Economist Steve Keen on AI, robots, and universal basic income
If robots take most jobs, people without capital have no way to earn — bad for workers, and a case for handing everyone money.
- The worry: once robots can do the work, anyone who doesn't own capital has no income at all.
- Unskilled jobs go first, so there's no fallback for people pushed out.
- The proposed fix is money paid to everyone out of what the economy produces — Musk calls it universal high income.
- Without it, factories make goods nobody can afford to buy, and society splits into a Hunger Games have/have-not world.
Outlook: No timeline here — this is a long-run risk, but the debate over paying people a basic income is heating up now.