A radical thought...
Governments may provide a Universal Basic Income (UBI)
National governments provide a Universal Basic Income (UBI) that ensures everyone has a minimum level of economic security, that covers ALL basic costs.
UBI provides a safety net for individuals whose jobs have been automated, allowing them to explore new opportunities, pursue education, or becoming ‘pro-sumption’ or micro-entrepreneurs without financial constraints.
As robots and other forms of artificial intelligence [AI] take over 75 of all our current tasks, and 40% of all job roles, they will be taxed. And because AI means the labour component of all goods and services is significantly reduced, there is real scope for governments to reduce personal income taxes, and elevate consumption taxes like GST and VAT.
There is also scope for some national governments to introduce a Universal Basic Income [UBI} that is added to our other personal income – which is taxed at progressive rates.
Scenario 1: Entrepreneurial Exploration
With a basic income guaranteed, individuals feel empowered to explore entrepreneurial ventures without the fear of financial ruin.
This scenario leads to a surge in innovation and start-ups, as millions take risks, partner with robots and AI, and pursue their passions.
The economy benefits from a diverse range of entrepreneurial initiatives, fostering innovation and economic growth.
Scenario 2: Community Engagement
UBI enables individuals to engage more actively in their communities.
With financial security assured, people volunteer, participate in community projects, and contribute to social causes.
This scenario strengthens social cohesion, promotes civic engagement, and leads to the development of sustainable community initiatives.
Scenario 3: Pursuit of Personal Growth
UBI provides individuals with the opportunity to invest in their personal development. Indivduals willingly explore education, engage in lifelong learning, and acquire new skills.
This scenario fosters a society of continuous growth and learning, with individuals pursuing diverse interests and contributing their enhanced abilities to society.
Scenario 4: Reducing Consumerism and Materialism
If new technologies can provide us with the physical things and lifestyles we aspire to, it may prompt a re-evaluation of our consumption patterns.
With automation potentially increasing efficiency and reducing costs, there may be a shift towards prioritizing sustainability, minimalism, and experiences over excessive material accumulation.
People may find fulfillment in non-material aspects of life, such as personal growth, relationships, and contributing to societal well-being.
It is important to note that these radical thoughts are speculative and based on a hypothetical scenario.
The actual impact of AI, automation, and other technologies may vary, and societal responses can be influenced by a multitude of factors.
That having been said, do you see enough value in UBI to start lobbying for it?
Join the Conversation
What are universal basic income pros and cons? Is there a convincing case for universal basic income?
Can you see a universal basic income for Australia?