universal basic income

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A Pelican Introduction: Basic Income by Guy Standing

bank run, basic income, Bernie Sanders, Bertrand Russell: In Praise of Idleness, Black Swan, Boris Johnson, British Empire, centre right, collective bargaining, cryptocurrency, David Graeber, declining real wages, deindustrialization, Donald Trump, Elon Musk, Fellow of the Royal Society, financial intermediation, full employment, future of work, gig economy, Gunnar Myrdal, housing crisis, hydraulic fracturing, income inequality, intangible asset, job automation, job satisfaction, Joi Ito, labour market flexibility, land value tax, libertarian paternalism, low skilled workers, lump of labour, Mark Zuckerberg, Martin Wolf, mass immigration, mass incarceration, moral hazard, Nelson Mandela, offshore financial centre, open economy, Panopticon Jeremy Bentham, Paul Samuelson, plutocrats, Plutocrats, precariat, quantitative easing, randomized controlled trial, rent control, rent-seeking, Sam Altman, self-driving car, shareholder value, sharing economy, Silicon Valley, sovereign wealth fund, Stephen Hawking, The Future of Employment, universal basic income, Wolfgang Streeck, women in the workforce, working poor, Y Combinator, Zipcar

Thoung (2015), Creative Citizen, Creative State – The Principled and Pragmatic Case for a Universal Basic Income. London: Royal Society of Arts. 18. A. Painter (2015), ‘In support of a universal basic income – Introducing the RSA basic income model’, Royal Society of Arts blog, 16 December. 19. Reed and Lansley, Universal Basic Income. 20. J. Birch (2012), ‘The problem of rent: Why Beveridge failed to tackle the cost of housing’, Guardian, 22 November. 21. G. Morgan and S. Guthrie (2011), The Big Kahuna: Turning Tax and Welfare in New Zealand on Its Head. Auckland, New Zealand: Public Interest Publishing. 22. A. Stern (2016), Raising the Floor: How a Universal Basic Income Can Renew Our Economy and Rebuild the American Dream. New York: PublicAffairs. 23. C. Holtz (2016), ‘The Panama Papers prove it: America can afford a universal basic income’, Guardian, 8 April. http://www.theguardian.com/commentisfree/2016/apr/07/panama-papers-taxes-universal-basic-income-public-services. 24.

In September 2016, the Trades Union Congress (TUC), the UK’s umbrella union body, voted in favour of the following motion endorsing the principles of basic income: Congress notes the growing popularity of the idea of a ‘Universal Basic Income’ with a variety of models being discussed here and around the world. Congress believes that the TUC should acknowledge Universal Basic Income and argue for a progressive system that would be easier to administer, easier for people to navigate, paid individually and that is complementary to comprehensive public services and childcare provision. The transition from our current system to any new system that incorporates these principles should always leave people with lower incomes better off. A motion included in the preliminary agenda for the Congress went further in calling for the TUC to ‘argue for a progressive system that incorporates the basis of a Universal Basic Income system’. This was later subsumed into a composite motion containing the quoted paragraph.

London: Profile Books. 14. T. Cowen (2016), ‘My second thoughts about universal basic income’, Bloomberg, 27 October. 15. A. Stern (2016), Raising the Floor: How a Universal Basic Income Can Renew Our Economy and Rebuild the American Dream. New York: PublicAffairs. 16. G. Standing (2014), A Precariat Charter: From Denizens to Citizens. London: Bloomsbury. CHAPTER 7: THE AFFORDABILITY ISSUE 1. T. Harford (2016), ‘Could an income for all provide the ultimate safety net?’, Financial Times, 29 April. 2. J. Kay (2016), ‘With a basic income, the numbers just do not add up’, Financial Times, 31 May. 3. M. Sandbu (2016), ‘Free lunch: An affordable utopia’, Financial Times, 7 June. 4. The Economist (2016), ‘Daily chart: Universal basic income in the OECD’, The Economist, 3 June. http://www.economist.com/blogs/graphicdetail/2016/06/daily-chart-1. 5.


Financing Basic Income: Addressing the Cost Objection by Richard Pereira

banks create money, basic income, income inequality, job automation, Lyft, new economy, offshore financial centre, Paul Buchheit, quantitative easing, sovereign wealth fund, Tobin tax, transfer pricing, uber lyft, universal basic income, unpaid internship, Wall-E

In his chapter Pereira contends that if we first address tax leakages, such as tax evasion and avoidance through tax havens and numerous tax shelters, personal income taxes do not have to be raised to provide a universal basic income. A personal tax cut could be implemented along with introduction of basic income Pereira claims, as savings from programme redundancies are so significant, combined with addressing tax leakage. Other proposals may focus on increasing corporate income taxation rates, which have been reduced in many countries by substantial amounts in recent decades, as a financing measure. Large-scale government subsidies and tax exemptions for corporate enterprises (corporate welfare) are also often targeted as being better redirected to a universal basic income. Some proposals focus on value-added taxes (VAT) or consumption taxes to raise most or all of the additional revenue that may be needed to finance a basic income.

PART 1 Foundations for a Basic Income Guarantee CHAPTER 2 The Cost of Universal Basic Income: Public Savings and Programme Redundancy Exceed Cost Richard Pereira Abstract This chapter addresses the cost objection to basic income, which rests upon the claims that (a) it is too expensive to implement and (b) that personal income taxes will have to be raised to such a high level as to make it politically infeasible. A Canadian case study is used to demonstrate that the cost savings of implementing basic income are often greatly underestimated or neglected, and that personal income taxes do not need to be raised. Personal income taxes could be reduced while implementing a decent basic income. Keywords Universal basic income Cost Savings Public finance Demogrant Negative income tax (NIT) INTRODUCTION This study demonstrates that a universal basic income (UBI) or guaranteed income at a level sufficient to cover essential needs (at the official poverty line or higher) is affordable.

Those who worked on and are responsible for the creation of the Croll Report, NAPO. They and many others leave a legacy and path towards transformative change in the fields of health care, ecological understanding, care work, economics and the foundation of basic income, or guaranteed income. vii CONTENTS 1 Introduction: Financing Approaches to Basic Income Richard Pereira 1 Part 1 Foundations for a Basic Income Guarantee 2 The Cost of Universal Basic Income: Public Savings and Programme Redundancy Exceed Cost Richard Pereira 9 Part 2 Cost Feasibility of Basic Income in Europe 3 Financing Basic Income in Switzerland, and an Overview of the 2016 Referendum Debates Albert Jörimann 49 Part 3 Building Up BIG 4 Total Economic Rents of Australia as a Source for Basic Income Gary Flomenhoft 77 ix x CONTENTS 5 Conclusion Richard Pereira 101 Appendix 1 107 Appendix 2 109 Index 113 LIST Fig. 4.1 Fig. 4.2 OF FIGURES Economic rent from oil extraction Total Australian land prices 1989–2014 80 86 xi LIST Table 3.1 Table 3.2 Table 3.3 Table 3.4 Table 3.5 Table 3.6 Table 4.1 Table 4.2 OF TABLES Gross cost of the basic income in Switzerland (2012) Earned income/month with BI at CHF 2,500/month and clearing payment scale Income classes in Switzerland (2010) Clearing payment Social insurances, total expenses and part of expenses creditable to the BI account Hypothetical model for additional income tax for incomes above CHF 30,000 per year Total resource rents of Australia Economic rent minus existing revenue 51 54 55 56 57 63 84 96 xiii CHAPTER 1 Introduction: Financing Approaches to Basic Income Richard Pereira Abstract The different ways in which basic income can be financed are set out in this chapter as a guide to reading the book.


Basic Income And The Left by henningmeyer

basic income, Bernie Sanders, centre right, eurozone crisis, income inequality, John Maynard Keynes: technological unemployment, labour market flexibility, land value tax, means of production, mini-job, moral hazard, precariat, quantitative easing, Silicon Valley, the market place, Tobin tax, universal basic income

Basic Income And the Left: A European Debate 2. How To Combat Inequalities Produced By Global Capitalism 3. Basic Income And Social Democracy 4. Why Basic Income Can Never Be A Progressive Solution - A Response To Van Parijs 5. The Euro-Dividend 6. Basic Income Pilots: A Better Option Than Quantitative Easing 7. Why The Universal Basic Income Is Not The Best Public Intervention To Reduce Poverty Or Income Inequality 8. The Worldwide March To Basic Income: Thank You Switzerland! 9. Universal Basic Income: A Disarmingly Simple Idea – And Fad 10. Unconditional Basic Income Is A Dead End 11. Basic Income Is A Tonic Catalyser: A Response To Anke Hassel 12. Basic Income And Institutional Transformation 13. No Need For Basic Income: Five Policies To Deal With The Threat Of Technological Unemployment 14. Citizen’s Income: Both Feasible And Useful 15.

As cuts to 42 43 social spending mount, the politicians and financial establishment should not be surprised if the anger turns on them. An alternative approach is needed desperately. A pilot scheme would give policymakers a wonderful opportunity to see if it would work. It is not as if feeding the bankers has done more than restore bankers’ bonuses to disgusting heights. 7 WHY THE UNIVERSAL BASIC INCOME IS NOT THE BEST PUBLIC INTERVENTION TO REDUCE POVERTY OR INCOME INEQUALITY BY VICENTE NAVARRO (24 MAY 2016) There is no uniform interpretation of Universal Basic Income (UBI). The simplest definition may be that UBI is a public program in which the state (at any level—national, regional, or local) transfers to everyone the same amount of money (usually similar to the level of income that defines a country’s poverty line). Among the earliest supporters of public money transfers to everyone (although they did not use the exact terminology) were thinkers belonging to the liberal tradition.

objections, some naive and some spot on, it has also helped the UBI advocates to sharpen their argu‐ ments and to recognise the need for realistic next steps. For both these reasons, the Swiss citizens who 58 59 devoted a tremendous amount of time, energy and imagination to the yes campaign deserve the warm gratitude not only of the basic income movement worldwide, but of all those fighting for a free society 9 and a sane economy. UNIVERSAL BASIC INCOME: A DISARMINGLY SIMPLE IDEA – AND FAD BY ROBIN WILSON (9 JUNE 2016) Universal basic income is a disarmingly simple idea based on a disarmingly simple premise. The digital revolution threatens massive technological unem‐ ployment; ergo, every citizen should be paid a basic income regardless. Like all simple ideas, however, things get more complicated on closer scrutiny. For decades there have been jeremiads predicting that workers would be replaced by robots and unemployment would spiral.


Universal Basic Income and the Reshaping of Democracy: Towards a Citizens’ Stipend in a New Political Order by Burkhard Wehner

basic income, business cycle, full employment, universal basic income

Chapter 1 Introduction The discussion of universal basic income has come to a deadlock. So far, the questions whether, when, where, and how a universal basic income could eventually be put into political practice have played a minor role in this discussion. However, these questions belong not at the end, but at the beginning of the debate. This line of inquiry brings the political logic of basic income into focus. This logic carries highly controversial political and scientific implications. It reveals that the politics of basic income must be discussed in a much wider context and over a much longer time horizon than hitherto done. In the light of this logic, the institutions and rules of conventional democracy are shown to be insuperable barriers to universal basic income—barriers not only to concrete political implementation, but also to large-scale and nationwide basic income experiments.

SPRINGER BRIEFS IN POLITICAL SCIENCE Burkhard Wehner Universal Basic Income and the Reshaping of Democracy Towards a Citizens’ Stipend in a New Political Order SpringerBriefs in Political Science More information about this series at http://www.springer.com/series/8871 Burkhard Wehner Universal Basic Income and the Reshaping of Democracy Towards a Citizens’ Stipend in a New Political Order 123 Burkhard Wehner Horst, Germany ISSN 2191-5466 ISSN 2191-5474 (electronic) SpringerBriefs in Political Science ISBN 978-3-030-05827-2 ISBN 978-3-030-05828-9 (eBook) https://doi.org/10.1007/978-3-030-05828-9 Library of Congress Control Number: 2018964044 © The Author(s), under exclusive license to Springer Nature Switzerland AG 2019 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed.

In the light of this logic, the institutions and rules of conventional democracy are shown to be insuperable barriers to universal basic income—barriers not only to concrete political implementation, but also to large-scale and nationwide basic income experiments. In the context of present democracies, basic income would neither find sufficient support with voters, nor could it be implemented with the exceptional foresight and competence necessary for such a project. This book outlines alternative political institutions, rules, and strategies that could eventually make universal basic income politically viable. © The Author(s), under exclusive license to Springer Nature Switzerland AG 2019 B. Wehner, Universal Basic Income and the Reshaping of Democracy, SpringerBriefs in Political Science, https://doi.org/10.1007/978-3-030-05828-9_1 1 Chapter 2 Basic Income—A Project for Generations 2.1 Unconditional Basic Income—A Consensus-Building Term? Unconditional basic income is difficult to discuss free from emotion and ideology. Controversies in this field result less from differences in economic calculations than from political and ideological prejudice.


pages: 173 words: 53,564

Fair Shot: Rethinking Inequality and How We Earn by Chris Hughes

"side hustle", basic income, Donald Trump, effective altruism, Elon Musk, end world poverty, full employment, future of journalism, gig economy, high net worth, income inequality, invisible hand, Jeff Bezos, job automation, knowledge economy, labor-force participation, Lyft, M-Pesa, Mark Zuckerberg, meta analysis, meta-analysis, new economy, oil rush, payday loans, Peter Singer: altruism, Potemkin village, precariat, randomized controlled trial, ride hailing / ride sharing, Ronald Reagan, Second Machine Age, self-driving car, side project, Silicon Valley, TaskRabbit, The Bell Curve by Richard Herrnstein and Charles Murray, traveling salesman, trickle-down economics, uber lyft, universal basic income, winner-take-all economy, working poor, working-age population, zero-sum game

Vox, July 20, 2017. https://www.vox.com/policy-and-politics/2017/7/20/15821560/basic-income-critiques-cost-work-negative-income-tax. ———. “Basic Income: The World’s Simplest Plan to End Poverty, Explained.” Vox, April 25, 2016. http://fivethirtyeight.com/features/universal-basic-income/. ———. “A New Study Debunks One of the Biggest Arguments against Basic Income.” Vox, September 20, 2017. https://www.vox.com/policy-and-politics/2017/9/20/16256240/mexico-cash-transfer-inflation-basic-income. ———. “Study: A Universal Basic Income Would Grow the Economy.” Vox, August 30, 2017. https://www.vox.com/policy-and-politics/2017/8/30/16220134/universal-basic-income-roosevelt-institute-economic-growth. Maxfield, Michelle. “The Effects of the Earned Income Tax Credit on Child Achievement and Long-Term Educational Attainment.” Michigan State University Job Market Paper, November 14, 2013.

q=Eastern+Gateway+Community+College&s=all&id=203331. New America. “Monopoly and Inequality.” Open Markets. Accessed November 9, 2017. https://www.newamerica.org/open-markets/understanding-monopoly/monopoly-and-inequality/. Nikiforos, Michalis, Marshall Steinbaum, and Gennaro Zezza. “Modeling the Macroeconomic Effects of a Universal Basic Income.” Roosevelt Institute, August 2017. http://rooseveltinstitute.org/wp-content/uploads/2017/08/Modeling-the-Macroeconomic-Effects-of-a-Universal-Basic-Income.pdf. Nixon, Richard. “Address to the Nation on Domestic Programs.” Speech, August 8, 1969. Accessed at American Presidency Project. http://www.presidency.ucsb.edu/ws/?pid=2191. O’Donovan, Caroline, and Jeremy Singer-Vine. “How Much Uber Drivers Actually Make Per Hour.” BuzzFeed, June 23, 2016. https://www.buzzfeed.com/carolineodonovan/internal-uber-driver-pay-numbers.

“Shocker: 40% of Workers Now Have ‘Contingent’ Jobs, Says U.S. Government.” Forbes, May 25, 2015. https://www.forbes.com/sites/elainepofeldt/2015/05/25/shocker-40-of-workers-now-have-contingent-jobs-says-u-s-government/#3125467714be. Poo, Ai-jen. The Age of Dignity: Preparing for the Elder Boom in a Changing America. New Press, 2016. Price, Anne. “Universal Basic Income: Reclaiming Our Time for Racial Justice.” Medium, October 31, 2017. https://medium.com/@InsightCCED/universal-basic-income-reclaiming-our-time-for-racial-justice-45de349ea06f. Putnam, Robert. Bowling Alone: The Collapse and Revival of American Community. Simon & Schuster, 2001. Rachidi, Angela. “America’s Work Problem: How Addressing the Reasons People Don’t Work Can Reduce Poverty.” American Enterprise Institute, July 2016. http://www.aei.org/wp-content/uploads/2016/07/Americas-Work-Problem.pdf.


pages: 95 words: 6,448

Mending the Net: Toward Universal Basic Incomes by Chris Oestereich

basic income, en.wikipedia.org, future of work, profit motive, rent-seeking, The Future of Employment, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, universal basic income

Mending the Net Toward Universal Basic Incomes Chris Oestereich Mending the Net: Toward Universal Basic Incomes by Chris Oestereich Copyright © 2016 by The Wicked Problems Collaborative LLC. All rights reserved. No part of this book may be reproduced, distributed, or transmitted in any form or by any means without the prior written permission of the publisher, except in the case of brief quotations embodied in critical reviews and pages where permission is specifically granted by the publisher or author(s). The authors and publisher assume no responsibility for any errors or omissions. No liability is assumed for damages that may result from the use of information contained within. First Edition Publisher: The Wicked Problems Collaborative LLC 1) Economics 2) Sociology 3) Politics 10 9 8 7 6 5 4 3 2 1 The Wicked Problems Collaborative connect@wickedproblemscollaborative.com @WPCollaborative http://wickedproblemscollaborative.com Cover photo: Nikodem Nijaki (under the Creative Commons Attribution-Share Alike 3.0 Unported license) Contents Opening Volley Introduction 1.

If I want to spend all my time helping others, but no one is willing to pay me enough to cover my needs, I’d better have deep enough pockets to live off of. But what if we had a different system, one in which our primary needs were taken care of? What might that system look like? A universal basic income program, that would help everyone take care of their needs, is one possible answer to that question. Can it help? Given a monthly payment that set a moderate income floor, but didn’t remove the support provided by other safety net programs (things like Medicare, SNAP, and WIC), the question about universal basic incomes is not whether they would help those who are struggling to make ends meet (they would), but whether they might create any undesirable macroeconomic effects like runaway inflation, so that’s something I think we should take great care in thinking through.

Many will seek to demonize such a program, but given a fair shake, solidarity can—and likely will—triumph. Is it a perfect cure-all? Universal basic incomes appear to have a lot to offer in improving the way that society functions, but we shouldn't expect them to fix our every economic woe. It may seem obvious, or even ridiculous, to state that, but in proposing an idea that would be a significant departure from the way our economy currently functions, it’s incumbent on agitators to be honest about what they believe the changes could and could not achieve, as well as about any potential downsides those changes might foster. With that in mind, I believe that universal basic incomes would help deliver more broadly just economic outcomes, in which suffering due to financial shortcomings could be greatly reduced.


Battling Eight Giants: Basic Income Now by Guy Standing

basic income, Bernie Sanders, centre right, collective bargaining, decarbonisation, diversified portfolio, Donald Trump, Elon Musk, full employment, future of work, Gini coefficient, income inequality, Intergovernmental Panel on Climate Change (IPCC), job automation, labour market flexibility, Lao Tzu, longitudinal study, low skilled workers, Martin Wolf, Mont Pelerin Society, moral hazard, North Sea oil, offshore financial centre, open economy, pension reform, precariat, quantitative easing, rent control, Ronald Reagan, selection bias, universal basic income, Y Combinator

Standing, Basic Income as Common Dividends: Piloting a Transformative Policy. A Report for the Shadow Chancellor of the Exchequer, London: Progressive Economy Forum, May 2019. 14 A. Percy, ‘Forget the Universal Basic Income – Here’s an Idea That Would Truly Transform Our Society’, Left Foot Forward, 15 October 2018. 15 See, for instance, Percy, ‘Forget the Universal Basic Income’. 16 Cited in A. Grant, ‘Universal Basic Income Is Attempt to “Euthanise the Working Class as a Concept”’, The Herald (Scotland), 17 August 2018. 17 For a review of evidence gathered in over 30 years of research and the conduct of pilots in many places, see Standing, Basic Income. 18 A. Coote with E. Yazici, Universal Basic Income: A Union Perspective (New Economics Foundation and Public Services International, 130 Notes April 2019), p. 37. This so-called study could not cite a single British trade unionist in support of its hostility to basic income, and the only British union mentioned has actually come out in favour.

Pickett, The Inner Level: How More Equal Societies Reduce Stress, Restore Sanity and Improve Everyone’s Wellbeing, London: Penguin, 2018. 51 Health and Safety Executive, ‘Work Related Stress Depression or Anxiety Statistics in Great Britain, 2018’, HSE, 31 October 2018. 52 M. Johnson, ‘Universal Basic Income Can Directly Reduce Work-Related Stress’, Labourlist, 20 August 2019. 53 S. Cohen, D. Janicki-Deverts, W. J. Doyle, G. E. Miller, E. Frank, B. S. Rabin and R. B. Turner, ‘Chronic Stress, Glucocorticoid Receptor Resistance, Inflammation and Disease Risk’, Proceedings of the National Academy of Sciences 109 (16), pp. 5995–9. I am grateful to Matthew Johnson for bringing my attention to this article. 54 Joyce and Xu, Inequalities in the Twenty-First Century, p. 8. 55 NHS Digital, ‘Adult Psychiatric Morbidity Survey: Survey of Mental Health and Wellbeing, England, 2014’, published online September 2016. 56 M. Johnson and E. Johnson, The Health Case for Universal Basic Income, Lancaster University, 2018. 57 S. Mullainathan and E.

If one household received it, and the next-door neighbour did not, similar pressures would arise. 15 The Indian pilots included a post-final evaluation survey, to see what happened once the receipt of basic income stopped, and a legacy survey conducted three years afterwards, primarily to see what recidivism had occurred and what changes were sustained or continued to grow. 16 M. Brown, ‘Universal Basic Income: Sheffield Is Largest UK City Yet to Support Trial’, Inverse, 12 June 2019; H. Gold, ‘Sheffield Council Backs Universal Basic Income Trial’, The Guardian, 12 June 2019. 17 The Scottish part of the Institute for Public Policy Research has attacked the proposal for a basic income in Scotland, claiming it would not reduce child poverty, to which RSA Scotland has responded robustly. A. Learmonth, ‘Scots Activists Dismiss Claims UBI Would Cause More Child Poverty’, The National, 31 May 2018. 18 See, for example, Scottish Basic Income Steering Group, Exploring the Practicalities of a Basic Income Pilot, Dunfermline, Fife: Carnegie UK Trust, January 2019. 19 See, for instance, L.


pages: 477 words: 75,408

The Economic Singularity: Artificial Intelligence and the Death of Capitalism by Calum Chace

3D printing, additive manufacturing, agricultural Revolution, AI winter, Airbnb, artificial general intelligence, augmented reality, autonomous vehicles, banking crisis, basic income, Baxter: Rethink Robotics, Berlin Wall, Bernie Sanders, bitcoin, blockchain, call centre, Chris Urmson, congestion charging, credit crunch, David Ricardo: comparative advantage, Douglas Engelbart, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Flynn Effect, full employment, future of work, gender pay gap, gig economy, Google Glasses, Google X / Alphabet X, ImageNet competition, income inequality, industrial robot, Internet of things, invention of the telephone, invisible hand, James Watt: steam engine, Jaron Lanier, Jeff Bezos, job automation, John Markoff, John Maynard Keynes: technological unemployment, John von Neumann, Kevin Kelly, knowledge worker, lifelogging, lump of labour, Lyft, Marc Andreessen, Mark Zuckerberg, Martin Wolf, McJob, means of production, Milgram experiment, Narrative Science, natural language processing, new economy, Occupy movement, Oculus Rift, PageRank, pattern recognition, post scarcity, post-industrial society, post-work, precariat, prediction markets, QWERTY keyboard, railway mania, RAND corporation, Ray Kurzweil, RFID, Rodney Brooks, Sam Altman, Satoshi Nakamoto, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Skype, software is eating the world, speech recognition, Stephen Hawking, Steve Jobs, TaskRabbit, technological singularity, The Future of Employment, Thomas Malthus, transaction costs, Tyler Cowen: Great Stagnation, Uber for X, uber lyft, universal basic income, Vernor Vinge, working-age population, Y Combinator, young professional

Articulate, well-connected and forceful middle class professionals will be standing alongside professional drivers and factory workers, demanding that the state do something to protect them and their families. Universal Basic Income If and when societies reach the point where we have to admit that a significant proportion of the population will never work again – through no fault of their own – a mechanism will have to be found to keep those people alive. And not just scraping by on the poverty line: they will have to be provided with an income which allows at least the possibility of a decent life by the standards of the societies they live in. The answer is well-known, and fairly obvious: a universal basic income (UBI), available to all without condition; a living wage which is paid to all citizens simply because they are citizens. Probably the longest-standing organisation advocating UBI is the Basic Income Earth Network.

[ccxcii] http://money.cnn.com/2015/06/23/investing/facebook-walmart-market-value/ [ccxciii] http://quoteinvestigator.com/2011/11/16/robots-buy-cars/ [ccxciv] http://thegreatdepressioncauses.com/unemployment/ [ccxcv] http://www.statista.com/statistics/268830/unemployment-rate-in-eu-countries/ [ccxcvi] http://www.statista.com/statistics/266228/youth-unemployment-rate-in-eu-countries/ [ccxcvii] http://www.scottsantens.com/ [ccxcviii] http://www.economonitor.com/dolanecon/2014/01/27/a-universal-basic-income-conservative-progressive-and-libertarian-perspectives-part-3-of-a-series/ [ccxcix] https://www.reddit.com/r/BasicIncome/wiki/index#wiki_that.27s_all_very_well.2C_but_where.27s_the_evidence.3F [ccc] https://www.reddit.com/r/BasicIncome/wiki/studies [ccci] http://basicincome.org.uk/2013/08/health-forget-mincome-poverty/ [cccii] http://fivethirtyeight.com/features/universal-basic-income/?utm_content=buffer71a7e&utm_medium=social&utm_source=plus.google.com&utm_campaign=buffer [ccciii] http://www.fastcoexist.com/3052595/how-finlands-exciting-basic-income-experiment-will-work-and-what-we-can-learn-from-it [ccciv] http://www.latimes.com/world/europe/la-fg-germany-basic-income-20151227-story.html [cccv] http://www.vox.com/2016/1/28/10860830/y-combinator-basic-income [cccvi] https://en.wikipedia.org/wiki/Sodomy_laws_in_the_United_States#References [cccvii] http://blogs.wsj.com/washwire/2015/03/09/support-for-gay-marriage-hits-all-time-high-wsjnbc-news-poll/ [cccviii] http://www.huffingtonpost.com/2009/05/06/majority-of-americans-wan_n_198196.html [cccix] http://blogs.seattletimes.com/today/2013/08/washingtons-pot-law-wont-get-federal-challenge/ [cccx] http://www.bbc.co.uk/news/magazine-35525566 [cccxi] https://medium.com/basic-income/wouldnt-unconditional-basic-income-just-cause-massive-inflation-fe71d69f15e7#.3yezsngej [cccxii] http://streamhistory.com/die-rich-die-disgraced-andrew-carnegies-philosophy-of-wealth/ [cccxiii] http://www.forbes.com/sites/greatspeculations/2012/12/05/how-i-know-higher-taxes-would-be-good-for-the-economy/#5b0c080b3ec1 [cccxiv] http://taxfoundation.org/article/what-evidence-taxes-and-growth [cccxv] https://en.wikipedia.org/wiki/Laffer_curve [cccxvi] http://www.bbc.co.uk/news/uk-politics-26875420 [cccxvii] A minor character in Shakespeare’s Henry VI called Dick the Butcher has the memorable line, “First thing we do, let’s kill all the lawyers.”

With this in mind, it seems to me that it should be our aim to get rid of the need for jobs and employment just for the purpose of survival. Our strategies for the future should be not about finding new salary jobs, but rather about removing the need for them, and about setting up a better and more advanced social structure. This is where looking at the challenges involved and the path to a successful alternative, as Chace does in chapter 5, is essential. Where ideas such as a universal basic income (UBI) are concerned, it is useful to keep in mind that the world is not the US. Even if there is some initial antipathy in the US, because of associations between UBI and what might naively be labeled as 'socialist' thinking, the US will not wish to be left behind if other nations successfully implement the change. The time to dive deeply into the many issues raise in this book, to start a wider conversation about those issues, and to look creatively for the most well-balanced solutions and outcomes, is now.


pages: 242 words: 73,728

Give People Money by Annie Lowrey

"Robert Solow", affirmative action, Affordable Care Act / Obamacare, agricultural Revolution, Airbnb, airport security, autonomous vehicles, barriers to entry, basic income, Bernie Sanders, bitcoin, clean water, collective bargaining, computer age, crowdsourcing, cryptocurrency, deindustrialization, desegregation, Donald Trump, Edward Glaeser, Elon Musk, ending welfare as we know it, everywhere but in the productivity statistics, full employment, gender pay gap, gig economy, Google Earth, Home mortgage interest deduction, income inequality, indoor plumbing, information asymmetry, Jaron Lanier, jitney, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kickstarter, Kodak vs Instagram, labor-force participation, late capitalism, Lyft, M-Pesa, Mahatma Gandhi, Mark Zuckerberg, mass incarceration, McMansion, Menlo Park, mobile money, mortgage tax deduction, new economy, obamacare, Peter Thiel, post scarcity, post-work, Potemkin village, precariat, randomized controlled trial, ride hailing / ride sharing, Robert Bork, Ronald Reagan, Sam Altman, self-driving car, Silicon Valley, single-payer health, Steve Jobs, TaskRabbit, The Future of Employment, theory of mind, total factor productivity, Turing test, two tier labour market, Uber and Lyft, uber lyft, universal basic income, uranium enrichment, War on Poverty, Watson beat the top human players on Jeopardy!, We wanted flying cars, instead we got 140 characters, women in the workforce, working poor, World Values Survey, Y Combinator

hospitals have already started to use IBM’s Watson technology: Ike Swetlitz and Casey Ross, “A New Advertising Tack for Hospitals: IBM’s Watson Supercomputer Is in the House,” STAT, Sept. 6, 2017. “Machines, the argument goes”: Ugo Gentilini and Ruslan Yemtsov, “Being Open-Minded About Universal Basic Income,” Let’s Talk Development (blog), World Bank, Jan. 6, 2017, http://blogs.worldbank.org/​developmenttalk/​being-open-minded-about-universal-basic-income. “social vaccine of the twenty-first century”: Scott Santens, “Universal Basic Income as the Social Vaccine of the 21st Century,” Medium, Feb. 5, 2015, https://medium.com/​basic-income/​universal-basic-income-as-the-social-vaccine-of-the-21st-century-d66dff39073. “a twenty-first-century economic right”: Guy Standing, “Basic Income: A 21st Century Economic Right,” 2004, https://www.guystanding.com/​files/​documents/​CDHE_Standing.pdf.

Elon Musk: Kathleen Davis, “Elon Musk Says Automation Will Make a Universal Basic Income Necessary Soon,” Fast Company, Feb. 13, 2017. are starting…in Germany: “Geschichten: Was wäre, wenn du plötzlich Grundeinkommen hättest?,” Mein Grundeinkommen, https://www.mein-grundeinkommen.de/​projekt/​geschichten. the Netherlands: Sjir Hoeijmakers, telephone interview by author, Oct. 16, 2017. Finland: Antti Jauhiainen and Joona-Hermanni Mäkinen, “Why Finland’s Basic Income Experiment Isn’t Working,” New York Times, July 20, 2017. Canada: Ashifa Kassam, “Ontario Plans to Launch Universal Basic Income Trial Run This Summer,” Guardian, Apr. 24, 2017. Kenya: Annie Lowrey, “The Future of Not Working,” New York Times Magazine, Feb. 23, 2017. with India contemplating one: Rachel Roberts, “Indian Politicians Consider Universal Basic Income Following Successful Trials,” Independent, July 28, 2017.

a minimum of 90 cents on the dollar: Robert Greenstein, “Romney’s Charge That Most Federal Low-Income Spending Goes for ‘Overhead’ and ‘Bureaucrats’ Is False” (Washington, DC: Center on Budget and Policy Priorities, Jan. 23, 2012), https://www.cbpp.org/​research/​romneys-charge-that-most-federal-low-income-spending-goes-for-overhead-and-bureaucrats-is. raise about $1,582 per person: Ed Dolan, “Could We Afford a Universal Basic Income? (Part 2 of a Series),” EconoMonitor (blog), Jan. 13, 2014. end “many of the current 126 welfare programs”: Andy Stern, Raising the Floor: How a Universal Basic Income Can Renew Our Economy and Rebuild the American Dream (New York: PublicAffairs, 2016), ebook. “A single parent would”: Daniel Hemel, “Bringing the Basic Income Back to Earth,” New Rambler, Sept. 19, 2016, http://newramblerreview.com/​book-reviews/​economics/​bringing-the-basic-income-back-to-earth. “certain inalienable political rights”…“equality in the pursuit of happiness”: Franklin D.


pages: 424 words: 119,679

It's Better Than It Looks: Reasons for Optimism in an Age of Fear by Gregg Easterbrook

affirmative action, Affordable Care Act / Obamacare, air freight, autonomous vehicles, basic income, Bernie Madoff, Bernie Sanders, Branko Milanovic, business cycle, Capital in the Twenty-First Century by Thomas Piketty, clean water, coronavirus, David Brooks, David Ricardo: comparative advantage, deindustrialization, Dissolution of the Soviet Union, Donald Trump, Elon Musk, Exxon Valdez, factory automation, failed state, full employment, Gini coefficient, Google Earth, Home mortgage interest deduction, hydraulic fracturing, Hyperloop, illegal immigration, impulse control, income inequality, Indoor air pollution, interchangeable parts, Intergovernmental Panel on Climate Change (IPCC), invisible hand, James Watt: steam engine, labor-force participation, liberal capitalism, longitudinal study, Lyft, mandatory minimum, manufacturing employment, Mikhail Gorbachev, minimum wage unemployment, obamacare, oil shale / tar sands, Paul Samuelson, peak oil, plutocrats, Plutocrats, Ponzi scheme, post scarcity, purchasing power parity, quantitative easing, reserve currency, rising living standards, Robert Gordon, Ronald Reagan, self-driving car, short selling, Silicon Valley, Simon Kuznets, Slavoj Žižek, South China Sea, Steve Wozniak, Steven Pinker, supervolcano, The Chicago School, The Rise and Fall of American Growth, the scientific method, There's no reason for any individual to have a computer in his home - Ken Olsen, Thomas Kuhn: the structure of scientific revolutions, Thomas Malthus, transaction costs, uber lyft, universal basic income, War on Poverty, Washington Consensus, WikiLeaks, working poor, Works Progress Administration

Once eligibility is obtained, few return to work; their fear of being tossed out of the program is an incentive to remain in dependency. Universal Basic Income would replace all public assistance with a cash grant to adults regardless of whether working or not, whether healthy or not. Most proposals involve a grant of $1,000 a month—about what federal disability programs pay, but without the strings attached. Every adult would receive Universal Basic Income, not just the head of household or primary wage-earner. Demonstration programs for Universal Basic Income concepts are in progress in Canada, Finland, and Kenya. Universal Basic Income could offer multiple advantages over current structures. Unlike welfare (TANF) and disability programs, work would not be discouraged: adults could receive both wage income and Universal Basic Income. Unlike those who administer public housing vouchers, social service officials would not exert control over recipients’ lives; adults could pool their Universal Basic Incomes and make their own housing choices.

Public policy that moderates urban rents and helps people change locations in response to economic changes might be more effective, and less expensive, than border taxes and trade wars. DO ALL ROADS LEAD TO Universal Basic Income? Some form of Milton Friedman–style income regime might head off the looming situation in which only the educated have realistic hope of bettering themselves. The Universal Basic Income concept is superior to how any nation’s entitlement system functions at present. Replacing the dependency mind-set of social welfare and retirement programs with an idea that rewards self-sufficiency, while preventing a sudden expense or job change from becoming personal ruin, would make society more just and be a positive for economic growth. The government debt situations of Western nations make Universal Basic Income unaffordable right now. This is another reason why national debts must be addressed—to clear the financial decks for some kind of universal income in the near future.

This is another reason why national debts must be addressed—to clear the financial decks for some kind of universal income in the near future. Today’s entitlement distributions paper over problems, while today’s pension programs postpone wrenching decisions; replacing both with Universal Basic Income, while eliminating rules, bureaucracies, and officialdom, could put Western society on a sounder footing for generations to come. As an ideal, Universal Basic Income is superior to contemporary programs: universal income might solve social problems, rather than slow the rate at which they increase. If the value of inventions and intellectual property continues to rise while the value of unskilled labor continues to decline, Universal Basic Income may become vital for justice. As time passes, expect this reform to sound better. Chapter 11 We’ll Never Run Out of Challenges… THE WORLD HAS MANY PROBLEMS: there is temptation to become discouraged.


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The War on Normal People: The Truth About America's Disappearing Jobs and Why Universal Basic Income Is Our Future by Andrew Yang

3D printing, Airbnb, assortative mating, augmented reality, autonomous vehicles, basic income, Ben Horowitz, Bernie Sanders, call centre, corporate governance, cryptocurrency, David Brooks, Donald Trump, Elon Musk, falling living standards, financial deregulation, full employment, future of work, global reserve currency, income inequality, Internet of things, invisible hand, Jeff Bezos, job automation, John Maynard Keynes: technological unemployment, Khan Academy, labor-force participation, longitudinal study, low skilled workers, Lyft, manufacturing employment, Mark Zuckerberg, megacity, Narrative Science, new economy, passive income, performance metric, post-work, quantitative easing, reserve currency, Richard Florida, ride hailing / ride sharing, risk tolerance, Ronald Reagan, Sam Altman, self-driving car, shareholder value, Silicon Valley, Simon Kuznets, single-payer health, Stephen Hawking, Steve Ballmer, supercomputer in your pocket, technoutopianism, telemarketer, The Wealth of Nations by Adam Smith, Tyler Cowen: Great Stagnation, Uber and Lyft, uber lyft, unemployed young men, universal basic income, urban renewal, white flight, winner-take-all economy, Y Combinator

Elon Musk, February, 2017: Chris Weller, “Elon Musk Doubles Down on Universal Basic Income: ‘It’s Going to Be Necessary,’” Business Insider, February 13, 2017. Mark Zuckerberg, May 2017: Mark Zuckerberg, commencement speech, Harvard University, May 2017. … adopting it would permanently grow the economy by 12.56 to 13.10 percent…: Michalis Nikiforos, Marshall Steinbaum, and Gennaro Zezza, “Modeling the Macroeconomic Effects of a Universal Basic Income,” Roosevelt Institute, August 29, 2017. … technology companies are excellent at avoiding taxes: “Fortune 500 Companies Hold a Record $2.6 Trillion Offshore,” Institute on Taxation and Economic Policy, March 2017. “UBI… is not shaming…”: https://www.facebook.com/basicincomequotes/videos/1365257523593155. CHAPTER 17: UNIVERSAL BASIC INCOME IN THE REAL WORLD In 1969, President Nixon proposed the Family Assistance Plan…: Lila MacLellan, “That Time When Dick Cheney and Donald Rumsfeld Ran a Universal Basic Income Experiment for Nixon,” Quartz, March 13, 2017.

The sooner the government acts, the more high-functioning our society will be. The first major change would be to implement a universal basic income (UBI), which I would call the “Freedom Dividend.” The United States should provide an annual income of $12,000 for each American aged 18–64, with the amount indexed to increase with inflation. It would require a constitutional supermajority to modify or amend. The Freedom Dividend would replace the vast majority of existing welfare programs. This plan was proposed by Andy Stern, the former head of the largest labor union in the country, in his book Raising the Floor. The poverty line is currently $11,770. We would essentially be bringing all Americans to the poverty line and alleviate gross poverty. A universal basic income is a version of Social Security where all citizens receive a set amount of money per month independent of their work status or income.

Bill Gates, January 2017: “A problem of excess [automation] forces us to look at the individuals affected and take those extra resources and make sure they’re directed to them in terms of re-education and income policies…” (Gates later suggested taxing robots.) Elon Musk, February, 2017: “I think we’ll end up doing universal basic income… It’s going to be necessary… There will be fewer and fewer jobs that a robot cannot do better. I want to be clear. These are not things I wish will happen; these are things I think probably will happen.” Mark Zuckerberg, May 2017: “We should explore… universal basic income so that everyone has a cushion to try new ideas.” My mom, September 2017: “If you think it’s a good idea, Andy, I’m sure it’s a good idea.” You may be thinking, This will never happen. And if it did, wouldn’t it cause runaway inflation? Enable generations of wastrels?


Basic Income: A Radical Proposal for a Free Society and a Sane Economy by Philippe van Parijs, Yannick Vanderborght

"Robert Solow", Airbnb, Albert Einstein, basic income, Berlin Wall, Bertrand Russell: In Praise of Idleness, centre right, collective bargaining, cryptocurrency, David Graeber, declining real wages, diversified portfolio, Edward Snowden, eurozone crisis, Fall of the Berlin Wall, feminist movement, full employment, future of work, George Akerlof, illegal immigration, income per capita, informal economy, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kickstarter, Marshall McLuhan, means of production, minimum wage unemployment, open borders, Paul Samuelson, pension reform, precariat, price mechanism, profit motive, purchasing power parity, quantitative easing, race to the bottom, road to serfdom, Second Machine Age, secular stagnation, selection bias, sharing economy, sovereign wealth fund, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, Tobin tax, universal basic income, urban planning, urban renewal, War on Poverty, working poor

Then pay Â�every Â�woman, man and child legally resident in the UK a guaranteed, non-Â�means-Â�tested income, sufficient to cover basic needs—Â�a Basic Income.”100 In 2016, its only representative in the House of Commons, Caroline Lucas, introduced a motion calling the British government to “fund and commission further research into the possibilities offered by the variÂ�ous Basic Income models.”101 In the run-up to the 2014 referendum on Scotland’s inÂ�deÂ�penÂ�dence, the Scottish Green Party had also made basic income one of the key components of a hyÂ�poÂ�thetÂ�iÂ�cal Scottish welfare system: “A Citizen’s Income would sweep away almost all benefits and the state pension and replace them with a Â�simple regular payment to everyÂ�one—Â�children, adults and pensioners. This income should be enough to meet the basic needs of everyÂ�one.”102 In the United States, the Green Party has consistently included basic income in its electoral platforms. Thus, the economic program Â�adopted in June 2004 at its Milwaukee convention called unambiguously for the introduction of a “universal basic income.” It included a Â�whole paragraph on the topic, still unchanged in the party’s 2014 platform: “We call for a universal basic income (sometimes called a guaranteed income, negative income tax, citizen’s income, or citizen dividend). This would go to every Â� adult regardless of health, employment, or marital status, in order to minimize government bureaucracy and intrusiveness into Â�people’s lives. The amount should be sufficient so that anyone who is unemployed can afford basic food and shelter.

“Compatriot Solidarity and Justice among Thieves.” In Andrew Reeve and Andrew Williams, eds., Real Libertarianism Assessed: PoÂ�litiÂ�cal Theory Â�after Van Parijs, 161–171. Basingstoke: Palgrave Macmillan. Stern, Andy. 2016. Raising the Floor: How a Universal Basic Income Can Renew Our Economy and Rebuild the American Dream. New York: Public Affairs. Stigler, George. 1946. “The Economics of Minimum Wage Legislation.” American Economic Review 36: 358–365. Stiglitz, Joseph. 2012. The Price of InÂ�equality. New York: Columbia University Press. St John, Susan. 2016. “Can Older Citizens Lead the Way to a Universal Basic Income?” In Jennifer Mays, Greg Marston, and John Tomlinson, eds., Basic Income in Australia and New Zealand: Perspectives from the Neoliberal Frontier, 95–114. New York: Palgrave Macmillan. St John, Susan, and Larry Willmore. 2001.

He goes on to pose the obvious question: “As working for a few months might make me lose the benefit of the minimum-Â�income scheme for several terms at the end of this period of activity, then why take such a risk?”35 Even when the probabilities of probÂ� lems occurring are relatively low, the prospect of triggering off a spiral of debt is likely to be perceived as a major threat by people Â� who are ill-Â�equipped to know, understand, and a fortiori appeal to rules that can often be changing and opaque. By contrast, with a universal basic income, people Â� can take jobs or create their own jobs with less fear. This advantage of universality as regards access to employment is strongly reinforced by the effect of a feature closely associated with it, which provides a third reason to Â�favor universality: the fact that any earnings Â�people do produce go to increase their net incomes. This feature is not a logically necessary corollary of universality, as one could in theory tax an income at 100 Â�percent, but it can be regarded as a natuÂ�ral corollary Â�because, in practice, it is hard to imagine an explicit taxation of low earnings of this confiscatory sort.


pages: 121 words: 36,908

Four Futures: Life After Capitalism by Peter Frase

Airbnb, basic income, bitcoin, business cycle, call centre, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, cryptocurrency, deindustrialization, Edward Snowden, Erik Brynjolfsson, Ferguson, Missouri, fixed income, full employment, future of work, high net worth, income inequality, industrial robot, informal economy, Intergovernmental Panel on Climate Change (IPCC), iterative process, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, litecoin, mass incarceration, means of production, Occupy movement, pattern recognition, peak oil, plutocrats, Plutocrats, post-work, postindustrial economy, price mechanism, private military company, Ray Kurzweil, Robert Gordon, Second Machine Age, self-driving car, sharing economy, Silicon Valley, smart meter, TaskRabbit, technoutopianism, The Future of Employment, Thomas Malthus, Tyler Cowen: Great Stagnation, universal basic income, Wall-E, Watson beat the top human players on Jeopardy!, We are the 99%, Wolfgang Streeck

So in theory, this is one possible long-term trajectory of a world based on intellectual property rents rather than on physical commodity production using human labor. What Gorz is talking about is something like the universal basic income, which was discussed in the last chapter. Which means that one long-run trajectory of rentism is to turn into communism. But here the class of rentier-capitalists will confront a collective action problem. In principle, it would be possible to sustain the system by taxing the profits of profitable firms and redistributing the money back to consumers—possibly as the universal basic income, but possibly in return for performing some kind of meaningless make-work. But even if redistribution is desirable from the standpoint of the class as a whole, any individual company or rich person will be tempted to free-ride on the payments of others and will therefore resist efforts to impose a redistributive tax.

Whereas if we assume the replicator, as in previous chapters, this is not really the problem. For consumer goods at least, people can produce whatever they want, for themselves. However, the resource-constrained future still faces the problem of managing consumption. That is, we need some way of allocating the scarce inputs that feed the replicator. Here the universal basic income, introduced in Chapter 1, could be useful once again. In the context we are describing in this chapter, universal basic income plays a quite different function than wages in capitalism. And it will work to ration and plan out consumption through the mechanism of the market. This might seem an odd thing to say, in a chapter titled “Socialism.” And there are some socialists who see the market as inherently incompatible with a desirable post-capitalism.

Brynjolfsson and McAfee are perhaps the best-known prophets of rapid automation, but their work fits into an exploding genre. Software entrepreneur Martin Ford, for example, explores similar terrain in his 2015 work Rise of the Robots.8 He relies on much of the same literature and reaches many of the same conclusions about the pace of automation. His conclusions are somewhat more radical—a guaranteed universal basic income, which will be discussed later in this book, occupies a place of prominence; much of the rival literature, by contrast, offers little more than bromides about education. That many people are writing about rapid and socially dislocating automation doesn’t mean that it’s an imminent reality. As I noted above, anxiety about labor-saving technology is actually a constant through the whole history of capitalism.


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The Economics of Belonging: A Radical Plan to Win Back the Left Behind and Achieve Prosperity for All by Martin Sandbu

"Robert Solow", Airbnb, autonomous vehicles, balance sheet recession, bank run, banking crisis, basic income, Berlin Wall, Bernie Sanders, Boris Johnson, Branko Milanovic, Bretton Woods, business cycle, call centre, capital controls, carbon footprint, Carmen Reinhart, centre right, collective bargaining, debt deflation, deindustrialization, deskilling, Diane Coyle, Donald Trump, Edward Glaeser, eurozone crisis, Fall of the Berlin Wall, financial intermediation, full employment, future of work, gig economy, Gini coefficient, hiring and firing, income inequality, income per capita, industrial robot, intangible asset, job automation, John Maynard Keynes: technological unemployment, Kenneth Rogoff, knowledge economy, knowledge worker, labour market flexibility, liquidity trap, longitudinal study, low skilled workers, manufacturing employment, Martin Wolf, meta analysis, meta-analysis, mini-job, mortgage debt, new economy, offshore financial centre, oil shock, open economy, pattern recognition, pink-collar, precariat, quantitative easing, race to the bottom, Richard Florida, Robert Shiller, Robert Shiller, Ronald Reagan, secular stagnation, social intelligence, TaskRabbit, total factor productivity, universal basic income, very high income, winner-take-all economy, working poor

Similarly, a study by France’s official economic analysis bureau found that a “carbon cheque” that is differentiated by type of region (whether rural or urban) can be designed so that it makes virtually everyone in the bottom half of the income distribution better off even after paying higher carbon taxes on fuel and energy.30 It will not escape readers that a carbon fee and dividend, almost by accident, encompasses a universal basic income/negative income tax. While not motivated by any of the arguments for basic income I discussed in chapter 7, an ambitious carbon tax of 2–3 per cent of national income can still serve those objectives to a significant degree (and less money would have to be found elsewhere for a full-fledged universal basic income/negative income tax). A similarly beneficial coincidence can be found in the other two tax reforms proposed here. A net wealth tax works to improve productivity and help the asset-poor even as it raises substantial resources to pay for other policies to help the left behind (including cutting other taxes).

