3 ms·
I think you mean "no minimum wage", not "no basic income". Friedman was especially supportive of a basic income (negative income tax to be precise).
by argumentum 13y ago
I think you mean "no minimum wage", not "no basic income". Friedman was especially supportive of a basic income (negative income tax to be precise).
- swah 13y agoYes, bad english. Sorry.
- strlen 13y agoYeah, that makes a lot of sense actually: basic income + no minimum wage (or if politically impossible, not raising minimum wage) -- since the basic income will continue even if someone is employed, it's a great incentive to stay to in the labour force and advance even if the pay is minimal. I do think that Milton Friedman may not have foreseen the way automation might lead to at least long-term (but perhaps not permanent) structural unemployment.