Young child handing money to futuristic robot on a city street at night

Universal Basic Income as a Solution to AI Job Displacement

Computers have amazed us by handling jobs like storing and retrieving data. In 1963, the US Secretary of Labor, Willard Wirtz, warned about automation. He said many people might lose jobs because computers could do clerical work. It took 50 years for that to happen, but it did. Now, with AI, we might see a similar change.

Today, AI continues to learn from our collective work. It might take over many jobs. But there's a new idea called Universal Basic Income (UBI) that could help people. UBI means giving people a guaranteed income. This idea is gaining popularity as a solution to AI's impact.

Human hand passing a playing card to a robot hand with autumn leaves in the background.

One woman in Ireland got selected for a UBI pilot scheme. She now gets over $11,200 a month. In return, she fills out a survey about her well-being. She quit her temp job and now focuses on her artwork. This shows how UBI could let people do more rewarding work.

Elon Musk said AI might handle all jobs one day. He thinks there will come a time when people won't need jobs for money, only for personal satisfaction. Some say this might be true in less than 70 years, given AI's fast growth.

But there are new roles AI is creating. For example, people are needed to oversee AI decisions. This role is called "human in the loop." Yet, many are still worried about AI. A study analyzed 22,000 tasks in the economy. It found that 59% of tasks could be affected by AI in 3 to 5 years. This could result in 8 million job losses in the UK alone. UBI could provide a safety net during such changes.

A 2020 study in the Netherlands looked at people who received basic income for three years. These people were more likely to find good, long-term jobs. Instead of taking any job they could get, they found work they enjoyed. They even took on more work.

Some believe that with UBI, people would do more creative and charitable work. These kinds of work are now hard to make money from. If UBI was available, people might move into these jobs in large numbers. This would be good for society.

Care work and parenting are examples of valuable work. Right now, these jobs don't pay well. But with UBI, people could choose these roles without financial worry. This would be a positive change.

There are more points to cover. Darrell West, the author of "The Future of Work: AI, Robots, and Automation," says that policymakers need to act. They must prepare for these changes. If done right, AI could lead to a more creative and rewarding society.

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