She continued: “And the biggest fear is if you look at the economy, A.I. is going to replace jobs from all kinds of sectors. And if A.I. replaces these jobs and states are not able to regulate and make laws to protect their citizens … we’re going to see poverty on a level we’ve never seen before. Unemployment will be out the roof, and it will destroy our economy.” [More]
That’s why the elites who will benefit from that have been making noises about “Guaranteed Annual Income,” which will leave the masses beholden to them for handouts. That it can’t last forever and that useful idiots soon become useless eaters is something they’d rather not have examined.
But don’t worry– Big Tech will still need human workers for a while.
One of the fallacies of communism is that while governments can create money they cannot create wealth.
At rock bottom, economics is about scarcity, and about the ways that societies allocate scarce goods, and labor, to create things that people want.
That is where wealth is created, at the nexus of that joining of scarcity of resources and labor to create goods and service that fill a demand.
Universal Basic Income, sometimes called UBI, is not a new or untried concept. But those societies that have tried it (s0 far) have found that it does not efficiently allocate those scarcities any better than the (modified) capitalism that most western style societies currently have in place.
https://sciendo.com/es/article/10.1515/ntaxj-2019-0004?tab=article
Currently, the siren song of the UBI proponents is one they have borrowed from the Communists: “This time it will be different.” Perhaps this time they will be right.
“I’d like to be an optimist, but I don’t think it would work.”
Observation of human nature reveals that people pretty much separate into three groups with respect to work. Some work because they enjoy it. Some people work because they’re paid to do so. Some simply avoid work, period.
Question (so far unanswered): Will the first group be able to support, not just themselves and the third group, but the second group as well, if the financial reward for work that motivates the second group is not there?
Will the next attempt find some sort of magic spell that makes the dreams of the UBI proponents come true? My crystal ball is still in the repair shop.