Universal Basic Income will Accelerate Innovation by Reducing Our Fear of Failure
Scott Santens
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Rather than a UBI which just subsidises low paying jobs that aren’t economically useful we should focus on broadening jobs. A job guarantee (JG) paying a living wage is a superior non-inflationary method that is a permanent voluntary economic stabiliser. It counteracts the business cycle. A JG could be anything we consider useful like study, a job, starting a business within a timeframe e.g. 1 year with a business plan etc.

Broadening our definition of work for societal benefits has many advantages. Increasing the minimum wage to a living wage also has other advantages. Instead of adding income to a burger flipper or hand car wash worker it would encourage them to automate work so humans can do more productive things with their time. A UBI would just subsidise jobs that should be automated. It’s also potentially very inflationary and isn’t counter cyclical like a JG.

A JG gives people jobs when the private sector cuts. By giving them work their spending keeps the downturn short and allows the private sector to recover quicker. The private sector then employs the JG workers so the JG workers employ everyone who wants a job but can’t find one.

Here’s a short video explaining it with example of previous successful schemes: https://vimeo.com/83813741

If you are then asking how do we afford it? Well the monetary sovereign government like USA, Australia, Japan and Canada etc can afford any expense in its own currency. unlike EU countries that don’t have their own currency.

By having a permanent JG the deficit grows and shrinks as required to keep the economy stable. This prevents the MASSIVE permanent loss of economic output that we can’t ever get back and all of the human suffering that goes with it: https://m.youtube.com/watch?v=lfg09sH0EZA

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