Basic Income and the Problem of Cumulative Misfortune
AbstractThis paper defends a regularly paid basic income as being better equipped to tackle unfair inequalities of outcome. It is argued that the timing of "option-luck" failures in particular, whether they occur early in a lifetime of calculated gambles, and whether they are clustered together may lead to a form of "brute bad luck," referred to as "cumulative misfortune." A basic income that is paid on a regular basis provides a way to prevent the emergence of cumulative misfortune, because the basic income at least partially replenishes the individual's ability to take the next calculated gamble. The upshot of this is a nonpaternalistic justification for an unconditional basic income that is paid regularly and is nonmortgageable. This has an important bearing on the debate between those who advocate a one-off endowment at the start of adult life and those who advocate a basic income paid regularly throughout one's life. The paper contends that a regular basic income represents a superior social policy because it prevents the emergence of cumulative misfortune, rather than belatedly attempting to compensate for its effects during our senior years.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by De Gruyter in its journal Basic Income Studies.
Volume (Year): 1 (2006)
Issue (Month): 2 (December)
Contact details of provider:
Web page: http://www.degruyter.com
You can help add them by filling out this form.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Peter Golla).
If references are entirely missing, you can add them using this form.