The high-pressure macroeconomic policy advocated in chapter 8 would do just that, by ensuring that the tap of aggregate demand stimulus was not turned off before the effect was felt in left-behind regions. Universal basic income, as recommended in chapter 7, would support local aggregate demand as well, thereby making it more viable to maintain an attractive range of services locally. This is illustrated by the unique basic income–like system of Alaska’s “permanent dividend” from oil revenues, which seems to boost not just retail and leisure services but health and personal care services as well. Universal basic income and the other “empowerment” polices from chapter 7 would also increase the share of value creation retained in the local community rather than transferred to investors or suppliers elsewhere, thereby supporting local demand indirectly as well.

See also Britain United Kingdom Independence Party, 46 United States: corporate taxes in, 178–79, 264n18; employment gains in, 78; employment problems in, 64, 77; health declines in, 36, 194; job training programmes in, 109; lessons of 1930s for, 3–4, 10–12, 229; minimum wage in, 103–4; net wealth taxes in, 262n7; regional economic decline in, 192; relative regional prosperities in, 189, 190; response to global financial crisis in, 133–34, 144–45; in Roosevelt years, 3, 11; social order upset in, 7; union busting in, 57; voter behaviour in, 15, 16, 41, 45; xenophobia in, 11 universal basic income (UBI)/negative income tax (NIT), 115–16, 118–20, 186, 202–3, 234–35, 271n1 usurpation narratives, 18, 21–22, 26, 82, 90 wages: compression of, 100–103, 105, 121; immigration’s effect on, 83, 215, 250n17; investment in technology encouraged by compression of, 98–104; labour productivity in relation to, 98–105; suppression of, 117–18; union declines linked to, 55–56, 57, 121; universal basic income and, 114–16; welfare supplementation of, 117–18 Warren, Elizabeth, 173–75, 262n7 wealth concentration, 30, 153–54, 169, 170, 175–76. wealth taxes, 172–78 welfare, 52, 54, 113–21, 213 Western social order: accomplishments of, 5; challenges to, 6, 192; economic health as essential bulwark of, 7–8, 10, 12–16; globalisation associated with, 211–12; ideological opposition to, 15–16, 212; pillars of, 5; restoration of, 10, 229; threats from within, 6–7, 238–39; universal values of, 5–6; variations within, 6 West Michigan Medical Device Consortium, 204 West Virginia, 126 Wood, Adrian, 77, 249n13, 250n16 Wordsworth, William, 211 World Bank, 20 World Trade Organisation, 20, 72 Wright, Thomas, 178–79 write-downs, 159–60, 166, 219 xenophobia, 11, 14, 42, 48, 82, 192 Yeats, William Butler, 4 zero-hours contracts, 58, 104 Zingales, Luigi, 155 Zucman, Gabriel, 178–79, 182


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Reinventing Capitalism in the Age of Big Data by Viktor Mayer-Schönberger, Thomas Ramge

accounting loophole / creative accounting, Air France Flight 447, Airbnb, Alvin Roth, Atul Gawande, augmented reality, banking crisis, basic income, Bayesian statistics, bitcoin, blockchain, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, Cass Sunstein, centralized clearinghouse, Checklist Manifesto, cloud computing, cognitive bias, conceptual framework, creative destruction, Daniel Kahneman / Amos Tversky, disruptive innovation, Donald Trump, double entry bookkeeping, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Ford paid five dollars a day, Frederick Winslow Taylor, fundamental attribution error, George Akerlof, gig economy, Google Glasses, information asymmetry, interchangeable parts, invention of the telegraph, inventory management, invisible hand, James Watt: steam engine, Jeff Bezos, job automation, job satisfaction, joint-stock company, Joseph Schumpeter, Kickstarter, knowledge worker, labor-force participation, land reform, lone genius, low cost airline, low cost carrier, Marc Andreessen, market bubble, market design, market fundamentalism, means of production, meta analysis, meta-analysis, Moneyball by Michael Lewis explains big data, multi-sided market, natural language processing, Network effects, Norbert Wiener, offshore financial centre, Parag Khanna, payday loans, peer-to-peer lending, Peter Thiel, Ponzi scheme, prediction markets, price anchoring, price mechanism, purchasing power parity, random walk, recommendation engine, Richard Thaler, ride hailing / ride sharing, Sam Altman, Second Machine Age, self-driving car, Silicon Valley, Silicon Valley startup, six sigma, smart grid, smart meter, Snapchat, statistical model, Steve Jobs, technoutopianism, The Future of Employment, The Market for Lemons, The Nature of the Firm, transaction costs, universal basic income, William Langewiesche, Y Combinator

And it is participatory, because its goal is not only to provide people with some of their basic needs but to enable them to rejoin the workforce at less than full time. The idea of a universal basic income has been circulating among economists and progressive politicians ever since the late eighteenth century, when Thomas Paine proposed a basic income for everyone above fifty. In the middle of the twentieth century, radical pro-market economist and Nobel laureate Milton Friedman suggested a negative income tax that had many of the distributive qualities of a universal basic income but would have been somewhat more complex to administer. In 1972, Democratic presidential candidate George McGovern openly advocated for a universal basic income. He was attacked by incumbent president Richard Nixon and ultimately had to withdraw his plan, but Nixon then proposed his own family-assistance program that would have been close to being a UBI for a large segment of society if it had not died in the Senate.

See Cybersyn Systemized Intelligence Lab, 115 Taj Mahal, 21 talent management, internal, 126–129 tax credits, 200–202, 218 taxes, 197–202 capital gains, 187 data, 199–200, 203, 218 negative income, 190 nominal rate, 198 progressive consumption, 198 robo, 186–187 wealth, 187 Taylor, Frederick Winslow, 89, 95–96 Taylorism, 89, 95–96, 112 telecommunications industry, 162–163 Tesla, 78, 110, 120, 169, 189 thalidomide, 42 thick markets, 2, 82–83, 164, 213 Thiel, Peter, 203 time firm reorganization and, 112–113 meaningful use of, 221–222 Tinder, 83, 163 µ Torrent, 122 TransferWise, 135 transparency, 172, 173, 178 Trump, Donald, 186, 203 Trunk Club, 211 T-shaped skill set, 118 Tversky, Amos, 102 Twitter, 163 Uber, 163, 182 UBI. See universal basic income UniCredit bank, 136 Unilever, 75 United Kingdom, 134, 147, 164 United States banking crisis in, 134, 135 capital share of, 185 corporate taxes in, 197–198 health care sector in, 213 labor market of, 184, 185, 186, 195 market concentration in, 164 stock market investment options in, 143 subprime mortgage crisis in (see subprime mortgage crisis) universal basic income proposed in, 190, 191 universal basic income (UBI), 189–193, 205–206 University of Pennsylvania’s Wharton School, 36 Upstart, 151 Upwork, 3 used car market, 40 venture capital (VC) firms, 141, 142–143, 216 Vocatus, 55 Volkswagen, 182 Volvo, 182 Wall Street Journal, 203 Walmart, 28, 52 Walt Disney Company, 69 Watson (machine learning system), 109, 111, 113–114, 115, 117, 163, 183 Watt, James, 111, 113 wealth tax, 187 Webvan, 112 WeChat, 147, 163 Wedgwood, Josiah, 94 welfare reducing transactions, 73 Wenger, Albert, 156, 189 Wenig, Devin, 1–2, 209 Wharton School, 36 Which?

It’s a bit of a crapshoot: one might be right, but much more likely, one will be off the mark. THESE DISTRIBUTIVE AND PARTICIPATORY MEASURES are relatively conventional. All are adaptations of policies that already exist in many advanced economies around the world. They are not without merit but do come with drawbacks. There is a far more radical alternative measure being put forward, in the form of universal basic income. UBI, as it is affectionately called by its proponents, has garnered surprising support, particularly among leading figures in the high-tech sector. “Superangel” investor Marc Andreessen, the coauthor of Mosaic, one of the first widely used Web browsers, is in favor of it. And so are New York–based Albert Wenger, another highly successful venture capitalist; start-up incubator impresario Sam Altman; and Elon Musk, the brash but congenial cofounder of PayPal and CEO of Tesla.


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Lost Connections: Uncovering the Real Causes of Depression – and the Unexpected Solutions by Johann Hari

basic income, Berlin Wall, call centre, correlation does not imply causation, Donald Trump, gig economy, income inequality, Jeff Bezos, John Snow's cholera map, Joi Ito, longitudinal study, meta analysis, meta-analysis, Naomi Klein, Occupy movement, open borders, placebo effect, precariat, publication bias, randomized controlled trial, Rat Park, risk tolerance, Ronald Reagan, selective serotonin reuptake inhibitor (SSRI), the scientific method, The Spirit Level, twin studies, universal basic income, urban planning, zero-sum game

See childhood trauma emotions, medicalization of chemical imbalance model of depression as product of, here mental health concept as, here The Emperor’s New Drugs (Kirsch), here endogenous model of depression conflicting expert opinions on, here vs. reactive theory, here, here, here research undermining, here, here impact of, here, here See also chemical imbalance model of depression environmental causes of depression and bio-psycho-social model, here Brown and Harris study of, here, here, here genetic susceptibility to, here opposing effect of “stabilizers,” here psychological effects on depressed persons, here envy culture of, in modern world, here, here overcoming, through “sympathetic joy” meditation, here Everington, Sam background of, here and development of non-drug treatments for depression, here holistic approach to diagnosis and treatment, here, here on social prescribing, here exercise, and reduction of depression, here Felitti, Vincent on chemical-imbalance model of depression, here research on childhood trauma and depression, here research on childhood trauma and obesity, here research on repression of childhood trauma, health effects of, here feminism, on unhappiness of 1950s housewives, here First Nations/Native American groups, disconnection from hopeful future as one cause of depression in, here, here, here flow states, in intrinsically vs. extrinsically motivated activities, here Food and Drug Administration (FDA), and drug testing records, here, here food poisoning, author’s experience of, here, here Ford, Brett, here, here Forget, Evelyn analysis of Canadian universal basic income experiment, here background of, here Freudian psychology, and reactive theory of depression, here, here friends, as “stabilizer” against depression, here Frumkin, Howard, here future hopeful/secure, psychological protection provided by, here, here invisibility of, to depressed persons, here, here future, hopeful/secure, disconnection from as cause of depression, here, here in modern workers, here in Native American/First Nations groups, here, here, here future, restoring, here cooperatives and, here universal basic income and, here See also universal basic income Gartner, Taina, here, here, here, here, here, here, here, here gay marriage, movement to legalize, here gay people and AIDS, self-blame for, here and Berlin Kotti neighborhood protest, here, here, here, here, here, here, here and health effects of shame, here poor treatment in Amish communities, here genetic causes of depression, here, here as assumed cause of author’s depression, here as environment-dependent risk factor, here research on, here Gilbert, Paul, here GlaxoSmithKline, here globalized economy, universal basic income as solution to insecurity created by, here, here Gore, Tipper, here Greenberg, Gary, here grief of Cacciatore, after stillborn baby, here cultural misunderstanding of, here, here, here depression as form of, here, here doctors’ categorization of as depression, here as necessary, here, here “grief exception,” in Diagnostic and Statistical Manual (DSM), here Griffith, Roland career of, here experience with meditation, here, here research on effects of psychedelic drugs, here and similarity between meditation and psychedelic drug experience, here, here, here See also psychedelic drugs, spiritual experiences caused by Hamann, Uli, here Hamilton scale, here happiness effectiveness of conscious effort to attain, here individual vs. group concept of, here Harris, Tirril impact of research by, here, here study on environmental causes of depression, here, here Haygarth, John, here, here, here, here Healy, David, here, here heart rate, increase in, with increased loneliness, here Heerwagen, Judith, here Hopkins, Katie, here housewives of 1950s, feminist views on unhappiness of, here 5-HTT gene, and depression, here Hudderites, low levels of loneliness in, here human needs, unmet as cause of depression, here materialism and, here misrepresentation as individual responsibility, here, here pain of, as message about needed changes in society, here See also tribe, human need for connection to identity, continuity of, depressed persons’ inability to cognize, here Imipramine, here immune system, effects of loneliness on, here individualism, and chemical imbalance model of depression, here inequality within cultures, as cause of depression, here Internet and social media addiction to, here, here and human need for connection to tribe, here as ineffective substitute for real social connection, here and self-absorbed envy, here, here treatment center for Internet addiction, here, here Western obsession with, here Ioannidis, John, here Ipronid, here I-Want-Golden-Things Rule, here Johnstone, Lucy, here Kaiser Permanente, here, here, here Kaltnborn, Sandy, here, here, here, here, here Kaltnhorn, Uli, here, here, here, here, here Kasser, Tim on advertising’s power to create materialistic desires, here childhood of, here, here and consumer values, experiment in changing, here on intrinsic vs. extrinsic motivations, here nonmaterialistic lifestyle adopted by, here personal realization about link between materialism and depression, here research on link between materialism and depression, here, here research on materialism’s destructive effects, here Kavlak, Mehmet, here, here, here, here, here Kirmayer, Laurence, here Kirsch, Irving credentials of, here experience with prescribing antidepressants, here opposition to research conclusions of, here research on origin of serotonin theory of depression, here research on placebo effect, here review of antidepressant drug testing, here, here, here on side effects of antidepressants, here Kohlenberg, Robert, here Kotti neighborhood (Berlin) experience of residents in, here history of, here poverty and crime in, here rising rents in, here, here tensions between groups in, here, here, here, here Kotti neighborhood protest, here, here accomplishment of rent-freeze goals, here attention attracted by, here, here, here bonding of residents during, here, here, here, here, here, here camp blocking street, here, here and connection to other people as treatment for depression, here, here, here, here demands of, here and expanded sense of “home,” here, here expansion to city-wide referendum effort, here guarding of camp, here marches, here origins of, here perseverance of, here police efforts to shut down, here, here strain on protesters, here and Tuncai (homeless man), adoption of, here and Tuncai, freeing from psychiatric facility, here Kramer, Peter critiques of drug testing for antidepressants, here on effectiveness of antidepressants, here on longterm use of antidepressants, unknown effects of, here Lancet, here Layard, Richard, here Lear, Jonathan, here Lewis, Marc background of, here on neuroplasticity, here, here on stigma attached to depression, here life events, negative, as cause of depression impact of research on, here, here research on, here See also environmental causes of depression lifestyle changes, as antidepressant, here Listening to Prozac (Kramer), here LSD.

., Liberatory Psychiatry: Philosophy, Politics and Mental Health (Cambridge: Cambridge University Press, 2008), 132–4; Blazer et al., “The prevalence and distribution of major depression in a national community sample: the National Comorbidity Survey,” Am Psych Assoc 151, no. 7 (July 1994): 979–986. here are some of the key effects Evelyn discovered Rutger Bregman, Utopia for Realists: The Case for a Universal Basic Income, Open Borders, and a 15-hour Workweek (Netherlands: Correspondent Press, 2016), 63–4. He is the leading European champion of the idea of a universal basic income. https://www.indybay.org/newsitems/2010/07/06/18652754.php, as accessed December 12, 2016. Behavioral problems like ADHD and childhood depression fell by 40 percent E. Jane Costello et al., “Relationships Between Poverty and Psychopathology: A Natural Experiment,” JAMA 290, no. 15 (2003): 2023–2029. See also Moises Velasquez-Manoff, “What Happens When the Poor Receive a Stipend?”

But if insecurity is about not having enough money to live on, they wondered, what would happen if we just gave everyone enough, with no strings attached? What if we simply mailed every single Canadian citizen—young, old, all of them—a check every year that was enough for them to live on? It would be set at a carefully chosen rate. You’d get enough to survive, but not enough to have luxuries. They called it a universal basic income. Instead of using a net to catch people when they fall, they proposed to raise the floor on which everyone stands. This idea had even been mooted by right-wing politicians like Richard Nixon, but it had never been tried before. So the Canadians decided to do it, in one place. That’s how for several years, the people of Dauphin were given a guarantee: Each of you will be unconditionally given the equivalent of $19,000 U.S.


pages: 235 words: 62,862

Utopia for Realists: The Case for a Universal Basic Income, Open Borders, and a 15-Hour Workweek by Rutger Bregman

autonomous vehicles, banking crisis, Bartolomé de las Casas, basic income, Berlin Wall, Bertrand Russell: In Praise of Idleness, Branko Milanovic, cognitive dissonance, computer age, conceptual framework, credit crunch, David Graeber, Diane Coyle, Erik Brynjolfsson, everywhere but in the productivity statistics, Fall of the Berlin Wall, Francis Fukuyama: the end of history, Frank Levy and Richard Murnane: The New Division of Labor, full employment, George Gilder, George Santayana, happiness index / gross national happiness, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, income inequality, invention of gunpowder, James Watt: steam engine, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kevin Kelly, Kickstarter, knowledge economy, knowledge worker, Kodak vs Instagram, low skilled workers, means of production, megacity, meta analysis, meta-analysis, microcredit, minimum wage unemployment, Mont Pelerin Society, Nathan Meyer Rothschild: antibiotics, Occupy movement, offshore financial centre, Paul Samuelson, Peter Thiel, post-industrial society, precariat, RAND corporation, randomized controlled trial, Ray Kurzweil, Ronald Reagan, Second Machine Age, Silicon Valley, Simon Kuznets, Skype, stem cell, Steven Pinker, telemarketer, The Future of Employment, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, Tyler Cowen: Great Stagnation, universal basic income, wage slave, War on Poverty, We wanted flying cars, instead we got 140 characters, wikimedia commons, women in the workforce, working poor, World Values Survey

I’d convinced myself it couldn’t be relevant.6 I’ll give you another example. In Chapter 3, I laid out the arguments in favor of universal basic income. This is a conviction in which I have invested a lot over the past few years. The first article I wrote on the topic garnered nearly a million views and was picked up by The Washington Post. I gave lectures about universal basic income and made a case for it on Dutch television. Enthusiastic emails poured in. Not long ago, I even heard someone refer to me as “Mr. Basic Income.” Slowly but surely, my opinion has come to define my personal and professional identity. I do earnestly believe that a universal basic income is an idea whose time has come. I’ve researched the issue extensively, and that’s the direction the evidence points. But, if I’m being honest, I sometimes wonder if I’d even let myself notice if the evidence were pointing another way.

Cain and Douglas Wissoker, “A Reanalysis of Marital Stability in the Seattle-Denver Income Maintenance Experiment,” Institute for Research on Poverty (January 1988). http://www.irp.wisc.edu/publications/dps/pdfs/dp85788.pdf 47. According to a poll conducted by Harris in 1969. Mike Alberti and Kevin C. Brown, “Guaranteed Income’s Moment in the Sun,” Remapping Debate. http://www.remappingdebate.org/article/guaranteed-income’s-moment-sun 48. Matt Bruenig, “How a Universal Basic Income Would Affect Poverty,” Demos (October 3, 2013). http://www.demos.org/blog/10/3/13/how-universal-basic-income-would-affect-poverty 49. Linda J. Bilmes, “The Financial Legacy of Iraq and Afghanistan: How Wartime Spending Decisions Will Constrain Future National Security Budgets,” Faculty Research Working Paper Series (March 2013). https://research.hks.harvard.edu/publications/getFile.aspx?Id=923 50. Try this for a thought experiment: A basic income of $1.25 a day for everyone on Earth would cost an annual $3 trillion, or 3.5% of the global GDP.

Everyone should read it. Bregman shows us we’ve been looking at the world inside out. Turned right way out we suddenly see fundamentally new ways forward. If we can get enough people to read this book, the world will start to become a better place.” – Richard Wilkinson, co-author of The Spirit Level: Why More Equal Societies Almost Always Do Better “Rutger Bregman makes a compelling case for Universal Basic Income with a wealth of data and rooted in a keen understanding of the political and intellectual history of capitalism. He shows the many ways in which human progress has turned a Utopia into a Eutopia – a positive future that we can achieve with the right policies.” – Albert Wenger, entrepreneur and partner at Union Square Ventures, early backers of Twitter, Tumblr, Foursquare, Etsy, and Kickstarter “Learning from history and from up-to-date social science can shatter crippling illusions.


pages: 586 words: 186,548

Architects of Intelligence by Martin Ford

3D printing, agricultural Revolution, AI winter, Apple II, artificial general intelligence, Asilomar, augmented reality, autonomous vehicles, barriers to entry, basic income, Baxter: Rethink Robotics, Bayesian statistics, bitcoin, business intelligence, business process, call centre, cloud computing, cognitive bias, Colonization of Mars, computer vision, correlation does not imply causation, crowdsourcing, DARPA: Urban Challenge, deskilling, disruptive innovation, Donald Trump, Douglas Hofstadter, Elon Musk, Erik Brynjolfsson, Ernest Rutherford, Fellow of the Royal Society, Flash crash, future of work, gig economy, Google X / Alphabet X, Gödel, Escher, Bach, Hans Rosling, ImageNet competition, income inequality, industrial robot, information retrieval, job automation, John von Neumann, Law of Accelerating Returns, life extension, Loebner Prize, Mark Zuckerberg, Mars Rover, means of production, Mitch Kapor, natural language processing, new economy, optical character recognition, pattern recognition, phenotype, Productivity paradox, Ray Kurzweil, recommendation engine, Robert Gordon, Rodney Brooks, Sam Altman, self-driving car, sensor fusion, sentiment analysis, Silicon Valley, smart cities, social intelligence, speech recognition, statistical model, stealth mode startup, stem cell, Stephen Hawking, Steve Jobs, Steve Wozniak, Steven Pinker, strong AI, superintelligent machines, Ted Kaczynski, The Rise and Fall of American Growth, theory of mind, Thomas Bayes, Travis Kalanick, Turing test, universal basic income, Wall-E, Watson beat the top human players on Jeopardy!, women in the workforce, working-age population, zero-sum game, Zipcar

A taxi ride is going to be cheap because it can be driven by the AI system, but a restaurant where an actual person serves you or an actual human cook creates something, is going to be more expensive. MARTIN FORD: That does presume that everyone’s got a skill or talent that’s marketable, which I’m not sure is true. What do you think of the idea of a universal basic income as a way to adapt to these changes? YANN LECUN: I’m not an economist, so I don’t have an informed opinion on this, but every economist I talked to seemed against the idea of a universal basic income. They all agree with the fact that as a result of increased inequality brought about by technological progress, some measures have to be taken by governments to compensate. All of them believe this has to do with fiscal policy in the form of taxing, and wealth and income redistribution. This income inequality is something that is particularly apparent in the US, but also to a smaller scale in Western Europe.

If we can educate people to reskill even as their jobs are displaced by technology, then we have a much better chance of making sure that this next wave of wealth creation ends up being distributed in a more equitable way. A lot of the hype about evil AI killer robots distracts leaders from the much harder, but much more important conversation about what we do about jobs. MARTIN FORD: What do you think of a universal basic income as part of a solution to that problem? ANDREW NG: I don’t support a universal basic income, but I do think a conditional basic income is a much better idea. There’s a lot about the dignity of work and I actually favor a conditional basic income in which unemployed individuals can be paid to study. This would increase the odds that someone that’s unemployed will gain the skills they need to re-enter the workforce and contribute back to the tax base that is paying for the conditional basic income.

We’re going be able to provide a very high quality of living that’s beyond what we consider a high standard of living today for everyone, for all of the human population, as we get to the 2030s. I made a prediction at TED that we will have universal basic income, which won’t actually need to be that much to provide a very high standard of living, as we get into the 2030s. MARTIN FORD: So, you’re a proponent of a basic income, eventually? You agree that there won’t be a job for everyone, or maybe everyone won’t need a job, and that there’ll be some other source of income for people, like a universal basic income? RAY KURZWEIL: We assume that a job is a road to happiness. I think the key issue will be purpose and meaning. People will still compete to be able to contribute and get gratification. MARTIN FORD: But you don’t necessarily have to get paid for the thing that you get meaning from?


Work in the Future The Automation Revolution-Palgrave MacMillan (2019) by Robert Skidelsky Nan Craig

3D printing, Airbnb, algorithmic trading, Amazon Web Services, anti-work, artificial general intelligence, autonomous vehicles, basic income, business cycle, cloud computing, collective bargaining, correlation does not imply causation, creative destruction, data is the new oil, David Graeber, David Ricardo: comparative advantage, deindustrialization, deskilling, disintermediation, Donald Trump, Erik Brynjolfsson, feminist movement, Frederick Winslow Taylor, future of work, gig economy, global supply chain, income inequality, informal economy, Internet of things, Jarndyce and Jarndyce, Jarndyce and Jarndyce, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, John von Neumann, Joseph Schumpeter, knowledge economy, Loebner Prize, low skilled workers, Lyft, Mark Zuckerberg, means of production, moral panic, Network effects, new economy, off grid, pattern recognition, post-work, Ronald Coase, Second Machine Age, self-driving car, sharing economy, Steve Jobs, strong AI, technoutopianism, The Chicago School, The Future of Employment, the market place, The Nature of the Firm, The Wealth of Nations by Adam Smith, Thorstein Veblen, Turing test, Uber for X, uber lyft, universal basic income, wealth creators, working poor

The opposing view is that full-time paid work is an encumbrance forced on us by necessity (or by an unfair economic system), and that most people would find their lives more fulfilling and richer if they could reduce paid work as much as possible. This division crosses the political spectrum, but in the debate around automation it is often expressed as either enthusiasm or dismay at the idea of a Universal Basic Income. A Universal Basic Income (UBI) is a non-means-tested payment made to everyone, independent of employment status or qualification for other social benefits. People who think that a UBI would be disastrous tend to reference the effects of long-term or mass unemployment, and the sense of hopelessness and inactivity induced by sudden compulsory redundancy. This reflects Marx’s vision of work as essential to human flourishing.

What if we instead started our policy discussions with the assumption that a lot of jobs are not necessary, and that the people who have those jobs know they are not necessary and are simply 16 Policy for the Future of Work 171 not in a position that they feel they can speak about such matters because the alternative would be to be thrown on the tender mercies of the unemployment system? This is why I think the plague of bullshit jobs, and the misery it causes, is one of the best arguments we could make for universal basic income. One of the odd things about universal basic income is that it’s backed by such a broad spectrum of economic and political thinkers, from Martin Luther King to Milton Friedman, but this is partly because different advocates are actually advocating quite different things. One might say there’s three broad versions of basic income. There’s the liberal version, where you are basically giving everyone an income supplement, that’s nonetheless calculated to be not quite enough to live on.

Both David Graeber and Rachel Kay favour reducing human work, while Irmgard Nübler focuses on how technological unemployment can be mitigated and job growth maintained. David Graeber argues that the future of technological unemployment predicted by J.M. Keynes has in fact come to pass—but that we have compensated for the lack of work by creating millions of make-work jobs with little purpose. He recommends giving people the means to leave pointless jobs by severing livelihood from work through a universal basic income. Rachel Kay takes a different tack, discussing the argument for reducing working hours. Workers in the UK work longer hours than in other European countries; looking at Germany, France and the Netherlands as examples, she makes recommendations on how the UK could move in the same direction. Irmgard Nübler analyses the way that different types of innovation and market forces affect job creation and destruction, as well as how those forces can be harnessed to support job creation.


pages: 561 words: 157,589

WTF?: What's the Future and Why It's Up to Us by Tim O'Reilly

4chan, Affordable Care Act / Obamacare, Airbnb, Alvin Roth, Amazon Mechanical Turk, Amazon Web Services, artificial general intelligence, augmented reality, autonomous vehicles, barriers to entry, basic income, Bernie Madoff, Bernie Sanders, Bill Joy: nanobots, bitcoin, blockchain, Bretton Woods, Brewster Kahle, British Empire, business process, call centre, Capital in the Twenty-First Century by Thomas Piketty, Captain Sullenberger Hudson, Chuck Templeton: OpenTable:, Clayton Christensen, clean water, cloud computing, cognitive dissonance, collateralized debt obligation, commoditize, computer vision, corporate governance, corporate raider, creative destruction, crowdsourcing, Danny Hillis, data acquisition, deskilling, DevOps, Donald Davies, Donald Trump, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Filter Bubble, Firefox, Flash crash, full employment, future of work, George Akerlof, gig economy, glass ceiling, Google Glasses, Gordon Gekko, gravity well, greed is good, Guido van Rossum, High speed trading, hiring and firing, Home mortgage interest deduction, Hyperloop, income inequality, index fund, informal economy, information asymmetry, Internet Archive, Internet of things, invention of movable type, invisible hand, iterative process, Jaron Lanier, Jeff Bezos, jitney, job automation, job satisfaction, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kevin Kelly, Khan Academy, Kickstarter, knowledge worker, Kodak vs Instagram, Lao Tzu, Larry Wall, Lean Startup, Leonard Kleinrock, Lyft, Marc Andreessen, Mark Zuckerberg, market fundamentalism, Marshall McLuhan, McMansion, microbiome, microservices, minimum viable product, mortgage tax deduction, move fast and break things, move fast and break things, Network effects, new economy, Nicholas Carr, obamacare, Oculus Rift, packet switching, PageRank, pattern recognition, Paul Buchheit, peer-to-peer, peer-to-peer model, Ponzi scheme, race to the bottom, Ralph Nader, randomized controlled trial, RFC: Request For Comment, Richard Feynman, Richard Stallman, ride hailing / ride sharing, Robert Gordon, Robert Metcalfe, Ronald Coase, Sam Altman, school choice, Second Machine Age, secular stagnation, self-driving car, SETI@home, shareholder value, Silicon Valley, Silicon Valley startup, skunkworks, Skype, smart contracts, Snapchat, Social Responsibility of Business Is to Increase Its Profits, social web, software as a service, software patent, spectrum auction, speech recognition, Stephen Hawking, Steve Ballmer, Steve Jobs, Steven Levy, Stewart Brand, strong AI, TaskRabbit, telepresence, the built environment, The Future of Employment, the map is not the territory, The Nature of the Firm, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Thomas Davenport, transaction costs, transcontinental railway, transportation-network company, Travis Kalanick, trickle-down economics, Uber and Lyft, Uber for X, uber lyft, ubercab, universal basic income, US Airways Flight 1549, VA Linux, Watson beat the top human players on Jeopardy!, We are the 99%, web application, Whole Earth Catalog, winner-take-all economy, women in the workforce, Y Combinator, yellow journalism, zero-sum game, Zipcar

Putnam’s Sons, 1895), Project Gutenberg ebook edition retrieved April 4, 2017, http://www.gutenberg. org/files/31271/31271-h/31271-h.htm #link2H_4_0029. 305 Paul Ryan in 2014: Noah Gordon, “The Conservative Case for a Guaranteed Basic Income,” Atlantic, August 6, 2014, https://www.theatlantic.com/politics/archive/2014/08/why-arent-reformicons-pushing-a-guaranteed-basic-income/375600/. 305 arguments against UBI: Charles Murray and Andrews Stern (For), Jared Bernstein and Jason Furman (Against), “Universal Basic Income Is the Safety Net of the Future,” Intelligence Squared Debates, March 22, 2017, http://www.intelligencesquaredus.org/debates/universal-basic-income-safety-net-future. The audience was persuaded 41% to 4% against the motion. 307 Bill Gates proposed a “robot tax”: Kevin J. Delaney, “The Robot That Takes Your Job Should Pay Taxes, Says Bill Gates,” Quartz, February 17, 2017, https://qz.com/911968/bill-gates-the-robot-that-takes-your-job-should-pay-taxes/. 307 only $2,400 per person: Ed Dolan, “Could We Afford a Universal Basic Income?,” EconoMonitor, January 13, 2014, revised June 25, 2014, http://www.economonitor.com/dolanecon/2014/01/13/could-we-afford-a-universal-basic-income/. 307 would cost only $175 billion: Matt Bruenig and Elizabeth Stoker, “How to Cut the Poverty Rate in Half (It’s Easy),” The Atlantic, October 29, 2013, https://www.theatlantic.com/business/archive/2013/10/how-to-cut-the-poverty-rate-in-half-its-easy/280971/. 307 “I am confident”: “The Future of Work and the Proposal for a Universal Basic Income: A Discussion with Andy Stern, Natalie Foster, and Sam Altman,” held at Bloomberg Beta in San Francisco on June 27, 2016, https://raisingthefloor.splashthat.com. 309 Anne-Marie Slaughter: Anne-Marie Slaughter, Unfinished Business (New York: Random House, 2015). 309 “patterns of consumption”: Anne-Marie Slaughter, “How the Future of Work May Make Many of Us Happier,” Huffington Post, retrieved April 4, 2017, http://www.huffingtonpost.com/anne marie-slaughter/future-of-work-happier _b_6453594.html. 309 “support the families they are caring for”: Anne-Marie Slaughter, in conversation with Tim O’Reilly and Lauren Smiley, “Flexibility Needed: Not Just for On Demand Workers,” Next:Economy Summit, San Francisco, October 10–11, 2015.

This is the world of prosperity that Keynes envisioned for his grandchildren. How might we pay for a universal basic income? The entire amount the United States federal government spends on social welfare programs—$668 billion in 2014—would amount to only $2,400 per person. Rutger Bregman, the author of Utopia for Realists, a book about basic income, divides the pie differently, pointing out that rather than providing an income to those who don’t need it, we could use a negative income tax to give cash only to those who actually need it. Writers Matt Bruenig and Elizabeth Stoker calculated that in 2013, the amount needed to bring all of the Americans living below the poverty line up to at least its level would cost only $175 billion. Sam Altman explained that those who argue about how we would pay for a universal basic income today miss the point. “I am confident that if we need it, we will be able to afford it,” he said in a 2016 discussion of UBI at venture capital firm Bloomberg Beta with Andy Stern and the Aspen Institute’s Natalie Foster.

I was thinking about the Overton Window in November 2016 after attending the Summit on Technology and Opportunity, hosted by the White House, the Chan Zuckerberg Initiative, and the Stanford Center on Poverty and Inequality. I had done a lunchtime debate with Martin Ford, author of the bestselling book The Rise of the Robots, which makes the case that artificial intelligence will take over more and more human jobs, including knowledge work. Martin argues for universal basic income as the solution—making sure that every person receives a basic cash grant sufficient to meet the essentials of life. I was positioned as the techno-optimist in the debate, because I have argued that eliminating human jobs is a choice, not a necessity. When we focus on what needs doing, and what might be possible when humans are augmented by new technology, it is clear that there is plenty of work to go around for both humans and machines.


Capitalism, Alone: The Future of the System That Rules the World by Branko Milanovic

"Robert Solow", affirmative action, Asian financial crisis, assortative mating, barriers to entry, basic income, Berlin Wall, bilateral investment treaty, Black Swan, Branko Milanovic, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carried interest, colonial rule, corporate governance, creative destruction, crony capitalism, deindustrialization, dematerialisation, Deng Xiaoping, discovery of the americas, European colonialism, Fall of the Berlin Wall, financial deregulation, Francis Fukuyama: the end of history, full employment, ghettoisation, gig economy, Gini coefficient, global supply chain, global value chain, high net worth, income inequality, income per capita, invention of the wheel, invisible hand, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, labor-force participation, laissez-faire capitalism, land reform, liberal capitalism, low skilled workers, Lyft, means of production, new economy, offshore financial centre, Paul Samuelson, plutocrats, Plutocrats, post-materialism, purchasing power parity, remote working, rent-seeking, ride hailing / ride sharing, Silicon Valley, single-payer health, special economic zone, The Wealth of Nations by Adam Smith, Thorstein Veblen, uber lyft, universal basic income, Vilfredo Pareto, Washington Consensus, women in the workforce, working-age population, Xiaogang Anhui farmers

We like to scare ourselves with thoughts of the exhaustion of natural resources, limits to growth, and replacement of people by robots. It may be fun, or perhaps it makes us feel virtuous for not being naïve and anticipating the worst, but history teaches us that the world of robotic workers is not something we should rationally fear. 5.3b Problems with Universal Basic Income Reaction to such fears of massive unemployment has given sudden prominence to the concept of universal basic income (UBI).29 The UBI has four features: it is universal, that is, it would provide an income to each citizen; it is unconditional, that is, it is given to everyone with no requirements; it is disbursed in cash; and it is an income source, that is, a constant flow rather than a one-off grant. (A grant can also have the first three features but would be paid to an individual only once.)

This is why universalism and redistribution are integral to the system. In addition, for those who fall between the cracks and still have no acceptable income despite these social insurance programs, the system introduces social assistance benefits that are means-tested and whose objective, unlike social insurance, is straightforward poverty prevention. The philosophy underlying the welfare state would be overhauled by introduction of a system of universal basic income. UBI does not insure against risks; it completely ignores them. It distributes money to everyone equally, though money received by well-off individuals is later clawed back through taxation. This is not necessarily a dispositive argument against UBI. The philosophy on which a welfare system is based can, and perhaps should, be changed. It nevertheless reminds us that moving from the current system to UBI would not only be a technical and financial change; it would entail an overall change in the philosophy that has dominated the welfare state for more than a century.

See also Rich; Upper class Ellul, Jacques, 208–209 Employee stock ownership plans (ESOPs), to deconcentrate capital ownership, 48 The End of History and the Last Man (Fukuyama), 70 Engels, Friedrich, 1, 2, 3, 114, 224 Entrepreneurship, 25 Entry costs, rich and, 33–34 Equilibrium corruption, 121 Escaping Poverty (Vries), 115 Ethical imperialism, 126 Ethical vs. legal, 182 Ethics of ruling class, 66 Europe, performance of socialist vs. capitalist economies in, 84–85 Export pessimism, 149–150 Extractive institutions, 73 Fallacy: of the lump of labor doctrine, 198–199; of lump of raw materials and energy, 200–201; that human needs are limited, 199 Family, decreased usefulness of, 187–190 Fascism, explaining rise of, 70–72 Feldstein, Martin, 33 Ferguson, Niall, 72 Financial assets, rich and rate of return on, 32–33 Financial centers, corruption and global, 169–170 Financial deregulation, 183 Financial settlements, amorality and, 183–184 Finland, universal basic income in, 202 First Congress of the Peoples of the East, 223 Fischer, Fritz, 72 Fisher, Irving, 48 Fixed investment in China, 89–90 France: inherited wealth in, 62; minority support for globalization in, 9; share of capital as percent of national income in, 15 Frank, André Gunder, 148 Fraser, Nancy, 195 Freeman, Richard, 144, 198 Freund, Caroline, 50, 161–163 Fu, Zhe, 102 Fukuyama, Francis, 68, 70, 115, 120 Functional distribution of income, 233 Funding of political parties and campaigns, control of political process by rich and, 57–58 Future, inability to visualize, 197–201 GDP per capita: for China and India, 8, 211, 212; in countries with political capitalism, 97; decline in global inequality and, 213; growth rate in China, Vietnam, and United States, 86; household net wealth and, 27, 30, 31; in socialist vs. capitalist economies in Europe in 1950, 83–84; universal basic income and, 203 Gender, ruling class and, 66 Geopolitical changes, global inequality and, 211–214 Germany: cracking down on tax evasion in, 173; inequality in income from capital and labor in, 26–27, 29; limits of tax-and-transfer redistribution in, 44–45; migration and, 137, 242n47; share of global GDP, 9, 10; subcitizenship in, 136 Gernet, Jacques, 105–106, 115 Ghettoization, of migrants, 146–147 Gig economy, 190, 192, 194 Gilens, Martin, 56 Gini coefficients, 6, 27, 231, 241–242n40 Gini points, 6, 7, 239n22, 240n30 Gintis, Herbert, 209–211 Giving Pledge, 242n44 Global attractiveness of political capitalism, 112–113; Chinese “export” of political capitalism and, 118–128 Global capitalism, future of, 176–218; amorality of hypercommercialized capitalism, 176–187; atomization and commodification, 187–197; fear of technological progress and, 197–205; global inequality and geopolitical changes, 211–214; leading toward people’s capitalism and egalitarian capitalism, 215–218; political capitalism vs. liberal capitalism, 207–211; war and peace, 205–207 Global capitalism, globalization and, 153–155 Global GDP: China’s share of, 9, 10; Germany’s share of, 9, 10; India’s share of, 9, 10; United States’ share of, 9, 10 Global inequality, 6–9; decline in, 257n36; geopolitical changes and, 211–214; history of income inequality, 6–9; measurement of, 231–233 Global Inequality (Milanovic), 102 Globalization: capitalism and, 3; eras of, 150–155; facilitating worldwide corruption, 107; inequality in liberal meritocratic capitalism and, 22; malaise in the West about, 9–10; scenarios for evolution of, 209–211; support for in Asia, 9; tax havens and, 44; welfare state and, 50–55, 155–159; welfare state in era of, 50–55; worldwide corruption and, 159–175.


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The Blockchain Alternative: Rethinking Macroeconomic Policy and Economic Theory by Kariappa Bheemaiah

accounting loophole / creative accounting, Ada Lovelace, Airbnb, algorithmic trading, asset allocation, autonomous vehicles, balance sheet recession, bank run, banks create money, Basel III, basic income, Ben Bernanke: helicopter money, bitcoin, blockchain, Bretton Woods, business cycle, business process, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, cashless society, cellular automata, central bank independence, Claude Shannon: information theory, cloud computing, cognitive dissonance, collateralized debt obligation, commoditize, complexity theory, constrained optimization, corporate governance, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crowdsourcing, cryptocurrency, David Graeber, deskilling, Diane Coyle, discrete time, disruptive innovation, distributed ledger, diversification, double entry bookkeeping, Ethereum, ethereum blockchain, fiat currency, financial innovation, financial intermediation, Flash crash, floating exchange rates, Fractional reserve banking, full employment, George Akerlof, illegal immigration, income inequality, income per capita, inflation targeting, information asymmetry, interest rate derivative, inventory management, invisible hand, John Maynard Keynes: technological unemployment, John von Neumann, joint-stock company, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, Kevin Kelly, knowledge economy, large denomination, liquidity trap, London Whale, low skilled workers, M-Pesa, Marc Andreessen, market bubble, market fundamentalism, Mexican peso crisis / tequila crisis, MITM: man-in-the-middle, money market fund, money: store of value / unit of account / medium of exchange, mortgage debt, natural language processing, Network effects, new economy, Nikolai Kondratiev, offshore financial centre, packet switching, Pareto efficiency, pattern recognition, peer-to-peer lending, Ponzi scheme, precariat, pre–internet, price mechanism, price stability, private sector deleveraging, profit maximization, QR code, quantitative easing, quantitative trading / quantitative finance, Ray Kurzweil, Real Time Gross Settlement, rent control, rent-seeking, Satoshi Nakamoto, Satyajit Das, savings glut, seigniorage, Silicon Valley, Skype, smart contracts, software as a service, software is eating the world, speech recognition, statistical model, Stephen Hawking, supply-chain management, technology bubble, The Chicago School, The Future of Employment, The Great Moderation, the market place, The Nature of the Firm, the payments system, the scientific method, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, too big to fail, trade liberalization, transaction costs, Turing machine, Turing test, universal basic income, Von Neumann architecture, Washington Consensus

Short-term GDP21 growth can no longer be the primary objective of governments. Thus, as the definition of capitalism begins to involve the democratic state to a greater degree, we should also use this opportunity to see how we can address the problems of technological unemployment, education, productivity changes, inequality, and ageism. One solution pathway could lie with helicopter money and universal basic income. Helicopter Drops and Universal Basic Income Refresh your memory and think about the last time you heard these “keywords”: technological unemployment, income inequality, stagnant wages, poverty, regulatory gridlock. If you are a regular follower of the news, then the chances are that you may have heard these terms almost on a weekly basis. But these terms are large-scaling in nature and talk about multiple socioeconomic or political issues.

It is this dividend that I refer to as the Universal Basic Income (UBI). A UBI is an income that is granted unconditionally to every member of a political community. As per the Basic Income Earth Network (BIEN) there are criteria to be adhered to when talking about UBI: 1. It is an income that is given to secure existence and allow social participation. 2. It is an individual right’s claim and is paid to individuals rather than households. 143 Chapter 3 ■ Innovating Capitalism 3. It is payable without means-tested verification. 4. There is no obligation to work. It is paid irrespective of any income from other sources. 5. It is paid without requiring the performance of any work or the willingness to accept a job if offered. While the concept of Universal Basic Income was not devised with technological unemployment in mind, it is increasingly bearing relevance to the current economic diaspora.

The book is a general read but offers readers a look into how key persons are thinking about the Blockchain, while offering a dictionary of whom to follow in this space. Chapter 3 Following is a list of literature resources for learning about Universal Basic Income (UBI): • “The Simple Analytics of Helicopter Money: Why It Works – Always” (2014), Willem H. Buiter • The Precariat: The New Dangerous Class (2011), Guy Standing • Inventing the Future: Postcapitalism and a World Without Work (2015), Nick Srnicek and Alex Williams • Raising the Floor: How a Universal Basic Income Can Renew Our Economy and Rebuild the American Dream (2016), Andy Stern 239 Index „„         A Aadhaar program, 80 Agent Based Computational Economics (ABCE) models complexity economists, 196 developments, 211–213 El Farol problem and minority games, 207–210 Kim-Markowitz Portfolio Insurers Model, 204 Santa Fe artificial stock market model, 205–207 Agent based modelling (ABM), 180–181 aggregate behavioural trends, 197 axiomatisation, linearization and generalization, 184 black-boxing, 199 bottom-up approach, 197 challenge, 198 computational modelling paradigm, 196 conceptualizing, individual agents, 198 EBM, 197 enacting agent interaction, 202–204 environmental factors, 198 environment creation, 201–202 individual agent, 199 parameters and modelling decisions, 199 simulation designing, 199–200 specifying agent behaviour, 200–201 Alaska, 147 Anti-Money Laundering (AML), 67 ARPANet, 54 Artificial Neural Networks (ANN), 222–224 Atlantic model, 75 Automatic Speech Recognition (ASR), 140 Autor-Levy-Murnane (ALM), 85 „„         B Bandits’ Club, 32 BankID system, 79 Basic Income Earth Network (BIEN), 143 Bitnation, 69 Blockchain, 45, 151 ARPANet, 54 break down points, 56–57 decentralized communication, 54 emails, 54 fiat currency, 123 functions, 55 Jiggery Pokery accounts, 107 malware, 54 protocols, 57 Satoshi, 55 skeleton keys, 54, 63–64 smart contract, 58 TCP/IP protocol, 54 technological and financial innovation, 54 trade finance, 101–102 Blockchain-based regulatory framework (BRF), 108 BlockVerify, 68 „„         C Capitalism, 83 ALM hypotheses and SBTC, 90 Blockchain and CoCo, 151 canonical model, 87 © Kariappa Bheemaiah 2017 K.


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Ghost Work: How to Stop Silicon Valley From Building a New Global Underclass by Mary L. Gray, Siddharth Suri

Affordable Care Act / Obamacare, Amazon Mechanical Turk, augmented reality, autonomous vehicles, barriers to entry, basic income, big-box store, bitcoin, blue-collar work, business process, business process outsourcing, call centre, Capital in the Twenty-First Century by Thomas Piketty, cloud computing, collaborative consumption, collective bargaining, computer vision, corporate social responsibility, crowdsourcing, data is the new oil, deindustrialization, deskilling, don't be evil, Donald Trump, Elon Musk, employer provided health coverage, en.wikipedia.org, equal pay for equal work, Erik Brynjolfsson, financial independence, Frank Levy and Richard Murnane: The New Division of Labor, future of work, gig economy, glass ceiling, global supply chain, hiring and firing, ImageNet competition, industrial robot, informal economy, information asymmetry, Jeff Bezos, job automation, knowledge economy, low skilled workers, low-wage service sector, market friction, Mars Rover, natural language processing, new economy, passive income, pattern recognition, post-materialism, post-work, race to the bottom, Rana Plaza, recommendation engine, ride hailing / ride sharing, Ronald Coase, Second Machine Age, sentiment analysis, sharing economy, Shoshana Zuboff, side project, Silicon Valley, Silicon Valley startup, Skype, software as a service, speech recognition, spinning jenny, Stephen Hawking, The Future of Employment, The Nature of the Firm, transaction costs, two-sided market, union organizing, universal basic income, Vilfredo Pareto, women in the workforce, Works Progress Administration, Y Combinator

[back] 13. National Domestic Workers Alliance website, accessed June 21, 2018, https://www.domesticworkers.org/. [back] 14. Andy Stern and Lee Kravitz, Raising the Floor: How a Universal Basic Income Can Renew Our Economy and Rebuild the American Dream (New York: PublicAffairs, 2016); Alyssa Battistoni, “The False Promise of Universal Basic Income,” Dissent, Spring 2017, https://www.dissentmagazine.org/article/false-promise-universal-basic-income-andy-stern-ruger-bregman; Rana Foroohar, “We’re About to Live in a World of Economic Hunger Games,” Time, July 19, 2016, http://time.com/4412410/andy-stern-universal-basic-income/; Thomas Piketty, Capital in the Twenty-First Century, trans. Arthur Goldhammer, reprint (Cambridge, MA: Belknap Press of Harvard University Press, 2017). [back] 15. “Common Ground for Independent Workers,” From the WTF?

