Re:As Tech Evaporates Jobs, “The Tipping Point Will Be Drive...
by dragonwriter on Wednesday June 15, 2016 @05:20PM
(#11912229)
> 50% of jobs are eliminated through automation.
Automation mostly doesn't "eliminate jobs" (numerically; it certainly might eliminate job categories), it reduces the market clearing price of labor by providing a competing alternative.
Among the features of a mature UBI is replacing the combination of minimum wage and means-tested benefit programs as a means of ensuring that the "fully employed" and the less-fully-employed, respectively, are adequately supported. By displacing minimum wage, it actually reduces the degree to which reducing the market value of labor results in lost jobs.
Now, it doesn't eliminate income or wealth inequality, which is essential to maintain some incentive to engage productively with the economy for those who can, but its not a matter of nobody working, its a matter of mitigating the cost of a narrower class of people having high-value labor while the labor of the masses is increasingly low-value given the alternatives available.
Automation mostly doesn't "eliminate jobs" (numerically; it certainly might eliminate job categories), it reduces the market clearing price of labor by providing a competing alternative.
Among the features of a mature UBI is replacing the combination of minimum wage and means-tested benefit programs as a means of ensuring that the "fully employed" and the less-fully-employed, respectively, are adequately supported. By displacing minimum wage, it actually reduces the degree to which reducing the market value of labor results in lost jobs.
Now, it doesn't eliminate income or wealth inequality, which is essential to maintain some incentive to engage productively with the economy for those who can, but its not a matter of nobody working, its a matter of mitigating the cost of a narrower class of people having high-value labor while the labor of the masses is increasingly low-value given the alternatives available.