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On the Economics of a Universal Basic Income
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On the Economics of a Universal Basic Income

Thomas Straubhaar
CEPS, 2017
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As automation and technology raise concerns about job losses, some economists and governments have floated the idea of a universal basic income (UBI) as a mechanism for ensuring citizens a minimal level of financial support. Under a UBI system, everyone receives unconditional lifetime cash payments that substitute for other forms of public aid. One of the best features of a UBI, according to Professor Thomas Straubhaar in his clearly argued essay, is its blindness to economic circumstance and judgment. getAbstract recommends his enlightening, albeit somewhat overly sanguine, report to those interested in the nexus between economics and social policy.

Take-Aways

  • Under a universal basic income (UBI) system, everyone would receive unconditional lifetime cash payments from the government to cover a subsistence-level standard of living, regardless of personal circumstance or need.
  • The concept of a UBI is gaining attention as concerns mount over job losses stemming from automation and technology.
  • Managers of some leading technology companies support a UBI as a way to soften the impact of digitalization.

About the Author

Thomas Straubhaar is a professor of economics at the University of Hamburg, Germany.

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