., Charlie Curtsinger, Emery D. Berger, and Andrew McGregor. “AutoMan: A Platform for Integrating Human-Based and Digital Computation.” Communications of the ACM 59, no. 6 (June 2016): 102–109. https://doi.org/10.1145/2927928. Basi, J. K. Tina. Women, Identity and India’s Call Centre Industry. London: Routledge, 2009. Battistoni, Alyssa. “The False Promise of Universal Basic Income.” Dissent, Spring 2017. https://www.dissentmagazine.org/article/false-promise-universal-basic-income-andy-stern-ruger-bregman. Board of Governors of the Federal Reserve System. Report on the Economic Well-Being of U.S. Households in 2016. Washington, DC: Federal Reserve Board, May 2017. https://www.federalreserve.gov/publications.htm. Boudreau, Kevin J., Patrick Gaule, Karim R. Lakhani, Christoph Riedl, and Anita Williams Woolley. “From Crowds to Collaborators: Initiating Effort & Catalyzing Interactions Among Online Creative Workers.”

A liberal arts education is a baseline necessity. Beyond that baseline, education is now part of “on-the-job” training and just as necessary for those hiring on-demand workers as the workers themselves. Safety Net Part B: Retainer base wage for all working adults Some, like longtime union leader Andy Stern, of the Service Employees International Union (SEIU), argue that the time has come to turn to a universal basic income, or UBI.14 This is not a new idea. It came into vogue with other Enlightenment ideals, like democracy. Early arguments for a basic income go like this: If citizens receive a basic income, the state can get out of the paternalistic business of managing the welfare state. It would no longer be in the role of deciding who deserves support or administering a system of doling out resources through a moral lens of who deserves help and what kind of help (cheese blocks vs. apples) would be most appropriate.


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Inventing the Future: Postcapitalism and a World Without Work by Nick Srnicek, Alex Williams

3D printing, additive manufacturing, air freight, algorithmic trading, anti-work, back-to-the-land, banking crisis, basic income, battle of ideas, blockchain, Boris Johnson, Bretton Woods, business cycle, call centre, capital controls, carbon footprint, Cass Sunstein, centre right, collective bargaining, crowdsourcing, cryptocurrency, David Graeber, decarbonisation, deindustrialization, deskilling, Doha Development Round, Elon Musk, Erik Brynjolfsson, Ferguson, Missouri, financial independence, food miles, Francis Fukuyama: the end of history, full employment, future of work, gender pay gap, housing crisis, income inequality, industrial robot, informal economy, intermodal, Internet Archive, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kickstarter, late capitalism, liberation theology, Live Aid, low skilled workers, manufacturing employment, market design, Martin Wolf, mass immigration, mass incarceration, means of production, minimum wage unemployment, Mont Pelerin Society, neoliberal agenda, New Urbanism, Occupy movement, oil shale / tar sands, oil shock, patent troll, pattern recognition, Paul Samuelson, Philip Mirowski, post scarcity, post-work, postnationalism / post nation state, precariat, price stability, profit motive, quantitative easing, reshoring, Richard Florida, rising living standards, road to serfdom, Robert Gordon, Ronald Reagan, Second Machine Age, secular stagnation, self-driving car, Slavoj Žižek, social web, stakhanovite, Steve Jobs, surplus humans, the built environment, The Chicago School, The Future of Employment, Tyler Cowen: Great Stagnation, universal basic income, wages for housework, We are the 99%, women in the workforce, working poor, working-age population

Work must be refused and reduced, building our synthetic freedom in the process.136 As we have set out in this chapter, achieving this will require the realisation of four minimal demands: 1.Full automation 2.The reduction of the working week 3.The provision of a basic income 4.The diminishment of the work ethic While each of these proposals can be taken as an individual goal in itself, their real power is expressed when they are advanced as an integrated programme. This is not a simple, marginal reform, but an entirely new hegemonic formation to compete against the neoliberal and social democratic options. The demand for full automation amplifies the possibility of reducing the working week and heightens the need for a universal basic income. A reduction in the working week helps produce a sustainable economy and leverage class power. And a universal basic income amplifies the potential to reduce the working week and expand class power. It would also accelerate the project of full automation: as worker power rose and as the labour market tightened, the marginal cost of labour would increase as companies turned towards machinery in order to expand.137 These goals resonate with each other, magnifying their combined power.

By directing the left towards a post-work future, not only will significant gains be aimed for – such as the reduction of drudgery and poverty – but political power will be built in the process. In the end, we believe a post-work society is not only achievable, given the material conditions, but also viable and desirable.6 This chapter charts a way forward: building a post-work society on the basis of fully automating the economy, reducing the working week, implementing a universal basic income, and achieving a cultural shift in the understanding of work. FULL AUTOMATION Our first demand is for a fully automated economy. Using the latest technological developments, such an economy would aim to liberate humanity from the drudgery of work while simultaneously producing increasing amounts of wealth. Without full automation, postcapitalist futures must necessarily choose between abundance at the expense of freedom (echoing the work-centricity of Soviet Russia) or freedom at the expense of abundance, represented by primitivist dystopias.7 With automation, by contrast, machines can increasingly produce all necessary goods and services, while also releasing humanity from the effort of producing them.8 For this reason, we argue that the tendencies towards automation and the replacement of human labour should be enthusiastically accelerated and targeted as a political project of the left.9 This is a project that takes an existing capitalist tendency and seeks to push it beyond the acceptable parameters of capitalist social relations.

As Paul Mattick puts it, ‘the leisure of the starving, or the needy, is no leisure at all but a relentless activity aimed at staying alive or improving their situation’.90 The underemployed, for instance, have plenty of free time but lack the means to enjoy it. Underemployed, it turns out, is really just a euphemism for under-waged. This is why an essential demand in a post-work society is for a universal basic income (UBI), giving every citizen a liveable amount of money without any means-testing.91 It is an idea that has periodically popped up throughout history.92 In the early 1940s, a version of it was advanced as an alternative to the Beveridge Report that eventually shaped the UK welfare state.93 In a now largely forgotten period during the 1960s and 1970s, the basic income was central to proposals for US welfare reform.


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Bullshit Jobs: A Theory by David Graeber

1960s counterculture, active measures, basic income, Berlin Wall, Bernie Sanders, Bertrand Russell: In Praise of Idleness, Bretton Woods, Buckminster Fuller, call centre, cognitive dissonance, collateralized debt obligation, David Graeber, Donald Trump, equal pay for equal work, full employment, global supply chain, High speed trading, hiring and firing, informal economy, Jarndyce and Jarndyce, Jarndyce and Jarndyce, job automation, John Maynard Keynes: technological unemployment, knowledge worker, moral panic, post-work, precariat, Silicon Valley, Silicon Valley startup, single-payer health, software as a service, telemarketer, The Future of Employment, Thorstein Veblen, too big to fail, Travis Kalanick, universal basic income, unpaid internship, wage slave, wages for housework, women in the workforce, working poor, Works Progress Administration, young professional, éminence grise

Years later, with Occupy Wall Street, which might be considered the first great rising of the caring classes, I watched those same “progressive” professional-managerials first attempt to co-opt the movement for the Democratic Party, then, when that proved impossible, sit idly by or even collude while a peaceful movement was suppressed by military force. on universal basic income as an example of a program that might begin to detach work from compensation and put an end to the dilemmas described in this book I don’t usually like putting policy recommendations in my books. One reason for this is that it has been my experience that if an author is critical of existing social arrangements, reviewers will often respond by effectively asking “so what are you proposing to do about it, then?” search the text until they find something that looks like a policy suggestion, and then act as if that is what the book is basically about. So if I were to suggest that a mass reduction of working hours or a policy of universal basic income might go far in solving the problems described here, the likely response will be to see this as a book about reducing working hours or about universal basic income, and to treat it as if it stands and falls on the workability of that policy—or even, the ease by which it could be implemented.

On the Impossibility of Developing an Absolute Measure of Value | How Most People in Contemporary Society Do Accept the Notion of a Social Value That Can Be Distinguished from Economic Value, Even If It Is Very Difficult to Pin Down What It Is | Concerning the Inverse Relationship Between the Social Value of Work and the Amount of Money One Is Likely to Be Paid for It | On the Theological Roots of Our Attitudes Toward Labor | On the Origins of the Northern European Notion of Paid Labor as Necessary to the Full Formation of an Adult Human Being | How, with the Advent of Capitalism, Work Came to Be Seen in Many Quarters Either as a Means of Social Reform or Ultimately as a Virtue in Its Own Right, and How Laborers Countered by Embracing the Labor Theory of Value | Concerning the Key Flaw in the Labor Theory of Value as It Became Popular in the Nineteenth Century, and How the Owners of Capital Exploited That Flaw | How, over the Course of the Twentieth Century, Work Came to Be Increasingly Valued Primarily as a Form of Discipline and Self-Sacrifice Chapter 7 What Are the Political Effects of Bullshit Jobs, and Is There Anything That Can Be Done About This Situation? On How the Political Culture under Managerial Feudalism Comes to Be Maintained by a Balance of Resentments | How the Current Crisis over Robotization Relates to the Larger Problem of Bullshit Jobs | On the Political Ramifications of Bullshitization and Consequent Decline of Productivity in the Caring Sector as It Relates to the Possibility of a Revolt of the Caring Classes | On Universal Basic Income as an Example of a Program That Might Begin to Detach Work from Compensation and Put an End to the Dilemmas Described in This Book Acknowledgments About the Author Notes Bibliography To anyone who would rather be doing something useful with themselves. Preface: On the Phenomenon of Bullshit Jobs In the spring of 2013, I unwittingly set off a very minor international sensation.

So if I were to suggest that a mass reduction of working hours or a policy of universal basic income might go far in solving the problems described here, the likely response will be to see this as a book about reducing working hours or about universal basic income, and to treat it as if it stands and falls on the workability of that policy—or even, the ease by which it could be implemented. That would be deceptive. This is not a book about a particular solution. It’s a book about a problem—one that most people don’t even acknowledge exists. Another reason I hesitate to make policy suggestions is that I am suspicious of the very idea of policy. Policy implies the existence of an elite group—government officials, typically—that gets to decide on something (“a policy”) that they then arrange to be imposed on everybody else. There’s a little mental trick we often play on ourselves when discussing such matters. We say, for instance, “What are we going to do about the problem of X?”


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Bezonomics: How Amazon Is Changing Our Lives and What the World's Best Companies Are Learning From It by Brian Dumaine

activist fund / activist shareholder / activist investor, AI winter, Airbnb, Amazon Web Services, Atul Gawande, autonomous vehicles, basic income, Bernie Sanders, Black Swan, call centre, Chris Urmson, cloud computing, corporate raider, creative destruction, Danny Hillis, Donald Trump, Elon Musk, Erik Brynjolfsson, future of work, gig economy, Google Glasses, Google X / Alphabet X, income inequality, industrial robot, Internet of things, Jeff Bezos, job automation, Joseph Schumpeter, Kevin Kelly, Lyft, Marc Andreessen, Mark Zuckerberg, money market fund, natural language processing, pets.com, plutocrats, Plutocrats, race to the bottom, ride hailing / ride sharing, Sand Hill Road, self-driving car, shareholder value, Silicon Valley, Silicon Valley startup, Snapchat, speech recognition, Steve Jobs, Stewart Brand, supply-chain management, Tim Cook: Apple, too big to fail, Travis Kalanick, Uber and Lyft, uber lyft, universal basic income, wealth creators, web application, Whole Earth Catalog

He believes that the economy will provide jobs for those displaced by automation and AI. That said, from time to time he has pondered the need for a universal basic income (UBI) to make up for lost jobs. In essence, with a UBI the federal government steps in and pays every American a basic wage to make up for the disruption that technology is about to wreak on the job market. Bezos, who has libertarian leanings, hasn’t made up his mind yet on a UBI. In general, he is a social progressive who is not politically outspoken and has limited his public advocacy. That puts him at odds with his fellow tech titans, including Facebook’s Mark Zuckerberg and his cofounder Chris Hughes, Tesla’s Elon Musk, and venture capitalist Marc Andreessen, all of whom support some form of a universal basic income. The UBI is simply a logical response to a socially and politically complex problem.

Those left untouched by Amazon are either lucky enough to be in sectors of the economy where this AI giant doesn’t play—heavy industry, law, restaurants, and real estate—or are just dallying cluelessly until the Amazon steamroller crushes them. The repercussions of Bezonomics on how we work and live are also profound. Amazon is a master of robotics, and although the company has created more than 650,000 jobs from its inception to 2019, it’s about to unleash a wave of automation that—when copied by others—will roil our labor markets to the point where governments will need to take seriously the idea of a universal basic income. At the same time, as more companies pursue their own Bezonomics business model, life will become even more digitized, ushering in a world where, instead of visiting malls or small neighborhood stores where we can interact with friends and neighbors, we’ll sit in isolation in the glow of a screen and do our shopping with a click of the buy button. During the writing of this book, many thoughtful friends and colleagues have asked me whether Amazon is good or bad.

So far, the Amazon Go store, automated warehouses, and self-driving delivery vans are just early warning signs of a wave of new technologies that will make hundreds of millions of jobs obsolete around the world. For most people, the pink-slip-bearing robots haven’t arrived yet. But all signs point to the fact that they’re coming, except for those who exist in certain insulated professions—often ones that are high-touch or have an emotional component. Some of the dispossessed will find new jobs, others will survive on a universal basic income provided by their government, and others still will turn to the gig economy, trying to eke out a living any way they can. One way to do this, of course, is to start a business that sells stuff on Amazon. That, however, would mean having to compete directly with Amazon’s relentless AI flywheel. CHAPTER 9 Dancing with the Devil John Morgan looks back wistfully on his days running a kitesurfing shop on the coast of Spain.


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The Coming of Neo-Feudalism: A Warning to the Global Middle Class by Joel Kotkin

Admiral Zheng, Andy Kessler, autonomous vehicles, basic income, Bernie Sanders, call centre, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, Cass Sunstein, clean water, creative destruction, deindustrialization, demographic transition, don't be evil, Donald Trump, edge city, Elon Musk, European colonialism, financial independence, Francis Fukuyama: the end of history, gig economy, Gini coefficient, Google bus, guest worker program, Hans Rosling, housing crisis, income inequality, informal economy, Jane Jacobs, Jaron Lanier, Jeff Bezos, job automation, job satisfaction, Joseph Schumpeter, land reform, liberal capitalism, life extension, low skilled workers, Lyft, Mark Zuckerberg, market fundamentalism, Martin Wolf, mass immigration, megacity, Nate Silver, new economy, New Urbanism, Occupy movement, Parag Khanna, Peter Thiel, plutocrats, Plutocrats, post-industrial society, post-work, postindustrial economy, postnationalism / post nation state, precariat, profit motive, RAND corporation, Ray Kurzweil, rent control, Richard Florida, road to serfdom, Robert Gordon, Sam Altman, Satyajit Das, sharing economy, Silicon Valley, smart cities, Steve Jobs, Stewart Brand, superstar cities, The Death and Life of Great American Cities, The Future of Employment, The Rise and Fall of American Growth, Thomas L Friedman, too big to fail, trade route, Travis Kalanick, Uber and Lyft, uber lyft, universal basic income, unpaid internship, upwardly mobile, We are the 99%, Wolfgang Streeck, women in the workforce, working-age population, Y Combinator

Medium, February 26, 2016, https://medium.com/@ferenstein/a-lot-of-billionaires-are-giving-to-democrats-here-s-a-look-at-their-agenda-b5038c2ecb34. 13 Todd Haselton, “Mark Zuckerberg joins Silicon Valley bigwigs in calling for government to give everybody free money,” Yahoo, May 25, 2017, https://finance.yahoo.com/news/mark-zuckerberg-joins-silicon-valley-202800717.html; Patrick Gillespie, “Mark Zuckerberg supports universal basic income. What is it?” CNN, May 6, 2017, https://money.cnn.com/2017/05/26/news/economy/mark-zuckerberg-universal-basic-income/index.html; Chris Weller, “Elon Musk doubles down on universal basic income: ‘It’s going to be necessary,’” Business Insider, February 13, 2017, https://www.businessinsider.com/elon-musk-universal-basic-income-2017-2; Patrick Caughill, “Another Silicon Valley Exec Joins the Ranks of Universal Basic Income Supporters,” Futurism, September 8, 2017, https://futurism.com/another-silicon-valley-exec-joins-the-ranks-of-universal-basic-income-supporters; Sam Altman, “Moving Forward on Basic Income,” Y Combinator, May 31, 2016, https://blog.ycombinator.com/moving-forward-on-basic-income/; Diane Francis, “The Beginning of the End of Work,” American Interest, March 19, 2018, https://www.the-american-interest.com/2018/03/19/beginning-end-work/. 14 “The YIMBY Guide to Bullying and Its Results: SB 827 Goes Down in Committee,” City Watch LA, April 19, 2018, https://www.citywatchla.com/index.php/los-angeles/15298-the-yimby-guide-to-bullying-and-its-results-sb-827-goes-down-in-committee; John Mirisch, “Tech Oligarchs and the California Housing Crisis,” California Political Review, April 15, 2018, http://www.capoliticalreview.com/top-stories/tech-Oligarchs-and-the-california-housing-crisis/; Joel Kotkin, “Giving Common Sense a Chance in California,” City Journal, April 26, 2018, https://www.city-journal.org/html/giving-common-sense-chance-california-15868.html. 15 Thomas Piketty, Capital in the Twenty-First Century, trans.

Wall Street Journal, October 3, 2018, https://www.wsj.com/articles/ben-franklin-who-1538608727; Colleen Flaherty, “The Vanishing History Major,” Inside Higher Ed, November 27, 2018, https://www.insidehighered.com/news/2018/11/27/new-analysis-history-major-data-says-ield-new-low-can-it-be-saved. 32 Henri Pirenne, Mohammed and Charlemagne (Cleveland: Meridian, 1957), 118; Roderick Seidenberg, Post-historic Man: An Inquiry (New York: Viking, 1974), 179. 33 Glenn Harlan Reynolds, “Robert Zubrin makes ‘The Case for Space,’” USA Today, May 7, 2019, https://www.usatoday.com/story/opinion/2019/05/07/spacex-blue-origin-virgin-galactic-robert-zubrin-case-space-column/1119446001/. 34 David Pilling, Bending Adversity: Japan and the Art of Survival (New York: Penguin, 2014), 119, 177–79; Karel van Wolferen, The Enigma of Japanese Power: People and Politics in a Stateless Nation (New York: Knopf, 1989), 2–3. 35 Andy Kessler, “Zuckerberg’s Opiate for the Masses,” Wall Street Journal, June 18, 2017, https://www.wsj.com/articles/zuckerbergs-opiate-for-the-masses-1497821885. 36 Catherine Clifford, “About half of Americans support giving residents up to $2000 a month when robots take their jobs,” CNBC, December 19, 2016, https://www.cnbc.com/2016/12/19/about-half-of-americans-support-giving-residents-up-to-2000-a-month-when-robots-take-our-jobs.html. 37 Patrick Hoare, “European Social Survey (ESS) reveal findings about attitudes toward Universal Basic Income across Europe,” Basic Income, January 20, 2018, https://basicincome.org/news/2018/01/europe-european-social-survey-ess-reveal-findings-attitudes-toward-universal-basic-income-across-europe/; Andrew Russell, “What Do Canadians think of basic income? It will reduce poverty but could raise taxes,” Global News, June 7, 2017, https://globalnews. ca/news/3509763/what-do-canadians-think-of-basic-income-it-will-reduce-poverty-but-could-raise-taxes/. 38 Immanuel Wallerstein, The Modern World System: Capitalist Agriculture and the Origins of the European World Economy in the 16th Century (New York: Academic Press, 1974), 357.

Japan will not conquer the world, one observer suggests, but it could settle into being something like an Asian Switzerland with a rapidly aging but comfortable population.34 Similarly, the neo-feudal order would replace a focus on upward mobility and family with a desire for a comfortable, subsidized life, indulging in the digital mind-sinks that keep the masses in their metaphorical basements.35 Already, roughly half of all Americans support the idea of a guaranteed basic income of about $2,000 a month if robots put them out of work.36 A universal basic income enjoys even stronger support in most European countries, particularly among younger people.37 To slow or reverse neo-feudalism, with its constraints on upward mobility and creation of more dependency, requires awakening the political will of the Third Estate to resist it. “Happy the nation whose people have not forgotten how to rebel,” wrote the British historian R. H. Tawney.38 Whether we can muster the resolve to assert our place as engaged citizens will determine the kind of world our children inherit.


The New Class War: Saving Democracy From the Metropolitan Elite by Michael Lind

affirmative action, anti-communist, basic income, Bernie Sanders, Boris Johnson, Bretton Woods, business cycle, capital controls, Cass Sunstein, central bank independence, centre right, collective bargaining, commoditize, corporate governance, crony capitalism, deindustrialization, Doha Development Round, Donald Trump, Edward Snowden, future of work, global supply chain, guest worker program, Haight Ashbury, illegal immigration, immigration reform, invisible hand, knowledge economy, liberal world order, low skilled workers, low-wage service sector, manufacturing employment, Mark Zuckerberg, mass immigration, means of production, moral panic, Nate Silver, new economy, offshore financial centre, oil shock, open borders, plutocrats, Plutocrats, Ponzi scheme, purchasing power parity, Ralph Nader, regulatory arbitrage, rent-seeking, Richard Florida, Ronald Reagan, Silicon Valley, The Wealth of Nations by Adam Smith, Thorstein Veblen, trade liberalization, union organizing, universal basic income, upwardly mobile, WikiLeaks, Wolfgang Streeck, working poor

., 50 identity politics, 74 immigration, immigrants, xi–xiv, 14, 17, 27, 41–42, 68, 74–79, 91, 115–16, 127, 150–51, 168 amnesties, 164 attitudes toward, survey on, 70–71 in Britain, 26 class conflict, 21–26 citizenship and, 160–61, 163–64 and competition for public goods, 79, 81, 153–54 democratic pluralism and, 155–65 dependency ratio and, 161–62 economic growth, 159–61 equal rights for all workers, 163–64 in Germany, 67 guest workers, 59, 120, 158, 160–61, 163 in heartlands, 16 housekeepers, 21–22, 124, 156, 158–59 hub-heartland divide and, 21–23 illegal, 67, 77–79, 154, 156, 159 illegal, amnesty for, 164 labor unions and, 153–55 menial jobs and, 155–58 myth of job shortages, 155–59 open borders policy and, 154–55, 157 public attitudes toward, 78–79 public support for welfare state, 155 racism, 26 refugees, 78 sanctuary city laws and, 21–22 types of opposition to, 111 unionization, 151–53 universal basic income and, 125, 127 unskilled and less-skilled, 59–60, 70, 77, 155–60 US Commission on Immigration Reform, 76–77 voting rights and, 163–64 wages and, 157–59, 163 ward system and, 138 welfare and, 154–55 workers, xii, xiii, xv, 11–12, 15–16, 21–23, 26, 59–60, 79, 111, 122, 124, 129–30, 148, 155–65 income and wages, 33, 35, 37, 51–53, 55, 59, 115, 120, 122, 127, 136, 151, 152, 157, 159 earned income tax credit and, 122 immigrants and, 157–59, 163 and large vs. small employers, 125–27 minority groups and, 157 universal basic income, 122–25, 127 wage boards and, 137 industrialization, xi, 8, 28–29 deindustrialization, 68, 126, 129, 132, 138 interest group liberalism, 40, 48–49 see also democratic pluralism intergenerational mobility, 7–8 iPhone, 57–58, 118, 151 Isaacs, Julia B., 7 Jefferson, Thomas, 138 Johnson, Boris, xiii, 81, 100, 112, 131 Johnson, Chalmers, 149 Johnson, Hugh, 35 Jordan, Barbara, 77 judges, see courts Judis, John B., 164 Juncker, Jean-Claude, 54 juristocracy, 62; see courts Justice Department, 126 Kakaes, Konstantin, 57 Kaufmann, Eric, 23 Kazin, Michael, 97 Keynes, John Maynard, 128 Kirkegaard, Jacob Funk, x Kitto, H.

Somewhat bolder proposals to help the working class, which also avoid any heretical questioning of the labor market effects of deunionization, offshoring, and mass immigration, include more redistribution of income in the form of cash transfers or tax breaks and more opportunities for working-class citizens to start their own businesses. Redistributionist proposals range from expanding tax subsidies to wage earners, like America’s earned income tax credit (EITC), to the old but periodically revived idea of a universal basic income (UBI), which would allow all citizens to live at a minimally adequate level without working. While some minor forms of enhanced redistribution to mollify discontented voters will undoubtedly be tried in many Western countries, proposals for massive cash transfers are doomed for a number of reasons. Purchasing political acquiescence from workers who have stagnant or declining incomes with substantial amounts of cash requires an economically dynamic sector of the economy to make the bribes affordable.

A “robot tax” has been endorsed by French socialist Benoît Hamon and American capitalist Bill Gates, to fund a UBI as a solution to the as-yet-nonexistent problem of mass technological unemployment. But if robots were cheap and common enough to cause mass unemployment, the commoditized robot industry might not generate enough profit to support a massively expanded welfare state; you might as well try to pay for a universal basic income with a microwave oven tax. If, on the other hand, robots were scarce and selling for a premium, technological unemployment would not be a problem—and the robot tax perversely would encourage the substitution of low-wage workers for advanced machines, putting the Industrial Revolution into reverse. Nor can a few niche advanced manufacturing sectors pay for the massive redistribution from the few to the many required by the redistribution strategy.


India's Long Road by Vijay Joshi

Affordable Care Act / Obamacare, barriers to entry, Basel III, basic income, blue-collar work, Bretton Woods, business climate, capital controls, central bank independence, clean water, collapse of Lehman Brothers, collective bargaining, colonial rule, congestion charging, corporate governance, creative destruction, crony capitalism, decarbonisation, deindustrialization, demographic dividend, demographic transition, Doha Development Round, eurozone crisis, facts on the ground, failed state, financial intermediation, financial repression, first-past-the-post, floating exchange rates, full employment, germ theory of disease, Gini coefficient, global supply chain, global value chain, hiring and firing, income inequality, Indoor air pollution, Induced demand, inflation targeting, invisible hand, land reform, Mahatma Gandhi, manufacturing employment, Martin Wolf, means of production, microcredit, moral hazard, obamacare, Pareto efficiency, price mechanism, price stability, principal–agent problem, profit maximization, profit motive, purchasing power parity, quantitative easing, race to the bottom, randomized controlled trial, rent-seeking, reserve currency, rising living standards, school choice, school vouchers, secular stagnation, Silicon Valley, smart cities, South China Sea, special drawing rights, The Future of Employment, The Market for Lemons, too big to fail, total factor productivity, trade liberalization, transaction costs, universal basic income, urban sprawl, working-age population

Note also that with growth of national income over time, the absolute real amounts of resources available for redistribution would rise for any given percentage of GDP earmarked for the purpose (or a given amount S a f e t y N e t s a n d S o ci a l P r o t e c t i o n [ 213 ] 214 of redistribution could be done with a smaller percentage of GDP). So in a few years, the resources required to pay for a universal basic income set at a fixed absolute real level of income would fall to well below 3.5 per cent of GDP (or the universal basic income transfer could be increased at the given share of 3.5 per cent of GDP to eliminate any residual poverty that remains after the implementation of the scheme).33 Needless to say, a basic income scheme would face some challenging difficulties. One difficulty is that winding up subsidies would raise the cost of living since the prices of the previously subsidized items would rise.

Chapter 9 is about the promotion of inclusive development through enhancement of social opportunities, especially the provision of education and health care. It takes a cool and critical look at the role of the state and the private sector in providing these essential services. Chapter 10 is about inclusion via ‘social protection’ and income redistribution. In India, this takes place primarily through price subsidies. In contrast, the chapter advocates achieving egalitarian aims, including a universal ‘basic income’, by the use of cash transfers. The existing methods of reaching the poor are shown to be ineffective and costly. There is, in addition, an analysis of how enhanced cash transfers could be financed with relative ease if the existing dysfunctional price subsidies were eliminated. Part IV moves on to the political economy of Indian development. Chapter 11 is concerned with domestic political economy.

Another alternative is to use proxy means tests to identify the poor, e.g. by excluding people who pay income tax and/​ or have the obvious markers of high income such as ownership of land above five acres, ownership of houses with more than three rooms, and possession of relatively expensive consumer durables such as automobiles, bearing in mind that some of these categories would overlap.26 In this way, one might be able to isolate say 67 per cent or 50 per cent of the population containing all poor people with a high degree of certainty. My view is that any such effort would be politically very contentious and S a f e t y N e t s a n d S o ci a l P r o t e c t i o n [ 211 ] 212 divisive. A universal transfer would be preferable if it were fiscally possible because it would arouse much less resistance. The Appendix to this chapter estimates the cost of universal ‘basic income’ provision, taking account of the realistic constraints identified above. The scheme envisaged therein would raise the average income of poor people to the poverty line by making the requisite uniform and universal cash transfer. The Appendix shows that at 2014/​15 prices, this would involve making a cash transfer of about Rs. 17,500 a year per household (i.e. around Rs. 1450 per month per household) which, if it covered all households, would cost 3.5 per cent of GDP annually.


pages: 188 words: 40,950

The Case for Universal Basic Income by Louise Haagh

back-to-the-land, basic income, battle of ideas, Bertrand Russell: In Praise of Idleness, bitcoin, blockchain, cryptocurrency, delayed gratification, Diane Coyle, full employment, future of work, housing crisis, income inequality, job-hopping, land reform, low skilled workers, Mark Zuckerberg, mini-job, moral hazard, new economy, offshore financial centre, precariat, race to the bottom, rent control, road to serfdom, Silicon Valley, Skype, smart contracts, trickle-down economics, universal basic income

Human Development States: Labour Market Returns to Education, mid-1990s Figure 9. Human Development States: Labour Market Returns to Education, mid-2010s Figure 10a. Unemployment Systems, 2007 Figure 10b. Unemployment Systems, 2010 Figure 10c. Unemployment Systems, 2014 The Case For series Sam Pizzigati, The Case for a Maximum Wage Louise Haagh, The Case for Universal Basic Income The Case for Universal Basic Income Louise Haagh polity Copyright © Louise Haagh 2019 The right of Louise Haagh to be identified as Author of this Work has been asserted in accordance with the UK Copyright, Designs and Patents Act 1988. First published in 2019 by Polity Press Polity Press 65 Bridge Street Cambridge CB2 1UR, UK Polity Press 101 Station Landing Suite 300 Medford, MA 02155, USA All rights reserved.

Except for the quotation of short passages for the purpose of criticism and review, no part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher. ISBN-13: 978-1-5095-2299-6 A catalogue record for this book is available from the British Library. Library of Congress Cataloging-in-Publication Data Names: Haagh, Louise, 1967- author. Title: The case for universal basic income / Louise Haagh. Description: Medford, MA : Polity, 2019. | Series: The Case for | Includes bibliographical references and index. Identifiers: LCCN 2018029800 (print) | LCCN 2018035479 (ebook) | ISBN 9781509522996 (Epub) | ISBN 9781509522958 (hardback) | ISBN 9781509522965 (paperback) Subjects: LCSH: Income distribution. | Welfare state. | Distributive justice. | BISAC: POLITICAL SCIENCE / Public Policy / Economic Policy.

World Income Concentration, 2000–2015 In this context, it is all too easy to get caught up in annual budget cycles – and to overlook the relationship between policy efficacy and regulatory power – when discussing whether basic income is sensible and affordable. For example, against the annual losses to the UK Treasury from evasion and corporate investment in tax havens, estimated at between £12 billion and £40 billion,6 the projected annual cost of a universal basic income in the UK, calculated at around £2 billion,7 as shown in chapter 1, seems no longer based on the kind of fantasy ‘money-tree’ economics that critics claim.8 On the other hand, nor can basic income be set outside the wider challenge of improving the regulatory effectiveness of public policy. For example, it is estimated that weak regulation of rents9 costs the UK Treasury £1 billion per annum in oversized social housing subsidy bills.10 The problem of regulatory-effective public spending goes to the heart of the discussion of basic income and social contribution.


pages: 326 words: 91,559

Everything for Everyone: The Radical Tradition That Is Shaping the Next Economy by Nathan Schneider

1960s counterculture, Affordable Care Act / Obamacare, Airbnb, altcoin, Amazon Mechanical Turk, back-to-the-land, basic income, Berlin Wall, Bernie Sanders, bitcoin, blockchain, Brewster Kahle, Burning Man, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, Clayton Christensen, collaborative economy, collective bargaining, Community Supported Agriculture, corporate governance, creative destruction, crowdsourcing, cryptocurrency, Debian, disruptive innovation, do-ocracy, Donald Knuth, Donald Trump, Edward Snowden, Elon Musk, Ethereum, ethereum blockchain, Food sovereignty, four colour theorem, future of work, gig economy, Google bus, hydraulic fracturing, Internet Archive, Jeff Bezos, jimmy wales, joint-stock company, Joseph Schumpeter, Julian Assange, Kickstarter, Lyft, M-Pesa, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, mass immigration, means of production, multi-sided market, new economy, offshore financial centre, old-boy network, Peter H. Diamandis: Planetary Resources, post-work, precariat, premature optimization, pre–internet, profit motive, race to the bottom, Richard Florida, Richard Stallman, ride hailing / ride sharing, Sam Altman, Satoshi Nakamoto, self-driving car, shareholder value, sharing economy, Silicon Valley, Slavoj Žižek, smart contracts, Steve Jobs, Steve Wozniak, Stewart Brand, transaction costs, Turing test, Uber and Lyft, uber lyft, underbanked, undersea cable, universal basic income, Upton Sinclair, Vanguard fund, white flight, Whole Earth Catalog, WikiLeaks, women in the workforce, working poor, Y Combinator, Y2K, Zipcar

Among other accomplishments, Pistono had written a book called Robots Will Steal Your Job, but That’s OK. At the Singularity meeting, he was the chief proponent of universal basic income, an idea that at the time still seemed novel. He cited recent basic-income experiments in India that showed promise for combating poverty among people the tech economy has left behind. Diamandis later reported having been “amazed” by the potential.12 That year, also, celebrity investor Marc Andreessen told New York magazine that he considered basic income “a very interesting idea,” and Sam Altman of the elite startup accelerator Y Combinator called its implementation an “obvious conclusion.”13 Those were just the early salvos. What people generally mean by universal basic income is the idea of giving everyone enough money to provide for the necessities of life. Imagine, say, a $20,000 check every year for every US citizen.

It doesn’t wait for things to get worse so they can get better. It doesn’t appear from nowhere and disrupt everything. Instead, it grows through what Grace Lee Boggs called “critical connections”—bridging generations, forging bonds too strong for profiteers to break. It requires people who know their own strengths. A lot of those who have been drawn into the co-op movement in recent years hope it can be something like universal basic income—a drastic, radical fix that changes everything. They try to create co-ops for the hardest of problems, using the most untested of means, building their dreams out of policy proposals and foundation grants and panels at conferences. I watch the news of these developments closely. But some of the most remarkable things are happening more quietly, making use of latent resources already in our midst.

“How Colorado Voters Could Usher in the Future of Healthcare in America,” Vice (December 14, 2015). “Colorado’s Universal Health Care Proposal Is Also a Seismic Expansion of Democracy,” America (June 30, 2016). “How Communists and Catholics Built a Commonwealth,” America (September 7, 2017). “Free the Land,” Vice (April 2016). Chapter 7 “Why We Hack,” in Wisdom Hackers (The Pigeonhole, 2014). “Why the Tech Elite Is Getting Behind Universal Basic Income,” Vice (January 2015). “Dear Mark Zuckerberg: Democracy Is Not a Facebook Focus Group,” America (February 21, 2017). “How Communists and Catholics Built a Commonwealth,” America (September 7, 2017). I also stand in debt to the teams at Nation Books, Hachette, and Stuart Krichevsky Literary Agency for their aid in reassembling and reimagining that reporting here, particularly my agent David Patterson and my editor Katy O’Donnell.


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AI Superpowers: China, Silicon Valley, and the New World Order by Kai-Fu Lee

AI winter, Airbnb, Albert Einstein, algorithmic trading, artificial general intelligence, autonomous vehicles, barriers to entry, basic income, business cycle, cloud computing, commoditize, computer vision, corporate social responsibility, creative destruction, crony capitalism, Deng Xiaoping, deskilling, Donald Trump, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, full employment, future of work, gig economy, Google Chrome, happiness index / gross national happiness, if you build it, they will come, ImageNet competition, income inequality, informal economy, Internet of things, invention of the telegraph, Jeff Bezos, job automation, John Markoff, Kickstarter, knowledge worker, Lean Startup, low skilled workers, Lyft, mandatory minimum, Mark Zuckerberg, Menlo Park, minimum viable product, natural language processing, new economy, pattern recognition, pirate software, profit maximization, QR code, Ray Kurzweil, recommendation engine, ride hailing / ride sharing, risk tolerance, Robert Mercer, Rodney Brooks, Rubik’s Cube, Sam Altman, Second Machine Age, self-driving car, sentiment analysis, sharing economy, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, Skype, special economic zone, speech recognition, Stephen Hawking, Steve Jobs, strong AI, The Future of Employment, Travis Kalanick, Uber and Lyft, uber lyft, universal basic income, urban planning, Y Combinator

More creative versions of these programs could correct for this, and I encourage companies and governments to continue experimenting with them. But I fear this kind of approach will be far from sufficient to address the long-term pressures that AI will bring to the labor market. For that, we may have to adopt more radical redistributive measures. THE BASICS OF UNIVERSAL BASIC INCOME Currently, the most popular of these methods of redistribution is, as mentioned earlier, the universal basic income (UBI). At its core, the idea is simple: every citizen (or every adult) in a country receives a regular income stipend from the government—no strings attached. A UBI would differ from traditional welfare or unemployment benefits in that it would be given to everyone and would not be subject to time limits, job-search requirements, or any constraints in how it could be spent.

See also WeChat Chinese startups and, 58 as dominant AI player, 83, 91, 93 global markets and, 137 Groupon partnership with, 47–48 internet AI and, 109 Microsoft Research Asia and, 89 mobile payments and, 73–74, 76 “Pearl Harbor attack” on Alibaba, 60–61 success of, 40 super-app model and, 70–71 Zhou and, 41–42 TensorFlow, 95, 228 Terminator (film series), 141 Tesla, 131–32 tests and grading, 123 3Q War, 41–42 Thrun, Sebastian, 88, 113–14 Tmall, 36 Toutiao (news platform), 40, 108–9, 163 traffic management, 84, 94, 103, 124, 134 transfer learning, 12 Traptic, 129 truck drivers, 101, 102 Trump, Donald, 98, 104 Tsinghua University, 89 Tujia, 73 tutoring, customized, 123–24 Twitter, 23, 24, 31, 33, 40 U Uber bicycle sharing compared to, 78, 79 Chinese entrepreneurs compared to, 24–25 Chinese market and, 39 Didi and, 40, 68–69, 70, 72, 79, 137 four waves of AI and, 106 global markets and, 137 O2O revolution and, 68–69 self-driving cars and, 19, 131 services using model of, 213–14 WeChat and, 70 UBI. See universal basic income (UBI) unemployment, mass, 5, 19–21, 144, 145–48, 154–55, 173, 199–200 United Kingdom, 11, 20, 169 United States birth of AI and, 11, 13–14 China’s competition with. See China and U.S., competition between digital world dominance of, 2, 11–12, 18 economic stratification in, 150 education experiments in, 229 Fermi’s move to, 85 global economic inequality and, 168–70 government’s hands-off approach, 18, 229 great decoupling and, 150, 202 inequality within, 170–72, 199–200 inheritance of technological skillsets in, 33 jobs at risk of automation in, 157–60, 164 mobile payments in, compared to China, 75–77 privacy protection in, 125 self-driving cars in, 133 spending on research vs. Google, 92–93 traffic accidents in, 101 universal basic income and, 207 universal basic income (UBI), 201, 206–10, 218, 220, 222, 225 University of Modena, 191–92 University of Science and Technology of China, 81–82 “useless class,” 172, 230 utopians vs. dystopians, 140–44 V value alignment problem, 142 venture capital (VC) industry AI world order and, 20 American, 70 Chinese, 3–4, 11, 40, 47–48, 51–54, 58, 64–65, 88, 97–99 competition between companies and, 15 creation of, and AI revolution, 153–55 Lee and, ix, xi, 3, 52 new venture ecosystem, 216–17 VIPKid, 123–24 volunteerism, 218–20, 221, 229 W Wadhwa, Vivek, 165 wage suppression, 165 Wall Street, 35 Walsh, Frank, 173 Wang Xing as the Cloner, 22–24, 25–26 Facebook and Twitter copied by, 22, 23, 24, 31, 32–33, 42 Meituan, founding of, 45–49 Meituan Dianping, 49, 69, 70, 78 Ware, Bronnie, 186–87, 195 War of a Thousand Groupons, 45–49 Waymo, 92, 131, 135 weak features vs. strong features, 110–11, 113, 191 wealth and class inequality, 19–20, 144, 145–47, 150–51, 154, 170–72, 199–200.

No economic or social policy can “brute force” a change in our hearts. But in choosing different policies, we can reward different behaviors and start to nudge our culture in different directions. We can choose a purely technocratic approach—one that sees each of us as a set of financial and material needs to be satisfied—and simply transfer enough cash to all people so that they don’t starve or go homeless. In fact, this notion of universal basic income seems to be becoming more and more popular these days. But in making that choice I believe we would both devalue our own humanity and miss out on an unparalleled opportunity. Instead, I want to lay out proposals for how we can use the economic bounty created by AI to double-down on what makes us human. Doing this will require rewriting our fundamental social contracts and restructuring economic incentives to reward socially productive activities in the same way that the industrial economy rewarded economically productive activities.


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Squeezed: Why Our Families Can't Afford America by Alissa Quart

Affordable Care Act / Obamacare, Airbnb, Automated Insights, autonomous vehicles, barriers to entry, basic income, Bernie Sanders, business intelligence, Donald Trump, Downton Abbey, East Village, Elon Musk, full employment, future of work, gig economy, glass ceiling, haute couture, income inequality, Jaron Lanier, job automation, late capitalism, Lyft, minimum wage unemployment, moral panic, new economy, nuclear winter, obamacare, Ponzi scheme, post-work, precariat, price mechanism, rent control, ride hailing / ride sharing, school choice, sharing economy, Silicon Valley, Skype, Snapchat, surplus humans, TaskRabbit, Travis Kalanick, Uber and Lyft, Uber for X, uber lyft, union organizing, universal basic income, upwardly mobile, wages for housework, women in the workforce, working poor

up from $691 billion in 2012: Deborah Bach, “Study Reveals Surprising Truths about Caregivers,” UWNews, June 16, 2015, https://www.washington.edu/news/2015/06/16/study-reveals-surprising-truths-about-caregivers/. The Ottawa Citizen kvelled: Madeline Ashby, “Ashby: Let’s Talk about Canadian Values (Values Like a Universal Basic Income),” Ottawa Citizen, November 15, 2016, http://ottawacitizen.com/opinion/columnists/ashby-lets-talk-about-canadian-values-values-like-a-universal-basic-income. feminist theorist Kathi Weeks: Kathi Weeks, The Problem with Work: Feminism, Marxism, Antiwork Politics, and Postwork Imaginaries (Durham, NC: Duke University Press, 2011). “no longer socially necessary”: James Livingston, No More Work: Why Full Employment Is a Bad Idea (Chapel Hill: University of North Carolina Press, 2016).

The third strand asserts that the advent of robots is both inevitable and overstated; automation may have to be addressed, according to this strand of thought, but not with great urgency. The fourth strand is certain that robots are ferociously coming for our jobs, but that there’s an excellent solution for the resulting disruption, one whose intellectual trendiness and utopian excess often make people roll their eyes: universal basic income. I subscribe to the first line of thought, which highlights what robots may bring. Some of the concerns voiced by this strand are minor and some are immense. The Middle Precariat people I met who would soon be affected by the rise of the robots were similar to the trucker Finn Murphy, the author of the memoir The Long Haul. Murphy explained to me that if long hauls become autonomous, as has been threatened in the next ten years, his driver friends will most likely foreclose on their trucks.

This third camp holds that robots are not such a big deal, but that we should also try to do something about their incursion. As Ford put it to me, we will have to learn how to address any underemployment that results from their mechanical rivalry. And then there is the fourth camp that I mentioned earlier—they definitely fear the march of the robots, but think that everything may be okay if we embrace universal basic income, or UBI (or the more catchy-sounding BIG, for basic income guarantee). This fourth group includes people like UBI “ambassador” Scott Santens, an author and advocate who often writes in support of these initiatives. One reason why UBI is so necessary, Santens told me with an enthusiasm that veered between that of a zealot and a bubbly partygoer, is to protect us from the inevitability of a robot workforce.


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Rewriting the Rules of the European Economy: An Agenda for Growth and Shared Prosperity by Joseph E. Stiglitz

Airbnb, balance sheet recession, bank run, banking crisis, barriers to entry, Basel III, basic income, Berlin Wall, bilateral investment treaty, business cycle, business process, Capital in the Twenty-First Century by Thomas Piketty, central bank independence, collapse of Lehman Brothers, collective bargaining, corporate governance, corporate raider, corporate social responsibility, creative destruction, credit crunch, deindustrialization, discovery of DNA, diversified portfolio, Donald Trump, eurozone crisis, Fall of the Berlin Wall, financial intermediation, Francis Fukuyama: the end of history, full employment, gender pay gap, George Akerlof, gig economy, Gini coefficient, hiring and firing, housing crisis, Hyman Minsky, income inequality, inflation targeting, informal economy, information asymmetry, intangible asset, investor state dispute settlement, invisible hand, Isaac Newton, labor-force participation, liberal capitalism, low skilled workers, market fundamentalism, mini-job, moral hazard, non-tariff barriers, offshore financial centre, open economy, patent troll, pension reform, price mechanism, price stability, purchasing power parity, quantitative easing, race to the bottom, regulatory arbitrage, rent-seeking, Robert Shiller, Robert Shiller, Ronald Reagan, selection bias, shareholder value, Silicon Valley, sovereign wealth fund, TaskRabbit, too big to fail, trade liberalization, transaction costs, transfer pricing, trickle-down economics, tulip mania, universal basic income, unorthodox policies, zero-sum game

Guy Standing, Basic Income: And How We Can Make It Happen (London: Pelican, 2017); Philippe Van Parijs and Yannick Vanderborght, Basic Income: A Radical Proposal for a Free Society and a Sane Economy (Cambridge, MA: Harvard University Press, 2017); Andy Stern and Lee Kravitz, Raising the Floor: How a Universal Basic Income Can Renew Our Economy and Rebuild the American Dream (New York: Public Affairs, 2016). 14. By 5 points on average across countries in the standard measure of inequality. See IMF Fiscal Monitor: Tackling Inequality (International Monetary Fund, Oct. 2017), https://www.imf.org/en/Publications/FM/Issues/2017/10/05/fiscal-monitor-october-2017. 15. See Sarath Davala, Renana Jhabvala, Soumya Kapoor Mehta, and Guy Standing, Basic Income: A Transformative Policy for India (London: Bloomsbury Academic, 2015); see Isabel Ortiz, Christina Behrendt, Andrés Acuña-Ulate, and Quynh Anh Nguyen, Universal Basic Income Proposals in Light of ILO Standards (ESS—Working Paper no. 62, Geneva: International Labour Organization, 2018), https://www.ilo.org/wcmsp5/groups/public/---ed_protect/---soc_sec/documents/publication/wcms_648602.pdf. 16.

The origins of the social protection and risk-sharing aspects of the welfare state are, however, also ethical, based on solidarity and social justice and built around a shared responsibility for fellow human beings. This chapter discusses three key social protection programs: health, pensions, and disability and long-term care. We then explain why governments should provide universal coverage and discuss the pros and cons of a universal basic income program. HEALTH CARE European countries have universal health care systems, which they should not take for granted, that offer treatment and preventive care, often of excellent quality. European governments often provide health care directly. In other cases, the services are provided through private establishments but are paid for by the government. In all cases, contributions to national health care systems are compulsory.

