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smoorman1024  ·  3896 days ago  ·  link  ·    ·  parent  ·  post: 5 reasons to consider a no-strings-attached, basic income for all Americans

Cash payments to the poor is actually one of the most effective ways to reduce poverty. Well off economists and pundits on their high horses like to worry about the poor's ability to spend their money wisely but they are often mistaken.

One benefit is definitely eliminating the bureaucracy of the welfare state, but as Tyler Cowen points out in the post below that you are going to lower in the incentive to work more than the earned income tax credit or other tapered incentives already adjust the income curve.

I have mixed feelings about this. In one way I think it is inevitable in another I think we can transform ourselves into an economy where everyone's productive capacity is at their fingertips and they can be higher earners than they imagine. We may just be at an awkward turning point where digitalization and automation are upending the world and we need to adjust to the new economy as whole in a similar way as the world adjusted during the industrial revolution. Initially the luddites were out of a job but eventually they had more earning potential than ever.

Marginal Revolution - What are some of the biggest problems with a guaranteed annual income?

I highly recommend keeping up with marginal revolution if you are interested in economics.