Saturday Mar 23, 2024

Dr. Karl Widerquist says we need Universal Basic Income now

In this episode I am discussing the economic impacts of the AI revolution, and whether or not it is time for UBI. AI will take over jobs and increase productivity per remaining worker to compensate. We are bound for a situation where owners will be able to squeeze more profits from a declining workforce, while the working class continues on the path to extinction and increasing hardship. Corporate profits need to keep increasing to pay shareholders, and corporations have been able to use the threat of offshoring jobs, while having to compete with more unscrupulous companies to hold wages down.

I am a proponent of some sort of UBI but I recognize that the path from here to there is not obvious. I fear that if we don’t find a peaceful means to distribute the increasingly concentrated wealth created by robotics, and AI, that the uprising is coming. People are getting restless. Despite being significantly more productive than our parents generation, we have less real wealth. Less purchasing power. Less free time. Less leisure. AI and robotics were supposed to free us from the grind. Make life easier. Instead we have to compete with robots in a dwindling job market to make ends meet. It doesn’t have to be this way. Is there an equitable and peaceful path to more widely share the benefits of automation or are we rushing headlong into upheaval?

Dr. Karl Widerquist has a Ph.D. in economics from the City University of New York. For several years Widerquist pursued both music and economics. He played in several indie bands in New York in the 1990s. He was a Hoover Fellow at the Université Catholique de Louvain. Widerquist received a second doctorate in Political Theory at the University of Oxford and then worked as a Fellow at the Murphy Institute at Tulane University and as a Visiting Professor at the University of Reading in the United Kingdom. He is a Professor of Philosophy at Georgetown University-Qatar specializing in distributive justice. Widerquist has been the co-chair of the Basic Income Earth Network (BIEN) since 2008.

Dr. Karl Widerquist says we need Universal Basic Income now

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