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Thoughts on Universal Basic Income

Updated: Jan 28, 2019

Consider the government has decided to give money to every citizen in its country every month unconditionally. By unconditionally I mean you don’t have to do anything at all! Sounds like a fantasy right? Well not really. The idea of universal basic income has been floating around for decades and there are several places where this idea is being currently tested.

Let me explain why this idea is worth considering.

First, let’s agree on some common things. The reason majority of the people go to work is because they need money to pay their monthly bill. So with Universal Basic Income in place, those who are truly passionate about something can follow them without having to do a mundane job.

Well one might argue that most of the population will stop working if they are given free money. Let me ask you something, will you stop working if I give you Rs.5000 every month? Of course not. Universal basic income ensures that every citizen has enough money to meet his basic needs but not lead a luxurious life. So even with universal basic income in place, I am sure 99% of the people will still go to their job.

Then one might wonder why bother giving money to everyone if 99% of the people end up going to their same old work. The whole universal basic income concept is all about empowering the remaining 1%. It was always that one person who made a revolutionary discovery and not the majority of the population.

But for that 1% to unleash their true potential they should have enough free time and the only way to ensure they get free time is through Universal Basic Income. Moreover, this will also reduce the female infanticide, farmer suicide and most of the social evils drastically.

Next question is how will the government pay for all of this? Switzerland has already voted on Universal Basic income (Although the people rejected the proposal ). But with most jobs getting replaced by machines, Universal Basic Income will be viewed seriously in a couple of decades rather than a Utopian fantasy.

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