A sell-off in chip stocks intensified following a report that chipmakers are cutting ties with Huawei after the Trump administration's ban.Marketsread more
Ford Motor said Monday that it is laying off about 7,000 salaried workers, about 10% of that global workforce, as part of a restructuring plan designed to save the No. 2...Autosread more
President Trump stands a chance of creating a new economic world order in his China trade fight, says the chief economic advisor of Allianz.Economyread more
Most U.S. hedge funds aren't expecting another big stock market sell-off as more firms curb bets on volatility, according to Nomura.Marketsread more
Google announced Google Glass Enterprise Edition 2 on Monday, a new set of smart glasses that's catered toward businesses and costs $999. Google has focused on business use...Technologyread more
More than 170 shoe retailers, including Nike, Under Armour, Adidas, Foot Locker, Ugg and Off Broadway Shoe Warehouse, have penned a letter to the White House asking President...Retailread more
Microsoft on Monday announced new moderation for its Xbox platform in an effort to cut down on toxic content and to make gaming safer for everyone.Technologyread more
People investing in some technology stocks should not expect them to go up anytime soon, warns the "Mad Money" host.Investingread more
Nordstrom has chosen Oct. 24 for the grand opening of its women's store in New York, the largest single-project investment in the company's history.Retailread more
Little Caesars will sell a pizza topped with plant-based sausage crumbles made by Impossible Foods for the pizza chain. This marks the first time a national pizza chain is...Restaurantsread more
Zuckerberg said he supported Alaska's Permanent Fund Dividend, which pools money from the state's oil revenue and returns it to residents at the end of the year. In 2016, that dividend amounted to $1,022 per eligible resident.
He used his experience at Facebook to explain how the economics of human condition can change for the better if people are given a basic income to live off, such as the Permanent Fund Dividend in Alaska.
"Seeing how Alaska put this dividend in place reminded me of a lesson I learned early at Facebook: organizations think profoundly differently when they're profitable than when they're in debt," Zuckerberg wrote. "When you're losing money, your mentality is largely about survival. But when you're profitable, you're confident about your future and you look for opportunities to invest and grow further. Alaska's economy has historically created this winning mentality, which has led to this basic income. That may be a lesson for the rest of the country as well."
Whether humans act the same as organizations is up for debate. Does giving someone free money each year really brighten the future and compel people to look for opportunities to invest and grow further, or does it make them lazier and less likely to seek additional income?
Also, the Alaska model depends on the government assuming some measure of stable and consistent revenue — hard to do when the source of revenue is a globally traded commodity. Thus, while Alaska's oil has put money in the pockets of its residents, recent severe declines in oil prices have also led to discussions of state tax increases. In December 2015, for example, as Alaska faced a $3.5 billion deficit, Gov. Bill Walker suggested boosting taxes unless oil hit $110 a barrel. The price of oil per barrel is currently trading at less than half of that.
Zuckerberg's post followed a speech at Harvard in May, where he initially argued for a form of basic income in the United States.