Early Evidence Doesn’t Bode Well for Finland’s Basic Income Experiment

Early Evidence Doesn’t Bode Well for Finland’s Basic Income Experiment

About that universal basic income thingy that Mark Zuckerberg keeps talking about?  Just take a lesson from Finland.

International Liberty by Dan Mitchell

The notion that government should automatically give everyone money – a policy known as “universal basic income” – is now getting a lot of attention.

From an economic perspective, I acknowledge that the idea should not be summarily rejected. Here’s some of what I wrote earlier this year.

…there actually is a reasonable argument that the current welfare state is so dysfunctional that it would be better to simply give everyone a check instead.

But I’m nonetheless very skepitcal. Simply stated, the math doesn’t work, people would have less incentive to work, and there would be “public choice” pressures to expand the size of the checks.

So when the topic came up as part of a recent interview, I criticized the proposal and praised Swiss voters for rejecting – by an overwhelming margin – a referendum that would have created a basic income in that nation.

My reaction was probably even more hostile than normal because I don’t like it when guilt-ridden rich people try to atone for their wealth by giving away my money[…]

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