Why UBI is not the answer to the impact of AI on the labour market
Tech developers in Silicon Valley seem to be convinced thatAI will lead to mass unemployment and that only Universal Basic Income (UBI), funded by the government, would be the appropriate policy response. Several leading CEOs have made two related economic claims: that AI will devastate labour markets catastrophically, and that the productivity gains it generates will make such transfers noninflationary. Both claims are empirically weak, and the second does not follow from the first even if the first were true.
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