AI Advances Fuel Growing Calls for Universal Basic Income as Jobs Threat Looms

The concept of universal basic income is gaining traction as a potential solution to the impact of AI on jobs and a way to encourage more rewarding and socially valuable work.

Key takeaways: The idea of a guaranteed income for all citizens has a long history, but is becoming more relevant as AI advances and threatens to displace many workers:

• A recent study predicts that 59% of tasks currently done by humans in the UK could be affected by AI in the next 3-5 years, potentially triggering a “jobs apocalypse.”
• UBI could provide a vital safety net and enable people to pursue more fulfilling and socially useful work, rather than just taking any available job.
• Pilot UBI schemes have shown positive impacts on recipients’ wellbeing, education, employment and ability to pursue meaningful activities.

Broader context and implications: As AI companies with few human employees become more prevalent and efficient, UBI may become necessary to fairly redistribute profits and support people’s livelihoods:

• Experts argue UBI is justified as the “common wealth” of human knowledge is being appropriated by AI and should belong to all.
• Jobs requiring uniquely human skills like complex physical tasks or emotional interaction may be the only roles left for humans as AI advances.
• UBI could be funded by highly profitable “AI companies” of the future, compatibly with capitalism, by distributing dividends to the needy.

Challenges and outlook: While the positive impacts of UBI are well-evidenced, political and ideological obstacles remain to implementing it widely:

• Pilot schemes in the UK have faced challenges like lack of tax exemptions and compensation for lost benefits, making them more expensive than in other countries.
• UK government resistance to UBI appears to be ideological, with a radical shift in thinking needed for it to progress.
• However, the disruptive impact of AI on jobs may provide the impetus for this shift, as even AI pioneers are now advocating for UBI as a necessary policy innovation.

In conclusion, as AI continues to advance and disrupt labor markets, UBI is emerging as a potential solution to mitigate job losses, encourage socially valuable activities, and redistribute the wealth generated by artificial intelligence more equitably. While challenges remain to its widespread adoption, the transformative impact of AI may make UBI an economic and moral necessity in the coming years. Its implementation will require visionary policymaking and a fundamental rethinking of how we value human labor and allocate resources in an age of automation.