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What Is Universal Basic Income?


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Universal Basic Income (UBI) is being touted as a solution to a major concern that arises with automation in the workplace - mass unemployment.

What is UBI? What are the benefits and drawbacks?

Published in: Economy & Finance
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What Is Universal Basic Income?

  1. 1. What is UBI? Why UBI? Automation is happening 10 times faster and at 300 times the scale, or roughly 3,000 times the impact of the industrial revolution. 35% 47% 77% 35% in the UK UBI is a fixed amount paid by the government to its citizens regardless of employment status or wealth. It is being touted as a possible solution to mass unemployment via automation. Pros Cons It could provide financial security for all, eliminate the number of house- holds living below the poverty line. It could lead to an explosion in creativity, research and entrepreneurship. The cost of implementation for governments would be too high. UBI itself disincentivizes, potentially leading us down a path towards economic stagnation. £ £ Pilot Studies Namibia (started 2008) Brazil (started 2008) Netherlands (Utrecht, 2015) India (started 2011) Canada (Ontario, 2016) Canada (Manitoba, 2017) Finland started (2000) Sources: McKinsey, Oxford Martin School Automation - the risk to jobs 57% of jobs are at risk from automation in OECD countries across the world. 47% in the US 77% in China