While reading about the development of artificial intelligence and its effects on our current and future society, I came across several articles presenting a solution to a potential future problem: the loss of jobs due to the massive use of AI. This solution, somewhat peculiar, is the creation of a universal basic income (I’ll leave the links at the end of this post).
A few years ago, Sam Altman, CEO of OpenAI, proposed a bold idea as part of a study to address the growing impact of artificial intelligence (AI) on society: Universal Basic Income (UBI).
As AI technologies advance, there is increasing concern that millions of jobs could be automated, leaving a large portion of the population unemployed. Altman suggests that UBI could serve as a financial safety net in a world where AI radically transforms the workforce. Although the study is still in progress, it is important to analyze the potential benefits and risks of implementing such a system.
What is Universal Basic Income?
Universal Basic Income is a proposed system where every citizen would receive a fixed amount of money on a regular and unconditional basis. The idea is to provide everyone with enough income to cover their basic needs, such as housing, food, and healthcare.
The logic behind UBI is that as AI-driven automation replaces traditional jobs, society must find alternative ways to ensure financial stability for all.
Possible Advantages and Disadvantages of Implementing UBI in the AI Era
The main advantage of UBI lies in mitigating the potential mass job losses in the coming years. AI would bring a new level of efficiency, where goods and services would be produced so abundantly that there wouldn’t be enough demand to distribute them in the market. This makes sense since AI doesn’t need vacations, doesn’t take sick leave, or demand pay raises. Its work would be continuous, 24/7, all year round.
Another key point in favor of UBI is that it could reduce the level of stress people face, as it would alleviate, to some extent, the financial insecurity that many experience daily.
However, some critics argue that universal basic income could act as a negative incentive for the population. They claim that such a program might discourage people from working, especially in low-paying jobs. If millions of people choose not to work in sectors where human labor is still needed, it could have a negative impact on the economy.
Additionally, one of the biggest challenges of implementing UBI would be its cost. Providing a basic income to the entire population would require massive funding, and it is unclear how governments could sustain a program of such magnitude. Critics argue that substantial tax increases, especially for tech companies and the middle and upper classes, would be needed, which could potentially lead to economic stagnation (see links at the end of the post).
Is It Viable?
While Sam Altman’s proposal for Universal Basic Income as a response to job losses from AI-driven automation is still under study, it has sparked significant debate about how society might adapt to the challenges posed by technological advancements.
UBI offers a potential solution to mitigate the negative consequences of massive automation, but it also raises significant risks and challenges. As AI continues to evolve, the conversation about UBI and its role in the future of work will become increasingly urgent and relevant.
Links:
Moore’s Law for Everything (Sam Altman)
AI and the Transition Paradox (Aksel Sterri)
Universal Basic Income is a Bad Idea (Ryan A. Hughes)