What’s wrong with UBI?

One out of three ain’t good Universal Basic Income (UBI) is a fashionable policy idea comprising three elements: it is universal, it is basic, and it is an income. Unfortunately, two of these elements are unhelpful, and to paraphrase Meatloaf, one out of three ain’t good. The giant sucking sound The noted economist John Kay dealt the edifice of UBI a serious blow in May 2016 in an article (here, possibly behind a paywall) for the FT. He returned to his target a year later (here, no paywall) and pretty much demolished it. His argument is slightly technical, and it...

Future Bites 7 – The Star Trek Economy

But later on, when humanity muddled through the Economic Singularity without too much turmoil, it turned out that the Boomers’ luck was eclipsed by that of the Millennials. During the 2020s, industry after industry succumbed to automation by intelligent machines, and unemployment began to soar. Professional drivers were the first to go, but they were quickly followed by the staff in car insurance companies, call centres, fast food outlets and most other types of retail. At the same time, junior positions in the middle-class professions started thinning out so that there were no trainee jobs for accountants, lawyers, architects and...

Future Bites 6 – Generous Google

The sixth in a series of un-forecasts* – little glimpses of what may lie ahead in the century of two singularities. It is 2044. Around the world, machines have taken over many of the jobs that humans used to do. Professional drivers were the first big group to succumb to what is now commonly referred to as cognitive automation. Many of them struggled to cope, eking out unsatisfactory existences in the gig economy. Call centre staff and retail workers were next, and then, in the early 2030s, most of the professions started to see large reductions in employment levels too....