I published a new article yesterday on Medium titled "Universal Basic Income Will Accelerate Innovation by Reducing Our Fear of Failure".
What if our insistence on making people earn their living is preventing those one in ten thousand from making incredible achievements that would benefit all the rest of us in ways we can’t even imagine? What if our fears of each other being fully free to pursue whatever most interests us, including nothing, is an obstacle to an explosion of entrepreneurship and truly huge innovations the likes of which have never been seen?
What it all comes down to is fear. FDR was absolutely right when he said the only thing we have to fear is fear itself. Fear prevents risk-taking, which prevents failure, which prevents innovation. If the great fears are of hunger and homelessness, and they prevent many people from taking risks who would otherwise take risks, then the answer is to simply take hunger and homelessness off the table. Don’t just hope some people are unafraid enough. Eliminate what people fear so they are no longer afraid.
If everyone received as an absolute minimum, a sufficient amount of money each month to cover their basic needs for that month no matter what — an unconditional basic income — then the fear of hunger and homelessness is eliminated. It’s gone. And with it, the risks of failure considered too steep to take a chance on something.
But the effects of basic income don’t stop with a reduction of risk. Basic income is also basic capital. It enables more people to actually afford to create a new product or service instead of just think about it, and even better, it enables people to be the consumers who purchase those new products and services, and in so doing decide what succeeds and what fails through an even more widely distributed and further decentralized free market system.
Such market effects have even been observed in universal basic income experiments in Namibia and India where local markets flourished thanks to a tripling of entrepreneurs and the enabling of everyone to be a consumer with a minimum amount of buying power.
Basic income would even help power the sharing economy. For example, imagine how much an unconditional monthly income would enable people within the Open Source Software (OSS) and free software movements (FSM) to do the unpaid work that is essentially the foundation of the internet itself...
------------> Read the article in its entirety on Medium <------------
Like my blog? Please subscribe and also consider making a small monthly pledge of $1 per month or one-time donation in support of my work in advocacy of universal basic income.
Subscribe to my blog | Follow me on Twitter | Like me on Facebook | Follow me on Tumblr