Post-Monetarism and Rethinking Finland's Universal Basic Income Trial

Automation will impact economies in the future by drastically changing the labor market composition, and potentially cause a massive global job loss. In light of this, governments should try to enact policies that can absorb the impacts of automation. One such suggestion is that of a Universal Basic Income, which guarantees individuals a basic monthly income without any conditions. In light of UBI, post-monetarism offers a perspective that connects individuals and social monetary relations, by looking into how elements of society that is connected with money determines the social relationship it has with individuals. Post-monetarism reflects on the interconnections between work, money, and an individual's participation in an economy. Those who attempt to enact UBI policies can benefit from a post-monetarist perspective as it helps to explain the nuances of the elements that connect money and individuals. Work does not only provide monetary compensation for individuals, but they also...Show moreAutomation will impact economies in the future by drastically changing the labor market composition, and potentially cause a massive global job loss. In light of this, governments should try to enact policies that can absorb the impacts of automation. One such suggestion is that of a Universal Basic Income, which guarantees individuals a basic monthly income without any conditions. In light of UBI, post-monetarism offers a perspective that connects individuals and social monetary relations, by looking into how elements of society that is connected with money determines the social relationship it has with individuals. Post-monetarism reflects on the interconnections between work, money, and an individual's participation in an economy. Those who attempt to enact UBI policies can benefit from a post-monetarist perspective as it helps to explain the nuances of the elements that connect money and individuals. Work does not only provide monetary compensation for individuals, but they also provide meaning and motivation to participate in society and an economy. UBI has been at the forefront on the political economic discourse regarding automation and its effects on the job market. However, one aspect that is often missing from the discourse is the economic culture that is fostered through the social monetary relations in a society. An example of a case where a post-monetarist perspective is missing and could add more substance to a particular discourse is in the case of Finland's attempt to conduct a study on the effects of UBI. This paper demonstrates that the study in Finland did not provide more substantial results as there was a large knowledge gap between the post-monetarist perspective and the way it sees UBI and the way the UBI policies were enacted in the Finnish study.Show less

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Post-Monetarism and Rethinking Finland's Universal Basic Income Trial