Artificial Intelligence (AI) is rapidly changing the way that people work. AI is useful in many ways, but it also threatens to eliminate jobs. AI tools can perform tasks like coding, writing, teaching, creating video, and more with speed and cost efficiency that are unmatchable by humans.
In April 2023, Goldman Sachs said that AI could threaten more than 300 million jobs around the globe. Roles such as analyst, marketer, teacher, and journalist could be eliminated as machines take over many functions.
AI models like ChatGPT are now outperforming developers in coding tests and writing emails or long-form articles in the time it takes someone else to have an idea. Other AI tools like Runway, Sora, and Google VEO 3, are creating entire video scenes using text prompts. If your job is based on patterns, numbers, or words, there is no limit to how quickly AI could disrupt that function. Ultimately, the next question is what if someone loses their job and income?
UBI is a financial system in which every citizen in a country receives a regular financial amount from their/the governments. It is not conditional – the money received is the same whether someone is wealthy or poor, employed or unemployed.
The idea of UBI is that people can meet their basic needs for food, shelter, and healthcare if they do not have employment. UBI is easy to understand: no forms, no eligibility. It’s simple and fair and universal.
Many tech billionaires see UBI as a way to protect people from being displaced as AI eat jobs on a massive scale. OpenAI CEO Sam Altman endorsed a three-year UBI study where participants received $1,000 a month for 36 months. UBI money mostly paid for food, and housing and basic bills. Participants worked a little less but lived better.
Elon Musk has offered the vision that UBI could lead to a “star trek future” of shared abundance and shared happiness in humanity. But that utopia might deteriorate into a “Terminator future” if not iterated the proper way.
Salesforce CEO Marc Benioff stated that at least half of the work in Salesforce is already done by AI. He advocates for UBI to support those with daily responsibilities of welfare to others or childrearing, without any salaried paid position.
UBI has been trialed in Finland, Canada, and various cities in the US. The results of the trials showed that UBI reduced stress and improved life, and did not make people lazy or unproductive. There are many ways that governments can administer UBI for billions of people, like Central Bank Digital Currencies (CBDCs).
CBDCs are digital cash issued from central banks like India’s Digital Rupee. They can be used for cash-like spending, but may come with spending restrictions set by the government.
India may use the Digital Rupee to roll out Universal Basic Income (UBI) if automation causes widespread job losses. Still, we must determine who will fund this UBI and how much control the government will exercise over its use.
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