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RE: Will Machine Learning and AI Force Us to Rethink Mainstream Economic Theory?

in #life7 years ago

The problem that you are talking about in this article is very real, and more than a little scary. Unfortunately, the solution doesn't seem to be anything as simple as taxing the hell out of robots and the companies that use them and give everyone a Universal Basic Income.

People much better educated in economics than I am have debunked this idea. Here's one article from a couple of years ago showing that the math simply cannot work: http://www.oftwominds.com/blogdec15/basic-income12-15.html

The author (Charles Hugh Smith) also points out major psychological problems that could come from people living on UBI instead of earning their living.

I don't know what the answer is but it seems pretty clear that Universal Basic Income is not it. As for me, I'm living in South America and looking to buy some farmable land as a place to ride out the storm. God help us all!