Karl Widerquist, "Universal Basic Income" (MIT Press, 2024)
Mar 22, 2024
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Explore the concept of Universal Basic Income and its impact on welfare programs, the key features of UBI like cash-based and unconditional, redefining work incentives with UBI, analyzing the feasibility and cost of UBI implementation, and navigating the politics of UBI and addressing systemic issues.
UBI provides a regular, unconditional cash grant to all citizens, aiming to reduce economic inequality.
Implementing UBI can be financially feasible through wealth redistribution and minimal increase in overall spending.
Deep dives
Key Points of Universal Basic Income
Universal Basic Income (UBI) is emphasized as a cash payment given universally to individuals without any specific conditions attached to its receipt. It is highlighted as an individual, unconditional, and universal payment that is provided regularly. UBI aims to address economic inequality by ensuring that everyone has a certain income floor, allowing individuals to have more financial stability and freedom in choosing employment opportunities without the fear of falling into poverty.
Economic Feasibility of Universal Basic Income
The cost of implementing UBI is discussed, emphasizing that it can be achieved without significantly increasing overall spending. By redistributing wealth through taxation and ensuring that individuals contribute back to the system, the net cost of UBI is lower than anticipated. It is estimated that eliminating poverty through UBI would only account for a small percentage of the GDP, making it a financially viable solution.
Challenges and Considerations for Universal Basic Income Implementation
While UBI can potentially replace certain categorical programs like food stamps and standard tax deductions, it may not entirely replace systems such as public education and healthcare. The importance of considering specific needs, such as providing additional support for disabled individuals, is highlighted. Moreover, the influence of political and economic structures in shaping the acceptance and implementation of UBI is acknowledged, with a call to challenge existing narratives and reform campaign financing to create a more equitable society.
Karl Widerquist's Universal Basic Income (MIT Press, 2024) is an accessible introduction to the simple (yet radical) premise that a small cash income, sufficient for basic needs, ought to be provided regularly and unconditionally to every citizen. The growing movement for universal basic income (UBI) has been gaining attention from politics and the media with the audacious idea of a regular, unconditional cash grant for everyone as a right of citizenship.
This volume in the Essential Knowledge series presents the first short, solid UBI introduction that is neither academic nor polemic. It takes a position in favor of UBI, but its primary goal remains the provision of essential knowledge by answering the fundamental questions about it: What is UBI? How does it work? What are the arguments for and against it? What is the evidence? Widerquist discusses how UBI functions, showing how it differs from other redistributional approaches. He summarizes the common arguments for and against UBI and presents the reasons for believing it is a tremendously important reform. The book briefly discusses the likely cost of UBI; options for paying for it; the existing evidence on the probable effects of UBI; and the history of UBI from its inception more than two hundred years ago through the two waves of support it received in the twentieth century to the third and largest wave of support it is experiencing now. Now more than ever, conditions in much of the world are ripe for such enthusiasm to keep growing, and there are good reasons to believe that this current wave of support will eventually lead to the adoption of UBI in several countries around the world—making this volume an especially timely and necessary read.