[Global Insight] Will basic income payouts for all make us richer or poorer?

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We start a discussion on an issue making headlines.
As the COVID-19 pandemic continues to paralyze economies and cause millions of job losses worldwide, countries are beginning to consider adopting universal basic income giving out money to all citizens to guarantee a minimum level of income.
So far, no country has rolled out a nationwide basic income program as the idea has been considered too radical and controversial.
But as the pandemic rages on,... the debate has regained momentum,... especially as economies are expected to become more and more digitalized, and jobs automated,... meaning less income for workers.
To delve into this issue, we have joining us today Dr. Kaushik Basu, a professor of Economics at Cornell University and former Chief Economist at the World Bank. We also connect with Dr. Yang Jun-sok,... Professor of Economics at the Catholic University of Korea

1. Dr. Basu: Many countries are starting to have serious discussions about UBI, or, as you've mentioned before, splitting corporate income. As economies and everyday life become more and more digitalized, is the current mode of income distribution becoming outdated? Why is it necessary to change what we have now?
2. Dr. Yang: In South Korea, politicians are starting to talk about UBI as well. What's the case or otherwise for adopting universal income here?
3. Dr. Basu: No country has a national-level basic income policy so far, although there have been a couple of experiments. Why did they fail, or were discontinued?
4. Dr. Yang: The concern is financial sustainability. Does South Korea have the financial capacity to support such a program, considering its soaring level of national debt? What are the dangers?
5. Dr. Basu: Would you say there are certain preconditions a country or economy should meet?
6. To BOTH:
Who do you think should foot the bill for UBI in South Korea, if it happens? How should the system be designed?
This is where we'll have to wrap up the discussion. It was wonderful to hear your insights. Dr. Kaushik Basu, a professor of Economics at Cornell University and former Chief Economist at the World Bank. We also connect with Dr. Yang Jun-sok,... Professor of Economics at the Catholic University of Korea. Thank you for joining the program

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