This lecture puts forth the ethical and economic case for a basic income, enabling financial security and therefore a better quality of life for all. Financial insecurity affects one’s ability to make rational decisions – studies show it even lowers short-term IQ – making it even harder to improve one’s circumstances in the long run. Furthermore, unlike means-tested social assistance schemes like Universal Credit, a basic income does not involve a severe ‘poverty trap’ and thus, contrary to critics, increases the incentive to take low-paying jobs. This lecture includes findings from a series of BI pilots across the world which Dr Standing has been involved in.
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Gresham College
