The contemporary times are marked by robotics and Artificial Intelligence (AI). With such rapidly improving technology, there is a threat to the employment, especially for manufacturing jobs. The Economic Security Project that has been created recently with the notable signatories believes that it could ensure a smooth transition of the economy.
The Economic Security Project aims at exploring a concept referred to as universal basic income (UBI) through which it ensures the better transition from a skilled to labor economy to a machine equipped economy. The project includes significant signatories like Facebook co-founder Chris Hughes, Y Combinator president Sam Altman, and Black Lives Matter co-founder, Alicia Garza.
The project believes, “In a time of immense wealth, no one should live in poverty, nor should the middle class be consigned to a future of permanent stagnation or anxiety.” The declaration further stated, “Automation, globalization, and financialization are changing the nature of work, and these shifts require us to rethink how to guarantee an economic opportunity for all.”
The project will be funding groups like The Niskanen Center, which further shall research specific policies related to employability applicable for the US and The Roosevelt Institute, which will analyse the idea at the macroeconomic level. In the coming two years the project will be spending over $10 million.
UBI has managed to attract numerous governments. The trial is taking place in the Netherlands, while it is all set to start its trial in Finland next year.Recently, a Scottish council discussed with UBI about conducting a limited free trial in Fife.
Supporters of UBI has asserted the necessity of UBI as simply exchanging labor for money will be worthless. Brad Wardell, CEO of Stardock, has called for immediate action towards a UBI, as the shift in automation will not necessarily translate towards the policy. Brad Wardell, CEO of Stardock, has called for “immediate action towards a UBI, as the shift in automation will not necessarily translate towards the policy.”
The project at present has various approaches open to carry on its vision. The Royal College of Arts that was researching for an idea for Scottish council concluded that an annual figure must be paid to everyone. Supposedly by the end of the two-year trial period, the project can decide the best approach available.
UBI is required to prevent a much wider gap emerging between the rich and poor, because of the onset of AI and robotics.