Currently, wages in this sector are low, which in part reflects pervasive gender discrimination. More generally, how much government pays those who teach children and take care of the elderly and the sick reflects our values: if we value our children, our aged, and our sick, we should pay those who care for them well. If taxation is reformed, which we have advocated in this book, the necessary funds will be available. FROM SOCIAL ASSISTANCE TO A UNIVERSAL BASIC INCOME? Social protection systems should be universal and designed to protect all citizens in Europe. While social insurance covers the majority of people, social assistance programs (that is, transfers unrelated to any prior contributions) support, for instance, those without formal employment and therefore the ability to contribute, as well as those with special needs or disabilities. Unfortunately, driven by an austerity mindset that prioritizes budget savings, European governments have been reducing and narrowly targeting social assistance programs.


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The AI Economy: Work, Wealth and Welfare in the Robot Age by Roger Bootle

"Robert Solow", 3D printing, agricultural Revolution, AI winter, Albert Einstein, anti-work, autonomous vehicles, basic income, Ben Bernanke: helicopter money, Bernie Sanders, blockchain, call centre, Capital in the Twenty-First Century by Thomas Piketty, Chris Urmson, computer age, conceptual framework, corporate governance, correlation does not imply causation, creative destruction, David Ricardo: comparative advantage, deindustrialization, deskilling, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, everywhere but in the productivity statistics, facts on the ground, financial intermediation, full employment, future of work, income inequality, income per capita, industrial robot, Internet of things, invention of the wheel, Isaac Newton, James Watt: steam engine, Jeff Bezos, job automation, job satisfaction, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, John von Neumann, Joseph Schumpeter, Kevin Kelly, license plate recognition, Marc Andreessen, Mark Zuckerberg, market bubble, mega-rich, natural language processing, Network effects, new economy, Nicholas Carr, Paul Samuelson, Peter Thiel, positional goods, quantitative easing, RAND corporation, Ray Kurzweil, Richard Florida, ride hailing / ride sharing, rising living standards, road to serfdom, Robert Gordon, Robert Shiller, Robert Shiller, Second Machine Age, secular stagnation, self-driving car, Silicon Valley, Simon Kuznets, Skype, social intelligence, spinning jenny, Stanislav Petrov, Stephen Hawking, Steven Pinker, technological singularity, The Future of Employment, The Wealth of Nations by Adam Smith, Thomas Malthus, trade route, universal basic income, US Airways Flight 1549, Vernor Vinge, Watson beat the top human players on Jeopardy!, We wanted flying cars, instead we got 140 characters, wealth creators, winner-take-all economy, Y2K, Yogi Berra

Accordingly, there is a groundswell of support for a truly radical approach to income redistribution, which seems comparatively easy, appropriate to the problem at hand and politically feasible, namely the introduction of some form of basic or universal income. The idea has resonance without the possible effects of robots and AI. But, as the ensuing detailed discussion should make clear, it seems to have particular relevance to a world undergoing the robot and AI shock. A universal basic income (UBI) The idea of a guaranteed minimum income, or GMI, often referred to as a universal basic income (UBI), which is the nomenclature that I will use here, comes in many variants.6 In its purest form a UBI is the grant of a regular income at a single fixed level per individual (or per household), regardless of circumstances, financial or otherwise, and without the need to fulfill any conditions, save being a citizen of the country in question, or having been a resident there for so many years.

On the face of it, it does seem plausible that the increased employment of robots and AI will lead to increased inequality of incomes between workers. (I discuss this issue in Chapter 6.) Equally, in the first instance, without any deliberate policy action by government to spread the benefits accruing from the employment of robots and AI (perhaps through the imposition of a robot tax whose revenues are used to fund a universal basic income, which I discuss in Chapters 7 and 9), the impact will probably also be to boost profits at the expense of wages. But even if one of these two things does happen, or even both, we cannot blithely assume that they will inevitably lead to deficient demand. For a start, if the robot and AI revolution is as profound as its enthusiasts allege, then society as a whole will be radically changed.

It must inevitably fall to the state. Indeed, as we prepare for the AI economy, the state potentially needs to be at the center of three major policy issues: • The regulation and possible taxation of robots and AI. • Radical reform of the education system to prepare people for both work and leisure in the Robot Age. • The possible redistribution of income including, perhaps, through the introduction of a universal basic income (UBI). In regard to these matters, it is high time for us to move from discussion and speculation to action – or at least to the contemplation of it. PART 3 What is to be done? 7 Encourage it, or tax and regulate it? “Unfortunately, robots do not pay taxes.” Luciano Floridi1 “I suppose it is tempting, if the only tool you have is a hammer, to treat every problem as if it were a nail.”


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The People vs Tech: How the Internet Is Killing Democracy (And How We Save It) by Jamie Bartlett

Ada Lovelace, Airbnb, Amazon Mechanical Turk, Andrew Keen, autonomous vehicles, barriers to entry, basic income, Bernie Sanders, bitcoin, blockchain, Boris Johnson, central bank independence, Chelsea Manning, cloud computing, computer vision, creative destruction, cryptocurrency, Daniel Kahneman / Amos Tversky, Dominic Cummings, Donald Trump, Edward Snowden, Elon Musk, Filter Bubble, future of work, gig economy, global village, Google bus, hive mind, Howard Rheingold, information retrieval, Internet of things, Jeff Bezos, job automation, John Maynard Keynes: technological unemployment, Julian Assange, manufacturing employment, Mark Zuckerberg, Marshall McLuhan, Menlo Park, meta analysis, meta-analysis, mittelstand, move fast and break things, move fast and break things, Network effects, Nicholas Carr, off grid, Panopticon Jeremy Bentham, payday loans, Peter Thiel, prediction markets, QR code, ransomware, Ray Kurzweil, recommendation engine, Renaissance Technologies, ride hailing / ride sharing, Robert Mercer, Ross Ulbricht, Sam Altman, Satoshi Nakamoto, Second Machine Age, sharing economy, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, smart cities, smart contracts, smart meter, Snapchat, Stanford prison experiment, Steve Jobs, Steven Levy, strong AI, TaskRabbit, technological singularity, technoutopianism, Ted Kaczynski, the medium is the message, the scientific method, The Spirit Level, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, theory of mind, too big to fail, ultimatum game, universal basic income, WikiLeaks, World Values Survey, Y Combinator

There are parts of this glorious and gleaming metropolis that reek of destitution, used needles, human waste and food banks, some of it literally in the shadows of the world’s biggest and coolest companies. One morning I witnessed junkies openly shooting up on a busy pavement: it wasn’t yet 9a.m. And, on the same street, techies wearing white earbuds entered the gleaming offices of a company that promises to let you ‘belong anywhere’. Epilogue: Universal Basic Income At some point all this creative destruction becomes bad even for the winners. No one wants to live in a world comprising a handful of trillionaires and hordes of unemployed or extremely poorly paid people – not even the trillionaires. A growing number of people are proposing a bold new idea to deal with this. In 2017 I interviewed Sam Altman, the president of Y Combinator, the most important fund in Silicon Valley for tech start-ups.

Sam is a Princeton dropout and frequently wears a hoodie, yet when I met him, he was only 31 years old and already a multi-millionaire. He is often described as ‘the man who invents the future’. The companies Y Combinator have funded include Airbnb and Starsky Robotics, and are now altogether valued at $80 billion. Aware of the potential turbulence that AI might unleash, Y Combinator recently started to fund a pilot in universal basic income. UBI, as it is commonly referred to, is an increasingly popular idea to deal with the possible rise of joblessness and tech-fuelled inequality. The basic concept is that governments should give everyone enough money to live on, with no strings attached. Several pilot schemes, including Oakland, California and Finland, are examining the idea (although it’s too early to say how well they are working yet), and a number of serious thinkers and writers believe it is worth further investigation.

A growing number of people from both the left and the right of politics imagine that the falling cost of goods and higher machine-driven productivity will produce a world of plenty and the end of meaningless work. Our lives will be happier, easier and more fulfilling. Greater connectivity and more information will continue to make us generally wiser, better informed and hopefully kinder. But, to make sure people aren’t left behind, something akin to a universal basic income will be needed to spread the wealth around. For many people this is the utopian scenario. By contrast, the dystopian scenario is that central governments will gradually lose the ability to function properly. Inequality will increase to a point where a tiny number of people end up with all the tech and all the wealth and everyone else has no choice but to scratch out a living serving the winners.


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Evil Geniuses: The Unmaking of America: A Recent History by Kurt Andersen

affirmative action, Affordable Care Act / Obamacare, airline deregulation, airport security, always be closing, American ideology, American Legislative Exchange Council, anti-communist, Apple's 1984 Super Bowl advert, artificial general intelligence, autonomous vehicles, basic income, Bernie Sanders, blue-collar work, Bonfire of the Vanities, bonus culture, Burning Man, call centre, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, centre right, computer age, coronavirus, corporate governance, corporate raider, COVID-19, Covid-19, creative destruction, Credit Default Swap, cryptocurrency, deindustrialization, Donald Trump, Elon Musk, ending welfare as we know it, Erik Brynjolfsson, feminist movement, financial deregulation, financial innovation, Francis Fukuyama: the end of history, future of work, game design, George Gilder, Gordon Gekko, greed is good, High speed trading, hive mind, income inequality, industrial robot, interchangeable parts, invisible hand, Isaac Newton, James Watt: steam engine, Jane Jacobs, Jaron Lanier, Jeff Bezos, jitney, Joan Didion, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, knowledge worker, low skilled workers, Lyft, Mark Zuckerberg, market bubble, mass immigration, mass incarceration, Menlo Park, Naomi Klein, new economy, Norbert Wiener, Norman Mailer, obamacare, Peter Thiel, Picturephone, plutocrats, Plutocrats, post-industrial society, Powell Memorandum, pre–internet, Ralph Nader, Right to Buy, road to serfdom, Robert Bork, Robert Gordon, Robert Mercer, Ronald Reagan, Saturday Night Live, Seaside, Florida, Second Machine Age, shareholder value, Silicon Valley, Social Responsibility of Business Is to Increase Its Profits, Steve Jobs, Stewart Brand, strikebreaker, The Death and Life of Great American Cities, The Future of Employment, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Tim Cook: Apple, too big to fail, trickle-down economics, Tyler Cowen: Great Stagnation, Uber and Lyft, uber lyft, union organizing, universal basic income, Unsafe at Any Speed, urban planning, urban renewal, very high income, wage slave, Wall-E, War on Poverty, Whole Earth Catalog, winner-take-all economy, women in the workforce, working poor, young professional, éminence grise

Since 2013, when the digital pioneer and Microsoft philosopher-prince Jaron Lanier wrote a book about the basic unfairness of the Internet economy and proposed requiring the tech companies to somehow pay for our data, that notion has also moved from chimerical toward possible. Ditto with universal basic income. Andrew Yang’s presidential candidacy was quixotic but also successful—it gave the first extended, respectful national spotlight to the two important truths underlying his campaign: the inexorable automation of jobs, and our need to radically readjust the political economy to cope. Who knows how or when or if a universal basic income could be rolled out, or what its precise funding mechanisms and rules would be? But it’s feasible.*7 The Yang campaign version was $1,000 a month from age eighteen on, funded by a value-added tax and a carbon tax. In a Pew Research survey about automation and economics in 2017, pre-Yang, 61 percent of people were in favor of the government giving “all Americans a guaranteed income that would meet their basic needs” as a way of dealing with “robots and computers [that] are capable of doing many human jobs.”

America also decided in the early 1900s that it would be fairer and more sensible to fund the federal government mainly by a new direct tax on the incomes of the affluent, with progressively higher taxation percentages on higher incomes. Which meant that a quarter-century later, in the 1930s, we could afford to decide that in this country becoming old should no longer mean becoming poor. In 1940, the year Social Security benefits started, three-quarters of Americans sixty-five and older lived in poverty; by 1980 the average retiree was getting the equivalent of $14,000 a year from the federal government, a universal basic income for the old. The countervailing powers that we built into our free-market political economy from 1880 until 1980 did not amount to an anticapitalist conversion. Rather, it was really the opposite, essential to the system’s evolution and renewal, making our version of capitalism more fair, less harsh, and politically sustainable, a robust foundation for a growing middle class whose spending fueled more economic growth and a society that made most of its citizens reasonably content and proud.

The proposition that the worker who loses his job in one industry will necessarily be able to find employment, possibly after appropriate retraining, in some other industry, is as invalid as would be the assertion that horses who lost their jobs in transportation and agriculture could necessarily have been put to another economically productive use. In the thirty-seven years since Leontief wrote that, of course, America has indeed put increasingly uneconomic workers on short rations. And although there’s still a lot of optimistic, hand-waving conventional wisdom about the future of jobs in the new AI era, a national conversation about putting workers out to pasture with universal basic incomes has begun. Automation and computers replace human workers in all kinds of ways, some more obvious and visible than others, but the process of actual robots taking over the jobs of Americans is still in its early days. Maybe a million U.S. workers—machinists and welders and the like—have already been replaced by robots. But beyond those direct replacements of skilled workers, two MIT economists recently found that during the first wave of industrial robots in the 1990s and 2000s, each robot installed led to the loss of a half-dozen jobs.


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Automating Inequality by Virginia Eubanks

autonomous vehicles, basic income, business process, call centre, cognitive dissonance, collective bargaining, correlation does not imply causation, deindustrialization, disruptive innovation, Donald Trump, Elon Musk, ending welfare as we know it, experimental subject, housing crisis, IBM and the Holocaust, income inequality, job automation, mandatory minimum, Mark Zuckerberg, mass incarceration, minimum wage unemployment, mortgage tax deduction, new economy, New Urbanism, payday loans, performance metric, Ronald Reagan, self-driving car, statistical model, strikebreaker, underbanked, universal basic income, urban renewal, War on Poverty, working poor, Works Progress Administration, young professional, zero-sum game

. $2.00 a Day: Living on Almost Nothing in America. Boston: Houghton Mifflin Harcourt, 2015. Garza, Alicia. “A Herstory of the #Blacklivesmatter Movement.” http://blacklivesmatter.com/herstory/. [Accessed June 28, 2017.] Gillespie, Sarah. “Mark Zuckerberg Supports Universal Basic Income. What Is It?” CNN Money, May 26, 2017. http://money.cnn.com/2017/05/26/news/economy/mark-zuckerberg-universal-basic-income/index.html. [Accessed June 28, 2017.] Hiltzik, Michael. “Conservatives, Liberals, Techies, and Social Activists All Love Universal Basic Income: Has Its Time Come?” Los Angeles Times, June 22, 2017. http://www.latimes.com/business/hiltzik/la-fi-hiltzik-ubi-20170625-story.html. [Accessed June 28, 2017.] Holland, Gale. “13,000 Fall into Homelessness Every Month in L.A. County, Report Says.” Los Angeles Times, Aug. 25, 2015. http://www.latimes.com/local/lanow/la-me-homeless-pathways-20150825-story.html.

But, as Kathryn J. Edin and H. Luke Shaefer point out in $2.00 a Day: Living on Almost Nothing in America, work doesn’t always work for everyone. “We need a program that can provide a temporary cash cushion,” they write, “because no matter what strategies we implement, work … will sometimes fail.”4 In the face of fears that automation promises a jobless future, a cash assistance plan, the universal basic income (UBI) is enjoying a resurgence. Experiments in UBI are currently being conducted in Finland and in Ontario, Canada. In May 2017, Hawaii adopted a bill declaring that “all families … deserve basic financial security” and began to explore instituting a UBI. High-tech entrepreneurs such as Mark Zuckerberg, CEO of Facebook, and Elon Musk, founder of Tesla Motors, believe that a UBI will provide a cushion allowing everyone to innovate and try new ideas.

See also eligibility rules equity as a national value Errington, Sue eugenics expungement “failure to cooperate” fair hearings Family Assistance Program (FAP) false negatives false positives “fear of falling” Federal Bureau of Investigation (FBI) Federal Emergency Relief Administration (FERA) Flaherty, David food banks food stamps. See also Supplemental Nutrition Assistance Program (SNAP) Ford, Ezell Ford, Ira B. Ford, Mabel Ford, Shawntee foster care fraud detection and algorithms and Indiana technologies and universal basic income (UBI) Freeland, Mary Galton, Francis Gambrill, Eileen “gaming” the system Gandy, Oscar Gangadharan, Seeta Peña Garcetti, Eric Garza, Alicia gentrification. See also urban renewal Gilbert, Fred Gilens, Martin Gillespie, Sarah Goldberg v. Kelly Gordon, Pat Gray, Freddie Great Depression Great Railroad Strike of 1877 Great Recession of 2007 Gregory, Justin E. Gresham, Jane Porter Grzyb, Patrick Gustafson, Kaaryn Hankins, Tanya harm reduction Hawkins, Amanda Green health care and child neglect and mental health and passbook system and poorhouses as a right and surveys health-care fraud health-care system and employment and Indiana providers and employees health insurance and Indiana start dates for See also Medicaid Higgins, Will Hippocratic oath for technology and administration Holden, Ollice Holland, Gale Holly, Chris Holmes, Oliver Wendell Homeless Management Information System (HMIS) homelessness and criminalization of poverty and encampments Homeless Outreach Program Integrated Care System (HOPICS) Los Angeles Homeless Services Authority (LAHSA) Measure H (sales tax increase) Measure HHH (Homelessness Reduction and Prevention, Housing and Facilities Bond) “no wrong door” approach shelters and storage units See also housing Honkala, Cheri Hoover, J.


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The Startup Way: Making Entrepreneurship a Fundamental Discipline of Every Enterprise by Eric Ries

activist fund / activist shareholder / activist investor, Affordable Care Act / Obamacare, Airbnb, autonomous vehicles, barriers to entry, basic income, Ben Horowitz, Black-Scholes formula, call centre, centralized clearinghouse, Clayton Christensen, cognitive dissonance, connected car, corporate governance, DevOps, Elon Musk, en.wikipedia.org, fault tolerance, Frederick Winslow Taylor, global supply chain, index card, Jeff Bezos, Kickstarter, Lean Startup, loss aversion, Marc Andreessen, Mark Zuckerberg, means of production, minimum viable product, moral hazard, move fast and break things, move fast and break things, obamacare, peer-to-peer, place-making, rent-seeking, Richard Florida, Sam Altman, Sand Hill Road, secular stagnation, shareholder value, Silicon Valley, Silicon Valley startup, six sigma, skunkworks, Steve Jobs, the scientific method, time value of money, Toyota Production System, Uber for X, universal basic income, web of trust, Y Combinator

UBI isn’t even necessarily the only way to build a truly universal economic benefit. A federal job guarantee might achieve similar outcomes: jacobinmag.com/​2017/​02/​federal-job-guarantee-universal-basic-income-investment-jobs-unemployment/. 21. nytimes.com/​2016/​12/​17/​business/​economy/​universal-basic-income-finland.html. 22. qz.com/​696377/​y-combinator-is-running-a-basic-income-experiment-with-100-oakland-families. 23. kauffman.org/​what-we-do/​resources/​entrepreneurship-policy-digest/​can-social-insurance-unlock-entrepreneurial-opportunities. 24. theatlantic.com/​business/​archive/​2016/​06/​netherlands-utrecht-universal-basic-income-experiment/​487883/; theguardian.com/​world/​2016/​oct/​28/​universal-basic-income-ontario-poverty-pilot-project-canada. 25. vox.com/​new-money/​2017/​2/​13/​14580874/​google-self-driving-noncompetes. 26. kauffman.org/​what-we-do/​resources/​entrepreneurship-policy-digest/​how-intellectual-property-can-help-or-hinder-innovation. 27. forbes.com/​2009/​08/​10/​government-internet-software-technology-breakthroughs-oreilly.html. 28. obamawhitehouse.archives.gov/​the-press-office/​2013/​05/​09/​executive-order-making-open-and-machine-readable-new-default-government-. 29.

And, of course, the program could be administered privately on behalf of the Federal Reserve, in the same way that banks today already act as the Fed’s private interface to the citizenry. I honestly don’t know how many people don’t pursue their entrepreneurial dreams for lack of $1,000 that they could afford to lose. But I think the number could be large. The cost to find out would be pretty small, and this program could easily be piloted in one community or city to find out. UNIVERSAL BASIC INCOME A policy idea that is all the rage in Silicon Valley right now is the universal basic income (UBI), the idea that governments could guarantee to every citizen a secure income that is unrelated to their ability to work.20 Even a modest UBI would probably pay huge dividends in the category of more startups formed, by simply reducing the risk inherent in failure. If you could not become unemployed and thereby destitute, the worst-case scenario that most frightens would-be entrepreneurs would be moot.

Scale fast,” unemployment insurance Taylor, Frederick Winslow, 8.1 Team of Teams (McChrystal) teams attracting members corporate, typical, 3.1, 3.2 cross-functional, 1.1, 6.1, 6.2, p03.1, 10.1, 10.2, 10.3 executive sponsors, 6.1, 7.1, 7.2 focus on, 3.1, nts.1n3 incentivizing island of freedom or sandbox milestones for, 2.1, 5.1 modern company morale, 6.1, 7.1 small versus big, 3.1, p02.1 startup teams, 3.1, 6.1, p03.1 two-pizza team, 1.1, 5.1 Techstars, 2.1, 7.1, 7.2 Telefónica Tomoyama, Shigeki, 1.1, 6.1 Toyota, itr.1, 1.1, 6.1, 11.1 InfoTechnology Center (ITC) Internet-connected car TPS, 1.1, 1.2, 8.1 transformation (organizational), itr.1, itr.2, itr.3, p01.1, 6.1, p03.1, 10.1 beginning of common patterns energy (motivation) for outcomes of Phase One, p02.1, p02.2, 6.1 Phase Two, p02.1, p02.2, 7.1 Phase Three, p02.1, p02.2, 8.1 Phases and Scales, p02.1, 9.1 three questions for unified theory of Twilio, itr.1, 3.1, 4.1, 6.1 Twitter uncertainty, 1.1, 2.1, 7.1, 10.1 unicorn startup, 1.1, 11.1 unified theory of entrepreneurship universal basic income (UBI), 11.1, nts.1n20 USAID, U.S. Global Development Lab U.S. Citizenship and Immigration Services (USCIS), 8.1, p03.1, 11.1 U.S. Department of Education, College Scorecard, 4.1, 4.2, 4.3, 4.4, 4.5, 4.6, 7.1, 11.1 U.S. Digital Service (USDS), 2.1, 3.1, p02.1, 6.1, 7.1, 8.1 U.S. government, itr.1, 6.1 digital dimension, p02.1, 6.1, 6.2 employees as entrepreneurs Government 2.0/Data.gov, 11.1 procurement reform See also specific agencies U.S.


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People, Power, and Profits: Progressive Capitalism for an Age of Discontent by Joseph E. Stiglitz

"Robert Solow", affirmative action, Affordable Care Act / Obamacare, barriers to entry, basic income, battle of ideas, Berlin Wall, Bernie Madoff, Bernie Sanders, business cycle, Capital in the Twenty-First Century by Thomas Piketty, carried interest, central bank independence, clean water, collective bargaining, corporate governance, corporate social responsibility, creative destruction, Credit Default Swap, crony capitalism, deglobalization, deindustrialization, disintermediation, diversified portfolio, Donald Trump, Edward Snowden, Elon Musk, Erik Brynjolfsson, Fall of the Berlin Wall, financial deregulation, financial innovation, financial intermediation, Firefox, Fractional reserve banking, Francis Fukuyama: the end of history, full employment, George Akerlof, gig economy, global supply chain, greed is good, income inequality, information asymmetry, invisible hand, Isaac Newton, Jean Tirole, Jeff Bezos, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John von Neumann, Joseph Schumpeter, labor-force participation, late fees, low skilled workers, Mark Zuckerberg, market fundamentalism, mass incarceration, meta analysis, meta-analysis, minimum wage unemployment, moral hazard, new economy, New Urbanism, obamacare, patent troll, Paul Samuelson, pension reform, Peter Thiel, postindustrial economy, price discrimination, principal–agent problem, profit maximization, purchasing power parity, race to the bottom, Ralph Nader, rent-seeking, Richard Thaler, Robert Bork, Robert Gordon, Robert Mercer, Robert Shiller, Robert Shiller, Ronald Reagan, secular stagnation, self-driving car, shareholder value, Shoshana Zuboff, Silicon Valley, Simon Kuznets, South China Sea, sovereign wealth fund, speech recognition, Steve Jobs, The Chicago School, The Future of Employment, The Great Moderation, the market place, The Rise and Fall of American Growth, the scientific method, The Wealth of Nations by Adam Smith, too big to fail, trade liberalization, transaction costs, trickle-down economics, two-sided market, universal basic income, Unsafe at Any Speed, Upton Sinclair, uranium enrichment, War on Poverty, working-age population

FEC, 332n29 “splinternet,” 135 split shifts/split scheduling, 66, 197 Standard Oil, 134 standards of living after 1800, 264n23 government-sponsored research and, 232 growth and, 181 increases over past 250 years, 11–12 international comparisons of, 35–37 knowledge and, 183–84, 240, 263n22 tariffs and, 91 Stanford University, 16 Staples, 125 state capitalism, 95 stock market, 112, 207, 214, 236 streaming video, 147–48 structural reforms, 70 student debt, 220 subsidies, 96–97 “sugar high,” from 2017 tax bill, 185, 236–38 suicide, 42 Super PACs, 332n29 supply and demand, labor and, 82, 122, 198 supply chains, 92 supply-side economics, xv, xvii, 25, 195 Supreme Court gene patent cases, 74–75, 127 lack of enforcement power, 241 on limits to freedom of speech, 133 loss of status as fair arbiter, 165–67 and power of money in politics, 169–70 Senate and, 6 Voting Rights Act gutted by, 202 Sweden, 25, 133, 269n45 Switzerland, 193 Syprine, 71 tariffs, 35, 87, 90–93 taxation of data, 131 educational system and, 220 of financial institutions, 207 and free-rider problem, 156 rent-seeking and, 268n43 restoring fairness to system, 205–8 and structural transformation from technological change, 123 and Sweden’s economic success, 25 and technological change, 122 of universities, 16, 184 tax avoidance, 108 tax bill (2017), 85 Affordable Care Act and, 212–13 damage to future generations from, 204 failed ideas behind, 184–85 flaws and loopholes, xvii–xix, 85, 258n6 infrastructure and, 183 public opinion of, 160 real estate interests and, 168–69 regressiveness of, 175, 194, 206 research universities and, 16, 184 share buybacks, 109 “sugar high” from, 236–38 trade deficit and, 90 Trump and, 152 as voodoo economics, xv tax cuts effects of, 268–69n44, 268n43 growth slowed by, 25, 26 under Trump, See tax bill (2017) tax revenue, globalization and, 84–86 teachers, 123, 200, 201 teams and teamwork, 225–26 Tea Party movement, 114, 174, 178 technology AI, See artificial intelligence Big Data, See Big Data challenges posed by, 117–37 customer targeting, 125–26 data regulation, 128–31 effect on individuals/social interactions, 136 employment and, 118–23 job destruction and, 86–87 lower wages and increased inequality from, 122–23 market power and, 73–74, 123–35 privacy and, 127–28 real pace of innovation, 118–19 threat to democracy posed by, 131–35 wealth of nation and, xiv telecom industry, 49 Ten Commandments, 143 term limits, 166, 167 Thaler, Richard, 126 Thatcher, Margaret, xiv–xv Thiel, Peter, 47, 104 Thomas, Clarence, 165 three-fifths clause, 161 Time Warner, 325n17 tolerance, 228 TPP (Trans-Pacific Partnership), 87 trade agreements, 80, 83–84, 87–89, 91, 99 trade deficit, 35, 89–91, 307n32 trade imbalance, budget deficits and, 90 trade liberalization, 82; See also globalization Trade-Related Aspects of Intellectual Property Rights (TRIPS), 89 trade wars, 93–94 transaction costs mortgage reform and, 217 public vs. private sector, 189, 214 of voting, 161 Trans-Pacific Partnership (TPP), 87 transparency, disclosure laws and, 171 Treasury Department, US, 173 trickle-down economics, xxv, 38, 82–83; See also supply-side economics TRIPS (Trade-Related Aspects of Intellectual Property Rights), 89 Trump, Donald, and administration; See also tax bill (2017) and Affordable Care Act, 212–13 attack on checks and balances, 233–34 attack on Enlightenment ideals, 14–22 attack on judiciary, 17, 165 attack on political system, 164 attack on publicly-funded research, 184 attack on truth, 177, 234 attack on truth-telling institutions, 14–18 2008 bank bailout and rise of, 114 and business community, 14–16 cost-benefit analysis under, 205 election of, 3 and globalization, 80–81 and immigration, 181 and lack of consequences for elites in Great Recession, 152 lack of rational discussion of nation’s problems, 240 Nazi’s rise in Germany compared to, 15–16 and need for good governance, 234–35 net neutrality repeal, 147 and protectionism, 89 public institutions undermined by, 231–33 Reagan administration’s parallels with, xvi and “rigged” system, 21 rule of law disregarded by, 80–81 tax “reform,” See tax bill [2017] and TPP, 87 and trade wars, 93–94 Trumponomics, xx; See also tax bill (2017) trust, as essential to economic system, 104 truth Enlightenment’s concern with, 10 Trump’s attack on, 14–18, 234 Tüfekçi, Zeynep, 126 Turing Pharmaceuticals, 296n72 twin deficits, 307n30 Twitter, 132 UBI (universal basic income), 190–91 Ulukaya, Hamdi, 266n33 unemployment automation and, 119–20 labor markets and, 65 market economies and, 23 universal basic income, 190–91 as waste of resources, 193 unemployment insurance, 189–90 unions, 66–67, 86–87 union shops, 67 United Kingdom, independent public media in, 133 US Trade Representative (USTR), 99–100 universal basic income (UBI), 190–91 universal health care, 13 universities income inequality and, 200 and 2017 tax bill, 16, 184 Trump’s attack on, 16–17 University of California, Berkeley, 16 University of Chicago, 68 unskilled workers, See low-skilled workers urbanization, 153, 187 USTR (US Trade Representative), 99–100 usury laws, 145 Valeant, 71 values American, 222 as cause of current problems, 239–40 conservatism vs. embracing change, 226–28 globalization and multiple systems of, 94–97 market economy and, 30 myths and, 224–26 shared, 228–30 social reality vs., 223–28 vertical mergers, 325n17 Visa, 60 Vlingo, 286n34 voodoo economics, xv voter disenfranchisement/suppression, 161–62 voting, 246 voting reform, 161–63 Voting Rights Act (1965), 202 wages after Great Recession, 193–94 class disparities, 38–39 globalization and, 80, 82 market power and, 65–66 new technologies and, 122–23 productivity and, 38 teachers and incentive pay, 201 Wall Street, 173; See also stock market Walmart, 71–72 Walton family, 43, 279n40 wealth concentration among three richest Americans, 5 creating vs. taking, 49–50 curbing the influence on democracy, 176–78 and inequality of opportunity, 44–45 and manipulation of public opinion via new technology, 132 and media control, 133 wealth creation, xiv, 26 wealth income ratio, 54 wealth inequality, 43, 177–78, 206, 238 wealth of nations alternative theories on sources of, 22–31 attack on sources of, 14–22 elements of, xiv, xxiv supply-side economics and, 25 true sources of, 8–9 unfettered markets and, 23–25 Wealth of Nations, The (Smith), 8–9 wealth redistribution, 50, 64 weather-related disasters, 207 Wells Fargo, 103 WhatsApp, 70, 73, 124 women and labor force growth, 181 life expectancy and socioeconomic status, 41 and teacher salaries, 200 wage inequality, 41 work, See jobs work–life balance, 192, 197 World Bank, 80 World Bank human capital index, 36 World Trade Organization (WTO), 83 World War II, 120, 210 Wynn, Steve, 331n26 Yale University, 126 Youn, Monica, 333n35 zero-sum thinking, 19 Zuckerberg, Mark, 117 ALSO BY JOSEPH E.

Individuals often have unrealistic expectations of what wages they should get, and underestimate the value of having a job—not just the income, but the social connections, with important consequences for well-being—and the cost of not having a job for future employability.18 Any time we consider unemployment insurance programs, it is essential to recall that they have a further macroeconomic benefit; they act as automatic stabilizers—when the economy is weak and jobs aren’t being created fast enough, they automatically kick in, and the income they provide helps the economy maintain an even keel.19 Having in place programs ready to deal with a deep downturn, such as the one the country went through after the 2008 crisis, makes good sense: Such protections cost us little in times when the labor market is tight, and despite the expense, save us a great deal during recessions. Without them, the slowing or shrinking of the economy would be much worse. The relative weakness of the American social safety net is part of what accounted for the severity of the 2008 Great Recession, much worse than in Germany and other Northern European countries, some of which were initially hit even worse. Universal basic income Some, especially in the hi-tech community, have put forward the intriguing suggestion of a universal basic income (UBI) as a supplement to our existing social safety nets. Some have even suggested that such a program should replace the myriad other social support programs. A UBI would essentially be a financial stipend for all citizens. Everybody would get a check from the government, say on the first of the month. Of course, those with good jobs would be sending back in taxes to the government far more than they receive.

Especially in the US, with its gridlocked political system, even recognizing that there is a problem doesn’t suffice, as we saw in the response to the Great Recession. There can be long, costly delays before Congress votes for the needed injection of funds into the economy. 20.There has been a plethora of books advocating a UBI, including the following: Guy Standing, Basic Income: A Guide for the Open-Minded (New Haven: Yale University Press, 2017); Annie Lowrey, Give People Money: How a Universal Basic Income Would End Poverty, Revolutionize Work, and Remake the World (New York: Crown, 2018); and Philippe Van Parijs and Yannick Vanderborght, Basic Income: A Radical Proposal for a Free Society and a Sane Economy (Cambridge, MA: Harvard University Press, 2017). The titles suggest the transformative role that the authors believe a UBI would have for our society. 21.Some have suggested that there are also political advantages—universal programs, like Social Security, receive more support, simply because they are universal.


pages: 280 words: 74,559

Fully Automated Luxury Communism by Aaron Bastani

"Robert Solow", autonomous vehicles, banking crisis, basic income, Berlin Wall, Bernie Sanders, Bretton Woods, capital controls, cashless society, central bank independence, collapse of Lehman Brothers, computer age, computer vision, David Ricardo: comparative advantage, decarbonisation, dematerialisation, Donald Trump, double helix, Elon Musk, energy transition, Erik Brynjolfsson, financial independence, Francis Fukuyama: the end of history, future of work, G4S, housing crisis, income inequality, industrial robot, Intergovernmental Panel on Climate Change (IPCC), Internet of things, Isaac Newton, James Watt: steam engine, Jeff Bezos, job automation, John Markoff, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kevin Kelly, Kuiper Belt, land reform, liberal capitalism, low earth orbit, low skilled workers, M-Pesa, market fundamentalism, means of production, mobile money, more computing power than Apollo, new economy, off grid, pattern recognition, Peter H. Diamandis: Planetary Resources, post scarcity, post-work, price mechanism, price stability, private space industry, Productivity paradox, profit motive, race to the bottom, RFID, rising living standards, Second Machine Age, self-driving car, sensor fusion, shareholder value, Silicon Valley, Simon Kuznets, Slavoj Žižek, stem cell, Stewart Brand, technoutopianism, the built environment, the scientific method, The Wealth of Nations by Adam Smith, Thomas Malthus, transatlantic slave trade, Travis Kalanick, universal basic income, V2 rocket, Watson beat the top human players on Jeopardy!, Whole Earth Catalog, working-age population

See also luxury populism Post, Mark, 170–2, 175, 176 post-capitalism information and, 59–60 without communism, 56–9 poverty, 24–5 Preston Model, 208–11, 213 private space industry, 120–1 privatisation, 202–4, 207, 209–10 production, mode of, 195 productivity paradox, 233 productivity revolution, 60–3 progressive procurement, 207 property-owning democracy, 25 prototype politics, 198 PV (photovoltaic) cells, 47, 102–5 radical politics, revival of, 27–8 railway lines, 33–4 realism, capitalist, 17–9 red politics, 188–92 Rees-Mogg, Jacob, 206–7 Reformation, 240, 241 regeneration, 207 Reither, Walter, 70–1 Relativity Space, 123, 124 renewable energy about, 104, 108 financing, 219–20 generating and storing, 218–19 green movement and, 238–9 transitioning to, 218–19 renewables, 106 ‘Reopening the American Frontier: Exploring How the Outer Space Treaty Will Impact American Commerce and Settlement in Space’, 129 Resolution Foundation, 58 resources asteroid mining, 119–20 globalism and, 197 post-scarcity in, 117–37 private space industry, 120–1 space, 119–37 Ricardo, David, 69, 233 rice production, 161–2 Richards, Bob, 124 Rifkin, Jeremy, 79 Rio Earth Summit, 98, 197 robots about, 78, 133 Atlas, 82–3, 132 da Vinci surgery robot, 90 information technology and robotics, 76 ‘KIVA’, 89 rise of, 80–2 Rocket Lab, 121, 122, 123 Romer, Paul, 63–5, 199–200 Roosevelt, Franklin, 194 Rutter, Brad, 80 Sanders, Bernie, 29, 30 Saturn V, 120, 122 Saudi Arabia, 220–1 Schumpeter, Joseph, 36 Scottish National Party, 28 Second Disruption, 11, 32–6, 72–4, 79, 94, 96, 106, 134, 139, 141, 163, 188, 190, 192, 198, 201, 208, 217, 232–3, 236, 238, 241 Selden, Mike, 172, 173 self-regulation, consequences of, 206 ‘Sermon on Indulgences and Grace’ (Luther), 241 Silicon Valley, 196 ‘Six Laws of Technology’ (Kranzberg), 237 Skelton, Noel, 25 Smith, Adam, 69, 233 ‘Social Prosperity for the Future’, 214 socialised capital market, 230–2 socialism, 191 society, electoralism and, 194–6 soil fertility, 118 ‘solar home’, 113–14 solar power/energy about, 101–5, 107 Global South and, 106–11 in Saudi Arabia, 220–1 Solow, Robert, 233 Sondergaard, Peter, 87 space asteroid mining, 133–4 falling costs of, 122–4 mineral wealth in, 134–7 Moon Express, 125–6 near-Earth asteroids (NEAs), 130–1 Outer Space Treaty (1967), 127 as private industry, 120–1 private sector, 132–3 SPACE Act (2015), 2, 9 Space Launch System, 120 Space Shuttle programme, 122 SpaceX, 119–21, 122, 133–4, 156 speculative economy, repressing the, 229–30 Sputnik, 137, 153 state socialism, 213 steam engine, 93, 95, 149, 164, 201, 238 steam power, 33 Summers, Larry, 64–5, 116, 199–200 Supplemental Nutrition Assistance Program, 24 surplus, food, disruptions and, 159–60 sustenance about, 178–9 cultured meat, 170–5 egg whites, 177–9 food, surplus and disruptions, 159–60 meat from vegetables, 175–7 milk, 177–9 planetary limits, 160–4 post-scarcity in, 159–81 synthetic meat, 168–70 wine, 177–81 synthetic meat, 168–70 Syriza, 28, 30 TALEN (transcription activator-like effector-based nucleases), 150 Taylor, Frederick, 60–3, 85 Taylorism, 60–3 technological unemployment, 86–8 technology Marx on, 237 relationship between politics and, 237 Technology and Unemployment report, 53 Terran 1 rocket, 124 Tesla, 84, 85, 106 Thatcher, Margaret, 206–7 Third Disruption, 11, 37–48, 70, 79, 82, 92, 116, 143–4, 148, 156, 171, 185–8, 192–6, 201, 212–4, 217, 221, 226, 232, 234, 236, 238, 241–3 3-D Magnetic Recording technology, 45–6 3-D printing, 122–4, 127 Tithebarn project, 208 transatlantic telegraph cable, 34 transcription activator-like effector-based nucleases (TALEN), 150 transportation, in UK, 215 travel, exponential, 39–40 Trump, Donald, 21, 24, 29, 30 Trussell Trust, 24 Turnspit dog, 72–3 Uber, 84, 85 UBI (Universal Basic Income), 224–6 UBS (Universal Basic Services), 207–8, 213–17, 224, 226, 236 UK ageing in Britain, 141–4 healthcare in, 215–16 transportation in, 215 UKIP, 28 unemployment, 26 unfreedom, 214 unions, in Britain, 211–12 Universal Basic Income (UBI), 224–6 Universal Basic Services (UBS), 207–8, 213–17, 224, 226, 236 University College London, 90 US Department of Agriculture, 178 US Food and Drug Administration, 153 US National Institute of Health, 147 US National Space Council, 129 US Senate Committee on Commerce, Science and Transportation, 129 utopia, from crisis to, 48–9 V2, 137 Valeti, Uma, 173 vegetables, meat from, 175–7 Verne, Jules Around the World in Eighty Days, 33 von Braun, Wernher, 120, 128 voting, 195 wage-labour, 35 Wagner, Erika, 135 Wales, 114 Watson (computer), 80 Watson, James, 144, 149 Watt, James, 33 Watt’s steam engine, 93, 95, 149, 201, 238 The Wealth of Nations (Smith), 69–70 wheat production, 161–2, 165 Whole Foods Market, 88 Wikipedia, 235 wind power/energy, 111–13 windfall tax, 230 wine, cellular agriculture and, 177–81 work, future of, 92–3 worker-owned cooperatives, 209–10 worker-owned economy, 207–8, 211–12, 219 World Bank, 221, 222 Wycliffe, John, 239–41 Xplorer, 132 Yang (factory worker), 1–2 ZFNs (zinc finger nucleases), 150 zinc, 118 zinc finger nucleases (ZFNs), 150 Žižek, Slavoj, 17n

Amid recent calls for reparations to atone for the historic injustices of the Atlantic slave trade and European empires, a One World Tax would turn a timely idea into a concrete demand. Wealthier countries must pay for the clean energy of poorer ones. 11 Reforging the Capitalist State It measures everything, in short, except that which makes life worthwhile. Robert Kennedy Money for Nothing While the state guaranteeing the provision of certain goods has a long history, particularly in the twentieth century, it is the idea of a Universal Basic Income – the ‘UBI’ – which seems to have attracted greater curiosity in recent years. The reason why isn’t difficult to understand. Many are convinced of its ability to address multiple aspects of the five crises, with it being uniquely capable of responding to ‘the conjunction of growing inequality, a new wave of automation, and a more acute awareness of the ecological limits to growth’. The impulse behind UBI is as simple as Universal Basic Services, except rather than certain goods being free at the point of use for everybody, every citizen is given a fixed amount of money at regular intervals.

University College London Institute for Global Prosperity, 2017. ‘NHS Statistics, Facts and Figures’. NHS Confederation, 14 July 2017. Decarbonisation Klein, Naomi. This Changes Everything: Capitalism vs. the Climate. Penguin Books, 2015. ‘Softbank and Saudi Arabia Announce New Solar Generation Project’. CNBC, 27 March 2018. 11. Reforging the Capitalist State Money for Nothing Martinelli, Luke. ‘Assessing the Case for a Universal Basic Income in the UK.’ University of Bath Institute for Policy Research, September 2017. Van Parijs, Philippe and Yannick Vanderborght. Basic Income: A Radical Proposal for a Free Society and a Sane Economy. Harvard University Press, 2017. Zamora, Daniel. ‘The Case Against a Basic Income’. Jacobin, 28 December 2017. Central Banks as Central Planners Blakely, Grace. ‘On Borrowed Time: Finance and the UK’s Current Account Deficit’.


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Economic Dignity by Gene Sperling

active measures, Affordable Care Act / Obamacare, autonomous vehicles, basic income, Bernie Sanders, Cass Sunstein, collective bargaining, corporate governance, David Brooks, desegregation, Detroit bankruptcy, Donald Trump, Double Irish / Dutch Sandwich, Elon Musk, employer provided health coverage, Erik Brynjolfsson, Ferguson, Missouri, full employment, gender pay gap, ghettoisation, gig economy, Gini coefficient, guest worker program, Gunnar Myrdal, housing crisis, income inequality, invisible hand, job automation, job satisfaction, labor-force participation, late fees, liberal world order, longitudinal study, low skilled workers, Lyft, Mark Zuckerberg, market fundamentalism, mass incarceration, mental accounting, meta analysis, meta-analysis, minimum wage unemployment, obamacare, offshore financial centre, payday loans, price discrimination, profit motive, race to the bottom, RAND corporation, randomized controlled trial, Richard Thaler, ride hailing / ride sharing, Ronald Reagan, Rosa Parks, Second Machine Age, secular stagnation, shareholder value, Silicon Valley, single-payer health, speech recognition, The Chicago School, The Future of Employment, The Wealth of Nations by Adam Smith, Toyota Production System, traffic fines, Triangle Shirtwaist Factory, Uber and Lyft, uber lyft, union organizing, universal basic income, War on Poverty, working poor, young professional, zero-sum game

“Medicare and Medicaid Milestones 1937–2015,” Centers for Medicare and Medicaid Services, July 2015, https://www.cms.gov/About-CMS/Agency-Information/History/Downloads/Medicare-and-Medicaid-Milestones-1937-2015.pdf; and Margot L. Crandall-Hollick, The Earned Income Tax Credit (EITC): A Brief Legislative History (Washington, DC: Congressional Research Service, 2018), 3, https://fas.org/sgp/crs/misc/R44825.pdf. 56. Robyn Sundlee, “Alaska’s Universal Basic Income Problem,” Vox, September 5, 2019, https://www.vox.com/future-perfect/2019/9/5/20849020/alaska-permanent-fund-universal-basic-income. 57. Elisabeth Jacobs and Jacob Hacker, The Rising Instability of American Family Incomes, 1969–2004 (Washington, DC: Economic Policy Institute, 2008), 1, https://www.epi.org/publication/bp213/. 58. “The Risk of Losing Health Insurance over a Decade: New Findings from Longitudinal Data,” U.S. Treasury Department, 2009, https://www.treasury.gov/press-center/press-releases/documents/final-hc-report092009.pdf. 59.

., 29 Trumka, Richard, 250, 251 Trump, Donald, (Trump Administration) divisive dignity and, 170, 291–92, 293 farming industry, 118 for-profit colleges, 114 poultry processors, 81 regulations, 107 science and technology public investments, 99 Tax Cuts and Jobs Act of 2017, 124–25, 168 work requirements, 91 trust gaps, 282–84 Tubman, Harriet, 149 U-6 (unemployment) rate, 8 Uber drivers, 9–10, 192, 230, 252 UBI. See universal basic income UBI to Rise, 142–44, 146, 161, 186 unemployment, 8, 50–53, 95, 196, 266–67, 274 unemployment insurance, 10, 24, 39–40, 73, 75, 131–32, 190, 191–92 unionization, 145, 249–51, 281–82. See also labor unions United Auto Workers (UAW), 250, 253–54 United Farm Workers (UFW), 76 United Food and Commercial Workers International Union, 81 United Kingdom, 35, 162 United Mine Workers of America, 67–68 United States International Trade Commission (USITC), 145 United States v. Windsor, 18 United Steelworkers (USW), 251, 254 UNITE HERE, 251 universal basic economic dignity (UBED), 184–89 universal basic income (UBI), 142–44, 184–89, 205 universal health care security, xiii–xiv, xv–xvi, 35, 40, 100–101, 102–3, 168, 200, 236 universal paid family leave, 34–37, 96, 310n universal savings accounts (USAs), 200–201 University of California (UC), 278–79 Uprising of the Twenty Thousand, 70 upskilling, 207, 209, 217–20 upward mobility, 42–43, 46–48, 203, 284–90.

But for those who have suffered a severe career or job dislocation and want something more, we offer far too little. For working parents who have lost their job and are under enormous financial and emotional stress, even free tuition can be an empty promise. They need direct financial support in order to participate in a time-intensive program to get back on their feet. “UBI to Rise,” a universal basic income (UBI) for a period of time where dislocated workers are trying to rise, makes sense. This simply recognizes that if we want workers—especially those in midlife and in the middle of raising families—to be able to take the gamble of exploring a new career or attaining a valuable credential or degree, we can’t ignore that they need to be able to provide for their families at the same time.


pages: 229 words: 61,482

The Gig Economy: The Complete Guide to Getting Better Work, Taking More Time Off, and Financing the Life You Want by Diane Mulcahy

Affordable Care Act / Obamacare, Airbnb, Amazon Mechanical Turk, basic income, Clayton Christensen, cognitive bias, collective bargaining, creative destruction, David Brooks, deliberate practice, diversification, diversified portfolio, fear of failure, financial independence, future of work, gig economy, helicopter parent, Home mortgage interest deduction, housing crisis, job satisfaction, Kickstarter, loss aversion, low skilled workers, Lyft, mass immigration, mental accounting, minimum wage unemployment, mortgage tax deduction, negative equity, passive income, Paul Graham, remote working, risk tolerance, Robert Shiller, Robert Shiller, Silicon Valley, Snapchat, TaskRabbit, Uber and Lyft, uber lyft, universal basic income, wage slave, Y Combinator, Zipcar

The mechanics of the different proposals vary, but the idea is to reduce the volatility of the Gig Economy’s variable income. Income insurance could either supplement or replace unemployment insurance. In Reich’s example, if “your monthly income dips more than 50 percent below the average monthly income you’ve received from all the jobs you’ve taken over the preceding five years, you’d automatically receive half the difference for up to a year.”13 Implement a Universal Basic Income Robert Reich and others have publicly come out in support of a universal basic income (UBI), or basic income guarantee.14 UBI is a guaranteed, fixed amount paid by the government to every citizen for life, regardless of employment or work status. In turn, governments eliminate public assistance and poverty programs such as unemployment and food assistance. UBI has not been implemented in any other country, so there is no empirical evidence about its effects and consequences.

