What is Universal Basic Income

And is it Worth Considering in 2021?

Photo by Alexander Mils from Pexels

This would replace more complex welfare structures that many governments are currently struggling to manage.

The logic behind UBI is simple: by providing an unconditional sum of cash to each citizen, those who are unable to work due to health problems or disability, for example, would no longer face material hardship and could continue to live as they do today.

The concept also has its share of critics

Some believe it may be unfair on those who do choose to work but earn low wages; others say that providing unconditional support encourages people not to work and lose all motivation; some argue that it does little if anything at all for people in poverty if they are not working; and others suggest that it will cost too much money that could be spent elsewhere.

The debate on UBI is far from being settled but it is one of the most interesting topics in the social sciences today.

As a concept, it has radical implications for our understanding of society and welfare provision. And it could have an even bigger impact in the future. As AI and other technologies push more and more people out of work, a growing number of experts believe that UBI will become a necessity rather than a choice.

What I think about UBI in 2021

Considering the potential of new technologies like AI and blockchain, UBI will be a must, not a choice. And it will be implemented gradually, starting with the most vulnerable groups in society.

We need to consider the social, economic and political implications of these technologies and how they will change society.

Policy makers need to start thinking about how to apply the lessons learned from history (and current trends) when designing new support structures.

Founder of Cudy Technologies (www.cudy.co), a full-stack EdTech startup helping teachers and students teach and learn better. I am also a mentor and investor.