Pierre Omidyar, the billionaire co-founder of eBay, has announced that he will donate $500,000 to fund a project in Kenya that will give thousands of people a guaranteed regular income, with no strings attached. _ The money will be used to make cash transfers to more than 26,000 people in 200 villages in Kenya, with about 6,000 of those people receiving a long-term basic income for 12 years. _ The non-profit has received praise from international development organizations and practitioners as an effective and data-backed way of reducing poverty. Despite potential criticism, several studies have shown that, when the poor receive cash directly, they overwhelmingly spend it on things that improve their incomes, security, health, and psychological well-being, as opposed to spending it on vices such as alcohol or tobacco. The program is often hailed as one of the most ambitious experiments in the concept of Universal Basic Income, or UBI. The concept has been gaining traction in recent years as a way to equitably increase quality of life in a world where labor markets are being increasingly disrupted by the inevitable forces of increased global trade and automation. _ Many scholars see the effects of unfettered trade and rising global inequality as incompatible with long-term social cohesion and basic democratic functioning, without some measure to offset lost labor and ensure basic human welfare. While notions of wealth redistribution are often derided by modern conservatives as inconsistent with market capitalism, the concept of UBI was actually supported by renowned conservative economist Milton Friedman as en effective measure to end the welfare trap and ensure the efficiency of free markets.
found @ 10637 likes ON 2017-02-15 08:22:55 BY ME.ME