Friedrich Hayek: Certain Minimum Income

Posted by admin on Tuesday, July 18, 2017

Friedrich Hayek Money Quote saying everyone should have the certainty that they won’t have less than they need for basic needs and a universal basic income (UBI) should be given to all. Friedrich Hayek said:
 

 

“The assurance of a certain minimum income for everyone, or a sort of floor below which nobody need fall even when he is unable to provide for himself, appears not only to be a wholly legitimate protection against a risk common to all, but a necessary part of the Great Society” — Friedrich Hayek

 

 

This Friedrich Hayek quote seems to suggest that providing a minimum level of income support for all citizens, even if they are unable to provide for themselves, is a legitimate and necessary function of a prosperous society.

While Hayek was generally skeptical of extensive government intervention in the economy, here he acknowledges that ensuring no one falls below a basic standard of living is a reasonable way to protect people from common risks and is an important part of creating a just, compassionate “Great Society.”

The quote indicates that even Hayek believed governments have a role in establishing a social safety net floor to prevent extreme poverty and help society function for the benefit of all.