Recently Elon Musk made a post regarding growing concerns for the rise of AI, Robotics. and general automation. Many people are starting to get worried with how fast AI is getting and the potential for many tasks and jobs to simply be automated leading to mass layoffs unlike we've seen before yet still retaining a growing economy. Essentially the economy will still grow at a rapid pace yet there won't be job creation. Many say the idea of UBI will solve this but still fear it not being enough to cover life expenses. Elon Musk said

    "Universal HIGH INCOME via checks issued by the Federal government is the best way to deal with unemployment caused by Al.

    Al/robotics will produce goods & services far in excess of the increase in the money supply, so there will not be inflation."

    How do serious economists see things playing out with this over the next 10-15 years? I find this a bit ironic considering how musk himself claimed to be a libertarian looking to reduce government spending but will we see universal high income checks handed out to the general population if we reach a state of mass abundance of goods? or at least targeted unemployment bonuses for those laid off by AI but cannot find other work?

    Does Elon Musk's proposed UHI (Universal High Income) strategy to deal with mass layoffs from automation actually have merit or feasibility?
    byu/Richardogod inAskEconomics



    Posted by Richardogod

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