Hanauer, Nick, and David Rolf, “Shared Security, Shared Growth,” Democracy Journal, no. 27, Summer 2015. democracy-journal.org/magazine/37/shared-security-shared-growth/ 12. Hill, Steven, “The Future of Work in the Uber Economy,” Boston Review, July 22, 2015. bostonreview.net/us/steven-hill-uber-economy-individual-security-accounts 13. Reich, Robert, “The Upsurge in Uncertain Work,” Robert Reich, August 23, 2015. robertreich.org/post/127426324745 14. Reich, Robert, “Inequality for All Q&A” (video). www.dailykos.com/story/2014/3/26/1287365/-Robert-Reich-Universal-Basic-Income-In-The-US-Almost-Inevitable 15. Harford, Tim, “An Economist’s Dreams of a Fairer Gig Economy,” Tim Harfor, December 29, 2015. next.ft.com/content/1280a92e-a405-11e5-873f-68411a84f346Web 16. Beekman, Daniel, “The Seattle City Council Voted 8-0 Monday Afternoon to Enact Councilmember Mike O’Brien’s Ordinance, Giving Taxi, For-Hire and Uber Drivers the Ability to Unionize,” December 16, 2015. www.seattletimes.com/seattle-news/politics/unions-for-taxi-uber-drivers-seattle-council-votes-today/ 17.

life insurance Limited Liability Corporation (LLC) loss aversion Maker’s Schedule Manager’s Schedule marketing, for new jobs Marsh, Nigel Mastermind Dinners (Gaignard) material wealth, vs. personal fulfillment MBA students, planning by McDonald’s mental tasks, combining with physical Merchant, Nilofer MetLife, Study of the American Dream Microsoft middle class impact of home ownership middle managers Mihalic, Joe Mint.com Moment money, perspective on mortgage mortgage calculator National Labor Relations Act National Labor Relations Board (NLRB) negative cash flow net worth, in principal residence networks maintaining 99designs Obituary exercise offer in connecting 168 Hours (Vanderkam) opportunity, income security from opportunity mindset outbound connecting Outliers (Gladwell) overconfidence ownership, vs. access paid leave part-time side gigs passion, pursuing in time off passive income Peers.org pension plans personal branding personal burn rate personal fulfillment, vs. material wealth perspective, time off to change Pew Research Center physical tasks, combining with mental pilot tests planning for best-case scenario in financial flexibility for time off playtime portfolio of gigs building for experiments learning by doing opportunity for connections Postmates power, and expanding time predictors of future feelings priorities checkbook diagnostic exercise on extended family as of others, impact of private sector, job creation decline pro-bono legal adviser Proctor & Gamble Profiting from Uncertainty (Schoemaker) public assistance, eliminating public speaking purchases, time cost of Qapital QuickBooks quitting job, exit strategy for Rae, Amber rates of return, for housing Raw Deal (Hill) referrals, asking for regret, risk of Reich, Robert Reinventing You (Clark) rejuvenation, time off for relationships, impact on success renting growth in households vs. ownership reputation RescueTime resources, allocating to short-term activities vs. long-term goals resume, gaps for time off resume virtues retail workers retirement healthcare costs in new vision of plans to work longer before saving to finance traditional savings plans supplemental income in rewards, time for longer-term risk assessment of of boring life debt and of diploma debt facing fear by identifying size of risk reduction by acceptance by eliminating exercise for facing fear by assessing options with insurance by mitigating risk by shifting risk risk taker, learning to be Rohn, Jim Rolf, David Roth IRA Rowing the Atlantic (Savage) S Corporation S&P 500 companies, average life sabbaticals safety net, creating Sagmeister, Stefan Savage, Roz, Rowing the Atlantic saving for retirement traditional plan savings, financial plan and increase ScheduleOnce Schoemaker, Paul, Profiting from Uncertainty Schrager, Allison security creating from diversifying for income for job self-employment income tax form for risk assessment SEP IRA service workers Shared Security Account Shell, Richard Simmons, Gail skill-based economy, vs. credentials-based economy skill-based employment system, vs. tenure-based employment system skilled workers skills, income security from building Slaughter, Anne-Marie Snapchat social capital, of introducer social contagion social media Social Security Social Security Administration Society for Human Resources Management sole proprietor, independent worker as South by Southwest (SXSW) speaking inbound connecting through skills for specialization spending, auditing Stand Out (Clark) Star Plates start dates, negotiating startup exit strategy for Strayed, Cheryl Stride Health strong ties in network student loans success as contagious defining vision of external versions new American dream as definition refining vision of surrogation sweat equity bucket Target TaskRabbit tax data analysis Tax Policy Center taxes deductions for mortgage interest Schedule C withholding teaching technology for delegating outbound connecting by leveraging technology companies tenure-based employment system, vs. skill-based employment system time age-related difference in perception calculating use employees’ learned helplessness about expanding horizon for savings plan for longer-term rewards management mindfulness about and purchase cost reaction to wasting reclaiming tracking investments time frame, for goals time off benefits developing ideas for exercise financing friends and family reaction gaps in resume from between gigs, vs. paid time off planning for Toastmaster tolerance of risk Ton, Zeynep The Good Jobs Strategy Top Chef Topcoder total cost of home travel Twitter Uber drivers uncertainty, cognitive biases about unearned income unemployment insurance unemployment protection, for self-employed universal basic income (UBI) universality of benefits universities, faculty members Upwork Urban-Brookings Tax Policy Center vacation. see also time off Vanderkam, Laura, 168 Hours Vanguard, online calculator Virtues exercise volunteer positions during time off wage insurance Walmart Ware, Bronnie weak ties in network wealth gap WeWork withholding taxes Wolff, Edward work flexibility full-time job disappearance future of workers eliminating categorization of last resort workers’ compensation working lives, end of worst case, facing fear by starting with writing skills inbound connecting through Xero YouCanBook.me ABOUT THE AUTHOR Diane created and teaches The Gig Economy, which was named by Forbes as one of the Top 10 Most Innovative Business School Classes in the country.


pages: 254 words: 61,387

This Could Be Our Future: A Manifesto for a More Generous World by Yancey Strickler

basic income, big-box store, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, cognitive dissonance, corporate governance, Daniel Kahneman / Amos Tversky, David Graeber, Donald Trump, Doomsday Clock, effective altruism, Elon Musk, financial independence, gender pay gap, global supply chain, housing crisis, Ignaz Semmelweis: hand washing, invention of the printing press, invisible hand, Jeff Bezos, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Nash: game theory, Joi Ito, Joseph Schumpeter, Kickstarter, Louis Pasteur, Mark Zuckerberg, medical bankruptcy, new economy, Oculus Rift, off grid, offshore financial centre, Ralph Nader, RAND corporation, Richard Thaler, Ronald Reagan, self-driving car, shareholder value, Silicon Valley, Simon Kuznets, Snapchat, Social Responsibility of Business Is to Increase Its Profits, stem cell, Steve Jobs, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, Travis Kalanick, universal basic income, white flight

“not in my business”: As reported by Axios (“Forget About Broad-Based Pay Raises, Executives Say,” May 27, 2018) at the Federal Reserve Bank of Dallas event “Technology-Enabled Disruption: Implications for Business, Labor Markets, and Monetary Policy” on May 24–25, 2018. Lazonick has put it: Lazonick’s characterization of buybacks as “profits without prosperity” was in Harvard Business Review (“Profits Without Prosperity,” September 2014). universal basic income: Two recommended books to learn more about universal basic income: Rutger Bregman’s Utopia for Realists and Annie Lowrey’s Give People Money. debt to enter the workforce: Background and stats on student loans come from CNBC (“Why Does a College Degree Cost So Much?” in 2015 and “Student Loan Balances Jump Nearly 150 Percent in a Decade” in 2017). elections are decided almost entirely by money: The 2015 report on the relationship between campaign expenditures and campaign results (“How Money Drives US Congressional Elections: More Evidence”) was written by Thomas Ferguson, Paul Jorgensen, and Jie Chen and published by the Institute for New Economic Thinking.

This would be a world of “profits without prosperity,” as the economist William Lazonick has put it. Our current trajectory is driving us toward this future in Insane Mode, while keeping us woefully unprepared for the shocks that will come when we get there. We need a better answer for what to do with excess capital than give it away to shareholders. One potential answer is higher taxes combined with some version of a universal basic income. This has merits and challenges too long to go into here. Regardless of the specific plan, if we don’t change course we’ll end up in an ugly future with a very big mullet. MULLET UNIVERSITY Some of the biggest victims of the Mullet Economy aren’t even part of it yet. They’re college students, soon-to-be college students, and recent college graduates who are taking on record amounts of debt to enter the workforce.

Bentoism Elizabeth Anderson, Value in Ethics and Economics Michael Walzer, Spheres of Justice: A Defense of Pluralism and Equality How Ideas Work Yuval Noah Harari, Sapiens: A Brief History of Humankind John Higgs, The KLF: Chaos, Magic, and the Band Who Burned a Million Pounds John Higgs, Stranger Than We Can Imagine: An Alternative History of the 20th Century Thomas Kuhn, The Structure of Scientific Revolutions Daniel Rodgers, Age of Fracture J. Z. Young, Doubt and Certainty in Science: A Biologist’s Reflections on the Brain Economics Rutger Bregman, Utopia for Realists: How We Can Build the Ideal World David Graeber, Debt: The First 5,000 Years (Updated and Expanded) Annie Lowrey, Give People Money: How a Universal Basic Income Would End Poverty, Revolutionize Work, and Remake the World Mariana Mazzucato, The Entrepreneurial State: Debunking Public vs. Private Sector Myths Mariana Mazzucato, The Value of Everything: Making and Taking in the Global Economy Carlota Perez, Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages Thomas Picketty, Capital in the Twenty-First Century E.


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21 Lessons for the 21st Century by Yuval Noah Harari

1960s counterculture, accounting loophole / creative accounting, affirmative action, Affordable Care Act / Obamacare, agricultural Revolution, algorithmic trading, augmented reality, autonomous vehicles, Ayatollah Khomeini, basic income, Bernie Sanders, bitcoin, blockchain, Boris Johnson, call centre, Capital in the Twenty-First Century by Thomas Piketty, carbon-based life, cognitive dissonance, computer age, computer vision, cryptocurrency, cuban missile crisis, decarbonisation, deglobalization, Donald Trump, failed state, Filter Bubble, Francis Fukuyama: the end of history, Freestyle chess, gig economy, glass ceiling, Google Glasses, illegal immigration, Intergovernmental Panel on Climate Change (IPCC), Internet of things, invisible hand, job automation, knowledge economy, liberation theology, Louis Pasteur, low skilled workers, Mahatma Gandhi, Mark Zuckerberg, mass immigration, means of production, Menlo Park, meta analysis, meta-analysis, Mohammed Bouazizi, mutually assured destruction, Naomi Klein, obamacare, pattern recognition, post-work, purchasing power parity, race to the bottom, RAND corporation, Ronald Reagan, Rosa Parks, Scramble for Africa, self-driving car, Silicon Valley, Silicon Valley startup, transatlantic slave trade, Tyler Cowen: Great Stagnation, universal basic income, uranium enrichment, Watson beat the top human players on Jeopardy!, zero-sum game

Assuming, too, that we will like these salaries to cover all of a family’s basic needs, the end result will be something that is not very different from universal basic income. Alternatively, governments could subsidise universal basic services rather than income. Instead of giving money to people, who then shop around for whatever they want, the government might subsidise free education, free healthcare, free transport and so forth. This is in fact the utopian vision of communism. Though the communist plan to start a working-class revolution might well become outdated, maybe we should still aim to realise the communist goal by other means? It is debatable whether it is better to provide people with universal basic income (the capitalist paradise) or universal basic services (the communist paradise). Both options have advantages and drawbacks.

In order to cope with the unprecedented technological and economic disruptions of the twenty-first century, we need to develop new social and economic models as soon as possible. These models should be guided by the principle of protecting humans rather than jobs. Many jobs are uninspiring drudgery, not worth saving. Nobody’s life-dream is to be a cashier. What we should focus on is providing for people’s basic needs and protecting their social status and self-worth. One new model, which is gaining increasing attention, is universal basic income. UBI proposes that governments tax the billionaires and corporations controlling the algorithms and robots, and use the money to provide every person with a generous stipend covering his or her basic needs. This will cushion the poor against job loss and economic dislocation, while protecting the rich from populist rage.23 A related idea proposes to widen the range of human activities that are considered to be ‘jobs’.

Whichever way you choose to define ‘basic human needs’, once you provide them to everyone free of charge, they will be taken for granted, and then fierce social competitions and political struggles will focus on non-basic luxuries – be they fancy self-driving cars, access to virtual-reality parks, or enhanced bioengineered bodies. Yet if the unemployed masses command no economic assets, it is hard to see how they could ever hope to obtain such luxuries. Consequently the gap between the rich (Tencent managers and Google shareholders) and the poor (those dependent on universal basic income) might become not merely bigger, but actually unbridgeable. Hence even if some universal support scheme provides poor people in 2050 with much better healthcare and education than today, they might still be extremely angry about global inequality and the lack of social mobility. People will feel that the system is rigged against them, that the government serves only the super-rich, and that the future will be even worse for them and their children.29 Homo sapiens is just not built for satisfaction.


pages: 410 words: 119,823

Radical Technologies: The Design of Everyday Life by Adam Greenfield

3D printing, Airbnb, augmented reality, autonomous vehicles, bank run, barriers to entry, basic income, bitcoin, blockchain, business intelligence, business process, call centre, cellular automata, centralized clearinghouse, centre right, Chuck Templeton: OpenTable:, cloud computing, collective bargaining, combinatorial explosion, Computer Numeric Control, computer vision, Conway's Game of Life, cryptocurrency, David Graeber, dematerialisation, digital map, disruptive innovation, distributed ledger, drone strike, Elon Musk, Ethereum, ethereum blockchain, facts on the ground, fiat currency, global supply chain, global village, Google Glasses, IBM and the Holocaust, industrial robot, informal economy, information retrieval, Internet of things, James Watt: steam engine, Jane Jacobs, Jeff Bezos, job automation, John Conway, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, John von Neumann, joint-stock company, Kevin Kelly, Kickstarter, late capitalism, license plate recognition, lifelogging, M-Pesa, Mark Zuckerberg, means of production, megacity, megastructure, minimum viable product, money: store of value / unit of account / medium of exchange, natural language processing, Network effects, New Urbanism, Occupy movement, Oculus Rift, Pareto efficiency, pattern recognition, Pearl River Delta, performance metric, Peter Eisenman, Peter Thiel, planetary scale, Ponzi scheme, post scarcity, post-work, RAND corporation, recommendation engine, RFID, rolodex, Satoshi Nakamoto, self-driving car, sentiment analysis, shareholder value, sharing economy, Silicon Valley, smart cities, smart contracts, social intelligence, sorting algorithm, special economic zone, speech recognition, stakhanovite, statistical model, stem cell, technoutopianism, Tesla Model S, the built environment, The Death and Life of Great American Cities, The Future of Employment, transaction costs, Uber for X, undersea cable, universal basic income, urban planning, urban sprawl, Whole Earth Review, WikiLeaks, women in the workforce

Their argument, broadly, is that going forward, there simply won’t be enough meaningful work to furnish a global labor force of five billion or more with employment capable of sustaining them—and that it is in any event perverse to defend jobs we know full well to be bullshit.48 Instead of squandering energies in the sentimental defense of a proletarian way of life that no longer corresponds to any set of facts on the ground, they propose that there is a far more valuable effort progressive forces could dedicate themselves to at this moment in history: the struggle for a universal basic income, or UBI. As the name suggests, most UBI plans—and the variants are many—propose that the state furnish all of its citizens with some kind of sustaining stipend, regardless of means tests or other qualifications. Most versions propose a grant at least equal to the local poverty line, in theory liberating recipients from the worst of the want and gnawing fear that might otherwise beset them in a time of mass disemployment.

And whichever direction it comes from, arguing for the accelerated disappearance of work is a very high-stakes gamble to make, in a world where the welfare state and its safety net are distant and receding memories and the horizontal and mutualist infrastructures that might replace them have not had time to develop. One could, therefore, be forgiven for concluding that in practical terms, the achievement of a universal basic income will result not in anything like total leisure and unlimited self-actualization, but in the further entrenchment of desperation and precarity. When far more powerful forces are already waiting to exploit its emergence and divert its flows for their own ends, it seems unnecessarily cavalier of people who think of themselves as being on the left to “demand” a generic UBI. To the degree that we buy the Srnicek and Williams line, what we need to insist on is the implementation of income guarantees in a context that protects our ability to spend that windfall as we see fit.

With most fabricated objects tagged with information about their material composition, alongside instructions for recycling, it’s easy to disassemble products when they’ve reached the end of their useful life and sort their components for recapture or reuse; in fact, an automated recovery chain just as elaborate as the supply chain exists to do precisely that. It is clearer every day that the legitimating purpose of all economic activity is the production of universal bounty. Here, a formal Universal Basic Income isn’t necessary, because the goods of life are essentially free for the taking. The fruits of the Earth are distributed not merely equitably, but lavishly, as we always knew they could be. The grand framing narrative of commodity capitalism is finally shattered and left behind, the economics of want no longer relevant to a time when demand is estimated by wise algorithm, and fulfilled by automated production.


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Radical Markets: Uprooting Capitalism and Democracy for a Just Society by Eric Posner, E. Weyl

3D printing, activist fund / activist shareholder / activist investor, Affordable Care Act / Obamacare, Airbnb, Amazon Mechanical Turk, anti-communist, augmented reality, basic income, Berlin Wall, Bernie Sanders, Branko Milanovic, business process, buy and hold, carbon footprint, Cass Sunstein, Clayton Christensen, cloud computing, collective bargaining, commoditize, Corn Laws, corporate governance, crowdsourcing, cryptocurrency, Donald Trump, Elon Musk, endowment effect, Erik Brynjolfsson, Ethereum, feminist movement, financial deregulation, Francis Fukuyama: the end of history, full employment, George Akerlof, global supply chain, guest worker program, hydraulic fracturing, Hyperloop, illegal immigration, immigration reform, income inequality, income per capita, index fund, informal economy, information asymmetry, invisible hand, Jane Jacobs, Jaron Lanier, Jean Tirole, Joseph Schumpeter, Kenneth Arrow, labor-force participation, laissez-faire capitalism, Landlord’s Game, liberal capitalism, low skilled workers, Lyft, market bubble, market design, market friction, market fundamentalism, mass immigration, negative equity, Network effects, obamacare, offshore financial centre, open borders, Pareto efficiency, passive investing, patent troll, Paul Samuelson, performance metric, plutocrats, Plutocrats, pre–internet, random walk, randomized controlled trial, Ray Kurzweil, recommendation engine, rent-seeking, Richard Thaler, ride hailing / ride sharing, risk tolerance, road to serfdom, Robert Shiller, Robert Shiller, Ronald Coase, Rory Sutherland, Second Machine Age, second-price auction, self-driving car, shareholder value, sharing economy, Silicon Valley, Skype, special economic zone, spectrum auction, speech recognition, statistical model, stem cell, telepresence, Thales and the olive presses, Thales of Miletus, The Death and Life of Great American Cities, The Future of Employment, The Market for Lemons, The Nature of the Firm, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Thorstein Veblen, trade route, transaction costs, trickle-down economics, Uber and Lyft, uber lyft, universal basic income, urban planning, Vanguard fund, women in the workforce, Zipcar

The other half of COST revenue would be roughly $5,300 per person in the United States under present capital valuations and almost certainly would skyrocket under our proposal because of the more efficient allocation of assets, the revelation of capital income hidden at present, and the growth of the economy our proposal would ignite. These funds could be used to finance government services, public goods (such as investment in basic research), or social welfare programs for the poor. One could also imagine a system in which the revenue generated by the COST is simply sent back to the population on a per capita basis as a social dividend—akin to the universal basic income, which is currently being touted by leading commentators.63 In this form, a COST would also serve as a much more effective way to collect a tax on wealth, which some economists have recently advocated for other reasons, because it has a built-in self-enforcement mechanism in the form of a buyer’s right to force a sale. This would avoid establishing an elaborate and ineffectual government monitoring apparatus as exists for other attempts to collect taxes on capital income and wealth.64 To envision the egalitarian potential of a COST, consider how it would affect a typical American family.

Lipton, Beyond Cybersquatting: Taking Domain Name Disputes Past Trademark Policy, 40 Wake Forest Law Review 1361 (2005). 61. Hope King, Owner of ClintonKaine.com wants $90,000, CNN Money (July 27, 2016), http://money.cnn.com/2016/07/27/technology/clinton-kaine-website/index.html. 62. Lauren Cohen, Umit G. Gurun, & Scott Duke Kominers, The Growing Problem of Patent Trolling, 352 Science 521 (2016). 63. It is increasingly popular to refer to such a universal refundable tax credit as a “universal basic income” (UBI). We resist this description because a UBI is typically described as being indexed to some notion of an income required to live a decent life, a notion that we consider ill-defined and which, in any case, is not the aim of our proposal. Our social dividend would be proportioned to the total self-assessed wealth of a country and not to some notion of basic needs. 64. David P. Hariton, Sorting Out the Tangle of Economic Substance, 52 Tax Lawyer 235 (1999); David A.

Michael, 66–67 Spotify, 289, 292 stagnation, 3, 8–11, 14, 24, 190, 254, 257–58, 262, 276 stagnequality, 11–12, 24, 27, 257, 276 Stalin, Joseph, 93 Standard Oil Company, 40, 174–75, 177 starvation, 2, 38, 127, 260–61 State Street, 171, 181–84, 183 Stewart, Jimmy, 17 Stigler, George, xix, 49 stock market, 8, 78, 171, 179, 181, 193, 211, 275 Stolper, Wolfgang, 142–43 stop-and-frisk law, 89 strategic voting, 93, 119–20, 303n20 Sun Yat-Sen, 46, 56 supermajorities, 84–85, 88, 92 supersonic trains, 30–32 Suri, Sid, 233–34 surveillance, 237, 293 Sweden, 182, 272 Syria, 116, 140, 145 Syverson, Chad, 298 Taft, William, 175 Taiwan, 46, 56, 71 tariffs, 138, 266 taxes: arbitrage and, 275; avoidance of, 317n18; carbon, 243; common ownership self-assessed tax (COST) and, 61–69 (see also common ownership self-assessed tax [COST]); consolidated business influence and, 262; consumer groups and, 262; corporate, 189, 191; credits and, 121, 302n63; double taxation and, 65; human capital and, 259–61; immigrants and, 143–45, 156; import, 132; liberalism and, 5, 9, 23–24; property, 28, 31, 42–44, 51, 55–70, 73–76, 301n36; Quadratic Voting (QV) and, 263, 275; reform and, 274–75; retirement and, 260; road congestion and, 276; self-assessment and, 31, 55–56, 61–62, 70, 72, 258, 260, 270, 302n63; subsidies and, 274; tariffs and, 138, 266; turnover rate and, 58–61, 64, 76; universal basic income (UBI) and, 302n63; US vs. European systems of, 143–44 Taylor, Fred, 280 Tea Party, 3 “Technique for the Measurement of Attitudes” (Likert), 111 technofeudalism, 230–33 technology, 2; artificial intelligence (AI), 202, 208–9, 213, 219–24, 226, 228, 230, 234, 236, 241, 246, 248, 254, 257, 287, 292; automated video editing and, 208; biotechnology, 254; capitalism and, 34, 203, 316n4; climate treaties and, 265; common ownership self-assessed tax (COST) and, 71–72, 257–59; computers, 21 (see also computers); consumers and, 287; cybersquatters and, 72; data and, 210–13, 219, 222–23, 236–41, 244; diminishing returns and, 226, 229–30; distribution of complexity and, 228; facial recognition and, 208, 216–19; growth and, 255; human capital and, 293; hyperlinks and, 210; Hyperloop and, 30–33; immigrants and, 256–57; income distribution of companies in, 223; information, 139, 210; innovation and, 30–32, 34, 71, 172, 187, 189, 202, 258; intellectual property and, 26, 38, 48, 72, 210, 212, 239; Internet and, 21, 27, 51, 71, 210–12, 224, 232, 235, 238–39, 242, 246–48; job displacement and, 222, 253, 316n4; labor and, 210–13, 219, 222–23, 236–41, 244, 251, 253–59, 265, 274, 293, 316n4; machine learning (ML) and, 208–9, 213–14, 217–21, 226–31, 234–35, 238, 247, 289, 291, 315n48; marginal value and, 224–28, 247; markets and, 203, 286–87, 292; medical, 291; Moore’s Law and, 286–87; network effects and, 211, 236, 238, 243; neural nets and, 214–19; overfitting and, 217–18; pencils and, 278–79; programmers and, 163, 208–9, 214, 217, 219, 224; property and, 34, 66, 70–71; Quadratic Voting (QV) and, 264; Radical Markets and, 277, 285–86; rapid advances in, 4, 173; recommendation systems and, 289–90; robots and, 222, 248, 251, 254, 287; sea power and, 131; self-driving cars and, 230; server farms and, 217; siren servers and, 220–24, 230–41, 243; social media and, 231, 236, 251; spam and, 210, 245; surveillance and, 237, 293; thinking machines and, 213–20; wealth and, 254; websites, 151, 155, 221; World Wide Web and, 210 techno-optimists, 254–55, 316n1 techno-pessimists, 254–55, 316n2 TEDz talk, 169 tenant farmers, 37–38, 41 Thaler, Richard, 67 Thales of Miletus, 172 Theory of Price, The (Stigler), 49 Theory of the Leisure Class (Veblen), 78 Three Principles of the People (Sun), 46 Through the Looking-Glass (Carroll), 176 Tirole, Jean, 236–37 Tom Sawyer (Twain), 233, 237 trade barriers, 14 tragedy of the commons, 44 transportation, 136, 139, 141, 174, 207, 288, 291 trickle down theories, 9, 12 Trump, Donald, 12–14, 120, 169, 296n20 Turkey, 15 turnover rate, 58–61, 64, 76 Twain, Mark, 233, 237 Twitter, 117, 221 Uber, xxi, 70, 77, 117, 288 unemployment, 9–11, 190, 200, 209, 223, 239, 255–56 unions, 23, 94, 118, 200, 240–45, 316n4 United Airlines, 171, 191 United Arab Emirates (UAE), 151–52, 158–59 United Kingdom: British East India Company and, 21, 173; Corbyn and, 12, 13; democracy and, 95–96; House of Commons and, 84–85; House of Lords and, 85; labor and, 133, 139, 144; Labor Party and, 45; national health system of, 290–91; Philosophical Radicals and, 95; rationing in, 20; voting and, 96 United States: American Constitution and, 86–87; American Independence and, 95; Articles of Confederation and, 88; checks and balances system of, 87; Civil War and, 88; Cold War and, xix, 25, 288; common ownership self-assessed tax (COST) and, 71–76; democracy and, 86–90, 93, 95; Gilded Age and, 174, 262; gun rights and, 15, 90; H1–B program and, 149, 154, 162–63; income distribution in, 4–6; Jackson and, 14; labor and, 9–10, 130, 135–54, 157–61, 164–65, 210, 222; liberalism and, 24 (see also liberalism); lobbyists and, 262; Long Depression of, 36; markets and, 272, 288, 290; monopolies and, 21; New Deal and, 176, 200; Nixon and, 288; Occupy Wall Street and, 3; political campaign contributions and, 15; political corruption and, 27; populist tradition of, 12; primary system and, 93; Progressive movement in, 45; property and, 36, 38, 45, 47–48, 51, 71–76; Radical Markets and, 177, 182–83, 196, 201; religious liberty and, 15; Revolutionary War and, 88; stop-and-frisk law and, 89; technology and, 71–72; Trump and, 12–14, 120, 169, 296n20 United States v.


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Narrative Economics: How Stories Go Viral and Drive Major Economic Events by Robert J. Shiller

agricultural Revolution, Albert Einstein, algorithmic trading, Andrei Shleifer, autonomous vehicles, bank run, banking crisis, basic income, bitcoin, blockchain, business cycle, butterfly effect, buy and hold, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, central bank independence, collective bargaining, computerized trading, corporate raider, correlation does not imply causation, cryptocurrency, Daniel Kahneman / Amos Tversky, debt deflation, disintermediation, Donald Trump, Edmond Halley, Elon Musk, en.wikipedia.org, Ethereum, ethereum blockchain, full employment, George Akerlof, germ theory of disease, German hyperinflation, Gunnar Myrdal, Gödel, Escher, Bach, Hacker Ethic, implied volatility, income inequality, inflation targeting, invention of radio, invention of the telegraph, Jean Tirole, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, litecoin, market bubble, money market fund, moral hazard, Northern Rock, nudge unit, Own Your Own Home, Paul Samuelson, Philip Mirowski, plutocrats, Plutocrats, Ponzi scheme, publish or perish, random walk, Richard Thaler, Robert Shiller, Robert Shiller, Ronald Reagan, Rubik’s Cube, Satoshi Nakamoto, secular stagnation, shareholder value, Silicon Valley, speech recognition, Steve Jobs, Steven Pinker, stochastic process, stocks for the long run, superstar cities, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, theory of mind, Thorstein Veblen, traveling salesman, trickle-down economics, tulip mania, universal basic income, Watson beat the top human players on Jeopardy!, We are the 99%, yellow journalism, yield curve, Yom Kippur War

Taxing companies that use robots, the argument goes, will provide revenue to help the government deal with the unemployment consequences of robotics.25 George proposed to distribute part of the tax proceeds as a “public benefit.”26 His proposal is essentially the same universal basic income proposal that is talked about so often today: In this all would share equally—the weak with the strong, young children and decrepit old men, the maimed, the halt, and the blind, as well as the vigorous.27 Other incarnations of the universal basic income proposal were offered by Lady Juliet Rhys-Williams in a 1943 book, Something to Look Forward To; a Suggestion for a New Social Contract, and by Robert Theobald in a 1963 book, Free Men and Free Markets. The Basic Income European Network (BIEN), an advocacy group, was founded in 1986 and later renamed the Basic Income Earth Network.

The narrative that the future will be jobless for many or most people has helped sustain support for a progressive income tax and for an earned income tax credit, though in modern times it has not succeeded in producing a universal basic income in any country. The mutating technology/unemployment narrative tends to attract public attention when a new story creates the impression that the problems generated by technological unemployment are reaching a crisis point. A celebrated 1932 book by Charles Whiting Baker, Pathways Back to Prosperity, sought to explain why the public’s concerns about labor-saving machines replacing jobs were wrong until now, the early 1930s. Baker emphasized the newness: “The widespread use of automatic machinery and economic transportation is only a thing of yesterday.” He stressed that unemployment was a new long-term problem, not going away, ever. Thus Baker advocated something like a universal basic income for all: We have got to face the fact that there is one way, and only one, whereby we can make a market for our huge surplus of goods.… Increase the purchasing power of the 95 percent of the families of the United States who have only tiny incomes, and they will at once buy more.28 Recent years have seen a renewal of this great wave of concern as new redistribution proposals are put forth and discussed.

Thus Baker advocated something like a universal basic income for all: We have got to face the fact that there is one way, and only one, whereby we can make a market for our huge surplus of goods.… Increase the purchasing power of the 95 percent of the families of the United States who have only tiny incomes, and they will at once buy more.28 Recent years have seen a renewal of this great wave of concern as new redistribution proposals are put forth and discussed. Notably, Google Trends shows a huge uptrend in searches for the term universal basic income starting in 2012. ProQuest News & Newspapers reveals essentially the same uptrend. Public attention to inequality has burgeoned, with much attention to the increased share of income by the top 1% or the top one-tenth of 1%. Thomas Piketty’s Capital in the Twenty-First Century, which described this trend, was a best seller that generated intense discussion. The term “digital divide” has gone viral, describing a sort of inequality related to access to digital computers.


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Human Compatible: Artificial Intelligence and the Problem of Control by Stuart Russell

3D printing, Ada Lovelace, AI winter, Alan Turing: On Computable Numbers, with an Application to the Entscheidungsproblem, Alfred Russel Wallace, Andrew Wiles, artificial general intelligence, Asilomar, Asilomar Conference on Recombinant DNA, augmented reality, autonomous vehicles, basic income, blockchain, brain emulation, Cass Sunstein, Claude Shannon: information theory, complexity theory, computer vision, connected car, crowdsourcing, Daniel Kahneman / Amos Tversky, delayed gratification, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Ernest Rutherford, Flash crash, full employment, future of work, Gerolamo Cardano, ImageNet competition, Intergovernmental Panel on Climate Change (IPCC), Internet of things, invention of the wheel, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, John Nash: game theory, John von Neumann, Kenneth Arrow, Kevin Kelly, Law of Accelerating Returns, Mark Zuckerberg, Nash equilibrium, Norbert Wiener, NP-complete, openstreetmap, P = NP, Pareto efficiency, Paul Samuelson, Pierre-Simon Laplace, positional goods, probability theory / Blaise Pascal / Pierre de Fermat, profit maximization, RAND corporation, random walk, Ray Kurzweil, recommendation engine, RFID, Richard Thaler, ride hailing / ride sharing, Robert Shiller, Robert Shiller, Rodney Brooks, Second Machine Age, self-driving car, Shoshana Zuboff, Silicon Valley, smart cities, smart contracts, social intelligence, speech recognition, Stephen Hawking, Steven Pinker, superintelligent machines, Thales of Miletus, The Future of Employment, Thomas Bayes, Thorstein Veblen, transport as a service, Turing machine, Turing test, universal basic income, uranium enrichment, Von Neumann architecture, Wall-E, Watson beat the top human players on Jeopardy!, web application, zero-sum game

See work, elimination of Tegmark, Max, 4, 114, 138 Tellex, Stephanie, 73 Tencent, 250 tensor processing units (TPUs), 35 Terminator (film), 112, 113 Tesauro, Gerry, 55 Thaler, Richard, 244 Theory of the Leisure Class, The (Veblen), 230 Thinking, Fast and Slow (Kahneman), 238 thinking, learning from, 293–95 Thornton, Richard, 133 Times, 7, 8 tool (narrow) artificial intelligence, 46, 47, 136 TPUs (tensor processing units), 35 tragedy of the commons, 31 Transcendence (film), 3–4, 141–42 transitivity of preferences, 23–24 Treatise of Human Nature, A (Hume), 167 tribalism, 150, 159–60 truck drivers, 119 TrueSkill system, 279 Tucker, Albert, 30 Turing, Alan, 32, 33, 37–38, 40–41, 124–25, 134–35, 140–41, 144, 149, 153, 160–61 Turing test, 40–41 tutoring, 100–101 tutoring systems, 70 2001: A Space Odyssey (film), 141 Uber, 57, 182 UBI (universal basic income), 121 uncertainty AI uncertainty as to human preferences, principle of, 53, 175–76 human uncertainty as to own preferences, 235–37 probability theory and, 273–84 United Nations (UN), 250 universal basic income (UBI), 121 Universal Declaration of Human Rights (1948), 107 universality, 32–33 universal Turing machine, 33, 40–41 unpredictability, 29 utilitarian AI, 217–27 Utilitarianism ((Mill), 217–18 utilitarianism/utilitarian AI, 214 challenges to, 221–27 consequentialist AI, 217–19 ideal utilitarianism, 219 interpersonal comparison of utilities, debate over, 222–24 multiple people, maximizing sum of utilities of, 219–26 preference utilitarianism, 220 social aggregation theorem and, 220 Somalia problem and, 226–27 utility comparison across populations of different sizes, debate over, 224–25 utility function, 53–54 utility monster, 223–24 utility theory, 22–26 axiomatic basis for, 23–24 objections to, 24–26 value alignment, 137–38 Vardi, Moshe, 202–3 Veblen, Thorstein, 230 video games, 45 virtual reality authoring, 101 virtue ethics, 217 visual object recognition, 6 von Neumann, John, 23 W3C Credible Web group, 109 WALL-E (film), 255 Watson, 80 wave function, 35–36 “we’re the experts” argument, 152–54 white-collar jobs, 119 Whitehead, Alfred North, 88 whole-brain emulation, 171 Wiener, Norbert, 10, 136–38, 153, 203 Wilczek, Frank, 4 Wiles, Andrew, 185 wireheading, 205–8 work, elimination of, 113–24 caring professions and, 122 compensation effects and, 114–17 historical warnings about, 113–14 income distribution and, 123 occupations at risk with adoption of AI technology, 118–20 reworking education and research institutions to focus on human world, 123–24 striving and enjoying, relation between, 121–22 universal basic income (UBI) proposals and, 121 wage stagnation and productivity increases, since 1973, 117 “work in human–machine teams” argument, 163 World Economic Forum, 250 World Wide Web, 64 Worshipful Company of Scriveners, 109 Zuckerberg, Mark, 157 ABCDEFGHIJKLMNOPQRSTUVWXYZ About the Author Stuart Russell is a professor of Computer Science and holder of the Smith-Zadeh Chair in Engineering at the University of California, Berkeley.

He did not, however, imagine that in the long run—after a century of further technological advances—there would be a return to full employment: Thus for the first time since his creation man will be faced with his real, his permanent problem—how to use his freedom from pressing economic cares, how to occupy the leisure, which science and compound interest will have won for him, to live wisely and agreeably and well. Such a future requires a radical change in our economic system, because, in many countries, those who do not work face poverty or destitution. Thus, modern proponents of Keynes’s vision usually support some form of universal basic income, or UBI. Funded by value-added taxes or by taxes on income from capital, UBI would provide a reasonable income to every adult, regardless of circumstance. Those who aspire to a higher standard of living can still work without losing the UBI, while those who do not can spend their time as they see fit. Perhaps surprisingly, UBI has support across the political spectrum, ranging from the Adam Smith Institute28 to the Green Party.29 For some, UBI represents a version of paradise.30 For others, it represents an admission of failure—an assertion that most people will have nothing of economic value to contribute to society.

The analogy between data science employment and a small lifeboat for a giant cruise ship comes from a discussion with Yong Ying-I, head of Singapore’s Public Service Division. She conceded that it was correct on the global scale, but noted that “Singapore is small enough to fit in the lifeboat.” 28. Support for UBI from a conservative viewpoint: Sam Bowman, “The ideal welfare system is a basic income,” Adam Smith Institute, November 25, 2013. 29. Support for UBI from a progressive viewpoint: Jonathan Bartley, “The Greens endorse a universal basic income. Others need to follow,” The Guardian, June 2, 2017. 30. Chace, in The Economic Singularity, calls the “paradise” version of UBI the Star Trek economy, noting that in the more recent series of Star Trek episodes, money has been abolished because technology has created essentially unlimited material goods and energy. He also points to the massive changes in economic and social organization that will be needed to make such a system successful. 31.


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The Autonomous Revolution: Reclaiming the Future We’ve Sold to Machines by William Davidow, Michael Malone

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, agricultural Revolution, Airbnb, American Society of Civil Engineers: Report Card, Automated Insights, autonomous vehicles, basic income, bitcoin, blockchain, blue-collar work, Bob Noyce, business process, call centre, cashless society, citizen journalism, Clayton Christensen, collaborative consumption, collaborative economy, collective bargaining, creative destruction, crowdsourcing, cryptocurrency, disintermediation, disruptive innovation, distributed ledger, en.wikipedia.org, Erik Brynjolfsson, Filter Bubble, Francis Fukuyama: the end of history, Geoffrey West, Santa Fe Institute, gig economy, Gini coefficient, Hyperloop, income inequality, industrial robot, Internet of things, invention of agriculture, invention of movable type, invention of the printing press, invisible hand, Jane Jacobs, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, license plate recognition, Lyft, Mark Zuckerberg, mass immigration, Network effects, new economy, peer-to-peer lending, QWERTY keyboard, ransomware, Richard Florida, Robert Gordon, Ronald Reagan, Second Machine Age, self-driving car, sharing economy, Shoshana Zuboff, Silicon Valley, Simon Kuznets, Snapchat, speech recognition, Stuxnet, TaskRabbit, The Death and Life of Great American Cities, The Rise and Fall of American Growth, the scientific method, trade route, Turing test, Uber and Lyft, uber lyft, universal basic income, uranium enrichment, urban planning, zero day, zero-sum game, Zipcar

See Transportation Security Administration Turing, Alan, 46 Turing Pharmaceuticals, 57–58 Turner, Frederick Jackson, 159 Turo, 84, 86 Twenge, Jean M., 146, 147–148 Twitter, 49, 142, 146–147, 168, 173 Uber, 70, 84, 85, 86, 100 UBI. See universal basic income unemployment rates, 1, 105, 106–107, 111 unions, labor, 30–31 United States (US): CIA, 119, 172 cybercrime and security response from, 175, 179 cyber weapons of, 172–173 government, history and evolution of, 159–161 income inequality in, 13, 31, 163–164, 191–192, 194 total household income for, 194 workers’ rights legislation in, 30–31, 160 universal basic income (UBI), 110–111, 192 urban environments. See cities/urban environments Uruk, 24, 183–184 US. See United States Utopian ideals, 4–5, 19–20, 195 value systems, 12 citizen unity on and commitment to, 193–195 redefining, 67–68, 189–190 Vanguard, 77 vehicles.

One of the most creative and well-thought-out proposals for addressing this issue that we have seen comes from the arch-conservative writer Charles Murray, who has proposed basically terminating all welfare programs and replacing them with a basic income of $13,000 per year for all citizens over the age of twenty-one. Everyone would be required to spend $3,000 on health insurance. Payments would start to taper off after someone was earning more than $30,000 per year.52 Murray argues that the savings resulting from the elimination of entitlements would be enough to finance much of the plan. One of the most common objections to universal basic income (UBI) proposals is that they undermine the self-esteem and personal identity that comes with having a job. Opponents of UBI paint pictures of twenty-one-year-old white males living in cheap apartments, hooked on opioids, playing video games ten hours a day, and contemplating suicide. But as Murray points out, the plan would not incentivize unemployment, because everyone would still have to work to live at a comfortable level.

Therefore, we need to create new rules to accompany the new forms as quickly as possible. Hopefully we can find free-market solutions (or private/public solutions), such as investing proactively in the infrastructure of the future and in greater entrepreneurship. If those solutions do not lessen inequality, we are going to have to use other systems for redistributing wealth, such as higher taxes, free universal health care, and universal basic income (UBI). One consequence of all of this is that we may end up with even bigger government. Countries like Sweden spend about 10 to 15 percent more of their GDP on government than we do.13 Not coincidentally, Sweden’s Gini coefficient—the lower the number, the greater the income equality—is 0.259, less than a third of that of the United States.14 If the solution to income inequality comes in the form of high tax rates, universal health care, and UBI we will have moved closer to socialism—a very big value change.


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Good Economics for Hard Times: Better Answers to Our Biggest Problems by Abhijit V. Banerjee, Esther Duflo

"Robert Solow", 3D printing, affirmative action, Affordable Care Act / Obamacare, Airbnb, basic income, Bernie Sanders, business cycle, call centre, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, charter city, correlation does not imply causation, creative destruction, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, decarbonisation, Deng Xiaoping, Donald Trump, Edward Glaeser, en.wikipedia.org, endowment effect, energy transition, Erik Brynjolfsson, experimental economics, experimental subject, facts on the ground, fear of failure, financial innovation, George Akerlof, high net worth, immigration reform, income inequality, Indoor air pollution, industrial cluster, industrial robot, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), Jane Jacobs, Jean Tirole, Jeff Bezos, job automation, Joseph Schumpeter, labor-force participation, land reform, loss aversion, low skilled workers, manufacturing employment, Mark Zuckerberg, mass immigration, Network effects, new economy, New Urbanism, non-tariff barriers, obamacare, offshore financial centre, open economy, Paul Samuelson, place-making, price stability, profit maximization, purchasing power parity, race to the bottom, RAND corporation, randomized controlled trial, Richard Thaler, ride hailing / ride sharing, Robert Gordon, Ronald Reagan, school choice, Second Machine Age, secular stagnation, self-driving car, shareholder value, short selling, Silicon Valley, smart meter, social graph, spinning jenny, Steve Jobs, technology bubble, The Chicago School, The Future of Employment, The Market for Lemons, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, total factor productivity, trade liberalization, transaction costs, trickle-down economics, universal basic income, urban sprawl, very high income, War on Poverty, women in the workforce, working-age population, Y2K

A ‘Labeled Cash Transfer’ for Education,” American Economic Journal: Economic Policy 7, no. 3 (2015): 86–125. 11 These key numbers are summarized in Robert Reich’s review of two books on the UBI https://www.nytimes.com/2018/07/09/books/review/annie-lowrey-give-people-money-andrew-yang-war-on-normal-people.html and can also be found in the books themselves. Annie Lowrey, Give People Money: How a Universal Basic Income Would End Poverty, Revolutionize Work, and Remake the World, 2018, and Andrew Yang, The War on Normal People: The Truth About America’s Disappearing Jobs and Why Universal Basic Income Is Our Future, 2018. 12 George Bernard Shaw, Pygmalion (London: Penguin Classics, 2013). 13 Map Descriptive of London Poverty 1898–9, accessed April 21, 2019, https://booth.lse.ac.uk/learn-more/download-maps/sheet9. 14 “Radio Address to the Nation on Welfare Reform,” Ronald Reagan Presidential Library and Museum, accessed March 20, 2019, https://www.reaganlibrary.gov/research/speeches/21586a. 15 Ibid. 16 For the reader who wants more, this literature is summarized in several books: James P.

Economists are more like plumbers; we solve problems with a combination of intuition grounded in science, some guesswork aided by experience, and a bunch of pure trial and error. This means economists often get things wrong. We will no doubt do so many times in this book. Not just about the growth rate, which is mostly a hopeless exercise, but also about somewhat more limited questions, like how much carbon taxes will help with climate change, how CEOs’ pay might be affected if taxes were to be raised a lot, or what universal basic income would do to the structure of employment. But economists are not the only ones who make mistakes. Everyone gets things wrong. What is dangerous is not making mistakes, but to be so enamored of one’s point of view that one does not let facts get in the way. To make progress, we have to constantly go back to the facts, acknowledge our errors, and move on. Besides, there is plenty of good economics around.

This will add, to a greater or lesser extent, to what the China shock and the other changes described in previous chapters have done to the working class in much of the developed world. It could lead to a rise in unemployment or a multiplication of poorly paid, unstable jobs. This perspective deeply worries the elites who feel responsible for, and also threatened by, this state of affairs. This is why the idea of a universal basic income has become so popular in Silicon Valley. Most tend to think, however, that robot-induced despair will become a problem in the future, after technologies have improved even further. But the problem of high and rising inequality has already been staring us in the face in many countries, nowhere more so than in the United States. The last thirty years of US history should convince us that the evolution of inequality is not the by-product of technological changes we do not control: it is the result of policy decisions.


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Uberland: How Algorithms Are Rewriting the Rules of Work by Alex Rosenblat

"side hustle", Affordable Care Act / Obamacare, Airbnb, Amazon Mechanical Turk, autonomous vehicles, barriers to entry, basic income, big-box store, call centre, cashless society, Cass Sunstein, choice architecture, collaborative economy, collective bargaining, creative destruction, crowdsourcing, disruptive innovation, don't be evil, Donald Trump, en.wikipedia.org, future of work, gender pay gap, gig economy, Google Chrome, income inequality, information asymmetry, Jaron Lanier, job automation, job satisfaction, Lyft, marginal employment, Mark Zuckerberg, move fast and break things, Network effects, new economy, obamacare, performance metric, Peter Thiel, price discrimination, Ralph Waldo Emerson, regulatory arbitrage, ride hailing / ride sharing, self-driving car, sharing economy, Silicon Valley, Silicon Valley ideology, Skype, social software, stealth mode startup, Steve Jobs, strikebreaker, TaskRabbit, Tim Cook: Apple, transportation-network company, Travis Kalanick, Uber and Lyft, Uber for X, uber lyft, union organizing, universal basic income, urban planning, Wolfgang Streeck, Zipcar

Facebook cofounder and philanthropist Chris Hughes dedicated his intellectual thought leadership to promoting a universal basic income,15 and Mark Zuckerberg, his former roommate, mentioned it in the commencement speech he gave at Harvard.16 This quasi-moral solution to income inequality—and to expanding the definition of equality for this generation—finds its strongest American proponents in Silicon Valley. Home to the billion-dollar titans of industry, who form a slightly reluctant political elite in the New Economy, Silicon Valley and the culture of technology radiate influence across the business, political, and media culture of major American cities. And Silicon Valley has a strong stake in national debates over whether automation technology, such as self-driving cars, will take all our jobs. Universal basic income is one form of “automation alimony” that is proposed to relieve the rising inequality often attributed to automation.

