In academic circles, there has been talk of a Universal Basic Income because of a reduction of the workforce due to:
- Automation which improves productivity without added labor cost
- Automation effecting multiple sectors of the economy at once, begging the question, "Where will all the jobs show up?"
- Less-than-spectacular economic recovery, especially if the non-farm jobs increase are in service areas like elite-segments of finance (hedge funds, derivatives trading) or the lower-paying jobs in the restaurant and hospitality trade, as oppose to manufacturing and other industry.
Other proposals include:
- Making government or the public sector serve as the "employer of last resort"
- Reforming the educational system to meet the needs of future job growth
- Going back to the old Thomas Malthus bromide about "war and famine"; Otherwise, more sensible measures of keeping the population in check like birth-control.
- A current and on-going example of this payment scheme is Alaska's annual dividend doled out of the Alaska Permanent Fund. It's primary source of revenue, is from the sale of oil, and was established in 1976. The fund was dedicated to meet the needs of future generations, in the event oil became a depleted resource, and the law was crafted in such a way that citizens in good standing, and who have established residence in the state for at least a year, would have direct access to a percentage of the fund's distribution. The thought being, individuals would do a better job of reinvesting in their communities, instead of allowing local representative to squander it on pork-barrel spending projects.
External Links Edit
- Deutsche Welle - Global 3000 - "Finland: Testing the universal basic income" (video) - 3/17/2017
- Deutsche Welle - Global 3000 - "Industry 4.0 and the future of work" (video) - 4/15/2017
- Deutsche Welle - Global 3000 - "BIG (Basic Income Grant) in Namibia" (video) - 4/15/2017