Kearney and Mogstad argue that, in practice, a UBI would be an extremely expensive, inefficiently targeted, and potentially harmful policy that would solve none of the economic challenges it purports to address.
We, the undersigned members of the AESG, have collectively worked at the highest levels of the policy, business, government, academic, and civic communities. We believe that our nation’s economic policies need to be adjusted so that more people participate more fully in our economic success.
It's not a new idea, but few could have predicted that talk about universal basic income (UBI) would be receiving as much attention as it is today — especially among candidates for president of the United States.
American capitalism is at a serious inflection point. Many Americans, including the two of us, are alarmed by enormous levels of inequality and by declining economic mobility. We are concerned that in many cases American markets are no longer the most competitive in the world. And, we worry that our country’s long-term economic strength will slowly deteriorate because of an unsustainable fiscal trajectory that leaves future generations worse off.
MAGNE MOGSTAD is the Gary S. Becker Professor in Economics and the College in the Kenneth C. Griffin Department of Economics at the University of Chicago, as well as the Director of the Ronzetti Initiative for the Study of Labor Markets at the Becker Friedman Institute at the University of Chicago. Magne has published extensively […]