Tressie McMillan Cottom, Lower Ed: The Troubling Rise of For-Profit Colleges in the New Economy (New York: New Press, 2017), ch. 9; The Movement for Black Lives, “Platform,” n.d., https://policy.m4bl.org/platform/. 15. Chris Hughes, Fair Shot: Rethinking Inequality and How We Earn (New York: St. Martin’s Press, 2018). 16. Todd Haselton, “Mark Zuckerberg Joins Silicon Valley Bigwigs in Calling for Government to Give Everybody Free Money,” CNBC, May 25, 2017, www.cnbc.com/2017/05/25/mark-zuckerberg-calls-for-universal-basic-income-at-harvard-speech.html. 17. Eric A. Posner and Glen E. Weyl, “Property Is Only Another Name for Monopoly,” Journal of Legal Analysis (January 31, 2017), https://ssrn.com/abstract=2818494. 18. Jack, “Imagining the Sharing Economy.” 19. Robin Chase, “Bye, Bye Capitalism: We’re Entering the Age of Abundance,” Backchannel, July 16, 2015, https://medium.com/backchannel/see-ya-later-capitalism-the-collaborative-economy-is-taking-over-34a5fc3a37cd.

., 121 uberSelect, 57, 78–79 uberSUV, 67 uberX, 46, 50, 67, 85, 87–88 uberXL, 50 unemployment, 8, 22. See also job creation rhetoric unfair reviews, 147, 154. See also rating system unionization of drivers, 53–54, 179 United Kingdom, 156 United Mine Workers of America, 184–85 United Nations, 188 United States: 2016 presidential election, 114; driver statistics in, 50; national identity of, 11–12; Trump’s travel ban policy, 190–92. See also specific cities and states universal basic income, 23–24 University of Phoenix, 42 Unroll.Me, 189–90 up-front pricing policy, 121–25, 161, 200 Urtasun, Raquel, 185 U.S. Bureau of Labor Statistics, 25–26 Utah, 223n22 valuation of Uber, 28, 29–30, 190, 204 Vancouver, Canada, 177, 205, 258n11 venture capital funding, 10, 27–28 Via, 51, 52 wage theft, 15, 114–15, 125–28, 194, 201 Wall Street collapse, 22–23 Wall Street Journal, 26 Warnshuis, Corinne, 189 Washington, DC, 12 Waymo, 161 Waze, 205 WeChat, 199 Wells, Katie, 68 Wells Fargo, 23 “Westchester Would Send Anti-business Message by Opting Out from Ridehailing” (Maredia), 181 WhatsApp, 199, 205 white supremacist rally, 167 Wikimedia Foundation, 32 Wikipedia, 32 Wilson, Christo, 128 women: attrition rate of, 72; labeled as narcissists, 230n63; sexual assault of, 161, 194; sexual harassment of, 56, 139–40, 147, 188, 193, 194, 195–96; UN work initiative for, 188; value of work of, 32, 37–38; Wikipedia and, 32.


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The Truth Machine: The Blockchain and the Future of Everything by Paul Vigna, Michael J. Casey

3D printing, additive manufacturing, Airbnb, altcoin, Amazon Web Services, barriers to entry, basic income, Berlin Wall, Bernie Madoff, bitcoin, blockchain, blood diamonds, Blythe Masters, business process, buy and hold, carbon footprint, cashless society, cloud computing, computer age, computerized trading, conceptual framework, Credit Default Swap, crowdsourcing, cryptocurrency, cyber-physical system, dematerialisation, disintermediation, distributed ledger, Donald Trump, double entry bookkeeping, Edward Snowden, Elon Musk, Ethereum, ethereum blockchain, failed state, fault tolerance, fiat currency, financial innovation, financial intermediation, global supply chain, Hernando de Soto, hive mind, informal economy, intangible asset, Internet of things, Joi Ito, Kickstarter, linked data, litecoin, longitudinal study, Lyft, M-Pesa, Marc Andreessen, market clearing, mobile money, money: store of value / unit of account / medium of exchange, Network effects, off grid, pets.com, prediction markets, pre–internet, price mechanism, profit maximization, profit motive, ransomware, rent-seeking, RFID, ride hailing / ride sharing, Ross Ulbricht, Satoshi Nakamoto, self-driving car, sharing economy, Silicon Valley, smart contracts, smart meter, Snapchat, social web, software is eating the world, supply-chain management, Ted Nelson, the market place, too big to fail, trade route, transaction costs, Travis Kalanick, Turing complete, Uber and Lyft, uber lyft, unbanked and underbanked, underbanked, universal basic income, web of trust, zero-sum game

One proposal gaining weight among some policymakers and certain economists is that of a universal basic income, or UBI. Under this policy, which has been proposed by the UK Labour Party and is present in some form within a number of Scandinavian countries, governments provide a basic living wage to every adult citizen. This idea, first floated by Thomas Paine in the eighteenth century, has enjoyed a resurgence on the left as people have contemplated how robotics, artificial intelligence, and other technologies would hit working-class jobs such as truck driving. But it may gain wider traction as decentralizing forces based on blockchain models start destroying middle-class jobs. In fact, even though a universal basic income would, on the surface, run against the classic economic rationalist belief that state subsidies disincentivize work, the idea has some support on the right.

See also ledger-keeping Trump, Donald trust, distributed trusted computing Trusted Computing Group Trusted IoT Alliance trusted third parties and Bitcoin and blockchain-inspired startups and blockchain property registries and cloud computing and energy sector and governance and identity and permissioned systems truth discovery truth machine Tual, Stephan Turing, Alan “Turing complete” Uber “God’s View” knowledge Ubitquity UBS Ujo Ulbricht, Ross UNESCO Union Square Ventures United Kingdom Brexit Financial Conduct Authority Government Office for Science blockchain report and universal basic income United Nations UN High Commission for Refugees (UNHCR) UNHCR identity program World Food Program (WFP) universal basic income (UBI) user attention Veem venture capital (VC) Ver, Roger Veripart Verisign Vertcoin Vigna, Paul. See also Age of Cryptocurrency, The (Casey and Vigna) Vogelsteller, Fabian Walden, Jesse Wall Street. See financial sector WannaCry ransom attacks Waze Web 3 Foundation Weber, Mark WeTrust Wilcox-O’Hearn, Zooko Wilson, Fred Wilson, Steve Wladawsky-Berger, Irving Wong, Pindar Wood, Gavin World Bank blockchain lab World Economic Forum World Food Program (WFP) Wosnak, Nathan Wu, Jihan Wuille, Peter Xanadu project Xapo Xi Jinping Yelp Yieira, Thingo Yunis, Muhammad Zaatari refugee camp (Jordan).


Free Money for All: A Basic Income Guarantee Solution for the Twenty-First Century by Mark Walker

3D printing, 8-hour work day, additive manufacturing, Affordable Care Act / Obamacare, basic income, Baxter: Rethink Robotics, Capital in the Twenty-First Century by Thomas Piketty, commoditize, financial independence, full employment, happiness index / gross national happiness, industrial robot, intangible asset, invisible hand, Jeff Bezos, job automation, job satisfaction, John Markoff, Kevin Kelly, laissez-faire capitalism, longitudinal study, market clearing, means of production, new economy, obamacare, off grid, plutocrats, Plutocrats, precariat, profit motive, Ray Kurzweil, rent control, RFID, Rodney Brooks, Rosa Parks, science of happiness, Silicon Valley, surplus humans, The Future of Employment, the market place, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, universal basic income, working poor

Murphy, “Baby Steps: Basic Income and the Need for Incremental Organizational Development,” Basic Income Studies 5, 1 (2010). 3. I borrow these two examples from Karl Widerquist. Karl Widerquist, “OPINION: Big Changes Come,” BIEN, June 17, 2013, http:// www.basicincome.org/news/2013/06/opinion-big-changes-come/. 4. Jurgen De Wispelaere and A. Noguera, “On the Political Feasibility of Universal Basic Income: An Analytic Framework,” Basic Income Guarantee and Politics: International Experiences and Perspectives on the Viability of Income Guarantee (2012), 17. Jurgen De Wispelaere, “The Struggle for Strategy: On the Politics of Universal Basic Income,” Politics (2013), http://works.bepress.com/dewispelaere/38/. R efer ences “2012 HHS Poverty Guidelines.” U.S. Department of Health and Human Services. Accessed May 10, 2012. http://aspe.hhs.gov/poverty/12poverty. shtml. “2014 Land Report 100.” The Land Report: The Magazine of the American Landowner, n.d. http://www.landreport.com/americas-100-largestlandowners/.

data/national_accounts_gdp/gdp_ expenditure_approach/structure_of_gdp_expenditure_approach/structure_of_gdp_expenditure_approach_annual_nominal_of_gdp|chart/lin e&countries=usa&sorting=list//title. De Wispelaere, Jurgen. “Sharing Job Resources: Ethical Reflections on the Justification of Basic Income.” Analyse & Kritik 22, 2 (2000): 237–256. ———. “The Struggle for Strategy: On the Politics of Universal Basic Income.” Politics, 2013. http://works.bepress.com/dewispelaere/38/. De Wispelaere, Jurgen, and A. Noguera. “On the Political Feasibility of Universal Basic Income: An Analytic Framework.” In Basic Income Guarantee and Politics: International Experiences and Perspectives on the Viability of Income Guarantee, ed. Richard K Caputo, 17–38. New York: Palgrave Macmillan, 2012. REFERENCES 237 Diener, E. “Subjective Well-Being: The Science of Happiness and a Proposal for a National Index.”


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Enlightenment Now: The Case for Reason, Science, Humanism, and Progress by Steven Pinker

3D printing, access to a mobile phone, affirmative action, Affordable Care Act / Obamacare, agricultural Revolution, Albert Einstein, Alfred Russel Wallace, anti-communist, Anton Chekhov, Arthur Eddington, artificial general intelligence, availability heuristic, Ayatollah Khomeini, basic income, Berlin Wall, Bernie Sanders, Black Swan, Bonfire of the Vanities, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, clean water, clockwork universe, cognitive bias, cognitive dissonance, Columbine, conceptual framework, correlation does not imply causation, creative destruction, crowdsourcing, cuban missile crisis, Daniel Kahneman / Amos Tversky, dark matter, decarbonisation, deindustrialization, dematerialisation, demographic transition, Deng Xiaoping, distributed generation, diversified portfolio, Donald Trump, Doomsday Clock, double helix, effective altruism, Elon Musk, en.wikipedia.org, end world poverty, endogenous growth, energy transition, European colonialism, experimental subject, Exxon Valdez, facts on the ground, Fall of the Berlin Wall, first-past-the-post, Flynn Effect, food miles, Francis Fukuyama: the end of history, frictionless, frictionless market, germ theory of disease, Gini coefficient, Hans Rosling, hedonic treadmill, helicopter parent, Hobbesian trap, humanitarian revolution, Ignaz Semmelweis: hand washing, income inequality, income per capita, Indoor air pollution, Intergovernmental Panel on Climate Change (IPCC), invention of writing, Jaron Lanier, Joan Didion, job automation, Johannes Kepler, John Snow's cholera map, Kevin Kelly, Khan Academy, knowledge economy, l'esprit de l'escalier, Laplace demon, life extension, long peace, longitudinal study, Louis Pasteur, Martin Wolf, mass incarceration, meta analysis, meta-analysis, Mikhail Gorbachev, minimum wage unemployment, moral hazard, mutually assured destruction, Naomi Klein, Nate Silver, Nathan Meyer Rothschild: antibiotics, Nelson Mandela, New Journalism, Norman Mailer, nuclear winter, obamacare, open economy, Paul Graham, peak oil, Peter Singer: altruism, Peter Thiel, precision agriculture, prediction markets, purchasing power parity, Ralph Nader, randomized controlled trial, Ray Kurzweil, rent control, Republic of Letters, Richard Feynman, road to serfdom, Robert Gordon, Rodney Brooks, rolodex, Ronald Reagan, Rory Sutherland, Saturday Night Live, science of happiness, Scientific racism, Second Machine Age, secular stagnation, self-driving car, sharing economy, Silicon Valley, Silicon Valley ideology, Simon Kuznets, Skype, smart grid, sovereign wealth fund, stem cell, Stephen Hawking, Steven Pinker, Stewart Brand, Stuxnet, supervolcano, technological singularity, Ted Kaczynski, The Rise and Fall of American Growth, the scientific method, The Signal and the Noise by Nate Silver, The Spirit Level, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Kuhn: the structure of scientific revolutions, Thomas Malthus, total factor productivity, union organizing, universal basic income, University of East Anglia, Unsafe at Any Speed, Upton Sinclair, uranium enrichment, urban renewal, War on Poverty, We wanted flying cars, instead we got 140 characters, women in the workforce, working poor, World Values Survey, Y2K

They are uniquely suited to invest in education, basic research, and infrastructure, to underwrite health and retirement benefits (relieving American corporations of their enervating mandate to provide social services), and to supplement incomes to a level above their market price, which for millions of people may decline even as overall wealth rises.67 The next step in the historic trend toward greater social spending may be a universal basic income (or its close relative, a negative income tax). The idea has been bruited for decades, and its day may be coming.68 Despite its socialist aroma, the idea has been championed by economists (such as Milton Friedman), politicians (such as Richard Nixon), and states (such as Alaska) that are associated with the political right, and today analysts across the political spectrum are toying with it. Though implementing a universal basic income is far from easy (the numbers have to add up, and incentives for education, work, and risk-taking have to be maintained), its promise cannot be ignored. It could rationalize the kludgy patchwork of the hidden welfare state, and it could turn the slow-motion disaster of robots replacing workers into a horn of plenty.

Automation, jobs, and inequality: Brynjolfsson & McAfee 2016. 65. Economic challenges and solutions: Dobbs et al. 2016; Summers & Balls 2015. 66. S. Winship, “Inequality Is a Distraction. The Real Issue Is Growth,” Washington Post, Aug. 16, 2016. 67. Governments vs. employers as social service providers: M. Lind, “Can You Have a Good Life If You Don’t Have a Good Job?” New York Times, Sept. 16, 2016. 68. Universal basic income: Bregman 2017; S. Hammond, “When the Welfare State Met the Flat Tax,” Foreign Policy, June 16, 2016; R. Skidelsky, “Basic Income Revisited,” Project Syndicate, June 23, 2016; C. Murray, “A Guaranteed Income for Every American,” Wall Street Journal, June 3, 2016. 69. Studies of the effects of basic income: Bregman 2017. High-tech volunteering: Diamandis & Kotler 2012. Effective altruism: MacAskill 2015.

Terrorism is not effective. Gwern.net. https://www.gwern.net/Terrorism-is-not-Effective. Braudel, F. 2002. Civilization and capitalism, 15th–18th century (vol. 1: The structures of everyday life). London: Phoenix Press. Bregman, A. S. 1990. Auditory scene analysis: The perceptual organization of sound. Cambridge, MA: MIT Press. Bregman, R. 2017. Utopia for realists: The case for a universal basic income, open borders, and a 15-hour workweek. Boston: Little, Brown. Brennan, J. 2016. Against democracy. National Interest, Sept. 7. Brickman, P., & Campbell, D. T. 1971. Hedonic relativism and planning the good society. In M. H. Appley, ed., Adaptation-level theory: A symposium. New York: Academic Press. Briggs, J. C. 2015. Re: Accelerated modern human-induced species losses: Entering the sixth mass extinction.


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Deaths of Despair and the Future of Capitalism by Anne Case, Angus Deaton

Affordable Care Act / Obamacare, basic income, Bertrand Russell: In Praise of Idleness, business cycle, call centre, collapse of Lehman Brothers, collective bargaining, Corn Laws, corporate governance, correlation coefficient, crack epidemic, creative destruction, crony capitalism, declining real wages, deindustrialization, demographic transition, Dissolution of the Soviet Union, Donald Trump, Downton Abbey, Edward Glaeser, Elon Musk, falling living standards, Fellow of the Royal Society, germ theory of disease, income inequality, Jeff Bezos, Joseph Schumpeter, Kenneth Arrow, labor-force participation, low skilled workers, Martin Wolf, Mikhail Gorbachev, obamacare, pensions crisis, randomized controlled trial, refrigerator car, rent-seeking, risk tolerance, shareholder value, Silicon Valley, The Spirit Level, The Wealth of Nations by Adam Smith, Tim Cook: Apple, trade liberalization, universal basic income, working-age population, zero-sum game

We are often happy to subsidize food or shelter for those who cannot provide it for themselves, the argument goes, so why not leisure? As Bertrand Russell once noted, among the strongest advocates that the poor should work more are the idle rich, who have never done any.15 Such arguments are important when we come to think about what to do, in chapter 16, and particularly about the much-discussed universal basic income. The Changing Nature of Work for Those with Less Education The American working class has not always existed. The manufacturing jobs that supported and defined it began to take workers out of agriculture into factories in the nineteenth century, more rapidly so after the Civil War, and reached a peak around 1950. The rise of the stay-at-home housewife was relatively new even in 1950; before that, husbands and wives had cooperated in earning a living.

If Michael Young’s division into the “populists” and the “hypocrisy” is ongoing, with educational success dividing the US population, as well as populations in Europe, the safety net is something of a Band-Aid, useful but incapable of addressing the fundamental problem. That said, we have no recipe for policies that would address that issue. The philosopher Kwame Anthony Appiah has argued that we need to valorize a wider range of talents beyond the passing of meritocratic exams, but it is unclear, at least to us, how that might be implemented.17 The idea of a universal basic income (UBI) has many adherents, and it would make sense that, in a world in which robots have replaced many or even most workers, something of the kind would be required to ensure that all of the national income did not go to the owners of and inventors of the robots. But we are still a long way from such a dystopia. Yet even today, there are powerful and persuasive arguments for a UBI, just as there are arguments for universal healthcare and universal education; people in a free society should have a free basic allocation of time to use as they choose.

Emma Rothschild, 2000, “A basic income for all: Security and laissez-faire,” Boston Review, October 1, http://bostonreview.net/forum/basic-income-all/emma-rothschild-security-and-laissez-faire. 20. Herbert Simon, 2000, “A basic income for all: UBI and the flat tax,” Boston Review, October 1, http://bostonreview.net/forum/basic-income-all/herbert-simon-ubi-and-flat-tax. 21. Hilary W. Hoynes and Jesse Rothstein, 2019, “Universal basic income in the US and advanced countries,” NBER Working Paper 25538, February, https://www.nber.org/papers/w25538. 22. Robert H. Frank, 2014, “Let’s try a basic income and public work,” Cato Unbound, August 11, https://www.cato-unbound.org/2014/08/11/robert-h-frank/lets-try-basic-income-public-work. 23. Eric A. Posner and E. Glen Weyl, 2018, Radical markets: Uprooting capitalism and democracy for a just society, Princeton University Press. 24.


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Prosperity Without Growth: Foundations for the Economy of Tomorrow by Tim Jackson

"Robert Solow", bank run, banking crisis, banks create money, Basel III, basic income, bonus culture, Boris Johnson, business cycle, carbon footprint, Carmen Reinhart, Cass Sunstein, choice architecture, collapse of Lehman Brothers, creative destruction, credit crunch, Credit Default Swap, David Graeber, decarbonisation, dematerialisation, en.wikipedia.org, energy security, financial deregulation, Financial Instability Hypothesis, financial intermediation, full employment, Growth in a Time of Debt, Hans Rosling, Hyman Minsky, income inequality, income per capita, Intergovernmental Panel on Climate Change (IPCC), Internet of things, invisible hand, job satisfaction, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kenneth Rogoff, Kickstarter, laissez-faire capitalism, liberal capitalism, Mahatma Gandhi, mass immigration, means of production, meta analysis, meta-analysis, moral hazard, mortgage debt, Naomi Klein, new economy, offshore financial centre, oil shale / tar sands, open economy, paradox of thrift, peak oil, peer-to-peer lending, Philip Mirowski, profit motive, purchasing power parity, quantitative easing, Richard Thaler, road to serfdom, Robert Gordon, Ronald Reagan, science of happiness, secular stagnation, short selling, Simon Kuznets, Skype, smart grid, sovereign wealth fund, Steve Jobs, The Chicago School, The Great Moderation, The Rise and Fall of American Growth, The Spirit Level, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, universal basic income, Works Progress Administration, World Values Survey, zero-sum game

By concentrating instead on what matters, we are drawn inevitably to the features that must define the economy of tomorrow, the enterprise of tomorrow, the investment of tomorrow. A simple shift of focus opens out wide new horizons of possibility. Realising those possibilities relies on developing an innovative palette of policy options. Beyond the conventional dichotomy between regulation and incentive, the progressive State must engage creatively and imaginatively in change. Universal basic income, sovereign money, capital taxation, pension restructuring, fiduciary reform, financial prudence: these have all received increasing attention in the years since the financial crisis. They are ideas whose time has come.15 At the end of the day, the task of elaborating the economy of tomorrow is precise, definable, meaningful and pragmatic. But it flies in the face of conventional wisdom.

‘Environmental kuznets curves – real progress or passing the buck? A case for consumption-based approaches’. Ecological Economics 25(2): 177–194. Rousseau, Jean-Jacques 1754. A Discourse upon the Origin and the Foundation of the Inequality of Mankind, reprinted 2004. New York: Dover. Online at www.bartleby.com/168/605.html (accessed 15 November 2015). RSA 2015. ‘Creative citizen, creative state: the principled and pragmatic case for a universal basic income’. London: Royal Society for the Arts. Online at www.thersa.org/discover/publications-and-articles/reports/basic-income (accessed 14 May 2016). Rutherford, Jonathan 2008. Wellbeing, Economic Growth and Recession. London: Sustainable Development Commission. Online at www.sd-commission.org.uk/publications.php?id=779 (accessed 19 January 2016). Ryan-Collins, Josh, Tony Greenham, Richard Werner and Andrew Jackson 2012.

INDEX Locators in italic refer to figures absolute decoupling 84–6; historical perspectives 89–96, 90, 92, 94, 95; mathematical relationship with relative decoupling 96–101, 111 abundance see opulence accounting errors, decoupling 84, 91 acquisition, instinctive 68 see also symbolic role of goods adaptation: diminishing marginal utility 51, 68; environmental 169; evolutionary 226 advertising, power of 140, 203–4 Africa 73, 75–7; life-expectancy 74; philosophy 227; pursuit of western lifestyles 70; growth 99; relative income effect 58, 75; schooling 78 The Age of Turbulence (Greenspan) 35 ageing populations 44, 81 agriculture 12, 148, 152, 220 Aids/HIV 77 algebra of inequality see inequality; mathematical models alienation: future visions 212, 218–19; geographical community 122–3; role of the state 205; selfishness vs. altruism 137; signals sent by society 131 alternatives: economic 101–2, 139–40, 157–8; hedonism 125–6 see also future visions; post-growth macroeconomics; reform altruism 133–8, 196, 207 amenities see public services/amenities Amish community, North America 128 An Inquiry into the Nature and Causes of the Wealth of Nations (Smith) 123, 132 angelised growth see green growth animal welfare 220 anonymity/loneliness see alienation anthropological perspectives, consumption 70, 115 anti-consumerism 131 see also intrinsic values anxiety: fear of death 69, 104, 115, 212–15; novelty 116–17, 124, 211 Argentina 58, 78, 78, 80 Aristotle 48, 61 The Art of Happiness (Dalai Lama) 49 arts, Baumol’s cost disease 171–2 assets, stranded 167–8 see also ownership austerity policies xxxiii–xxxv, 189; and financial crisis 24, 42–3; mathematical models 181 Australia 58, 78, 128, 206 authoritarianism 199 autonomy see freedom/autonomy Ayres, Robert 143 backfire effects 111 balance: private interests/common good 208; tradition/innovation 226 Bank for International Settlements 46 bank runs 157 banking system 29–30, 39, 153–7, 208; bonuses 37–8 see also financial crisis; financial system basic entitlements: enterprise as service 142; income 67, 72–9, 74, 75, 76, 78; limits to growth 63–4 see also education; food; health Basu, Sanjay 43 Baumol, William 112, 147, 222, 223; cost disease 170, 171, 172, 173 BBC survey, geographical community 122–3 Becker, Ernest 69 Belk, Russ 70, 114 belonging 212, 219 see also alienation; community; intrinsic values Bentham, Jeremy 55 bereavement, material possessions 114, 214–15 Berger, Peter 70, 214 Berry, Wendell 8 Better Growth, Better Climate (New Climate Economy report) 18 big business/corporations 106–7 biodiversity loss 17, 47, 62, 101 biological perspectives see evolutionary theory; human nature/psyche biophysical boundaries see limits (ecological) Black Monday 46 The Body Economic (Stuckler and Basu) 43 bond markets 30, 157 bonuses, banking 37–8 Bookchin, Murray 122 boom-and-bust cycles 157, 181 Booth, Douglas 117 borrowing behaviour 34, 118–21, 119 see also credit; debt Boulding, Elise 118 Boulding, Kenneth 1, 5, 7 boundaries, biophysical see limits (ecological) bounded capabilities for flourishing 61–5 see also limits (flourishing within) Bowen, William 147 Bowling Alone (Putnam) 122 Brazil 58, 88 breakdown of community see alienation; social stability bubbles, economic 29, 33, 36 Buddhist monasteries, Thailand 128 buen vivir concept, Ecuador xxxi, 6 built-in obsolescence 113, 204, 220 Bush, George 121 business-as-usual model 22, 211; carbon dioxide emissions 101; crisis of commitment 195; financial crisis 32–8; growth 79–83, 99; human nature 131, 136–7; need for reform 55, 57, 59, 101–2, 162, 207–8, 227; throwaway society 113; wellbeing 124 see also financial systems Canada 75, 206, 207 capabilities for flourishing 61–5; circular flow of the economy 113; future visions 218, 219; and income 77; progress measures 50–5, 54; role of material abundance 67–72; and prosperity 49; relative income effect 55–61, 58, 71, 72; role of shame 123–4; role of the state 200 see also limits (flourishing within); wellbeing capital 105, 107–10 see also investment Capital in the 21st Century (Piketty) 33, 176, 177 Capital Institute, USA 155 capitalism 68–9, 80; structures 107–13, 175; types 105–7, 222, 223 car industry, financial crisis 40 carbon dioxide emissions see greenhouse gas emissions caring professions, valuing 130, 147, 207 see also social care Cat on a Hot Tin Roof (Williams) 213 causal path analysis, subjective wellbeing 59 Central Bank 154 central human capabilities 64 see also capabilities for flourishing The Challenge of Affluence (Offer) 194 change see alternatives; future visions; novelty/innovation; post-growth macroeconomics; reform Chicago school of economics 36, 156 children: advertising to 204; labour 62, 154; mortality 74–5, 75, 206 Chile xxxiii, xxxvii, 58, 74, 74, 75, 76 China: decoupling 88; GDP per capita 75; greenhouse gas emissions 91; growth 99; life expectancy 74; philosophy 7; post-financial crisis 45–6; pursuit of western lifestyles 70; relative income effect 58; resource use 94; savings 27; schooling 76 choice, moving beyond consumerism 216–18 see also freedom/autonomy Christian doctrine see religious perspectives chromium, commodity price 13 Cinderella economy 219–21, 224 circular economy 144, 220 circular flow of the economy 107, 113 see also engine of growth citizen’s income 207 see also universal basic income civil unrest see social stability Clean City Law, São Paulo 204 climate change xxxv, 22, 47; critical boundaries 17–20; decoupling 85, 86, 87, 98; fatalism 186; investment needs 152; role of the state 192, 198, 201–2 see also greenhouse gas emissions Climate Change Act (2008), UK 198 clothing see basic entitlements Club of Rome, Limits to Growth report xxxii, xxxiii, 8, 11–16, Cobb, John 54 collectivism 191 commercial bond markets 30, 157 commitment devices/crisis of 192–5, 197 commodity prices: decoupling 88; financial crisis 26; fluctuation/volatility 14, 21; resource constraints 13–14 common good: future visions 218, 219; vs. freedom and autonomy 193–4; vs. private interests 208; role of the state 209 common pool resources 190–2, 198, 199 see also public services/amenities communism 187, 191 community: future visions of 219–20; geographical 122–3; investment 155–6, 204 see also alienation; intrinsic values comparison, social 115, 116, 117 see also relative income effect competition 27, 112; positional 55–61, 58, 71, 72 see also struggle for existence complexity, economic systems 14, 32, 108, 153, 203 compulsive shopping 116 see also consumerism Conference of the Parties to the UN Framework Convention on Climate Change (CoP21) 19 conflicted state 197, 201, 209 connectedness, global 91, 227 conspicuous consumption 115 see also language of goods consumer goods see language of goods; material goods consumer sovereignty 196, 198 consumerism 4, 21, 22, 103–4, 113–16; capitalism 105–13, 196; choice 196; engine of growth 104, 108, 120, 161; existential fear of death 69, 212–15; financial crisis 24, 28, 39, 103; moving beyond 216–18; novelty and anxiety 116–17; post-growth economy 166–7; role of the state 192–3, 196, 199, 202–5; status 211; tragedy of 140 see also demand; materialism contemplative dimensions, simplicity 127 contraction and convergence model 206–7 coordinated market economies 27, 106 Copenhagen Accord (2009) 19 copper, commodity prices 13 corporations/big business 106–7 corruption 9, 131, 186, 187, 189 The Cost Disease: Why Computers get Cheaper and Health Care Doesn’t (Baumol) 171, 172 Costa Rica 74, 74, 76 countercyclical spending 181–2, 182, 188 crafts/craft economies 147, 149, 170, 171 creative destruction 104, 112, 113, 116–17 creativity 8, 79; and consumerism 113, 116; future visions 142, 144, 147, 158, 171, 200, 220 see also novelty/innovation credit, private: deflationary forces 44; deregulation 36; financial crisis 26, 27, 27–31, 34, 36, 41; financial system weaknesses 32–3, 37; growth imperative hypothesis 178–80; mortgage loans 28–9; reforms in financial system 157; spending vs. saving behaviour of ordinary people 118–19; and stimulation of growth 36 see also debt (public) credit unions 155–6 crises: of commitment 192–5; financial see financial crisis critical boundaries, biophysical see limits (ecological) Csikszentmihalyi, Mihalyi 127 Cuba: child mortality 75; life expectancy 74, 77, 78, 78; response to economic hardship 79–80; revolution 56; schooling 76 Cushman, Philip 116 Dalai Lama 49, 52 Daly, Herman xxxii, 54, 55, 160, 163, 165 Darwin, Charles 132–3 Das Kapital (Marx) 225 Davidson, Richard 49 Davos World Economic Forum 46 Dawkins, Richard 134–5 de Mandeville, Bernard 131–2, 157 death, denial of 69, 104, 115, 212–15 debt, public-sector 81; deflationary forces 44; economic stability 81; financial crisis 24, 26–32, 27, 37, 41, 42, 81; financial systems 28–32, 153–7; money creation 178–9; post-growth economy 178–9, 223 Debt: The First Five Thousand Years (Graeber) 28 decoupling xix, xx, xxxvii, 21, 84–7; dilemma of growth 211; efficiency measures 84, 86, 87, 88, 95, 104; green growth 163, 163–5; historical perspectives 87–96, 89, 90, 92, 94, 95; need for new economic model 101–2; relationship between relative and absolute 96–101 deep emission and resource cuts 99, 102 deficit spending 41, 43 deflationary forces, post-financial crisis 43–7, 45 degrowth movement 161–3, 177 demand 104, 113–16, 166–7; post-financial crisis 44–5; post-growth economy 162, 164, 166–9, 171–2, 174–5 dematerialisation 102, 143 democratisation, and wellbeing 59 deposit guarantees 35 deregulation 27, 34, 36, 196 desire, role in consumer behaviour 68, 69, 70, 114 destructive materialism 104, 112, 113, 116–17 Deutsche Bank 41 devaluation of currency 30, 45 Dichter, Ernest 114 digital economy 44, 219–20 dilemma of growth xxxi, 66–7, 104, 210; basic entitlements 72–9, 74, 75, 76, 78; decoupling 85, 87, 164; degrowth movement 160–3; economic stability 79–83, 174–6; material abundance 67–72; moving beyond 165, 166, 183–4; role of the state 198 diminishing marginal utility: alternative hedonism 125, 126; wellbeing 51–2, 57, 60, 73, 75–6, 79 disposable incomes 27, 67, 118 distributed ownership 223 Dittmar, Helga 126 domestic debt see credit dopamine 68 Dordogne, mindfulness community 128 double movement of society 198 Douglas, Mary 70 Douthwaite, Richard 178 downshifting 128 driving analogy, managing change 16–17 durability, consumer goods 113, 204, 220 dynamic systems, managing change 16–17 Eastern Europe 76, 122 Easterlin, Richard 56, 57, 59; paradox 56, 58 eco-villages, Findhorn community 128 ecological investment 101, 166–70, 220 see also investment ecological limits see limits (ecological) ecological (ecosystem) services 152, 169, 223 The Ecology of Money (Douthwaite) 178 economic growth see growth economic models see alternatives; business-as-usual model; financial systems; future visions; mathematical models; post-growth macroeconomics economic output see efficiency; productivity ‘Economic possibilities for our grandchildren’ (Keynes) 145 economic stability 22, 154, 157, 161; financial system weaknesses 34, 35, 36, 180; growth 21, 24, 67, 79–83, 174–6, 210; post-growth economy 161–3, 165, 174–6, 208, 219; role of the state 181–3, 195, 198, 199 economic structures: post-growth economy 227; financial system reforms 224; role of the state 205; selfishness 137 see also business-as-usual model; financial systems ecosystem functioning 62–3 see also limits (ecological) ecosystem services 152, 169, 223 Ecuador xxxi, 6 education: Baumol’s cost disease 171, 172; and income 67, 76, 76; investment in 150–1; role of the state 193 see also basic entitlements efficiency measures 84, 86–8, 95, 104, 109–11, 142–3; energy 41, 109–11; growth 111, 211; investment 109, 151; of scale 104 see also labour productivity; relative decoupling Ehrlich, Paul 13, 96 elasticity of substitution, labour and capital 177–8 electricity grid 41, 151, 156 see also energy Elgin, Duane 127 Ellen MacArthur Foundation 144 emissions see greenhouse gas emissions employee ownership 223 employment intensity vs. carbon dioxide emissions 148 see also labour productivity empty self 116, 117 see also consumerism ends above means 159 energy return on investment (EROI) 12, 169 energy services/systems 142: efficiency 41, 109–11; inputs/intensity 87–8, 151; investment 41, 109–10, 151–2; renewable xxxv, 41, 168–9 engine of growth 145; consumerism 104, 108, 161; services 143, 170–4 see also circular flow of the economy enough is enough see limits enterprise as service 140, 141–4, 158 see also novelty/innovation entitlements see basic entitlements entrepreneur as visionary 112 entrepreneurial state 220 Environmental Assessment Agency, Netherlands 62 environmental quality 12 see also pollution environmentalism 9 EROI (energy return on investment) 12, 169 Essay on the Principle of Population (Malthus) 9–11, 132–3 evolutionary map, human heart 136, 136 evolutionary theory 132–3; common good 193; post-growth economy 226; psychology 133–5; selfishness and altruism 196 exchange values 55, 61 see also gross domestic product existential fear of death 69, 104, 115, 212–15 exponential expansion 1, 11, 20–1, 210 see also growth external debt 32, 42 extinctions/biodiversity loss 17, 47, 62, 101 Eyres, Harry 215 Fable of the Bees (de Mandeville) 131–2 factor inputs 109–10 see also capital; labour; resource use fast food 128 fatalism 186 FCCC (Framework Convention on Climate Change) 92 fear of death, existential 69, 104, 115, 212–15 feedback loops 16–17 financial crisis (2008) 6, 23–5, 32, 77, 103; causes and culpability 25–8; financial system weaknesses 32–7, 108; Keynesianism 37–43, 188; nationalisation of financial sector 188; need for financial reforms 175; role of debt 24, 26–32, 27, 81, 179; role of state 191; slowing of growth 43–7, 45; spending vs. saving behaviour of ordinary people 118–21, 119; types/definitions of capitalism 106; youth unemployment 144–5 financial systems: common pool resources 192; debt-based/role of debt 28–32, 153–7; post-growth economy 179, 208; systemic weaknesses 32–7; and wellbeing 47 see also banking system; business-as-usual model; financial crisis; reform Findhorn community 128 finite limits of planet see limits (ecological) Fisher, Irving 156, 157 fishing rights 22 flourishing see capabilities for flourishing; limits; wellbeing flow states 127 Flynt, Larry 40 food 67 see also basic entitlements Ford, Henry 154 forestry/forests 22, 192 Forrester, Jay 11 fossil fuels 11, 20 see also oil Foucault, Michel 197 fracking 14, 15 Framework Convention on Climate Change (FCCC) 92 France: GDP per capita 58, 75, 76; inequality 206; life-expectancy 74; mindfulness community 128; working hours 145 free market 106: financial crisis 35, 36, 37, 38, 39; ideological controversy/conflict 186–7, 188 freedom/autonomy: vs. common good 193–4; consumer 22, 68–9; language of goods 212; personal choices for improvement 216–18; wellbeing 49, 59, 62 see also individualism Friedman, Benjamin 176 Friedman, Milton 36, 156, 157 frugality 118–20, 127–9, 215–16 fun (more fun with less stuff) 129, 217 future visions 2, 158, 217–21; community banking 155–6; dilemma of growth 211; enterprise as service 140, 141–4, 147–8, 158; entrepreneur as visionary 112; financial crisis as opportunity 25; and growth 165–6; investment 22, 101–2, 140, 149–53, 158, 169, 208; money as social good 140, 153–7, 158; processes of change 185; role of the state 198, 199, 203; timescales for change 16–17; work as participation 140, 144–9, 148, 158 see also alternatives; post-growth macroeconomics; reform Gandhi, Mahatma 127 GDP see gross domestic product gene, selfish 134–5 Genuine Progress Indicator (GPI) 54, 54 geographical community 122–3 Germany xxxi; Federal Ministry of Finance 224–5; inequality 206; relative income effect 58; trade balance 31; work as participation 146 Glass Steagal Act 35 Global Commodity Price Index (1992–2015) 13 global corporations 106–7 global economy 98: culture 70; decoupling 86–8, 91, 93–5, 95, 97, 98, 100; exponential expansion 20–1; inequality 4, 5–6; interconnectedness 91, 227; post-financial crisis slowing of growth 45 Global Research report (HSBC) 41 global warming see climate change Godley, Wynne 179 Goldman Sachs 37 good life 3, 6; moral dimension 63, 104; wellbeing 48, 50 goods see language of goods; material goods; symbolic role of goods Gordon, Robert 44 governance 22, 185–6; commons 190–2; crisis of commitment 192–5, 197; economic stability 34, 35; establishing limits 200–8, 206; growth 195–9; ideological controversy/conflict 186–9; moving towards change 197–200, 220–1; post-growth economy 181–3, 182; power of corporations 106; for prosperity 209; signals 130 government as household metaphor 30, 42 governmentality 197, 198 GPI (Genuine Progress Indicator) 54, 54 Graeber, David 28 Gramm-Leach-Bliley Act 35 Great Depression 39–40 Greece: austerity xxxiii–xxxiv, xxxvii, 43; energy inputs 88; financial crisis 28, 30, 31, 77; life expectancy 74; schooling 76; relative income effect 58; youth unemployment 144 Green Economy initiative 41 green: growth xxxvii, 18, 85, 153, 166, 170; investment 41 Green New Deal, UNEP 40–1, 152, 188 greenhouse gas emissions 18, 85, 86, 91, 92; absolute decoupling 89–92, 90, 92, 98–101, 100; dilemma of growth 210–11; vs. employment intensity 148; future visions 142, 151, 201–2, 220; Kyoto Protocol 18, 90; reduction targets 19–20; relative decoupling 87, 88, 89, 93, 98–101, 100 see also climate change Greenspan, Alan 35 gross domestic product (GDP) per capita 3–5, 15, 54; climate change 18; decoupling 85, 93, 94; financial crisis 27, 28, 32; green growth 163–5; life expectancy 74, 75, 78; as measure of prosperity 3–4, 5, 53–5, 54, 60–1; post-financial crisis 43, 44; post-growth economy 207; schooling 76; wellbeing 55–61, 58 see also income growth xxxvii; capitalism 105; credit 36, 178–80; decoupling 85, 96–101; economic stability 21, 24, 67, 80, 210; financial crisis 37, 38; future visions 209, 223, 224; inequality 177; labour productivity 111; moving beyond 165, 166; novelty 112; ownership 105; post-financial crisis slowing 43–7, 45; prosperity as 3–7, 23, 66; role of the state 195–9; sustainable investment 166–70; wellbeing 59–60; as zero sum game 57 see also dilemma of growth; engine of growth; green growth; limits to growth; post-growth macroeconomy growth imperative hypothesis 37, 174, 175, 177–80, 183 habit formation, acquisition as 68 Hall, Peter 106, 188 Hamilton, William 134 Hansen, James 17 happiness see wellbeing/happiness Happiness (Layard) 55 Hardin, Garrett 190–1 Harvey, David 189, 192 Hayek, Friedrich 187, 189, 191 health: Baumol’s cost disease 171, 172; inequality 72–3, 205–6, 206; investment 150–1; and material abundance 67, 68; personal choices for improvement 217; response to economic hardship 80; role of the state 193 see also basic entitlements Heath, Edward 66, 82 hedonism 120, 137, 196; alternatives 125–6 Hirsch, Fred xxxii–xxxiii historical perspectives: absolute decoupling 86, 89–96, 90, 92, 94, 95; relative decoupling 86, 87–9, 89 Holdren, John 96 holistic solutions, post-growth economy 175 household finances: house purchases 28–9; spending vs. saving behaviour 118–20, 119 see also credit household metaphor, government as 30, 42 HSBC Global Research report 41 human capabilities see capabilities for flourishing human happiness see wellbeing/happiness human nature/psyche 3, 132–5, 138; acquisition 68; alternative hedonism 125; evolutionary map of human heart 136, 136; intrinsic values 131; meaning/purpose 49–50; novelty/innovation 116; selfishness vs. altruism 133–8; short-termism/living for today 194; spending vs. saving behaviour 34, 118–21, 119; symbolic role of goods 69 see also intrinsic values human rights see basic entitlements humanitarian perspectives: financial crisis 24; growth 79; inequality 5, 52, 53 see also intrinsic values hyperbolic discounting 194 hyperindividualism 226 see also individualism hyper-materialisation 140, 157 I Ching (Chinese Book of Changes) 7 Iceland: financial crisis 28; life expectancy 74, 75; relative income effect 56; response to economic hardship 79–80; schooling 76; sovereign money system 157 identity construction 52, 69, 115, 116, 212, 219 IEA (International Energy Agency) 14, 152 IMF (International Monetary Fund) 45, 156–7 immaterial goods 139–40 see also intrinsic values; meaning/purpose immortality, symbolic role of goods 69, 104, 115, 212–14 inclusive growth see inequality; smart growth income 3, 4, 5, 66, 124; basic entitlements 72–9, 74, 75, 76, 78; child mortality 74–5, 75; decoupling 96; economic stability 82; education 76; life expectancy 72, 73, 74, 77–9, 78; poor nations 67; relative income effect 55–61, 58, 71, 72; tax revenues 81 see also gross domestic product INDCs (intended nationally determined commitments) 19 India: decoupling 99; growth 99; life expectancy 74, 75; philosophy 127; pursuit of western lifestyles 70; savings 27; schooling 76 indicators of environmental quality 96 see also biodiversity; greenhouse gas emissions; pollution; resource use individualism 136, 226; progressive state 194–7, 199, 200, 203, 207 see also freedom/autonomy industrial development 12 see also technological advances inequality 22, 67; basic entitlements 72; child mortality 75, 75; credible alternatives 219, 224; deflationary forces 44; fatalism 186; financial crisis 24; global 4, 5–6, 99, 100; financial system weaknesses 32–3; post-growth economy 174, 176–8; role of the state 198, 205–7, 206; selfishness vs. altruism 137; symbolic role of goods 71; wellbeing 47, 104 see also poverty infant mortality rates 72, 75 inflation 26, 30, 110, 157, 167 infrastructure, civic 150–1 Inglehart, Ronald 58, 59 innovation see novelty/innovation; technological advances inputs 80–1 see also capital; labour productivity; resource use Inside Job documentary film 26 instant gratification 50, 61 instinctive acquisition 68 Institute for Fiscal Studies 81 Institute for Local Self-Reliance 204 institutional structures 130 see also economic structures; governance intended nationally determined commitments (INDCs) 19 intensity factor, technological 96, 97 see also technological advances intentional communities 127–9 interconnectedness, global 91, 227 interest payments/rates 39, 43, 110; financial crisis 29, 30, 33, 39; post-growth economy 178–80 see also credit; debt Intergovernmental Panel on Climate Change (IPCC) 18, 19, 201–2 International Energy Agency (IEA) 14, 152 International Monetary Fund (IMF) 45, 156–7 intrinsic values 126–31, 135–6, 212; role of the state 199, 200 see also belonging; community; meaning/purpose; simplicity/frugality investment 107–10, 108; ecological/sustainable 101, 152, 153, 166–70, 220; and innovation 112; loans 29; future visions 22, 101–2, 140, 149–53, 158, 169, 208, 220; and savings 108; social 155, 156, 189, 193, 208, 220–3 invisible hand metaphor 132, 133, 187 IPAT equation, relative and absolute decoupling 96 IPCC (Intergovernmental Panel on Climate Change) 18, 19, 201–2 Ireland 28; inequality 206; life expectancy 74, 75; schooling 76; wellbeing 58 iron cage of consumerism see consumerism iron ore 94 James, Oliver 205 James, William 68 Japan: equality 206; financial crisis 27, 45; life expectancy 74, 76, 79; relative income effect 56, 58; resource use 93; response to economic hardship 79–80 Jefferson, Thomas 185 Jobs, Steve 210 Johnson, Boris 120–1 Kahneman, Daniel 60 Kasser, Tim 126 keeping up with the Joneses 115, 116, 117 see also relative income effect Kennedy, Robert 48, 53 Keynes, John Maynard/Keynesianism 23, 34, 120, 174, 181–3, 187–8; financial crisis 37–43; financial system reforms 157; part-time working 145; steady state economy 159, 162 King, Alexander 11 Krugman, Paul 39, 85, 86, 102 Kyoto Protocol (1992) 18, 90 labour: child 62, 154; costs 110; division of 158; elasticity of substitution 177, 178; intensity 109, 148, 208; mobility 123; production inputs 80, 109; structures of capitalism 107 labour productivity 80–1, 109–11; Baumol’s cost disease 170–2; and economic growth 111; future visions 220, 224; investment as commitment 150; need for investment 109; post-growth economy 175, 208; services as engine of growth 170; sustainable investment 166, 170; trade off with resource use 110; work-sharing 145, 146, 147, 148, 148, 149 Lahr, Christin 224–5 laissez-faire capitalism 187, 195, 196 see also free market Lakoff, George 30 language of goods 212; material footprint of 139–40; signalling of social status 71; and wellbeing 124 see also consumerism; material goods; symbolic role of goods Layard, Richard 55 leadership, political 199 see also governance Lebow, Victor 120 Lehman Brothers, bankruptcy 23, 25, 26, 118 leisure economy 204 liberal market economies 106, 107; financial crisis 27, 35–6 life expectancy: and income 72, 73, 74, 77–9, 78; inequality 206; response to economic hardship 80 see also basic entitlements life-satisfaction 73; inequality 205; relative income effect 55–61, 58 see also wellbeing/happiness limits, ecological 3, 4, 7, 11, 12, 20–2; climate change 17–20; decoupling 86; financial crisis 23–4; growth 21, 165, 210; post-growth economy 201–2, 226–7; role of the state 198, 200–2, 206–7; and social boundaries 141; wellbeing 62–63, 185 limits, flourishing within 61–5, 185; alternative hedonism 125–6; intrinsic values 127–31; moving towards 215, 218, 219, 221; paradox of materialism 121–23; prosperity 67–72, 113, 212; role of the state 201–2, 205; selfishness 131–8; shame 123–4; spending vs. saving behaviour 118–21, 119 see also sustainable prosperity limits to growth: confronting 7–8; exceeding 20–2; wellbeing 62–3 Limits to Growth report (Club of Rome) xxxii, xxxiii, 8, 11–16 ‘The Living Standard’ essay (Sen) 50, 123–4 living standards 82 see also prosperity Lloyd, William Forster 190 loans 154; community investment 155–6; financial system weaknesses 34 see also credit; debt London School of Economics 25 loneliness 123, 137 see also alienation long-term: investments 222; social good 219 long-term wellbeing vs. short-term pleasures 194, 197 longevity see life expectancy love 212 see also intrinsic values low-carbon transition 19, 220 LowGrow model for the Canadian economy 175 MacArthur Foundation 144 McCracken, Grant 115 Malthus, Thomas Robert 9–11, 132–3, 190 market economies: coordinated 27, 106; liberal 27, 35–6, 106, 107 market liberalism 106, 107; financial crisis 27, 35–6; wellbeing 47 marketing 140, 203–4 Marmot review, health inequality in the UK 72 Marx, Karl/Marxism 9, 189, 192, 225 Massachusetts Institute of Technology (MIT) 11, 12, 15 material abundance see opulence material goods 68–9; identity 52; language of 139–40; and wellbeing 47, 48, 49, 51, 65, 126 see also symbolic role of goods material inputs see resource use materialism: and fear of death 69, 104, 115, 212–15; and intrinsic values 127–31; paradox of 121–3; price of 126; and religion 115; values 126, 135–6 see also consumerism mathematical models/simulations 132; austerity policies 181; countercyclical spending 181–2, 182; decoupling 84, 91, 96–101; inequality 176–8; post-growth economy 164; stock-flow consistent 179–80 Mawdsley, Emma 70 Mazzucato, Mariana 193, 220 MDG (Millennium Development Goals) 74–5 Meadows, Dennis and Donella 11, 12, 15, 16 meaning/purpose 2, 8, 22; beyond material goods 212–16; consumerism 69, 203, 215; intrinsic values 127–31; moving towards 218–20; wellbeing 49, 52, 60, 121–2; work 144, 146 see also intrinsic values means and ends 159 mental health: inequality 206; meaning/purpose 213 metaphors: government as household 30, 42; invisible hand 132, 133, 187 Middle East, energy inputs 88 Miliband, Ed 199 Mill, John Stuart 125, 159, 160, 174 Millennium Development Goals (MDG) 74–5 mindfulness 128 Minsky, Hyman 34, 35, 40, 182, 208 MIT (Massachusetts Institute of Technology) 11, 12, 15 mixed economies 106 mobility of labour, loneliness index 123 Monbiot, George 84, 85, 86, 91 money: creation 154, 157, 178–9; and prosperity 5; as social good 140, 153–7, 158 see also financial systems monopoly power, corporations 106–7 The Moral Consequences of Economic Growth (Friedman) 82, 176 moral dimensions, good life 63 see also intrinsic values moral hazards, separation of risk from reward 35 ‘more fun with less stuff’ 129, 217 mortality fears 69, 104, 115, 212–15 mortality rates, and income 74, 74–6, 75 mortgage loans 28–9, 35 multinational corporations 106–7 national debt see debt, public-sector nationalisation 191; financial crisis 38, 188 natural selection 132–3 see also struggle for existence nature, rights of 6–7 negative emissions 98–9 negative feedback loops 16–17 Netherlands 58, 62, 206, 207 neuroscientific perspectives: flourishing 68, 69; human behaviour 134 New Climate Economy report Better Growth, Better Climate 18 New Deal, USA 39 New Economics Foundation 175 nickel, commodity prices 13 9/11 terrorist attacks (2001) 121 Nordhaus, William 171, 172–3 North America 128, 155 see also Canada; United States Norway: advertising 204; inequality 206; investment as commitment 151–2; life expectancy 74; relative income effect 58; schooling 76 novelty/innovation 104, 108, 113; and anxiety 116–17, 124, 211; crisis of commitment 195; dilemma of growth 211; human psyche 135–6, 136, 137; investment 150, 166, 168; post-growth economy 226; role of the state 196, 197, 199; as service 140, 141–4, 158; symbolic role of goods 114–16, 213 see also technological advances Nudge: Improving Decisions about Health, Wealth, and Happiness (Thaler and Sunstein) 194–5 Nussbaum, Martha 64 nutrient loading, critical boundaries 17 nutrition 67 see also basic entitlements obesity 72, 78, 206 obsolescence, built in 113, 204, 220 oceans: acidification 17; common pool resources 192 Offer, Avner 57, 61, 71, 194, 195 oil prices 14, 21; decoupling 88; financial crisis 26; resource constraints 15 oligarchic capitalism 106, 107 opulence 50–1, 52, 67–72 original sin 9, 131 Ostrom, Elinor and Vincent 190, 191 output see efficiency; gross domestic product; productivity ownership: and expansion 105; private vs. public 9, 105, 191, 219, 223; new models 223–4; types/definitions of capitalism 105–7 Oxfam 141 paradoxes: materialism 121–3; thrift 120 Paris Agreement 19, 101, 201 participation in society 61, 114, 122, 129, 137; future visions 200, 205, 218, 219, 225; work as 140–9, 148, 157, 158 see also social inclusion part-time working 145, 146, 149, 175 Peccei, Aurelio 11 Perez, Carlota 112 performing arts, Baumol’s cost disease 171–2 personal choice 216–18 see also freedom/autonomy personal property 189, 191 Pickett, Kate 71, 205–6 Piketty, Thomas 33, 176, 177 planetary boundaries see limits (ecological) planning for change 17 pleasure 60–1 see also wellbeing/happiness Plum Village mindfulness community 128 Polanyi, Karl 198 policy see governance political leadership 199 see also governance Political Economy Research Institute, University of Massachusetts 41 pollution 12, 21, 53, 95–6, 143 polycentric governance 191, 192 Poor Laws 10 poor nations see poverty population increase 3, 12, 63, 96, 97, 190; Malthus on 9–11, 132–3 porn industry 40 Portugal 28, 58, 88, 206 positional competition 55–61, 58, 71, 72 see also social comparison positive feedback loops 16–17 post-growth capitalism 224 post-growth macroeconomics 159–60, 183–4, 221; credit 178–80; degrowth movement 161–3; economic stability 174–6; green growth 163–5; inequality 176–8; role of state 181–3, 182, 200–8, 206; services 170–4; sustainable investment 166–70 see also alternatives; future visions; reform poverty 4, 5–6, 216; basic entitlements 72; flourishing within limits 212; life expectancy 74, 74; need for new economic model 101; symbolic role of goods 70; wellbeing 48, 59–60, 61, 67 see also inequality; relative income effect power politics 200 predator–prey analogy 103–4, 117 private credit see credit private vs. public: common good 208; ownership 9, 105, 191, 219, 223; salaries 130 privatisation 191, 219 product lifetimes, obsolescence 113, 204, 220 production: inputs 80–1; ownership 191, 219, 223 productivity: investment 109, 167, 168, 169; post-growth economy 224; services as engine of growth 171, 172, 173; targets 147; trap 175 see also efficiency measures; labour productivity; resource productivity profits: definitions of capitalism 105; dilemma of growth 211; efficiency measures 87; investment 109; motive 104; post-growth economy 224; and wages 175–8 progress 2, 50–5, 54 see also novelty/innovation; technological advances progressive sector, Baumol’s cost disease 171 progressive state 185, 220–2; contested 186–9; countering consumerism 202–5; equality measures 205–7, 206; governance of the commons 190–2; governance as commitment device 192–5; governmentality of growth 195–7; limit-setting 201–2; moving towards 197–200; post-growth macroeconomics 207–8, 224; prosperity 209 prosocial behaviour 198 see also social contract prosperity 1–3, 22, 121; capabilities for flourishing 61–5; and growth 3–7, 23, 66, 80, 160; and income 3–4, 5, 66–7; limits of 67–72, 113, 212; materialistic vision 137; progress measures 50–5, 54; relative income effect 55–61, 58, 71, 72; social perspectives 2, 22, 48–9; state roles 209 see also capabilities for flourishing; post-growth macroeconomics; sustainable prosperity; wellbeing prudence, financial 120, 195, 221; financial crisis 33, 34, 35 public sector spending: austerity policies 189; countercyclical spending strategy 181–2, 182; welfare economy 169 public services/amenities: common pool resources 190–2, 198, 199; future visions 204, 218–20; investment 155–6, 204; ownership 223 see also private vs. public; service-based economies public transport 41, 129, 193, 217 purpose see meaning/purpose Putnam, Robert 122 psyche, human see human nature/psyche quality, environmental 12 see also pollution quality of life: enterprise as service 142; inequality 206; sustainable 128 quality to throughput ratios 113 quantitative easing 43 Queen Elizabeth II 25, 32, 34, 37 quiet revolution 127–31 Raworth, Kate 141 Reagan, Ronald 8 rebound phenomenon 111 recession 23–4, 28, 81, 161–3 see also financial crisis recreation/leisure industries 143 recycling 129 redistribution of wealth 52 see also inequality reforms 182–3, 222; economic structures 224; and financial crisis 103; financial systems 156–8, 180 see also alternatives; future visions; post-growth economy relative decoupling 84–5, 86; historical perspectives 87–9, 89; relationship with absolute decoupling 96–101, 111 relative income effect 55–61, 58, 71, 72 see also social comparison religious perspectives 9–10, 214–15; materialism as alternative to religion 115; original sin 9, 131; wellbeing 48, 49 see also existential fear of death renewable energy xxxv, 41, 168–169 repair/renovation 172, 220 resource constraints 3, 7, 8, 11–15, 47 resource productivity 110, 151, 168, 169, 220 resource use: conflicts 22; credible alternatives 101, 220; decoupling 84–9, 92–5, 94, 95; and economic output 142–4; investment 151, 153, 168, 169; trade off with labour costs 110 retail therapy 115 see also consumerism; shopping revenues, state 222–3 see also taxation revolution 186 see also social stability rights: environment/nature 6–7; human see basic entitlements risk, financial 24, 25, 33, 35 The Road to Serfdom (Hayek) 187 Robinson, Edward 132 Robinson, Joan 159 Rockström, Johan 17, 165 romantic movement 9–10 Roosevelt, Franklin D. 35, 39 Rousseau, Jean Jacques 9, 131 Russia 74, 76, 77–80, 78, 122 sacred canopy 214, 215 salaries: private vs. public sector 130, 171; and profits 175–8 Sandel, Michael 150, 164, 218 São Paulo, Clean City Law 204 Sardar, Zia 49, 50 Sarkozy, Nicolas xxxi, 53 savage state, romantic movement 9–10 savings 26–7, 28, 107–9, 108; investment 149; ratios 34, 118–20, 119 scale, efficiencies of 104 Scandinavia 27, 122, 204 scarcity, managing change 16–17 Schumpeter, Joseph 112 Schwartz, Shalom 135–6, 136 schooling see education The Science of Desire (Dichter) 114 secular stagnation 43–7, 45, 173 securitisation, mortgage loans 35 security: moving towards 219; and wellbeing 48, 61 self-development 204 self-expression see identity construction self-transcending behaviours see transcendence The Selfish Gene (Dawkins) 134–5 selfishness 133–8, 196 Sen, Amartya 50, 52, 61–2, 123–4 service concept/servicization 140–4, 147–8, 148, 158 service-based economies 219; engine of growth 170–4; substitution between labour and capital 178; sustainable investment 169–70 see also public services SFC (stock-flow consistent) economic models 179–80 shame 123–4 shared endeavours, post-growth economy 227 Sheldon, Solomon 214 shelter see basic entitlements shopping 115, 116, 130 see also consumerism short-termism/living for today 194, 197, 200 signals: sent out by society 130, 193, 198, 203, 207; social status 71 see also language of goods Simon, Julian 13 simplicity/simple life 118–20, 127–9, 215–16 simulations see mathematical models/simulations slow: capital 170; movement 128 smart growth 85, 163–5 see also green growth Smith, Adam 51, 106–7, 123, 132, 187 social assets 220 social boundaries (minimum standards) 141 see also basic entitlements social care 150–1 see also caring professions social comparison 115, 116, 117 see also relative income effect social contract 194, 198, 199, 200 social inclusion 48, 69–71, 114, 212 see also participation in society social investment 155, 156, 189, 193, 208, 220–3 social justice 198 see also inequality social logic of consumerism 114–16, 204 social stability 24, 26, 80, 145, 186, 196, 205 see also alienation social status see status social structures 80, 129, 130, 137, 196, 200, 203 social tolerance, and wellbeing 59, 60 social unrest see social stability social wage 40 social welfare: financial reforms 182–3; public sector spending 169 socialism 223 Sociobiology (Wilson) 134 soil integrity 220 Solon, quotation 47, 49, 71 Soper, Kate 125–6 Soros, George 36 Soskice, David 106 Soviet Union, former 74, 76, 77–80, 78, 122 Spain 28, 58, 144, 206 SPEAR organization, responsible investment 155 species loss/extinctions 17, 47, 62, 101 speculation 93, 99, 149, 150, 154, 158, 170; economic stability 180; financial crisis 26, 33, 35; short-term profiteering 150; spending: behaviour of ordinary people 34, 119, 120–1; countercyclical 181–2, 182, 188; economic stability 81; as way out of recession 41, 44, 119, 120–1; and work cycle 125 The Spirit Level (Wilkinson and Pickett) 71, 205–6 spiritual perspectives 117, 127, 128, 214 stability see economic stability; social stability stagflation 26 stagnant sector, Baumol’s cost disease 171 stagnation: economic stability 81–2; labour productivity 145; post-financial crisis 43–7, 45 see also recession state capitalism, types/definitions of capitalism 106 state revenues, from social investment 222–3 see also taxation state roles see governance status 207, 209, 211; and possessions 69, 71, 114, 115, 117 see also language of goods; symbolic role of goods Steady State Economics (Daly) xxxii steady state economies 82, 159, 160, 174, 180 see also post-growth macroeconomics Stern, Nicholas 17–18 stewardship: role of the state 200; sustainable investment 168 Stiglitz, Joseph 53 stock-flow consistent (SFC) economic models 179–80 Stockholm Resilience Centre 17, 201 stranded assets 167–8 see also ownership structures of capitalism see economic structures struggle for existence 8–11, 125, 132–3 Stuckler, David 43 stuff see language of goods; material goods; symbolic role of goods subjective wellbeing (SWB) 49, 58, 58–9, 71, 122, 129 see also wellbeing/happiness subprime lending 26 substitution, between labour and capital 177–178 suffering, struggle for existence 10 suicide 43, 52, 77 Sukdhev, Pavan 41 sulphur dioxide pollution 95–6 Summers, Larry 36 Sunstein, Cass 194 sustainability xxv–xxvi, 102, 104, 126; financial systems 154–5; innovation 226; investment 101, 152, 153, 166–70, 220; resource constraints 12; role of the state 198, 203, 207 see also sustainable prosperity Sustainable Development Strategy, UK 198 sustainable growth see green growth sustainable prosperity 210–12; creating credible alternatives 219–21; finding meaning beyond material commodities 212–16; implications for capitalism 222–5; personal choices for improvement 216–18; and utopianism 225–7 see also limits (flourishing within) SWB see subjective wellbeing; wellbeing/happiness Switzerland 11, 46, 157; citizen’s income 207; income relative to wellbeing 58; inequality 206; life expectancy 74, 75 symbolic role of goods 69, 70–1; existential fear of death 212–16; governance 203; innovation/novelty 114–16; material footprints 139–40; paradox of materialism 121–2 see also language of goods; material goods system dynamics model 11–12, 15 tar sands/oil shales 15 taxation: capital 177; income 81; inequality 206; post-growth economy 222 technological advances 12–13, 15; decoupling 85, 86, 87, 96–8, 100–3, 164–5; dilemma of growth 211; economic stability 80; population increase 10–11; role of state 193, 220 see also novelty/innovation Teilhard de Chardin, Pierre 8 terror management, and consumption 69, 104, 115, 212–15 terrorist attacks (9/11) 121 Thailand, Buddhist monasteries 128 Thaler, Richard 194 theatre, Baumol’s cost disease 171–2 theology see religious perspectives theory of evolution 132–3 thermodynamics, laws of 112, 164 Thich Nhat Hanh 128 thrift 118–20, 127–9, 215–16 throwaway society 113, 172, 204 timescales for change 16–17 tin, commodity prices 13 Today programme interview xxix, xxviii Totnes, transition movement 128–9 Towards a Green Economy report (UNEP) 152–3 Townsend, Peter 48, 61 trade balance 31 trading standards 204 tradition 135–6, 136, 226 ‘Tragedy of the commons’ (Hardin) 190–1 transcendence 214 see also altruism; meaning/purpose; spiritual perspectives transition movement, Totnes 128–9 Triodos Bank 156, 165 Trumpf (machine-tool makers) Germany 146 trust, loss of see alienation tungsten, commodity prices 13 Turkey 58, 88 Turner, Adair 157 21st Conference of the Parties to the UN Framework Convention on Climate Change (2015) 19 UBS (Swiss bank) 46 Ubuntu, African philosophy 227 unemployment 77; consumer goods 215; degrowth movement 162; financial crisis 24, 40, 41, 43; Great Depression 39–40; and growth 38; labour productivity 80–1; post-growth economy 174, 175, 183, 208, 219; work as participation 144–6 United Kingdom: Green New Deal group 152; greenhouse gas emissions 92; labour productivity 173; resource inputs 93; Sustainable Development Strategy 198 United Nations: Development Programme 6; Environment Programme 18, 152–3; Green Economy initiative 41 United States: credit unions 155–6; debt 27, 31–32; decoupling 88; greenhouse gas emissions 90–1; subprime lending 26; Works Progress Administration 39 universal basic income 221 see also citizen’s income University of Massachusetts, Political Economy Research Institute 41 utilitarianism/utility, wellbeing 50, 52–3, 55, 60 utopianism 8, 38, 125, 179; post-growth economy 225–7 values, materialistic 126, 135–6 see also intrinsic values Veblen, Thorstein 115 Victor, Peter xxxviii, 146, 175, 177, 180 vision of progress see future visions; post-growth economy volatility, commodity prices 14, 21 wages: and profits 175–8; private vs. public sector 130, 171 walking, personal choices for improvement 217 water use 22 Wealth of Nations, An Inquiry into the Nature and Causes (Smith) 123, 132 wealth redistribution 52 see also inequality Weber, Axel 46 welfare policies: financial reforms 182–3; public sector spending 169 welfare of livestock 220 wellbeing/happiness 47–50, 53, 121–2, 124; collective 209; consumer goods 4, 21, 22, 126; growth 6, 165, 211; intrinsic values 126, 129; investment 150; novelty/innovation 117; opulence 50–2, 67–72; personal choices for improvement 217; planetary boundaries 141; relative income effect 55–61, 58, 71, 72; simplicity 129; utilitarianism 50, 52–3, 55, 60 see also capabilities for flourishing western lifestyles 70, 210 White, William 46 Whybrow, Peter 68 Wilhelm, Richard 7 Wilkinson, Richard 71, 205–6 Williams, Tennessee 213 Wilson, Edward 134 wisdom traditions 48, 49, 63, 128, 213–14 work: as participation 140–9, 148, 157, 158; and spend cycle 125; sharing 145, 146, 149, 175 Works Progress Administration, USA 39 World Bank 160 World Values Survey 58 youth unemployment, financial crisis 144–5 zero sum game, growth as 57, 71


