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Will same-sex marriage make everyone richer? These economists think so

Joseph McCormick July 8, 2015

According to these economists, everyone in the US will be slightly richer now that same-sex marriage is legal there.

Economists at UBS have predicted that, since same-sex marriage has now become legal in the US, offers the main benefit of “greater labour mobility”.

An economist at the Swiss bank, Paul Donovan, said legislation to reduce “irrational discrimination” could improve productivity, and allow countries to be more competitive in global markets.

In a note distributed to clients, the bank said investors should “take note”, the Telegraph reports.

Donovan said all of the 21 countries where same-sex marriage is legal are “likely to receive an economic benefit from having reduced prejudice”.

Mr Donovan said: “Denying same-sex marriage has direct adverse costs to LGBT people, in that they are unable to enjoy the tax breaks, healthcare, or legal rights that accompany marriage.”

He noted that all states offering same-sex marriage, and not having preferable treatment for gay or lesbian couples in some states, means the labour force is more mobile across the US.

Ways equal marriage can improve economies includes greater demand for wedding receptions.

 

More: bank, Banking, economi, economics, economy, money fiscal, Swiss, UBS

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