Universal basic income has been discussed at length in recent debates in economics. The mistaken and yet generally widely agreed premise is that it is a dole of sorts. It seems like a welfare scheme of an overly ambitious nature. I propose that, far from being a dole, universal basic income is actually a lifeline to save modern mature economies from meeting the sorry fate implied due to the fundamental flaw in the capitalist organization. The likely medium term future of capitalist economies is of gradually falling real output as wealth concentration reaches extreme levels. This may lead to […]
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