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The Wake-Up Call: Why the Pandemic Has Exposed the Weakness of the West, and How to Fix It by John Micklethwait, Adrian Wooldridge

Admiral Zheng, Affordable Care Act / Obamacare, basic income, battle of ideas, Berlin Wall, Bernie Sanders, Boris Johnson, carried interest, cashless society, central bank independence, Corn Laws, coronavirus, COVID-19, Covid-19, creative destruction, David Ricardo: comparative advantage, Deng Xiaoping, Dominic Cummings, Donald Trump, Etonian, failed state, Fall of the Berlin Wall, global pandemic, Internet of things, invisible hand, Jones Act, knowledge economy, laissez-faire capitalism, McMansion, night-watchman state, offshore financial centre, oil shock, Panopticon Jeremy Bentham, Parkinson's law, pensions crisis, QR code, rent control, road to serfdom, Ronald Reagan, school vouchers, Shoshana Zuboff, Silicon Valley, smart cities, trade route, universal basic income, Washington Consensus

Uncle Sam is already on the line for over $3 trillion in stimulus, deferrals, and guarantees.12 By the end of May around forty-five million jobs were being supported by governments in the euro area alone. When British shops reopened, a cartoon in the Daily Telegraph showed a consumer, loaded down with goods, announcing, “Just charge it to Rishi Sunak,” Britain’s finance minister. The left wants more. Corbynistas and Sandersistas are having a merry time attaching all their favorite policies onto Covid-19 like so many baubles on a Christmas tree—radical redistribution here, universal basic income there. “The Corona crisis is not without its advantages,” says Ulrike Herrmann, a German anticapitalist. Some of this is silly, but two historically left-wing ideas are gathering admirers across the political spectrum: industrial policy and leveling up. In the eurozone, even before Covid, there was pressure to create companies big enough to compete with America’s and China’s behemoths.

After the Great Depression only eccentrics advocated getting rid of it. All the same, there are two reasons why an even larger Leviathan will not (and indeed should not) last forever. The first is that, for all their current tolerance, the markets and taxpayers will not stomach it. When governments spent heavily after the financial crisis, a round of belt-tightening quickly followed. Austerity could happen again. Fantasies about universal basic income will not survive an era of postpandemic belt-tightening. Look at France: Bruno Le Maire, the finance minister, has already ruled out tax rises. Or look at Italy, the country that has been most successful in resisting reform in Europe. For the moment, the markets are lending it money. But at some point, the penny will drop (or perhaps it will be told to drop by Mrs. Merkel). Asked “how did you go bankrupt?”


pages: 402 words: 126,835

The Job: The Future of Work in the Modern Era by Ellen Ruppel Shell

3D printing, affirmative action, Affordable Care Act / Obamacare, Airbnb, airport security, Albert Einstein, Amazon Mechanical Turk, basic income, Baxter: Rethink Robotics, big-box store, blue-collar work, Buckminster Fuller, call centre, Capital in the Twenty-First Century by Thomas Piketty, Clayton Christensen, cloud computing, collective bargaining, computer vision, corporate governance, corporate social responsibility, creative destruction, crowdsourcing, deskilling, disruptive innovation, Donald Trump, Downton Abbey, Elon Musk, Erik Brynjolfsson, factory automation, follow your passion, Frederick Winslow Taylor, future of work, game design, glass ceiling, hiring and firing, immigration reform, income inequality, industrial robot, invisible hand, Jeff Bezos, job automation, job satisfaction, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kickstarter, knowledge economy, knowledge worker, Kodak vs Instagram, labor-force participation, low skilled workers, Lyft, manufacturing employment, Marc Andreessen, Mark Zuckerberg, means of production, move fast and break things, move fast and break things, new economy, Norbert Wiener, obamacare, offshore financial centre, Paul Samuelson, precariat, Ralph Waldo Emerson, risk tolerance, Robert Gordon, Robert Shiller, Robert Shiller, Rodney Brooks, Ronald Reagan, Second Machine Age, self-driving car, shareholder value, sharing economy, Silicon Valley, Snapchat, Steve Jobs, The Chicago School, Thomas L Friedman, Thorstein Veblen, Tim Cook: Apple, Uber and Lyft, uber lyft, universal basic income, urban renewal, white picket fence, working poor, Y Combinator, young professional, zero-sum game

the “social vaccine of the 21st century” Critics point to a conflict of interest: rather than promote technology that contributes to general human flourishing, Silicon Valley elites favor UBI as a publicly supported solution that does not impede their profit-making activities. See, for example, Jathan Sadowski, “Why Silicon Valley Is Embracing Universal Basic Income,” Guardian, July 14, 2017, https://www.thegu­ardian.com/​technology/​2016/​jun/​22/​silicon-valley-universal-basic-income-y-combinator. an addictive public handout Predictions that a BIG (basic income guarantee) would result in many people laying around lazily are not supported by the evidence. In particular, Brazil’s subsistence-level BIG program has resulted in very little change in workforce participation. Given a choice, most people choose to work, and the World Bank has determined that such supports even increase individual efforts to find work, as they allow people to take risks.

Left-leaning sociologist Erik Olin Wright writes in Envisioning Real Utopias that the plan would “generate an incentive structure for employers to seek technical and organizational innovations that eliminate unpleasant work” and would result in “not just a labor-saving bias, but a labor-humanizing bias.” Libertarian Charles Murray agrees, though for different reasons—he believes BIG would eliminate the need for “unearned” entitlements, like Social Security, Medicare, and unemployment benefits. And as I’ve mentioned, Silicon Valley, too, enthusiastically supports the idea. “Universal basic income might be the most meaningful way we could subsidize the earliest stages of innovation,” venture capitalist Roy Bahat, the head of venture fund Bloomberg Beta, once enthused. “It could multiply, by many factors, the amount of time people can spend creating.” Other besotted enthusiasts have gone so far as to call BIG the “social vaccine of the 21st century.” BIG’s many detractors see it not as a vaccine but as a dangerous drug, an addictive public handout that would undermine human motivation to seek paid labor.

See, for example, Robert Gibbons and Rebecca Henderson, “Relational Contracts and Organizational Capabilities,” Organization Science 23, no. 5 (September–October 2012): 1350–64, http://dx.doi.org/​doi:10.1287/​orsc.1110.0715. “freeing him to do work he finds meaningful” Aditya Chakrabortty, “A Basic Income for Everyone? Yes, Finland Shows It Really Can Work,” Guardian, October 31, 2017, https://www.theguardian.com/​comment­isfree/​2017/​oct/​31/​finland-universal-basic-income. less engaged in educational, religious, and political organizations Robert D. Putnam, “Bowling Alone: America’s Declining Social Capital,” Journal of Democracy 6, no. 1 (1995): 65–78, http://dx.doi.org/​doi:10.1353/​jod.1995.0002. a mere 18 percent of Americans “Public Trust in Government: 1958–2017,” Pew Research Center, May 3, 2017, http://www.people-press.org/​2017/​05/​03/​public-trust-in-government-1958-2017/.


pages: 596 words: 163,682

The Third Pillar: How Markets and the State Leave the Community Behind by Raghuram Rajan

activist fund / activist shareholder / activist investor, affirmative action, Affordable Care Act / Obamacare, airline deregulation, Albert Einstein, Andrei Shleifer, banking crisis, barriers to entry, basic income, battle of ideas, Bernie Sanders, blockchain, borderless world, Bretton Woods, British Empire, Build a better mousetrap, business cycle, business process, capital controls, Capital in the Twenty-First Century by Thomas Piketty, central bank independence, computer vision, conceptual framework, corporate governance, corporate raider, corporate social responsibility, creative destruction, crony capitalism, crowdsourcing, cryptocurrency, currency manipulation / currency intervention, data acquisition, David Brooks, Deng Xiaoping, desegregation, deskilling, disruptive innovation, Donald Trump, Edward Glaeser, facts on the ground, financial innovation, financial repression, full employment, future of work, global supply chain, high net worth, housing crisis, illegal immigration, income inequality, industrial cluster, intangible asset, invention of the steam engine, invisible hand, Jaron Lanier, job automation, John Maynard Keynes: technological unemployment, joint-stock company, Joseph Schumpeter, labor-force participation, low skilled workers, manufacturing employment, market fundamentalism, Martin Wolf, means of production, moral hazard, Network effects, new economy, Nicholas Carr, obamacare, Productivity paradox, profit maximization, race to the bottom, Richard Thaler, Robert Bork, Robert Gordon, Ronald Reagan, Sam Peltzman, shareholder value, Silicon Valley, Social Responsibility of Business Is to Increase Its Profits, South China Sea, South Sea Bubble, Stanford marshmallow experiment, Steve Jobs, superstar cities, The Future of Employment, The Wealth of Nations by Adam Smith, trade liberalization, trade route, transaction costs, transfer pricing, Travis Kalanick, Tyler Cowen: Great Stagnation, universal basic income, Upton Sinclair, Walter Mischel, War on Poverty, women in the workforce, working-age population, World Values Survey, Yom Kippur War, zero-sum game

Nevertheless, nearly everyone will get all the care they need to be functioning members of society. Before we end this chapter, we need to discuss three issues. First, to what extent should some of the support beyond the Beveridge level of care, for those who have not saved money or paid for insurance, be decided and administered by the community? Second, should we prepare for increasing technological unemployment with schemes like a universal basic income? Third, how do we pay for the entitlements that have already been committed to, as well as the outstanding government debt, even before we embark on creating new entitlements? COMMUNITY-DETERMINED ADDITIONAL SUPPORT The basic level of economic support in case of unemployment, disability, or old age should have no conditions attached. Neither should social or private insurance that has been paid for through past premiums.

As we have discussed, the ICT revolution also allows for a greater flow of information to the state, which can offer a second line of defense against corruption. A MORE COMPREHENSIVE GOVERNMENT SUPPORT PLAN? Some want to go much further in providing support. One proposal has been gaining currency as societies anticipate massive joblessness from technological change. It is to give every adult in the country a universal basic income (UBI), which will be enough to live a decent life, with no questions asked. The difference from the basic support we discussed above is that UBI would be set at much higher levels, and paid to everyone regardless of need. There is an ongoing debate about whether those who fear technological unemployment are too pessimistic, underestimating the ability of markets and human ingenuity to find productive uses for unemployed humans.

., 137, 159–60, 292 inclusive civic nationalism, 297–99, 302 inclusive localism, xxii, 22, 285–87, 289–302, 327, 351, 394 income and wages, 90, 127, 152, 213, 388, 395, 396 dispersion across US cities, 220 of doctors, 388 Earned Income Tax Credit and, 345–46 economic segregation and, 307–9 effects of technology and trade on, 188–94 median wage, 189–91 occupational licensing and, 207 top one percent, 102, 191–94 universal basic income, 322–23 India, xxvi, xxviii, 19–20, 31, 113–15, 139, 144, 245, 246, 267–74, 287, 298, 317, 350, 391 affirmative action in, 300–302 bribery in, 312 China compared with, 247–48, 267, 269, 270, 275–76 corruption in, 272 cronyism in, 268, 269 decentralization in, 270, 272 democracy in, 268–70, 272–74 economic growth of villages in, 275 Finance Ministry in, 274 Indore, 335–37, 339, 344 land acquisition for public projects in, 275–76 liberalization in, 269–71, 273, 276 populism in, 272, 276–78 Rashtriya Swayamsevak Sangh in, xix, 277 socialism in, 267–69, 391 state, markets, and democracy in, 272–74 individualism, 194–96, 201, 284 Indore, 335–37, 339, 344 industrialization, 75, 88, 127, 275 Industrial Revolution(s), 16, 18, 26, 70, 74, 78, 84, 87, 91, 230 First, 116–17 Fourth, 117 handloom weavers and, 18–19, 116, 188 Second, 117–19, 122, 146, 147, 152, 153, 160–61 Third, 117 in U.S., 121 see also Information and Communications Technology (ICT) revolution inflation, 56–57, 163, 164, 366 Information and Communications Technology (ICT) revolution, xii–xiii, xxi, xxviii, 117, 148, 161, 162, 175–211, 213, 313, 321–22, 338, 340, 382, 393, 394 automation in, xii, xviii, 3, 143–44, 175, 178, 185–87, 314 communities and, xviii–xx, 176, 184–88 decentralization and, 312–13 interconnected world and, 350–51 jobs and, 143–44, 173, 175, 177–88, 395 trade and, 143–44, 173, 181–88 inheritance, 37, 45, 105 Inquiry into the Nature and Causes of the Wealth of Nations, An (Smith), 80 intellectual property, 73, 183, 278, 351, 362–63, 382–84 patents, 204–6, 362, 382–84 International Monetary Fund (IMF), xxvi, 146, 151, 270, 367, 368–69 international responsibilities, 363–67, 372, 397 internet, 117, 310 China and, 266, 350 community and, 330–35 political views and, 332–33 Ireland, 237, 238, 353–54 Italy, 145, 162, 303–4, 359 in European Union, 169 Montegrano, 12–14, 113, 227 in postwar period, 149, 152 Jackson, Andrew, 93 James I, King, 66–67 Jams II, King, 70 Janesville, Wisc., 341 Janesville (Goldstein), 186 Japan, 157, 160, 302, 368, 380 aging population in, 292–93 currency in, 366 immigration and, 292–93 income in, 191 in postwar period, 148, 153 protectionism in, 354 Jeffers, Jessica, 205 Jefferson, Thomas, 58 Jensen, Michael, 196 Jiang Zemin, 251 jobs, xii, xviii, 163, 164, 224, 343, 389, 395 African Americans and, 230–31 credentials and, 233–34, 317, 393 ICT revolution and, 143–44, 173, 175, 177–88, 395 and lump of labor fallacy, 180 mercantilism and, 62–63 occupational licensing and, 206–7, 387–88, 393 Second Industrial Revolution and, 122 see also income and wages; workers Johnson, Lyndon, 157–58, 229 Juncker, Jean-Claude, 172 Jungle, The (Sinclair), 104 Justice, US Department of, 202 Kahn, Alfred, 165 Kalanick, Travis, 196 Kaplan, Steve, 192 Katz, Bruce, 303 Kautilya, 31 Keynes, John Maynard, 154, 163, 395 Khan, Khizr, xxi Khilnani, Sunil, 298 Khodorkovsky, Mikhail, 111 Kim, Han, 220 King, Martin Luther, Jr., 157, 158, 397 Kleiner, Morris, 207 knowledge, diffusion of, 204–6 Krueger, Alan, 207 Kyoto Protocol, 365 laissez-faire, 77–78, 81, 83 landowners, 37, 58, 72, 74 gentry, 54–58, 64–66, 71, 72 Lasch, Christopher, 227 Latin America, 72, 93, 96 Lee Kuan Yew, 247 LEGO, 391 lending, see loans Le Pen, Marine, 236 Lerner, Josh, 362 Levine, David, 382–83 liberal democracy, 74–75 liberalism, 83, 160 liberalization, 206 in China, 248–67, 276 in India, 269–71, 273, 276 private sector’s reaction to, 194–201, 207–8 liberal market democracies, xiii, xx, xxvii libertarianism, 115 limited-access societies, 97–98 Lindsey, Brink, 205 loans, 44–45, 48 contract in, 29–31 see also usury lobbying, 378, 389 localism, xxi, xxviii, 285, 286, 303 inclusive, xxii, 22, 285–87, 289–302, 327, 351, 394 long-term benefits of, 303 location, importance of, 219–21 Long, Huey, 136 looms, 18–19, 116, 188 Louis XIV, King, 60, 65, 66 Luce, Edward, 227 Luther, Martin, 46 Madison, James, 97, 218 magnates, decline of, 53–54 Mahajan, Vijay, 337 Malthus, Thomas Robert, 83 Mann, Horace, 121 manufacturing, 152, 184–85, 206 Mao Zedong, 247–50 markets, xiii, xv, xvii–xviii, xx, xxii, xxvii–xxviii, 25–27, 50, 56, 77–106, 145, 154, 172, 173, 243–44, 283, 184, 285–87, 304, 393, 394 community adjustment to, 388–92 community and state buffers against volatility in, 127–38 community loss of faith in, 115–19 community values and, 390–92 competition in, see competition data in, 384–86 definition of, xiv democracy and, 106, 110 emerging, 245, 271; see also China; India fairness in, 115–16 freeing, 80–81 laissez-faire and, 77–78, 81, 83 liberalization of, see liberalization liberal market democracies, xiii, xx, xxvii perceived legitimacy of players in, 110–12 philosophy for, 81–84 reforming, 373–92 separation from community, xiv–xv state and, 304 transactions in, 3, 4 unbridled, 84–87 see also trade marriage, 231, 235 Marshall Plan, 149–51, 365 marshmallow test, 222–23 Marx, Karl, 49, 78, 87–91 Marxism, 87–91, 112, 115, 249, 287 Maximum Feasible Misunderstanding (Moynihan), 158 McClure’s Magazine, 103 McKinley, William, 106 McLean, Malcolm, 181 meatpacking industry, 104, 107–8 Medicare, 241, 324 mercantilism, 62–65, 80 Merchant of Venice, The (Shakespeare), 30 meritocracy, 390, 393 children and, 224–25, 228 in China, 257, 265 Merkel, Angela, 241 military technologies, 42–44, 51, 53 Mill, Harriet, 81 Mill, John Stuart, 81–83 minorities, 218, 219, 289, 296–97 affirmative action and, 300–302 see also African Americans; immigration, immigrants Mischel, Walter, 223 misery index, 163 Mitterand, François, 168 Mokyr, Joel, 20, 21 monarchy, 51–53, 56–59, 61–63, 65, 73 monasteries, 54, 57, 72 moneylending, see loans Monnet, Jean, 154 monopolies, 58–62, 64, 80, 81, 87, 91, 97, 99, 105, 106, 108, 109, 112, 201–7, 283, 379–82 antitrust laws and, 101, 103–4, 381–82 Montegrano, 12–14, 113, 227 Moore, Barrington, 73 Moretti, Enrico, 220 Morgan, John Pierpont, 99, 104 Morse, Adair, 220 Moynihan, Daniel Patrick, 158, 340 multilateral institutions, 367–70 Murphy, Kevin, 196 Murray, Charles, 227 muskets, 42–43 Muslims, 21, 35, 36, 241, 242, 272, 277 Napoleon I, 126 nationalism, xvii, 64, 184, 330, 397 civic, 297–99, 302 ethnic, 215–17; see also populist nationalism mercantilism and, 63 populist, see populist nationalism Nation at Risk, A, 232–33 nation-states, 26, 42, 50, 51–52, 61–62 Nehru, Jawaharlal, 267, 270, 287, 298 neighborhoods, 297 isolation index and, 333 sorting and, see residential sorting see also community Netville, 331–32 Neumann, Franz, 112 New Deal, 134–35 New Localism, The (Katz and Nowak), 303 news consumption, and diversity of opinions, 332–33 New York Times, 19, 98, 218, 387 Nixon, Richard, 98, 108 North, Douglass, 70, 97 Nowak, Jeremy, 303 Obama, Barack, xvii, 158, 235, 240 India visited by, 273 Obama, Michelle, 240 Obamacare, 144, 214, 239–41 Oceana (Harrington), 58 oil industry, 84–86, 99, 103, 107, 111 Oliver, Douglas, 9 one percent, 102, 191–94 On Liberty (Mill), 81–83 open-access societies, 98 Opium Wars, 349–50 Organization for Economic Co-operation and Development (OECD), 189–90 Our Towns: A 100,000-Mile Journey into the Heart of America (Fallows and Fallows), 344 Owen, Robert, 88 Owens, Ann, 226 Papal Revolution, 38, 40 parents, 222–31, 343 Paris Agreement, 365 parliaments, 77, 78–79 English, 57, 60–62, 65–70, 74, 77, 84, 105 patents, 204–6, 362, 382–84 patriotism, 298 peasants, 37–38, 73, 74, 78 see also feudalism, feudal communities Peltzman, Sam, 202 Perez, Carlotta, 118 Petersen, Mitchell, 15, 219 pharmaceutical drugs and companies, 183, 184, 204, 354, 362–63, 384 Physiocrats, 77 Piketty, Thomas, 191 Pilsen community, xxii–xxvi, 12, 298, 344, 381 Pirenne, Henri, 45 plague (Black Death), 40, 41–42 Polanyi, Karl, 84 police officers, 312 politics: conflict over, 234–36 isolation index and, 332–33 left-wing, xiii, xix, xxvii, 214, 217, 394 right-wing, xiii, xix, 214–17, 394 Polybius, 118 population aging, 260, 284, 286, 292–93, 324, 342–43, 348, 396 population diversity, see diversity population growth, 83, 152, 162–63 populism, xiii, xix, xxviii, 63, 136, 137, 211, 213–44, 284 in China, 276–79 and conflict over values and politics, 234–36 in Europe, 241–43 Global Financial Crisis and, 236–43 growing divide and, 218–19 in India, 272, 276–78 left-wing, 214, 217 Obamacare and, 239–41 Populist movement at turn of nineteenth century, 23, 26, 79, 98–101, 102, 105–6, 112, 244, 265 reemergence in the industrial West, 213–44 right-wing, 214–17 types of, 214–18 populist nationalism, xiii, xix–xx, xxi, xxvii, 144, 216–17, 241–44, 246, 276–79, 286, 289, 295–300, 302, 352, 353 in China, 276–79 in Europe, 241–43 in India, 276–78 why it cannot work, 296–97 Populist Revolt, The (Hicks), 99 Portugal, 148, 238 Poterba, James, 140 poultry farms, 354–55, 357 poverty, 396 African Americans and, 157 Elberfeld system of assistance, 129–31, 320 War on, 158, 160, 229 Powell, Enoch, 159 presidential election of 2016, 235, 236, 333, 354 Price, Brendan, 185 Princeton University, 125 printing press, 41–42, 46 private sector, 107–8, 111, 139, 147, 283, 284, 352, 371 liberalization and, 194–201, 207–8 Progressives, 26, 79, 98–99, 102–6, 112, 124, 134, 137, 244, 265 property, 26, 52, 57, 58, 74, 79, 83, 103, 115, 352, 362, 374, 394 competition and, 286 intellectual, see intellectual property land, see landowners taxes on, 121, 123 as theft, 110–11 protectionism, 108, 258–59, 278, 306, 353–56, 364 Protestant Ethic and the Spirit of Capitalism, The (Weber), 47 Protestant Reformation, 40–41, 47, 49 Protestants, 48, 49 public hearings, 389–90 Putnam, Robert, 227, 334 Quakers, 16–17, 230 race, see ethnicity and race race to the bottom, 358–60 railroad industry, 85, 87, 99, 101 Ramanathan, Swati, 312 Ramcharan, Rodney, 72 ranchers, 9–10, 11 Rand, Ayn, 80, 391 R&D, 183–84 Rashtriya Swayamsevak Sangh (RSS), xix, 277 Rauh, Joshua, 192 Rawls, John, 115 Raymundo, Raul, xxiii, xxvi Reagan, Ronald, 165, 194, 232 Reeves, Richard, 224 Reformation, 40–41, 47, 49 regulation(s), 103–5, 107–8, 165, 172 antitrust, 202 of banks, 358–60 communities and, 285, 304, 306–7, 341, 357 competition and, 165, 387–88 deregulation, 165–67, 194, 197 harmonization of, 354–63, 365, 371 relief efforts, 131–33, 135 see also safety nets religion, 49, 51, 64 Protestant Reformation, 40–41, 47, 49 Protestants, 48, 49 see also Catholic Church Republicans, 235–36 residential sorting, 144, 177, 222, 227, 314 by income, 307–9 race and immigration and, 229–31 resources, policies on, 365 Resurrection Project, xxiii–xxvi Ritter, Jay, 201 Robinson, James, 94 Rockefeller, John D., 84–91, 98, 103, 104, 108, 200 Rodgers, Daniel, 334 Rodrik, Dani, 364–65, 371 Roman Republic, 58 Romney, Mitt, 235 Roosevelt, Franklin, 134–37, 156 Roosevelt, Theodore, 106 Rosen, Sherwin, 193 Russell, John, 95 Russia, 97, 287, 292, 354, 369 wealthy in, 111 Saez, Emmanuel, 191 safety nets, 139, 173, 290 caregivers and, 319–20 community and, 127–38, 318–25 in Europe, 156 government support in, 322–24 health care, see health care paying for, 324–25 for peasants, 37–38 in U.K., 155–56 in U.S., 133–34, 156, 157–58, 320–21, 324 welfare, 129, 137, 148, 158, 230 Salam, Reihan, 235 Sandel, Michael, 389–90 Sanders, Bernie, 214 Satyanath, Shaker, 112 schools, see education and schools Schumpeter, Joseph, 203, 379 Schwartz, Heather, 225–26 science, 21 “Second Coming, The” (Yeats), 141 Second Federal Bank, xxv SeeClickFix, 311–12 Sen, Amartya, 287 Shakespeare, William, 30 Shapiro, Jesse, 332–33 Share Our Wealth Society plan, 136 Shleifer, Andrei, 197 Sinclair, Upton, 104 Singapore, 247, 291, 318 Singh, Manish, 336 Singh, Manmohan, 270 Siuai people, 9 smartphones, 175, 178, 182–83 Smith, Adam, 17, 64, 77, 80–81, 83, 84, 87, 91, 105, 200 Smoot Hawley Act, 138 socialism, 132, 138, 145–47, 168, 250 in India, 267–69, 391 socializing the young, 5–7 social media, 330, 354, 386 social relationships, 7–8 social safety nets, see safety nets Social Security, 134–38, 187, 241, 324 Sokoloff, Kenneth, 72, 96 sorting, see residential sorting South Sea Company, 68, 69–70 sovereignty, 349–72 and controlling flows, 351–54 and harmonization of regulation, 354–63 Soviet Union, 91, 145–47, 153–54, 250, 251, 267, 287, 367 Spain, 148, 162, 169, 237, 238, 353–54 Spence, Michael, 234 stagflation, 163 Standard Oil, 86, 99, 103, 107 Stanford marshmallow test, 222–23 state, xiii, xv, xvii–xviii, xx–xxi, xxvii–xxviii, 25–27, 50, 139, 140, 172, 283–86, 304, 393 anti-state ideology and, 176 buffers against market volatility, 127–38 Church and, 45–46 community and, 303–25, 345–46 constitutionally limited, 52–74, 83 definition of, xiii–xiv growth of, 145 international responsibilities and, 363–67, 372, 397 laissez-faire and, 77–78, 81, 83 markets and, 304 relief efforts from, 131–33 separation from community, xiv–xv strong but limited, rise of, 51–75 sustainable financing for, 65–71 steel industries, 87, 99, 122, 185, 186, 253, 261, 338, 364, 366 European Coal and Steel Community, 150 student loans, 317–18 suffrage, see voting, suffrage Summers, Larry, 197 Supreme Court, U.S., 103, 384 Sweden, 138 Swift, Taylor, 193 Talleyrand, Charles Maurice de, 66 Tarbell, Ida, 103, 200 tariffs, 61, 63–64, 80–81, 100, 108, 138, 150–51, 164, 181–83, 217, 242, 258–59, 271, 277, 352–53, 356, 363, 364, 366, 371 General Agreement on Tariffs and Trade, 146, 150, 353 Tawney, Richard, 34–35, 46 taxes, 59, 61–62, 102–5, 156–57, 163–64, 206, 308–9, 364 for education, 121, 123 property, 121, 123 tax holidays, 341 tax incentives, 345 on towns, 59–60 universal basic income and, 322–23 tax preparation, 179, 180 Tea Party movement, 239–41, 242, 333 technology, xii, xxviii, 117, 160–62, 175–76, 283, 284, 286, 287 automation in, 18, 84, 179, 180, 284 China and, 261–62, 278 community and, 119, 335, 344–45 disruptive change from, xii–xiii, xix education and, 122–23 feudal community and, 41–42 financial crises and, 118 incomes and, 188–94 job losses from, xii, xviii public anxiety about, 116–18 winner-take-most effects of, 191–94 see also Industrial Revolution; Information and Communications Technology revolution Teles, Steven, 205 Thatcher, Margaret, 165–66, 194 three pillars, xiii, 25–27, 393, 394 balance between, xvii–xviii, 175, 394 see also community; markets; state Tiananmen Square protests, 250–51 Tiv people, 7–8 Tönnies, Ferdinand, 3–4 totalitarian regimes, 97 trade, 62–64, 80–81, 143, 146, 149–51, 154, 160, 164–65, 172, 181, 245, 271, 283, 307, 352–53, 363, 371 “beggar thy neighbor” policies and, 364 communications costs and, 181, 182 communities and, xviii–xx, 335, 352 European, with Muslim lands, 36 ICT revolution and, 143–44, 173, 181–88 incomes and, 188–94 protectionism and, 108, 258–59, 278, 306, 353–56, 364 tariffs and, see tariffs transportation costs and, 181–82 Trade Related Intellectual Property Rights Agreement (TRIPS), 362 training and socializing the young, 5–7 transactions: in communities, 3, 8–9, 10–11 market, 3, 4 Trotsky, Leon, 90 Trump, Donald, 235 Truly Disadvantaged, The (Wilson), 230 Turkey, xix, 97, 167, 190, 245 Uber, 196 Unified Payments Interface (UPI), 386 unions, 165, 198, 206, 360, 361 United Kingdom, 173 Companies Act in, 377 health care in, 156 income in, 191, 192 in Opium Wars, 349–50 safety net in, 155–56 United Nations, 367 United States, 143, 145, 149, 246, 298 African Americans in, see African Americans agriculture in, 184 China and, 278 Civil War in, 74, 93, 133–34 competitive market in, 98–105 Constitution of, 71 diversity in population of, 134 financial crises in, 87–88, 118 GI Bill in, 156, 157 Gilded Age in, 87 gold standard in, 100 government debt in, 324 growth of, 148, 162 health care in, 158, 203 hegemony of, 148, 367–69 immigration and, 137, 159–60, 292 Industrial Revolution in, 121 manufacturing in, 184–85 Marshall Plan of, 149–51, 365 in postwar period, 148 presidential election of 2016, 235, 236, 333, 354 safety net in, 133–34, 157–58, 320–21, 324 schools in, 119–25, 127, 190–91, 233–34, 317 South of, 72, 74 Supreme Court, 103, 384 voting rights in, 92–93, 96 Western settlers in, 72, 99–100 universal basic income (UBI), 322–23 universities, see colleges and universities University of Chicago, xxiii, xxvi, 87, 124–25, 164, 290–91 University of Rochester, 223 usury: Catholic Church and, 34–42, 44–46, 49 favorable public attitudes toward, 44 intellectual support for ban on, 39–40 prohibition on, 31–32 rationale for proscribing, 32–34 values: community, and tolerance for markets, 390–92 conflict over, 234–36 Virginia, 58 Voigtländer, Nico, 112 Volcker, Paul, 163 Voth, Hans-Joachim, 112 voting and suffrage, xxvii, 26, 79, 105 extension of franchise, 91–98 wages, see income and wages Wallis, John, 97 Washington Post, 108 wealth, 111, 395–96 Wealth of Nations, The (Smith), 80 weavers, 18–19, 116, 188 Weber, Max, 47, 38 Weingast, Barry, 70, 97–98 welfare, 129, 137, 148, 158, 230 Wellman, Andrew, 331 Whigs, 67, 95 William of Orange, 67 Wilson, William Junius, 230, 231 Wilson, Woodrow, 125 Wolf, Martin, 355 workers, 75, 78, 79, 87, 89, 97, 127–28 education and capabilities of, 313–18 insurance plans for, 132 rights of, 360–61 strikes by, 102 unions for, 165, 198, 206, 360, 361 see also income and wages; jobs working at a distance, 219, 220 World Bank, 151, 253–54 World Trade Organization (WTO), 353, 356, 362 World Values Survey, 297 World War I, 103, 112, 124 World War II, xxvii, 138, 139, 140, 143, 145, 146, 155–57, 210, 243, 367 Marshall Plan and, 149–51, 365 postwar period, 148–54 Wulf, Julie, 193 Xi Jinping, 261, 278 Xiushui Market, 255 Yeats, W.


