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Would a government-provided guaranteed minimum income reduce the incentive to work for all individuals? Explain.

Would a government-provided guaranteed minimum income reduce the incentive to work for all individuals? Explain.

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Answer #1

Answer : No, Government provided guaranteed minimum income does not reduce the incentive to work for all individual because guaranteed minimum income means fixed income provided to all individuals, it makes individual work for more wages higher than minimum income. As wages higher then guaranteed minimum income will increase incentive to work for all individuals.

Hence, concluded that guaranteed minimum income doesn't reduces incentive to work for all individuals. It increases incentives to work as individuals will demand more wages in order to do work.

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