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The best answer that I've heard to this question (when I asked it on HN a year or two ago) is that you give people their money on a weekly basis. If they blow
by socalnate1 10y ago
The best answer that I've heard to this question (when I asked it on HN a year or two ago) is that you give people their money on a weekly basis. If they blow it and have no money for food, well they are going to get another check in a week.
This doesn't totally solve the problem of course, but makes the "I blew all my money on a new car and now I can't eat" issue much more manageable.
- JorgeGT 10y ago"Hey, I will lend you money for that new car if you give me X% of your weekly checks for Y amount of time".
- lmm 10y agoYou can still declare bankruptcy if that becomes onerous.
- JorgeGT 10y agoI was not talking about a legal arrangement.
- lmm 10y agoThe law binds lenders whether they like it or not. Do you think our enforcement of the law is or would be inadequate?
- JorgeGT 10y agoAre you unaware of the existence of loan sharks?
- lmm 10y agoI'm aware of some who are currently in prison, and others who have left the business (which has got a lot more competitive as legal payday lenders have got a lot more efficient). Like burglary or any number of other crimes, we'll probably never be able to eliminate it entirely but it seems to be in massive decline and a pretty poor way to make a living - and one would expect it to be even less common in a world with basic income.
- jfoutz 10y agoYes, just like a job.