John Russo: “Universal Basic Income: a “social vaccine” for technological displacement?”

John Russo: “Universal Basic Income: a “social vaccine” for technological displacement?”

In the 1970s and 80s, as tens of thousands of American industrial workers were losing their jobs as corporations moved their factories in search of cheaper labor, economists argued that this was part of a process of “creative destruction” that would ultimately bring new opportunities. In reality, the working class never fully recovered. The same pattern is being repeated today as working- and middle-class people lose jobs to technology. As John Russo writes in this week’s Working-Class Perspectives, some of the tech leaders whose innovations contribute to the problem are also testing possible solutions, including the idea of a universal basic income. Governments are debating the idea, and, Russo suggests, these experiments and discussions may lay the foundation for new social policies for a future without good jobs.

More information at:

John Russo, “Universal basic income: a “social vaccine” for technological displacement?“, Working-class Perspectives (blog), April 17th 2017

ARGENTINA: The future of employment and basic income: at the IDEA Annual Conference

ARGENTINA: The future of employment and basic income: at the IDEA Annual Conference

Santiago Bilinkis, at The Future of Employment IDEA Annual Conference

 

Although the event happened on the 22nd of October 2015, it is still relevant to take note of Santiago Bilinkis‘ presentation on technological innovation and its effect on the work market. According to Bilinkis, an economist specialized in technological issues and consequences for society, there is considerable denial in society today, which mounts barriers against the unstoppable evolution of technology. During this presentation, held at the 51th IDEA Annual Conference (titled “El future del empleo” (“The future of employment”)), Bilinkis  spoke not only about basic income as a possible solution for massive technological unemployment, guaranteeing a minimum income level for all people regardless of their job situation, but also about John Maynard Keynes’ vision of almost 100 years ago; Kenyes predicted that, eventually, machines would perform most human tasks, society would be much more egalitarian and luxuries would be socially unacceptable. His vision is one of recognition of the present social situation and which presents a positive view on society’s capacity to improve its well-being, taking advantage of the exponential technological developments of today.

 

More information (in Spanish) at:

IDEA Argentina, “51º Coloquio Anual de IDEA – El futuro del empleo [51th IDEA Annual Conference – The future of employment]”, Instituto para el Desarollo Empresarial de la Argentina, October 22nd 2015

VIDEO: The case for Universal Basic Income

VIDEO: The case for Universal Basic Income

Barb Jacobson and David Jenkins of Basic Income UK spoke at a meeting of the London Futurists at Birkbeck College in February 2015. The speakers present the case for a universal basic income as a response to societal changes such as increasing automation and technological unemployment, and answer questions about the pros and cons of a UBI.

From the event description, “Accelerating technological unemployment, with increasing numbers of people being displaced from the workforce by automation, is likely to cause growing social disruption and increased social inequality and alienation. These developments strengthen the case for a new social contract, with appropriate social, educational, and economic support for those who are left with no viable option of ‘earning a living’ due to unprecedented technological change.”

A video recording of the event is available on YouTube: https://www.youtube.com/watch?v=kHG1h2IEwBQ

Jack Smith, “Even Big Banks Think Robot Automation Will Lead to Further Income Inequality”

robot-148989_1280A report (pdf) by Bank of America Merrill Lynch predicts that unemployment due to technological innovation could eliminate nearly half of all jobs in the United States. This will further exacerbate income inequality, as the potential $7 trillion in new wealth from technology will likely be exclusively controlled by powerful individuals.

The report worries that this will lead to monopolization and impede innovation. While in the past, predictions of technology destroying human employment have been wrong, the article points out that in the 1930s technology made horses obsolete and the same could happen with humans.

The article suggests a Universal Basic Income as a potential solution to avoid this pitfall.

Jack Smith, “Even Big Banks Think Robot Automation Will Lead to Further Income Inequality”, Mic, November 11, 2015.