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Basic Income is a subject that regularly surfaces in Soylent discussions, so here's a story about Finland's impending experiment with it:
Finland has become the first country in Europe to pay its unemployed citizens a basic monthly income, amounting to 560 euros ($587 US), in a unique social experiment which is hoped to cut government red tape, reduce poverty and boost employment.
Olli Kangas from the Finnish government agency KELA, which is responsible for the country's social benefits, said Monday that the two-year trial with the 2,000 randomly picked citizens who receive unemployment benefits kicked off Jan. 1.
Those chosen will receive 560 euros every month, with no reporting requirements on how they spend it. The amount will be deducted from any benefits they already receive.
The average private sector income in Finland is 3,500 euros per month, according to official data.
Also at The Guardian and swissinfo.ch.
(Score: 1) by khallow on Thursday January 05 2017, @12:25AM
Economic stimulus increases the flow of money, increasing wealth for many people
No, increasing the flow of money can be inflationary, but it's not wealth producing.
If I get an an extra dollar, which I spend on a haircut, the barber also gets an extra dollar of income, which he can spend on a meal, so that a restaurant gets an extra dollar of revenue, etc.
The same for investments except that something of lasting value is created in the process.
Money flows uphill in a capitalist economy - every dollar a poor man spends will eventually end up in a rich man's pocket
Two problems with this. First, it's not true. Rich people employ a lot of people and the money flows downhill when they do. Second, rich people don't keep money in their pockets. In an inflationary world, that's a recipe for losing wealth. They primarily invest it, which again means the money is now available to be used for other purposes such as employing poor people.