The Nobel Prize in Economics defends universal basic income

The idea that all citizens have access to a universal basic income, or the right to a minimum guarantee of income, are increasingly present in the global public debate, and in some parts of the planet universal basic income is beginning to be glimpsed as a real possibility, becoming part of the debate. Finland plans to pay a basic income of 800 euros to all its citizens, on a trial basis. And the province of Ontario in Canada, the most populous in the country, will start a pilot test of universal basic income, both to know its effect on the population. On the other side of the scale, on June 5, Switzerland became the first country to vote in a referendum if it introduced a minimum income, which would have been 2,250 euros, although it rejected it by an overwhelming majority of 78%.

In this debate, the latest Nobel Prize in Economics Angus Deaton has shown their support for the universal income guarantee. At a forum held in Taiwan on May 19, the award-winning economist sued governments to take care of low-income citizens and ensure they receive the bare minimum to cover basic needs. “The more dangerous the world is, the more danger there is of growing inequality,” Deaton added. In the past, he has argued that inequality will not stop growing if a safety net is not created to unite people.

Deaton won the Nobel Prize for his analysis of consumption, poverty and well-being. His research has focused on understanding the links between individual consumption decisions and the results of the economy as a whole. He has defined inequality and climate change as the two biggest challenges facing the world.