Because classical liberal doyen Friedrich Hayek proposed a minimum income for people unable to integrate into a market economy, many thinkers have viewed him as one of the earliest advocates of a “universal basic income.” In reality, however, Hayek advocated not a universal basic income but a means-tested benefits scheme.
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Juan Ramón Rallo is professor of economics at Universidad Francisco Marroquín.
| Other Independent Review articles by Juan Ramón Rallo | |
| Winter 2022/23 | Knightian Uncertainty in Capitalism and Socialism |
| Spring 2018 | Some Fundamental Problems with Thomas Piketty’s Capital in the Twenty-First Century |
