My letter to the NY Times re: Free Basic Income Is Not a Solution to Unemployment

Summary:
Re: Free Money for the Jobless Dear Sirs: Your article about Finland’s experiment in providing a free basic income to the unemployed fails to address the main question–what exactly is the cause of unemployment and what is the best way to eliminate it? The cause of unemployment is a change in the market, which, if not caused by government itself, is a natural occurrence in a dynamic economy. The great Austrian economist Joseph Schumpeter coined the phrase “creative destruction” to describe the process whereby an advancing, wealth generating economy is constantly shedding old production methods for better […]

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