9 ms·
You bring up a very good point about the time value of money and how that could be manifested by reducing working hours. When we say that we want to provide a
by zackmorris 7y ago
You bring up a very good point about the time value of money and how that could be manifested by reducing working hours.
When we say that we want to provide a UBI to all citizens, that could be looked at as an equivalent number of hours. Giving someone making $10/hr a $10,000 UBI would be the equivalent of 1000 hours freed of a 2000 hour work year. It would increase their quality of life by 50%. A $50/hr worker would get a 10% quality of life increase on a $10,000 UBI.
So for example reducing work hours by 1 hour per day on tech workers would be comparable to a $5-10,000 UBI. Which I think is what we're really talking about here. Providing alternative subsistence so that workers can someday get off the workaday world treadmill/rat race and go invent the things that will automate our economy and improve quality of life for everyone, regardless of income. Right now we have a system where some people live extremely comfortably while half the country has no economic stability or quality of life to speak of, and what's worse is, they currently have no hope for improvement no matter how high the gross national product (GNP) grows because politics has been coopted by lobbyists and special interests.