Comparison between two social policies – basic income and basic job

This example is borrowed from Stucchhio (2013). Over the development of the past several decades, the wealth of each nation is continuously commutative. This is especially true for the developed countries. One of the basic arguments supporting equity is that each citizen should have their basic standard of living. Based on this argument, many countries offer huge benefits to their citizens, such as universal healthcare, free education, and the like. One policy suggestion is basic income, under which each citizen receives a basic income annually with no strings attached. For example, if we assume that the basic hourly rate is $7.50, 40 hours per week and 50 weeks per year, then the basic income should be $15,000. Zhong (2017) reports that India is considering fighting poverty with a universal basic income plan. The obvious advantage is that the administration cost will be quite small. In addition, it is less likely...