Basic Income and the Right to Work: A Keynesian Approach

Abstract

Among the proposals for radical reform of social policy are basic income, which would pay an unconditional cash benefit to all individuals, and the right to work, which would offer guaranteed employment arranged by the state if necessary. This paper examines the macroeconomic consequences of such reform proposals. It sets up a simple Keynesian income-expenditure model that includes basic income and the right to work as alternative methods of providing social assistance, along with the more traditional approach of paying unemployment benefits. The various schemes are compared and contrasted with regard to their implications for employment, stability, distribution, efficiency and the government budget. Potential benefits of basic income or the right to work are emphasized, despite the political obstacles to implementing them.

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