As we herald a new era of technology and automation, countless jobs are at risk of being phased out. Many governments are thus grappling with the question: How can people make a living when machines take over their jobs? The answer seems to lie in adopting a concept that has existed for years but never fully implemented - the Universal Basic Income (UBI).
The notion of universal basic income has been in discussion since the 16th century. UBI is a safety net system wherein every citizen, regardless of their employment status, is entitled to a fixed, regular, and unconditional sum of money from their government. UBI aims for a more equitable society, where every person is assured of basic financial security.
The current phase of technological innovation holds immense possibilities - from self-driving cars to automated checkout services, and artificial intelligence-driven job roles. But with more tasks being automated, there is a relentless fear of job losses. Experts predict a gloomy future with rising unemployment rates if countermeasures, such as UBI, aren't considered.
As humans, we have constantly strived for growth and efficiency. However, the collateral damage of this growth, especially at a time of rampant automation, might be too huge to ignore. And here, UBI can play a crucial role. Universal basic income can help navigate the inevitable changes that automation will bring – it will keep economies afloat, protect against increasing insecurity, and ensure social cohesion.
Implementing UBI is as complex as its concept. Key variables like the source of funding, the sum to be provided, and ensuring it doesn't disincentivize people from working are critical considerations. Yet, several tech giants and economists are calling for trials and real-world experiments of UBI to address the potential work crisis due to automation rise.
Different countries have varying responses to UBI. While the idea has met resistance in many places, nations like Finland and Canada have run pilot programs to test its feasibility. Additionally, in the wake of the economic crisis caused by the Covid-19 pandemic, a monthly stimulus package concept has been implemented in the US, somewhat echoing the UBI theme.
In the face of rising automation, UBI can represent an effective tool to combat economic uncertainty, ensuring a smooth transition to an automated world. But this revolution calls for an international commitment, to not only upgrade our technology but also redefine our economic paradigm.
The dream of universal basic income requires courage and vision to make it a reality. If we can harness this, we could create a world where work is not a means of survival but an avenue for personal development and societal advancement.
