Indians found out most banknotes would lose all value unless promptly exchanged. Ever since, many have expected their patience in enduring the ensuing chaos to be rewarded in some way. Might scrapped cash unredeemed by presumed tax-dodgers be recycled into a lump-sum payment to each and every citizen? Or would the annual budget, presented on February 1st, be full of giveaways ahead of a string of state elections? In the event, the budget was restrained to the point of dullness. But the […]

What is the real cost of unconditional basic income for germany compared to social spending

First of all, there is no one idea of guaranteed basic income. There are various models which disagree regarding implementation details and lead to completely different outcomes (How high exactly? Does it include children? How about the different types of foreigners? What do we do with all the pension funds people paid into for decades?).

But many ideas are based on the idea that all forms of welfare spending are abolished and replaced with a fixed monthly payment which covers the cost of living a decent human life (with different interpretations of "decent").

That means instead of our very differentiated and […]

The Future of Employment in South Korea with Artificial Intelligence

The Future of Employment in South Korea with Artificial Intelligence

The polarization in jobs and wages is likely to worsen with the introduction of intelligent machines. (image: KobizMedia/ Korea Bizwire) SEOUL, Feb. 2 (Korea Bizwire) – Ten years from now, the uncertainty in the South Korean job market will have worsened. More than a handful of jobs will have been replaced by artificial intelligence, although technological advancements will allow for several new occupations. Continued innovation in manufacturing, including 3D printing, will bring rise to more startups and self-employed businesses.

These are some of the projections for the year 2027 suggested by the Ministry of Science, ICT and Future Planning along […]

The Tale And Maths Of Universal Basic Income

The Tale And Maths Of Universal Basic Income

The rock-star days are back for Chief Economic Advisor Arvind Subramanian, who had maintained a studied silence ever since India scored an economic self-goal over his head on 8 November 2016. His ambitious Economic Survey , released on Tuesday, includes a much-awaited presentation of the Finance Ministry’s thinking on Universal Basic Income (UBI). Contrary to some media reports, the Survey does not advocate a specific plan for UBI in India. Rather, it explains the idea, explores various options, and concludes that UBI "if not ripe for implementation is ripe for serious discussion". But there is certainly a tone of […]