Name: Automated Economy Explained: Mechanics of a Basic Income
Uploaded: 2017-03-25T15:54:50.000Z
Duration: 8 min 4 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

In 122 BC, Gaius Gracchus initiated a policy

that would later be known as "Bread and Circuses."

replaced their workers with cheap slaves from the colonies.

This resulted in high unemployment of the Roman population.

As the empire found itself in a situation

where production flourished but the population suffered,

they introduced a policy of free grain and entertainment,

an answer to the favorite small-talk  question, "What do you do?"

Maybe you even think it gives you a purpose in life.

And, if nothing else, it puts some money into your bank account every month.

take the blue pill and keep working for your money as you've always done,

or take the red pill and you will never have to work a day in your life again.

as we are increasingly  automating our economy.

If the fact that the bots are coming for your job is news to you,

I suggest you watch this video by CGP Grey,

one of many that will  bring you up to speed.

there are households,  which are people like you,

businesses, which are owned by people like you,

The households provide labor for the businesses

in exchange for an income by the businesses,

in order to receive products and services of the businesses.

The first thing we need to do to adjust this model

is cross out the labor connection between households and businesses,

because businesses will get their labor from the bots.

The average Joe won't be working a regular job, through no fault of his own.

but there is just no field in which he can compete against the best bots out there.

We won't be referring to him as "unemployed,"

much like we don't refer to most people as "not a movie star"

thus causing an eventual collapse of the entire system,

because wealth creation through production and consumption

is largely responsible for our well-being.

The most widely suggested way to fix the chain at this point

is a Universal Basic Income (in short, UBI),

a state-distributed payment to cover your basic needs.

the answer would be the state just owns all production.

and the state will have to get its share  through taxes.

the greatest beneficiary of automation so far?

"The households! Because they get free money!"

But that 'free money' is really just a replacement

for what they've gotten before when there were still jobs to do.

So getting it without work sure is an advantage,

but they aren't the biggest winners in this new system.

They won't have to pay any employees anymore, remember?

a gradual move towards more automation results in two things:

things which we can already observe today.

So that's why in a  capitalistic Automated Economy,

there will simply have to be a  higher tax on company profits.

Shareholders of the businesses  still end up with higher profits,

and citizens can live on  a steadily increasing UBI.

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Automated Economy Explained: Mechanics of a Basic Income

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