Universal Basic Income (Explained)

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At the turn of the last century, the 1900s, the world was changing rapidly as the industrial revolution was reshaping the labor market and as a result, among other grievances, there were mass riots in which hundreds were killed and billions in damages incurred.

As a governmental response, multiple resolutions were introduced, such as marking labor day as a national holiday, stronger worker bargaining rights and implementing a universal high school system to better educate and give the populous the skills required for the new labor market.

Translating to present day, “we are [now] entering an age of super-intelligent computers that can take any complex data set – every legal precedent, radiology film, asset price, financial transaction, actuarial table, Facebook like, customer review, résumé bullet, facial expression, and so on – synthesize it, and then perform tasks and make decisions in ways that are as good as or better than the smartest human in the vast majority of cases.”

This process of automation & digitization, and thereby change in the labor market according to firms such as McKinsey at a conservative estimate will happen at a rate 3 to 4 times as fast as the industrial revolution – and by that metric, we can expect to see a proportional amount of civil unrest, violence, etcetera.

While we have discussed some solutions to this automation conundrum, such as retraining or taking up work in the gig economy and platform coops, these are more like temporary, short-term solutions – an asymmetrical response to the scale of change society will undergo. Luckily a more permanent, long-term solution does exist, universal basic income.

00:00 Intro
01:36 What Is A UBI
06:50 Funding A UBI

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Sources ➤

[1] Yang, Andrew. The War on Normal People, 2018.
[2]https://en.wikipedia.org/wiki/Univers...
[3]https://en.wikipedia.org/wiki/List_of...
[4]https://basicincome.stanford.edu/abou...
[5]https://newatlas.com/good-thinking/ca...
[6]https://time.com/5876604/machines-job...
[7]https://askwonder.com/research/market...
[8]  / if-we-can-afford-our-current-welfare-syste...  
[9]https://ips-dc.org/wall_street_bonuse...

Producer ➤ Ankur Bargotra

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