Universal Basic Income (UBI) as Antidote for AI-driven Job Displacement
KEY FACT: In the face of AI-driven job displacement, Universal Basic Income (UBI) has the potential to provide a safety net that supports economic stability, encourages personal and professional development, and ensures a fairer distribution of wealth.
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AI-driven Job Displacement is a Reality
The world of work is undergoing a rapid transformation and automation is taking over routine tasks. Moreover, skills that were once in high demand are evolving at breakneck speed. The surge of Artificial intelligence (AI) is widening the gulf and raising concerns about more job displacement.
Since AI is taking over more human jobs, "How would humans earn?" is one of the questions that experts have tried to answer and they have opined several ways to ameliorate the impending challenge. One of the widely supported opinions is that of Universal Basic Income (UBI).
On the subject of UBI, tech visionary Elon Musk believes that UBI can provide a safety net and free individuals to pursue creative and entrepreneurial endeavors. Geoffrey Hinton, a world-renowned artificial intelligence (AI) expert often referred to as the “Godfather of AI,” has also supported that adopting UBI could shock the effect of AI displacement of human jobs.
Universal Basic Income (UBI) Defined
Investopedia defines Universal Basic Income as a system in which all citizens receive a regular, unconditional sum of money from the government regardless of their income, employment status, or other factors. The idea behind UBI is to provide a financial safety net that ensures everyone can meet their basic needs and reduce poverty.
In a recent shot, Geoffrey Hinton, “Godfather of AI,” consulted with members of the United Kingdom’s government at Downing Street, where he advised lawmakers to consider adopting a universal basic income (UBI) to address the impending threat of job losses. He berated in a BBC interview.
“I was consulted by people in Downing Street, and I advised them that universal basic income was a good idea.”
Until recently, Hinton worked for Google, developing high-level AI features for neural networks - technology powers most modern generative AI systems, such as Google’s Gemini and OpenAI’s ChatGPT.
Hinton, since leaving his post at Google has been speaking more freely about his concerns over the impact AI could have on the future of our species. He warned that we may only have a handful of years before the AI-induced job loss threat becomes imminent:
“My guess is in between five and 20 years from now there’s a probability of half that we’ll have to confront the problem of AI trying to take over.”
During the BBC interview, Hinton hinted that the AI revolution will mostly benefit the rich. Laypersons, blue-collar workers, and those employed in jobs that can be automated stand to lose their means of income, and “that’s going to be bad for society.
Universal Basic Income (UBI) is frequently discussed as a potential solution to the economic disruptions caused by AI and automation. However, practical implementation requires careful planning and consideration of economic impacts to ensure that it achieves its intended benefits without unintended consequences.
Reflections
- What are your thoughts on this?
- How long will it take until humans have no work to do and solely depend on AI for everything?
- Other than UBI, what other models would serve as a worthy antidote to this threat?
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AI has both the good and its bad part; inasmuch as it causes loss of job, I believe it's possible to create avenues to earn a living without being replaced by AI.
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It is of no doubt that the world is evolving speedily, and it's obvious that AI is taking over most of the human jobs. My stake on this is that the government should provide a revenue where every citizens get some money as a support in other to have a good and steady progress in the country
Predicting the exact timeline for when humans will have no work to do and solely depend on AI for everything is difficult, as it depends on various factors such as the development of AI technology, societal acceptance of AI, and government regulations. Although AI may computerize many tasks and jobs, there are still some types of work that still require human creativity and problem-solving skills.