Eddy Wilco1, a friend, sent me a link to an article on the BBC website: http://www.bbc.com/news/business-41655859 . The article is by Tim Harford and titled Do welfare states boost economic growth, or stunt it? It is well worth the read. Essentially it ties universal basic income into the pattern of social welfare started by Otto Bismarck in the 1880s as a defense against Marxism. As you know, my approach to basic income is to Democratize Money: https://www.amazon.com/dp/B0756RQRPG unlike the “universal;” no questions asked theme of universal basic income, I tied my plan for funding citizens with a basic income to citizenship and performing normal citizen duties such as voting and performing jury duty. While Tim Harford ends by saying a universal basic income would cost a lot of money, my approach finesses that by changing how we create new money. None-the-less the Harford article is well researched, well written and does not miss the point. If only he had read my eBook.
One very important conclusion Tim Harford draws and one I want to emphasize is “Welfare states don’t make the pie bigger or smaller. But they do change the size of each individual slice. And that helps to keep a lid on inequality.”
Respectfully, T. Edward Westen
1Eddy Winco is also my supplier of the soap his wife makes: http://winkos.co.uk/english/I have returned to daily saving with soap in a mug thanks to his wife’s soap making skills.