Stephen Kinsella on policy response

Stephen Kinsella on policy response

The second policy response to fast-paced changes in the nature of work and its attendant rise in earnings inequality is to set up a universal basic income programme. This is money everyone gets transferred into their bank account every month, regardless of their age or income level. Think of it as child benefit, but for everyone.

Globalisation is a process of connection. It connects markets for goods, services, labour and ideas. Technological changes – mostly around getting the internet to more people across an increasingly connected world, and machine translation, allowing people in Malaysia to work with people in Sri Lanka and people in Ireland – mean workers in high-income countries are about to be exposed to much higher levels of wage competition. This trend is not in doubt; it is happening right now. Like all competitions, this will create winners and losers. The big question for Ireland – approaching a national question – is what we might do to restore the living standards of those who lose that competition.

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