Paul De Grauwe

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Economist. Professor in European Political Economy at the London School of Economics

Should we have a universal basic income?

Paul De Grauwe disagrees and says:

A universal basic income that has the ambition to ban poverty from the world, is then immensely expensive. That doesn’t need to surprise you. To give the poor (a minority in society) a basic income, you have to also provide a basic income to the large majority that doesn’t need it. This leads to new problems. The working majority receives a basic income that stands loose from labor efforts, but will have to pay extra taxes (and not a small amount) on their labor incomes. And that is the best way to weaken work incentives. Conclusion: The only realistic system is one where the basic income is limited to those who need it. A universal basic income will never happen. (source)