In my personal opinion, the 4th industrial revolution will not wipe out the entire work force. As there are backward countries without infrastructure and low literacy rate, there will be still a lot to do.
Yes, the world will look different in a couple of years, this is for sure.
One thing which will not be replaced by automatization will be service, as we still need the human touch.
Also, we as human love individual and unique stuff, starting from clothes to food cooked different way.
The danger with UBI is that it can lead to a form of communism, where no drive is present or where people with a certain drive are killed or slowed down by the envy masses. I'm not against it, as long as there is no limit on how much you can earn and there are normal limits on what you can do.
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Any system has its downsides, but it's the question the 'negative' effect you mentioned is a commonly heard one. However, it's the big question if this is a downside at all. With fewer jobs and more peeps around in the next few decades, maybe it is just for the best some to more peeps do not get the 'drive' to be ambitious and 'want' a paid job.
I am pretty sure, most peeps stop to do anything and contribute to society in their own ways. Take for instance my country, about 17M citizens from zero to 100+ with around 7M of them doing some sort of 'community' work by volunteering. Many of them are next to their paying jobs, but also a substantial amount by peeps without paying jobs. A good example of how many (most?) peeps are not only good-intentioned but also show such behaviour.
Don't you think AI will reach levels it can act like a human without the human realising it is AI? Singularity is not too far out in the future. This is when AI is as intelligent as humans. What happens after that, one can only guess.