Universal Basic Income: It Has Begun 

Economics Northern Countries

If you follow thought leaders, you may already know what Universal Basic Income (UBI) is. For example, only in the last few months Joe Rogan has discussed UBI with the likes of Jordan B. Peterson, a professor of University of Toronto, Sam Harris, a neuroscientist and Ben Shapiro, editor in chief of the Daily Wire.

For those who don’t know, UBI is an amount of money everyone in a country would receive regardless of their employment. The reason why it is getting more popular is because a lot of technical jobs are being replaced by computers in an increasing rate.

An experiment in Finland

If you are wondering how would basic income work, you’re in luck because Finland decided to give it a try in 2017. They have picked 2000 people who will be assigned a monthly income of 560 Euros. No questions will be asked about spending and there will be no taxes to pay. They can just take the money, find work in addition – whatever they like.

You can spend it all on Steam games or explore casino game strategies, like when to surrender in blackjack. And no one will ask.

The experiment will continue for two years and is meant to test myths about unemployment in Finland. For instance, if the person knows that the unemployment benefit won’t be taken away once he or she finds a job, will they be happier with or without a job?

A Hard Debate For All

Even the head of TeslaLet this be clear – this is not an easy issue. You have a lot of smart, rich people on both sides. Even the head of Tesla, Elon Musk recently chimed in by calling UBI ‘necessary’.

UBI proponents say that when you don’t HAVE to work, flipping burgers, mining, etc., you have the time and the resources to release your creative potential. And with the increase of robotics, it is clear that in the next 20-30 years many regular, one-task jobs will be eliminated.

But there are those who are sure that we will only see a different outcome. They see it as a decline for the human race because you don’t have a need for progress anymore. Why would you when every month you have a paycheck coming to your mailbox?

The good news is that U.S. and several countries in Europe are planning to experiment with UBI. Which will be very interesting to watch.

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