Should millions of jobs, entire industries, be taken over by AI in the near future, without other ones emerging to replace them, political and economic systems would need to quickly adapt and adjust to manage the new reality. One way to prepare would be to experiment with universal basic income, which may or may not prove a panacea.
From Federico Pistono in New Scientist:
How would the millions of telemarketers and taxi drivers, for example – whose jobs are at high risk of being automated – survive in this new landscape? One of the most interesting proposals, and one that does not live in the fanciful world of “the market will figure it out,” is the creation of an unconditional basic income (UBI).
It’s a simple idea with far-reaching consequences. The state would give a monthly stipend to every citizen, regardless of income or employment status. This would simplify bureaucracy, get rid of outdated and inefficient means-based benefits, and provide support for people to live with dignity and find new meaning.
No incentive-killer
The biggest UBI experiments, involving a whole town in Canada and 20 villages in India, have confounded a key criticism – that it would kill the incentive to work. Not only did people not stop working, but they were more likely to start new businesses or perform socially beneficial activities compared with controls. In addition, there was an increase in general well-being, and no increase in public bads such as alcohol and drug use, and gambling.
These early results are promising but not conclusive. We don’t know what would happen in other countries, and whether the same results would apply if millions of people were involved. Forthcoming experiments may give us a clearer picture.•
