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Dagon comments on Stupid questions thread, October 2015 - Less Wrong Discussion
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I have an intuition that if we implemented universal basic income, the prices of necessities would rise to the point where people without other sources of income would still be in poverty. I assume there are UBI supporters who've spent more time thinking about that question than I have, and I'm interested in their responses.
(I have some thoughts myself on the general directions responses might take, but I haven't fleshed them out, and I might not care enough to do so.)
Some prices would likely rise, but not uniformly and new equilibria are very hard to predict generally, nigh-impossible without specifying a bunch of implementation specifics (including where the money comes from, how it's distributed, what limits there are on qualifying or using the money, and how it's indexed to change over time).
I suspect we'd redefine poverty such that roughly the same percentage of people would be in poverty, but it would be a (slightly) different set of individuals, and likely a much more pleasant poverty than without. Much like has happened dozens of times already in modern civilization. I call it "progress".