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Universal Basic Income is not a solution

Universal basic income. If even Elon Musk supports this idea, it must be revolution. Or could it lead to the end of democracy?

For the past 10,000 years, human economic interaction depended on the ability to exchange goods and services for other commodities and eventually money. Today, automation has a potential to destroy 45% of our jobs.

If there comes a time when large portion of population is no longer economically productive, implementing universal basic income would eliminate poverty, bud deepen income and wealth inequality. Universal basic income would permanently separate wealthiest technology owners from everyone else who didn’t happen to create a multi-billion dollar technology start-up.

With everybody receiving equal amount of benefits without having the ability to earn for themselves, the option to improve your standards would disappear. It would eventually make everybody own equally basic wealth except for those who make the decisions. Essentially, everybody who doesn’t own artificial intelligence will fall into this category.

If you give unemployable people universal basic income, you sure improve their living standards, but nothing is going to change on their ability to participate in the decision making. Their voice would be limited to casting a vote to whomever promises them the highest benefits.


Not only is the universal basic income just one option out of many when dealing with poverty, it’s the least desirable. The fact that the Sillicon Valley so keen on introducing this idea so much ahead of its time is deeply troubling. It would grant them ultimate monopoly powers on the market as they would be the first and only owners of the automation. Universal basic income would thus make barriers to entry the market with your own entrepreneurship, because you wouldn’t be able to increase your income or make profits on your own.

The real problem why automation deepens inequality is the existence of high barriers to entry the market and diversify competition in automation driven industry. Most of the artificial intelligence is through corporate protective regulations within the hands of few multi-billion dollar transnational companies. The rate of new entrepreneurs entering the market is declining fast.

Technology start-ups are no longer focusing on creating new products, but rather spend most of their resources on improving the data collecting AI to make it more and more invasive. It creates a multi-billion dollar bubble that will burst once buyers no longer have enough wealth to keep their spending. Universal basic income sounds like the same solution as the financial bailout of the banks that crashed the economy. That is a no solution at all.

Sources:
Milton Friedman on negative income tax: [ Ссылка ]

OECD basic income policy report [ Ссылка ]

Universal Basic Income is not an Innovation Policy
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Painted Indigo, Further Investigation by Teknoax.com

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