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Randomistas: How Radical Researchers Changed Our World by Andrew Leigh

Albert Einstein, Amazon Mechanical Turk, Anton Chekhov, Atul Gawande, basic income, Black Swan, correlation does not imply causation, crowdsourcing, David Brooks, Donald Trump, ending welfare as we know it, Estimating the Reproducibility of Psychological Science, experimental economics, Flynn Effect, germ theory of disease, Ignaz Semmelweis: hand washing, Indoor air pollution, Isaac Newton, Kickstarter, longitudinal study, loss aversion, Lyft, Marshall McLuhan, meta analysis, meta-analysis, microcredit, Netflix Prize, nudge unit, offshore financial centre, p-value, placebo effect, price mechanism, publication bias, RAND corporation, randomized controlled trial, recommendation engine, Richard Feynman, ride hailing / ride sharing, Robert Metcalfe, Ronald Reagan, statistical model, Steven Pinker, uber lyft, universal basic income, War on Poverty

Petersburg Times 60 Stark, William 16 Stewart, Matthew, and The Management Myth 138 Stigler, Stephen 50 Street Narcotics Unit experiment 92–3 streptomycin trial 56 see also Austin Bradford Hill Sullivan, Andrew, and Pyrotron 14 Suskind, Dana 70 Syed, Matthew 142 teacher payment trial 111 see also Karthik Muralidharan Telford, Dick 201–2 text messages, and use of 9, 78, 82, 123, 154 textbook trial 123–4 see also Karthik Muralidharan The Battered Women’s Movement 89 the book of Daniel 22 ‘the brevia’ and ‘the scrutiny’ 181 the ‘gold standard’ 194 The Lancet 24, 55, 120 The Matrix 30 ‘the paradox of choice’ 195 the placebo effect see placebo effect ‘the Super Bowl impossibility theorem’ 140 Thirty Million Words initiative 79–80 ‘three strikes’ law’ 99, 101 ‘Triple P’ positive parenting program 68–9 ‘True Love Waits’ program 47 Trump campaign 154 Tseng, Yi-Ping 37 see also ‘Journey to Social Inclusion’ UK Department for International Development 103 unemployment 36, 44–6, 78, 103 see also German government unemployment incentive; job training programs; ‘universal basic income’ ‘universal basic income’ 46 University of Chicago, and ‘Science of Philanthropy Initiative’ 159 University of London 54 University of Queensland, and ‘Triple P’ positive parenting program 68 University of Wollongong 187 US Agency for International Development 103, 210 US Behavioural Insights Team 186 see also Elizabeth Linos US Congressional Budget Office 194 US National Academy panel 100 US Police Foundation 89 ‘verbal bombardment’ and Perry Preschool 67 Vienna General Hospital 24–5 see also Ignaz Semmelweis Vietnam war draft 42–3 Virgin Atlantic Airways 136 ‘virginity pledges’ in the US 46–7 Wagner, Dan 159 Waiting for Superman 79 Washington Post 7 Washington Times 60 Weikart, David 66–7, 71 West Heidelberg centre 71 What Works Clearinghouse 76–7, 208 Western Union 130 Wilson, James 184–5 Wootton, David 26, 203–4 and Bad Medicine 26 World Bank 103, 111 World Health Organization 112–13, 115, 199 World Medical Association 186 Wydick, Bruce 114–15 Yale University, and Innovations for Poverty Action 123 YouWiN!

In such an environment, they argue, it might make more sense to provide unconditional cash payments than to insist jobseekers keep looking for work. In January 2017 Finland set about testing this approach by randomly selecting a small group of unemployed people. Those in the study receive a ‘basic income’ of €6720 per year, which continues to be paid even if they find a job.35 The experiment, which covers 2000 people, will report its results in 2019. Advocates of a ‘universal basic income’ eagerly await the findings. * In recent decades, millions of young Americans have signed ‘virginity pledges’, promising to refrain from sex until they are married. The first such program – ‘True Love Waits’ – saw teenagers pledging ‘to be sexually abstinent from this day until the day I enter a biblical marriage relationship’. However, randomised evaluations of abstinence-only programs found no evidence that they reduced the age at which young people first had sex, or the number of sexual partners they had.36 One possibility is that a virginity pledge is not taken particularly seriously.


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The Fourth Age: Smart Robots, Conscious Computers, and the Future of Humanity by Byron Reese

agricultural Revolution, AI winter, artificial general intelligence, basic income, Buckminster Fuller, business cycle, business process, Claude Shannon: information theory, clean water, cognitive bias, computer age, crowdsourcing, dark matter, Elon Musk, Eratosthenes, estate planning, financial independence, first square of the chessboard, first square of the chessboard / second half of the chessboard, full employment, Hans Rosling, income inequality, invention of agriculture, invention of movable type, invention of the printing press, invention of writing, Isaac Newton, Islamic Golden Age, James Hargreaves, job automation, Johannes Kepler, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, John von Neumann, Kevin Kelly, lateral thinking, life extension, Louis Pasteur, low skilled workers, manufacturing employment, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, Mary Lou Jepsen, Moravec's paradox, On the Revolutions of the Heavenly Spheres, pattern recognition, profit motive, Ray Kurzweil, recommendation engine, Rodney Brooks, Sam Altman, self-driving car, Silicon Valley, Skype, spinning jenny, Stephen Hawking, Steve Wozniak, Steven Pinker, strong AI, technological singularity, telepresence, telepresence robot, The Future of Employment, the scientific method, Turing machine, Turing test, universal basic income, Von Neumann architecture, Wall-E, Watson beat the top human players on Jeopardy!, women in the workforce, working poor, Works Progress Administration, Y Combinator

All the unemployment we’re talking about here is because of vast increases in wealth, not a lack of it. The problem won’t be a lack of money, but an unstable distribution of it. Finally, if possibility three happens, then we won’t see unrest because we don’t see widespread unrest now. The situation in possibility three is like that of the present, only with us all wealthier. Universal Basic Income Why are poor people poor? Well, call me Princeton Pete, but I would maintain they are poor because they don’t have any money. The universal basic income (UBI) is a direct antidote to that. It is, as the name suggests, a minimum guaranteed income for everyone. The UBI is an old idea with newfound popularity. Advocates for it are a strange set of bedfellows, each eyeing the others suspiciously since they are so seldom in agreement. Liberals see the current system of government programs for the poor as inherently demeaning, requiring repeated acts of obeisance to the petty tyrants of countless bureaucratic fiefdoms.

We keep inventing jobs because of this false idea that everybody has to be employed at some kind of drudgery because, according to Malthusian-Darwinism theory, he must justify his right to exist. So we have inspectors of inspectors and people making instruments for inspectors to inspect inspectors. The true business of people should be to go back to school and think about whatever it was they were thinking about before somebody came along and told them they had to earn a living. By the 1960s, it looked like the time for a universal basic income might have arrived in the United States when a memorandum entitled “The Triple Revolution” was delivered to President Johnson. It was signed by roster of glitterati including a Nobel laureate, politicians, futurists, historians, economists, and technologists. It said that in a world of increased automation, it was ever more difficult to “disguise a historic paradox: That a substantial proportion of the population is subsisting on minimal incomes, often below the poverty line, at a time when sufficient productive potential is available to supply the needs of everyone in the U.S.”


pages: 370 words: 102,823

Rethinking Capitalism: Economics and Policy for Sustainable and Inclusive Growth by Michael Jacobs, Mariana Mazzucato

balance sheet recession, banking crisis, basic income, Bernie Sanders, Bretton Woods, business climate, business cycle, Carmen Reinhart, central bank independence, collaborative economy, complexity theory, conceptual framework, corporate governance, corporate social responsibility, creative destruction, credit crunch, Credit Default Swap, crony capitalism, David Ricardo: comparative advantage, decarbonisation, deindustrialization, dematerialisation, Detroit bankruptcy, double entry bookkeeping, Elon Musk, endogenous growth, energy security, eurozone crisis, factory automation, facts on the ground, fiat currency, Financial Instability Hypothesis, financial intermediation, forward guidance, full employment, G4S, Gini coefficient, Growth in a Time of Debt, Hyman Minsky, income inequality, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), Internet of things, investor state dispute settlement, invisible hand, Isaac Newton, Joseph Schumpeter, Kenneth Rogoff, Kickstarter, knowledge economy, labour market flexibility, low skilled workers, Martin Wolf, mass incarceration, Mont Pelerin Society, neoliberal agenda, Network effects, new economy, non-tariff barriers, paradox of thrift, Paul Samuelson, price stability, private sector deleveraging, quantitative easing, QWERTY keyboard, railway mania, rent-seeking, road to serfdom, savings glut, Second Machine Age, secular stagnation, shareholder value, sharing economy, Silicon Valley, Steve Jobs, the built environment, The Great Moderation, The Spirit Level, Thorstein Veblen, too big to fail, total factor productivity, transaction costs, trickle-down economics, universal basic income, very high income

The proliferation of free internet-based services has inspired many to innovate in networks of sharing access to possessions, exchanging time and collaborating in creative projects. This is one of the routes along which ICT enables a green economy grounded in sustainability and focused on services and personal care. Move towards some form of basic income. Providing a minimum income in the advanced countries—such as the universal basic income currently being trialled in Finland, a negative income tax and/or workfare for community projects and services—is the necessary platform for encouraging the sharing and collaborative economies, the growth of voluntary organisations and of creative endeavours that could contribute to the quality of life both at the community level and through participation in global networks. In the ‘green good life’, well-being would increasingly be measured not by possessions, but by positive experiences of healthy living, community sharing and creative involvement in networking and group activities.

China Development Bank (CDB) circular economy citizenship goods climate change and capitalism and economics and politics Paris Accord policy Club of Rome Cold War collective goods Compaq compensation contracts competition Japanese law limits perfect competition protected firms and sectors consumerism consumers behaviour benefits choice debt demand protection welfare corporate sector accountability debt financialisation Fortune 500 companies Fortune 1000 companies governance new public management (NPM) organisational models resource allocation D DARPA debt consumer corporate household hysteria private public short-term sovereign debt-to-GDP ratios decarbonisation and structural change democracy and capitalism election campaigns post-democratic politics Department of Defense Department of Energy Department of health developing countries devolution discrimination anti-discrimination laws displacement of peoples Dosi, Giovanni Draghi, Mario E economic and monetary union (EMU) economic growth and inequality and innovation and technology environmental concerns green growth zero growth economic policy and capitalism consensus-building macroeconomic policy monetary expansion reshaping economic theory economic models model of the firm neoclassical orthodox post-Keynesian education access to and skills efficiency employment growth ‘non-standard’ work energy sector storage technologies environmental impacts environmental risk damage degradation sustainability technologies euro zone debt-to-GDP ratio economic policy fiscal policy GDP growth government lending investment macroeconomic conditions private investment productivity growth recession southern countries sovereign debt unemployment European Central Bank (ECB) role European Exchange Rate Mechanism (ERM) European Investment Bank (EIB) proposed new European Fund for Investment European Regional Development Fund (ERDF) European Stability Mechanism European Union (EU) competition law debt-to-GDP ratio de-industrialisation GDP growth government lending Growth Compact investment-led recovery macroeconomic conditions monetary expansion policy framework private investment productivity growth Stability and Growth Pact unemployment executive pay F Federal Reserve financial crash of 1929 financial crash of 2008 financial markets borrowing discrimination efficient markets hypothesis mispricing short-termism systemic risks financial regulation Finland public innovation research and development universal basic income firms business models in perfect competition productive firm First World War fiscal austerity fiscal compact fiscal consolidation fiscal deficits fiscal policy fiscal tightening food insecurity Forstater, Matthew Fortune 500 companies Fortune 1000 firms fossil fuels fracking France average real wage index labour productivity growth private debt public deficit unemployment Freeman, Chris Friedman, Milton G G4S Gates, Bill Germany average real wage index GDP green technology investment state investment bank unemployment wages global financial system globalisation and welfare state asymmetric first golden age Godley, Wynne Goldman Sachs Goodfriend, Marvin Google governments and innovation deficits failures intervention by modernisation of risk-taking Graham, Benjamin Great Depression Greece austerity bailouts debt problems GDP investment activity public deficit unemployment green technology green direction for innovation greenhouse gas emissions Greenspan, Alan Grubb, Michael H Hatzius, Jan health and climate change older people Hirschman, Albert history Integration with theory home mortgage specialists household income housing purchases value I IBM income distribution industrial revolution inequality adverse effects and economic performance China ethnicity explanation for income international trend OECD countries opportunities redistributive policies reinforcement reversing rise taxation UK wealth inflation information and communications technologies (ICT) consumer demand green direction internet of things online education planned obsolescence innovation and climate change and companies and government and growth innovative enterprise path-dependence public sector institutions European financial role Intel interest rates and quantitative easing Intergovernmental Panel on Climate Change (IPCC) International Bank for Reconstruction and Development (IBRD) International Energy Agency (IEA) International Labour Organization (ILO) International Monetary Fund (IMF) Studies investment and theory of the firm crowding out decline in investment in innovation private private vs publicly owned firms public public–private investment partnerships investment-led growth Ireland debt problems investment activity Public deficit Israel public venture capital fund research and development Italy average real wage index debt problems GDP Income inequality unemployment J Japan average real wage index competitive advantage over US GDP wages Jobs, Steve Juncker, Jean-Claude K Kay Review Keynes, John Maynard KfW Knight, Frank Koo, Richard Krueger, Alan Krugman, Paul L labour markets insecurity of regulation structures United States labour productivity and wages declining growth public deficit unemployment Lehman Brothers Lerner, Abba liquidity crisis Lloyd George, David lobbying corporate M Maastricht Treaty Malthus, Thomas market economy theory markets behaviour failure uncertainty Marshall, Alfred Marx, Karl McCulley, Paul Merrill Lynch Mill, John Stuart Minsky, Hyman mission oriented investment monetary policy money and fiscal policy and macroeconomic policy bank money electronic transactions endogenous exogenous fiat money government bonds IOUs modern money theory quantity theory theories monopolies monopoly rents natural Moore, Gordon N NASA nanotechnology National Health Service (NHS) National Institutes of Health (NIH) national savings neoliberalism corporate Newman, Frank Newton, Isaac O Obama, Barack P patents patient capital patient finance see patient capital Penrose, Edith Piketty, Thomas PIMCO Pisano, Gary Polanyi, Karl Portugal austerity bailout debt problems GDP investment activity unemployment privatisation productivity marginal productivity theory productive firm unproductive firm – see also labour productivity public deficits public goods public organisations and change public policy and change evaluation role public service outsourcing public spending public–private investment partnerships Q quantitative easing quarterly capitalism R Reagan, Ronald recessions Reinhart, Carmen renewable energy policy rents and banks increase rent-seeking research and development (R&D) state organisations Ricardo, David risk-taking – mitigation of risk role of the state Rogoff, Kenneth Roosevelt, Franklin D.

Schumpeter, Joseph Second World War Senior, Nassau Serco share prices shareholder value short-termism and investments empirical evidence of investors’ discount rates policy implications value of future cash-flows single European market smart phones social care Solyndra Spain austerity debt problems GDP investment activity private debt unemployment stagnation economic secular state investment banks funding for green projects renewable energy investments Stirling, Andy stock market values Szczurek, Mateusz T taxation avoidance and evasion energy and materials favourable rates income tax rates inequality policy preferential treatment reform revenues short-term gains tax breaks technological revolutions consumer demand diffusion green direction green growth history recessions telecommunications Tesla Motors Thatcher, Margaret top earners Australia Canada United Kingdom United States trade unions Transatlantic Trade and Investment Partnership (TTIP) transparency Treaty on Stability, Coordination and Governance Turkey income inequality U unemployment Europe global southern Europe United Kingdom United States young people universal basic income United Kingdom GDP income inequality inequality investment labour productivity growth private debt public deficit Public Finance Initiative (PFI) recessions and recovery research and development sectoral financial balances support for banks top earners unemployment wages United States average real wage index business models emergency loans to banks energy policies GDP income inequality investment Japanese competition labour productivity growth National Commission on Fiscal Responsibility and Reform poverty private debt public deficit research and development sectoral financial balances Small Business Innovation Research (SBIR) programme top earners trickle-down strategy unemployment wages wealth US legislation Recovery and Reinvestment Act (ARRA) Taxpayer Relief Act 2012 V Veblen, Thorstein venture capital venture capitalism Volcker, Paul Von Hayek, Friedrich W wages and labour productivity average real wage index higher-skilled workers legal minimum lower-skilled workers United Kingdom wealth creation welfare payments welfare state western capitalism collapse failures Wolf, Martin Woodford, Michael world economy Cambridge Alphametrics Model (CAM) Y Yellen, Janet youth unemployment


pages: 196 words: 54,339

Team Human by Douglas Rushkoff

1960s counterculture, autonomous vehicles, basic income, Berlin Wall, big-box store, bitcoin, blockchain, Burning Man, carbon footprint, clean water, clockwork universe, cloud computing, collective bargaining, corporate personhood, disintermediation, Donald Trump, drone strike, European colonialism, Filter Bubble, full employment, future of work, game design, gig economy, Google bus, Gödel, Escher, Bach, Internet of things, invention of the printing press, invention of writing, invisible hand, iterative process, Kevin Kelly, knowledge economy, life extension, lifelogging, Mark Zuckerberg, Marshall McLuhan, means of production, new economy, patient HM, pattern recognition, peer-to-peer, Peter Thiel, Ray Kurzweil, recommendation engine, ride hailing / ride sharing, Ronald Reagan, Ronald Reagan: Tear down this wall, shareholder value, sharing economy, Silicon Valley, social intelligence, sovereign wealth fund, Steve Jobs, Steven Pinker, Stewart Brand, technoutopianism, theory of mind, trade route, Travis Kalanick, Turing test, universal basic income, Vannevar Bush, winner-take-all economy, zero-sum game

Furthermore, they propose technosolutions that are radical in every way except in their refusal to challenge the underlying rule set of venture capitalism or the extreme wealth of those who are making the investments. Every technosolution must still be a profitable investment opportunity—otherwise, it is not considered a solution at all. Even promising wealth redistribution ideas, such as universal basic income, are recontextualized by the technosolutionists as a way of keeping their companies going. In principle, the idea of a negative income tax for the poor, or a guaranteed minimum income for everyone, makes economic sense. But when we hear these ideas espoused by Silicon Valley’s CEOs, it’s usually in the context of keeping the extraction going. People have been sucked dry, so now the government should just print more money for them to spend.

The products they manufacture may be unnecessary plastic contraptions for which demand must be created with manipulative marketing and then space made in landfills, but at least they will create an excuse to employ some human hours. If we truly are on the brink of a jobless future, we should be celebrating our efficiency and discussing alternative strategies for distributing our surplus, from a global welfare program to universal basic income. But we are nowhere close. While machines may get certain things done faster and more efficiently than humans, they externalize a host of other problems that most technologists pretend do not exist. Even today’s robots and computers are built with rare earth metals and blood minerals; they use massive amounts of energy; and when they grow obsolete their components are buried in the ground as toxic waste.


Not Working by Blanchflower, David G.

active measures, affirmative action, Affordable Care Act / Obamacare, Albert Einstein, bank run, banking crisis, basic income, Berlin Wall, Bernie Madoff, Bernie Sanders, Black Swan, Boris Johnson, business cycle, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, Clapham omnibus, collective bargaining, correlation does not imply causation, credit crunch, declining real wages, deindustrialization, Donald Trump, estate planning, Fall of the Berlin Wall, full employment, George Akerlof, gig economy, Gini coefficient, Growth in a Time of Debt, illegal immigration, income inequality, indoor plumbing, inflation targeting, job satisfaction, John Bercow, Kenneth Rogoff, labor-force participation, liquidationism / Banker’s doctrine / the Treasury view, longitudinal study, low skilled workers, manufacturing employment, Mark Zuckerberg, market clearing, Martin Wolf, mass incarceration, meta analysis, meta-analysis, moral hazard, Nate Silver, negative equity, new economy, Northern Rock, obamacare, oil shock, open borders, Own Your Own Home, p-value, Panamax, pension reform, plutocrats, Plutocrats, post-materialism, price stability, prisoner's dilemma, quantitative easing, rent control, Richard Thaler, Robert Shiller, Robert Shiller, Ronald Coase, selection bias, selective serotonin reuptake inhibitor (SSRI), Silicon Valley, South Sea Bubble, Thorstein Veblen, trade liberalization, universal basic income, University of East Anglia, urban planning, working poor, working-age population, yield curve

On May 28, 2018, Italian president Sergio Mattarella blocked a bid by two populist parties, which are riding high in the opinion polls, the anti-establishment Five Star and the far-right anti-immigrant Northern League alliance, to form a government. While both are called “populist,” they have conflicting policies, so it isn’t surprising that their efforts to form a government ultimately failed. The Five Star Movement called for a universal basic income of $920 a month, implying a huge increase in government outlays. The Northern League has called for a flat tax rate of 15 percent and actions against refugees. It would also like to see heavy spending on infrastructure. Both parties wish to roll back pension reforms and other plans aimed at boosting competitiveness. Both are strongly Eurosceptic and show little inclination to be bound by European Union rules and regulations.

As Gideon Rachman noted on June 4, 2018, in the Financial Times, there is likely lots of trouble brewing. Matteo Salvini, the League’s leader and Italy’s new interior minister, has promised to speed up deportations and detentions of up to 500,000 illegal immigrants—which could cause angst in Berlin, as well as potentially violating EU law. The League also wants a flat tax of 15 per cent on income. Five Star, its coalition partner, has argued for a universal basic income. Those policies together are a recipe for blowing up the EU’s 3 per cent limit on national budget deficits. If the government in Rome ignores the EU’s fiscal rules, the reaction from Brussels and Berlin will be harsh. When Italy then finds itself under pressure from the bond markets, the likes of Mr Varoufakis and Mr Savona will return to the argument that the EU elite is conspiring against the will of the people.30 On June 5, 2018, Bloomberg reported that Italian prime minister Giuseppe Conte pledged in his maiden speech that his government would push through measures ranging from a “citizen’s income” for the poor to tax cuts and curbs on immigration, as he called for a stronger, fairer Europe. 31 Italian bonds extended their decline during his speech as he gave investors little indication that he would diverge from the Five Star–League program.

It would make sense for a millionaire to pay at least the same proportion as his or her secretary and for a billionaire to pay a higher proportion than a millionaire. I am a great believer in providing incentives to work. It is inappropriate to subsidize indolence. Finally, it is time to look at ways of encouraging and giving incentives for work to those at the bottom. There has also been talk of Universal Basic Income (UBI) whereby the federal government would provide each adult below a certain income level with a specific amount of money each year. It acts as a negative income tax. In a new Gallup poll taken in February 2018 an astonishing 48 percent of Americans support this idea. Alexandria Ocasio-Cortez won a surprise primary election in New York and called for a universal jobs guarantee, under which the federal government would provide a job for every American.


pages: 223 words: 58,732

The Retreat of Western Liberalism by Edward Luce

"Robert Solow", 3D printing, affirmative action, Airbnb, basic income, Berlin Wall, Bernie Sanders, Boris Johnson, Branko Milanovic, Bretton Woods, business cycle, call centre, carried interest, centre right, Charles Lindbergh, cognitive dissonance, colonial exploitation, colonial rule, computer age, corporate raider, cuban missile crisis, currency manipulation / currency intervention, Dissolution of the Soviet Union, Doha Development Round, Donald Trump, double entry bookkeeping, Erik Brynjolfsson, European colonialism, everywhere but in the productivity statistics, Fall of the Berlin Wall, Francis Fukuyama: the end of history, future of work, George Santayana, gig economy, Gini coefficient, global pandemic, global supply chain, illegal immigration, imperial preference, income inequality, informal economy, Internet of things, Jaron Lanier, knowledge economy, lateral thinking, liberal capitalism, Marc Andreessen, Mark Zuckerberg, Martin Wolf, mass immigration, means of production, Monroe Doctrine, moral panic, more computing power than Apollo, mutually assured destruction, new economy, New Urbanism, Norman Mailer, offshore financial centre, one-China policy, Peace of Westphalia, Peter Thiel, plutocrats, Plutocrats, precariat, purchasing power parity, reserve currency, reshoring, Richard Florida, Robert Gordon, Ronald Reagan, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Skype, Snapchat, software is eating the world, South China Sea, Steve Jobs, superstar cities, telepresence, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Thomas L Friedman, Tyler Cowen: Great Stagnation, universal basic income, unpaid internship, Washington Consensus, We are the 99%, We wanted flying cars, instead we got 140 characters, white flight, World Values Survey, Yogi Berra

In practice, he wasted little time in laying out a tax-cutting and deregulatory banquet for their delectation. In marketing they call this bait and switch. The net effect of Trump’s actual – as opposed to his rhetorical – economic agenda will be to deepen the economic conditions that gave rise to his candidacy. It is not my aim to set out a detailed policy manifesto. Every grand remedy has its downsides. Setting up a Universal Basic Income – one solution that has attracted growing support – has broad meretricious appeal. Every citizen would receive a basic income of say £15,000 a year. All other welfare benefits would be scrapped, which would fund the whole thing. A UBI would cushion the losers in bad times and give them a springboard during the good. At a stroke it would also get rid of the vast bureaucratic apparatus that decides who qualifies for benefits and who doesn’t.

., 201 Thoreau, Henry David, 127–8 Thrower, Randolph, 132 Tillerson, Rex, 147–8, 161 Toil Index, 35–6 Trans-Pacific Trade Partnership, 73, 167 transport, 54, 55, 56–7, 58, 61; self-driving vehicles, 54, 57, 60, 68 Trump, Donald: admiration for Putin, 7, 129, 135; and America First movement, 117; autocratic/authoritarian nature of, 133, 169, 171, 178–9; Bannon as Surkov of, 173; Chinese view of, 85–6, 140; confusion as strategic goal, 79, 86, 127, 128, 130, 131, 173, 178–9, 195–6; foreign policy, 167–70, 178–80, 181–4; ignorance of how other countries think, 161, 167–9; inaugural address, 135, 146; Andrew Jackson comparisons, 113–14; and male voters, 57; as mortal threat to democracy, 97, 104, 111, 126, 133–6, 138, 139, 161, 169–70, 178–84, 203–4; and Muslim ban, 135, 181, 182; narcissism of, 170; need for new Mark Felt/Deep Throat, 136; and nuclear weapons, 175, 176; offers cure worse than the disease, 14, 181; plan to deport Mexican immigrants, 114, 135; poorly educated as base, 103, 123; promised border wall, 94–5; protectionism of, 19–20, 73, 149; and pro wrestling, 124; stealing of the left’s clothes, 101, 103; stoking of racism by, 97; support for plutocracy, 193, 195, 196, 199–200; and Taiwan, 145, 166–7, 168; targeting of Muslims, 135, 181–3, 195–6; and Twitter, 70, 146; and UFC, 126; urban–hinterland split in 2016 vote, 47–8, 119, 120, 130, 135; and US political system, 131, 133–5; US–China war scenario, 145–53, 161; victory in US presidential election, 5, 6–7, 11–12, 15, 28, 47–8, 79, 87, 96–8, 111, 120, 194–5 Trump: The Game (board game), 7 Tsai Ing-Wen, 151 Tunisia, 12, 82 Turkey, 12, 82, 137, 140, 175 Twitter, 34, 53, 70, 146 Uber, 63 UFC (Ultimate Fighting Championship), 125–6, 127 UK Independence Party (UKIP), 90, 98, 100, 101–2, 190; xenophobia during Brexit campaign, 100–1 Ukraine: Orange Revolution (2004), 79; Putin’s annexation of Crimea (2014), 8, 173 United States of America (USA): 1968 Democratic Convention, 188–9; 2016 presidential election, 5, 6–7, 11–12, 15, 28, 47–8, 79, 87–8, 91–8, 119, 130, 133, 135; 9/11 terrorist attacks, 79–80, 81, 182; America First movement, 117; civil rights victories (1960s), 190; ‘complacent classes’ in, 40; Constitution, 112–13, 163; and containment of China, 25–6, 145–6, 157–61, 165; decline of established parties, 89; declining hegemony of, 14, 21–2, 26–8, 140–1, 200–1; domestic terrorist attacks, 182, 183; elite–heartland divide, 47–8, 119, 130, 135; foreign policy since WW2, 183–4; gig economy, 63–5; gilded age, 42–3; growth after 2008 crisis, 30–1; growth of inequality in modern era, 43, 44–8, 49, 50–1; history in popular imagination, 163; Lend-Lease aid to Britain, 169; middle-income problem in, 35–41; Monroe Doctrine (1823), 164–5; murder rate in suburbs, 47; nineteenth-century migration to, 41; Operation Iraqi Freedom, 8, 81, 85, 156; opioid-heroin epidemic, 37–8; Patriot Act, 80; political system, 112–13, 131–6, 163; post-Cold War triumphalism, 6, 71; primacy in Asia Pacific, 26, 157, 160–1; racial/ethnic make-up of, 94–6; relations with Soviet Union see Cold War; relative decline of, 170; ‘reverse white flight’ in, 46; technological leap forward (from 1870), 58–9; vanishing class mobility in, 43–6; ‘war on terror’, 80–1, 140, 183; Washington’s ‘deep state’, 133–4 Universal Basic Income (UBI) proposals, 196–7 Universal Declaration of Human Rights, 8–9, 10 Vance, J.D., 108 Venezuela, 82 Versailles Conference (1919), 154 Vienna, Congress of (1814–15), 7 Vietnam, 166 Wallace, George, 113 Walters, Johnnie M., 132 ‘war on terror’, US, 80–1, 140, 183 Warsh, Kevin, 150 Washington Consensus, 29–30, 71, 77, 78–9, 158–9 Washington Post, 132 Weber, Max, 162 welfare systems, 42, 101–3, 191, 198 Western thought: on China, 158–9, 161–2; conceit of primacy of, 4–5, 8–9, 85, 158–9, 162; declining influence of, 200–1; idea of progress, 4, 8, 11–12, 37; modernity concept, 24, 162; non-Western influences on, 24–5; see also democracy, liberal; liberalism, Western WhatsApp, 54 White, Hugh, 25, 158 Wilders, Geert, 102 Wilentz, Sean, 114 Williamson, John, 29 Wilson, Woodrow, 115 Woodward, Bob, 132 Wordsworth, William, 3 World Bank, 84 World Trade Organization (WTO), 26, 72, 149, 150 Wright, Thomas, 180 WWE (World Wrestling Entertainment), 124–5 Xi Jinping, 19–20, 26, 27, 146, 149, 168, 170; and US–China war scenario, 150, 152 Yellen, Janet, 150 Yeltsin, Boris, 78, 79 Young, Michael, 45–6 YouTube, 54 Zakaria, Fareed, 13, 119


pages: 378 words: 110,518

Postcapitalism: A Guide to Our Future by Paul Mason

Alfred Russel Wallace, bank run, banking crisis, banks create money, Basel III, basic income, Bernie Madoff, Bill Gates: Altair 8800, bitcoin, Branko Milanovic, Bretton Woods, BRICs, British Empire, business cycle, business process, butterfly effect, call centre, capital controls, Cesare Marchetti: Marchetti’s constant, Claude Shannon: information theory, collaborative economy, collective bargaining, Corn Laws, corporate social responsibility, creative destruction, credit crunch, currency manipulation / currency intervention, currency peg, David Graeber, deglobalization, deindustrialization, deskilling, discovery of the americas, Downton Abbey, drone strike, en.wikipedia.org, energy security, eurozone crisis, factory automation, financial repression, Firefox, Fractional reserve banking, Frederick Winslow Taylor, full employment, future of work, game design, income inequality, inflation targeting, informal economy, information asymmetry, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Internet of things, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kenneth Arrow, Kevin Kelly, Kickstarter, knowledge economy, knowledge worker, late capitalism, low skilled workers, market clearing, means of production, Metcalfe's law, microservices, money: store of value / unit of account / medium of exchange, mortgage debt, Network effects, new economy, Norbert Wiener, Occupy movement, oil shale / tar sands, oil shock, Paul Samuelson, payday loans, Pearl River Delta, post-industrial society, precariat, price mechanism, profit motive, quantitative easing, race to the bottom, RAND corporation, rent-seeking, reserve currency, RFID, Richard Stallman, Robert Gordon, Robert Metcalfe, secular stagnation, sharing economy, Stewart Brand, structural adjustment programs, supply-chain management, The Future of Employment, the scientific method, The Wealth of Nations by Adam Smith, Transnistria, union organizing, universal basic income, urban decay, urban planning, Vilfredo Pareto, wages for housework, WikiLeaks, women in the workforce

LET MARKET FORCES DISAPPEAR In a highly networked, consumer-oriented society, where people have an individual-centred model of economic need, markets are not the enemy. This is the major difference between a postcapitalism based on info-tech and one based on command planning. There is no reason to abolish markets by diktat, as long as you abolish the basic power imbalances that the term ‘free market’ disguises. Once firms are forbidden to set monopoly prices, and a universal basic income is available (see below), the market is actually the transmitter of the ‘zero marginal cost’ effect, which manifests as falling labour time across society. But in order to control the transition, we would need to send clear signals to the private sector, one of the most important of which is this: profit derives from entrepreneurship, not rent. The act of innovating and creating – whether it be a new kind of jet engine or a hit dance music track – is rewarded, as now, by the firm’s ability to reap short-term gains, either from higher sales or lower costs.

One byproduct of promoting competition and diversity in the service sector is that, once you can’t relentlessly drive down wages, there would have to be a surge of technical innovation, the outcome of which would be to reduce the number of work hours needed across society overall. And that leads us to what is probably the biggest structural change required to make postcapitalism happen: a universal basic income guaranteed by the state. PAY EVERYONE A BASIC INCOME The basic income, as a policy, is not that radical. Various pilot projects and designs have been touted, often by the right, sometimes by the centre-left, as a replacement for the dole with cheaper administration costs. But in the postcapitalist project, the purpose of the basic income is radical: it is (a) to formalize the separation of work and wages and (b) to subsidize the transition to a shorter working week, or day, or life.

The advantages of working remain clear, but there are also advantages to be gained through not working: you can look after your kids, write poetry, go back to college, manage your chronic illness or peer-educate others like you. Under this system, there would be no stigma attached to not working. The labour market would be stacked in favour of the high-paying job and the high-paying employer. The universal basic income, then, is an antidote to what the anthropologist David Graeber calls ‘bullshit jobs’: the low-paid service jobs capitalism has managed to create over the past twenty-five years that pay little, demean the worker and probably don’t need to exist.10 But it’s only a transitional measure for the first stage of the postcapitalist project. The ultimate aim is to reduce to a minimum the hours it takes to produce what humanity needs.


pages: 419 words: 109,241

A World Without Work: Technology, Automation, and How We Should Respond by Daniel Susskind

3D printing, agricultural Revolution, AI winter, Airbnb, Albert Einstein, algorithmic trading, artificial general intelligence, autonomous vehicles, basic income, Bertrand Russell: In Praise of Idleness, blue-collar work, British Empire, Capital in the Twenty-First Century by Thomas Piketty, cloud computing, computer age, computer vision, computerized trading, creative destruction, David Graeber, David Ricardo: comparative advantage, demographic transition, deskilling, disruptive innovation, Donald Trump, Douglas Hofstadter, drone strike, Edward Glaeser, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, financial innovation, future of work, gig economy, Gini coefficient, Google Glasses, Gödel, Escher, Bach, income inequality, income per capita, industrial robot, interchangeable parts, invisible hand, Isaac Newton, Jacques de Vaucanson, James Hargreaves, job automation, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, John von Neumann, Joi Ito, Joseph Schumpeter, Kenneth Arrow, Khan Academy, Kickstarter, low skilled workers, lump of labour, Marc Andreessen, Mark Zuckerberg, means of production, Metcalfe’s law, natural language processing, Network effects, Occupy movement, offshore financial centre, Paul Samuelson, Peter Thiel, pink-collar, precariat, purchasing power parity, Ray Kurzweil, ride hailing / ride sharing, road to serfdom, Robert Gordon, Sam Altman, Second Machine Age, self-driving car, shareholder value, sharing economy, Silicon Valley, Snapchat, social intelligence, software is eating the world, sovereign wealth fund, spinning jenny, Stephen Hawking, Steve Jobs, strong AI, telemarketer, The Future of Employment, The Rise and Fall of American Growth, the scientific method, The Wealth of Nations by Adam Smith, Thorstein Veblen, Travis Kalanick, Turing test, Tyler Cowen: Great Stagnation, universal basic income, upwardly mobile, Watson beat the top human players on Jeopardy!, We are the 99%, wealth creators, working poor, working-age population, Y Combinator

See also frictional technological unemployment; structural technological unemployment future of inequality and Keynes and television Temple of Heaven Park Tennyson, Alfred territorial dividends Tesla Thebes A Theory of Justice (Rawls) Thiel, Peter Thiel Foundation 3-D printing techniques Thrun, Sebastian timing toilet paper top-down creation top income inequality tractors Trades Union Congress (TUC) traditional capital transparency tribal sovereignty Trump, Donald TUC. See Trades Union Congress Turing, Alan “The Turk” (chess machine) TV. See television Twitter two sigma problem Uber UBI. See universal basic income “Ulysses” (Tennyson) unattainable skills uncanny valley unconscious design underestimation unemployment. See also technological unemployment unemployment rate unions universal basic income (UBI) universal benefits unskill bias upheaval, change and upper class up-skilling Ure, Andrew valuation Van Parijs, Philippe Veblen, Thorstein vehicles, autonomous virtues Vives, Juan Luis volunteering von Kempelen, Wolfgang wages Watson wealth funds weavering Weber, Max WeChat Wei Xiaoyong Weizenbaum, Joseph welfare welfare state WhatsApp working tax credits work week length The World of Yesterday (Zweig) Xi Jinping YouTube zero capital tax Zeus Zo (chatbot) Zuckerberg, Mark Zucman, Gabriel Zweig, Stefan ALSO BY DANIEL SUSSKIND The Future of the Professions: How Technology Will Transform the Work of Human Experts (with Richard Susskind) ABOUT THE AUTHOR DANIEL SUSSKIND is the coauthor, with Richard Susskind, of The Future of the Professions, named as one of the best books of the year by the Financial Times, New Scientist, and the Times Literary Supplement.

Revenue was spent on raising the wages of the lowest-paid workers and on supporting those who found themselves unemployed while encouraging them back into the job market. In a world with less work, however, these approaches will be markedly less effective than they were in the past. This is why, among those who worry about the future of work, there is a lot of excitement about the idea of a universal basic income, or UBI. This scheme sidesteps the labor market altogether: it is a regular payment that the government provides to everyone, whether or not they are employed. Support for the UBI can also be found well beyond just those who are anxious about automation: it is one of those rare policy proposals that makes the political spectrum bend back on itself, with people on opposite ends meeting in violent agreement.


pages: 403 words: 111,119

Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist by Kate Raworth

"Robert Solow", 3D printing, Asian financial crisis, bank run, basic income, battle of ideas, Berlin Wall, bitcoin, blockchain, Branko Milanovic, Bretton Woods, Buckminster Fuller, business cycle, call centre, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, choice architecture, clean water, cognitive bias, collapse of Lehman Brothers, complexity theory, creative destruction, crowdsourcing, cryptocurrency, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, dematerialisation, disruptive innovation, Douglas Engelbart, Douglas Engelbart, en.wikipedia.org, energy transition, Erik Brynjolfsson, Ethereum, ethereum blockchain, Eugene Fama: efficient market hypothesis, experimental economics, Exxon Valdez, Fall of the Berlin Wall, financial deregulation, Financial Instability Hypothesis, full employment, global supply chain, global village, Henri Poincaré, hiring and firing, Howard Zinn, Hyman Minsky, income inequality, Intergovernmental Panel on Climate Change (IPCC), invention of writing, invisible hand, Isaac Newton, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, Kickstarter, land reform, land value tax, Landlord’s Game, loss aversion, low skilled workers, M-Pesa, Mahatma Gandhi, market fundamentalism, Martin Wolf, means of production, megacity, mobile money, Mont Pelerin Society, Myron Scholes, neoliberal agenda, Network effects, Occupy movement, off grid, offshore financial centre, oil shale / tar sands, out of africa, Paul Samuelson, peer-to-peer, planetary scale, price mechanism, quantitative easing, randomized controlled trial, Richard Thaler, Ronald Reagan, Second Machine Age, secular stagnation, shareholder value, sharing economy, Silicon Valley, Simon Kuznets, smart cities, smart meter, Social Responsibility of Business Is to Increase Its Profits, South Sea Bubble, statistical model, Steve Ballmer, The Chicago School, The Great Moderation, the map is not the territory, the market place, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, too big to fail, Torches of Freedom, trickle-down economics, ultimatum game, universal basic income, Upton Sinclair, Vilfredo Pareto, wikimedia commons

91 The biggest and longest experiment in piloting such a scheme is getting under way in Kenya, set up by the US-based charity GiveDirectly. For the next 10–15 years, 6,000 of the poorest people in Kenya will regularly receive a guaranteed income that is enough to meet their family’s basic needs, sent via their phone. By running such an extended pilot scheme, the charity hopes to give recipients the security needed to take longer-term life-changing decisions – and to prove that a universal basic income is an idea whose time has come.92 There’s only one caution: that private incomes are no substitute for public services. The market works best in tackling inequality and poverty when it complements, rather than replaces, the state and the commons. Accompanied by free-at-the-point-of-use provision of education and primary healthcare, such a basic income would be a direct investment in the potential of every woman, man and child, significantly advancing the prospects of achieving the Doughnut’s social foundation for all.

.’, World Bank Policy Research Working Paper no. 3994, Washington, DC: World Bank, available at: http://www1.worldbank.org/prem/poverty/ie/dime_papers/1082.pdf 91. Global Basic Income Foundation, What Is a Global Basic Income? http://www.globalincome.org/English/Global-Basic-Income.html 92. Faye, M. and Niehaus, P. (2016) ‘What if we just gave poor people a basic income for life? That’s what we are about to test’, Slate, 14 April 2016, available at: http://www.slate.com/blogs/moneybox/2016/04/14/universal_basic_income_this_nonprofit_is_about_to_test_it_in_a_big_way.html 93. Hurun Global Rich List 2015. http://www.hurun.net/en/articleshow.aspx?nid=9607 94. Seery, E. and Caistor Arendar, A. (2014) Even It Up: Time to End Extreme Inequality. Oxford: Oxfam International, p. 17. 95. ICRICT (2015) Declaration of the Independent Commissions for the Reform of International Corporate Taxation. www.icrict.org 96.

., 6 micro-businesses, 9, 173, 178 microeconomics, 132–4 microgrids, 187–8 Micronesia, 153 Microsoft, 231 middle class, 6, 46, 58 middle-income countries, 90, 164, 168, 173, 180, 226, 254 migration, 82, 89–90, 166, 195, 199, 236, 266, 286 Milanovic, Branko, 171 Mill, John Stuart, 33–4, 73, 97, 250, 251, 283, 284, 288 Millo, Yuval, 101 minimum wage, 82, 88, 176 Minsky, Hyman, 87, 146 Mises, Ludwig von, 66 mission zero, 217 mobile banking, 199–200 mobile phones, 222 Model T revolution, 277–8 Moldova, 199 Mombasa, Kenya, 185–6 Mona Lisa (da Vinci), 94 money creation, 87, 164, 177, 182–8, 205 MONIAC (Monetary National Income Analogue Computer), 64–5, 75, 142, 262 Monoculture (Michaels), 6 Monopoly, 149 Mont Pelerin Society, 67, 93 Moral Consequences of Economic Growth, The (Friedman), 258 moral vacancy, 41 Morgan, Mary, 99 Morogoro, Tanzania, 121 Moyo, Dambisa, 258 Muirhead, Sam, 230, 231 MultiCapital Scorecard, 241 Murphy, David, 264 Murphy, Richard, 185 musical tastes, 110 Myriad Genetics, 196 N national basic income, 177 Native Americans, 115, 116, 282 natural capital, 7, 116, 269 Natural Economic Order, The (Gessel), 274 Nedbank, 216 negative externalities, 213 negative interest rates, 275–6 neoclassical economics, 134, 135 neoliberalism, 7, 62–3, 67–70, 81, 83, 84, 88, 93, 143, 170, 176 Nepal, 181, 199 Nestlé, 217 Netherlands, 211, 235, 224, 226, 238, 277 networks, 110–11, 117, 118, 123, 124–6, 174–6 neuroscience, 12–13 New Deal, 37 New Economics Foundation, 278, 283 New Year’s Day, 124 New York, United States, 9, 41, 55 Newlight Technologies, 224, 226, 293 Newton, Isaac, 13, 15–17, 32–3, 95, 97, 129, 131, 135–7, 142, 145, 162 Nicaragua, 196 Nigeria, 164 nitrogen, 49, 52, 212–13, 216, 218, 221, 226, 298 ‘no pain, no gain’, 163, 167, 173, 204, 209 Nobel Prize, 6–7, 43, 83, 101, 167 Norway, 281 nudging, 112, 113, 114, 123–6 O Obama, Barack, 41, 92 Oberlin, Ohio, 239, 240–41 Occupy movement, 40, 91 ocean acidification, 45, 46, 52, 155, 242, 298 Ohio, United States, 190, 239 Okun, Arthur, 37 onwards and upwards, 53 Open Building Institute, 196 Open Source Circular Economy (OSCE), 229–32 open systems, 74 open-source design, 158, 196–8, 265 open-source licensing, 204 Organisation for Economic Co-operation and Development (OECD), 38, 210, 255–6, 258 Origin of Species, The (Darwin), 14 Ormerod, Paul, 110, 111 Orr, David, 239 Ostrom, Elinor, 83, 84, 158, 160, 181–2 Ostry, Jonathan, 173 OSVehicle, 231 overseas development assistance (ODA), 198–200 ownership of wealth, 177–82 Oxfam, 9, 44 Oxford University, 1, 36 ozone layer, 9, 50, 115 P Pachamama, 54, 55 Pakistan, 124 Pareto, Vilfredo, 165–6, 175 Paris, France, 290 Park 20|20, Netherlands, 224, 226 Parker Brothers, 149 Patagonia, 56 patents, 195–6, 197, 204 patient capital, 235 Paypal, 192 Pearce, Joshua, 197, 203–4 peer-to-peer networks, 187, 192, 198, 203, 292 People’s QE, 184–5 Perseus, 244 Persia, 13 Peru, 2, 105–6 Phillips, Adam, 283 Phillips, William ‘Bill’, 64–6, 75, 142, 262 phosphorus, 49, 52, 212–13, 218, 298 Physiocrats, 73 Pickett, Kate, 171 pictures, 12–25 Piketty, Thomas, 169 Playfair, William, 16 Poincaré, Henri, 109, 127–8 Polanyi, Karl, 82, 272 political economy, 33–4, 42 political funding, 91–2, 171–2 political voice, 43, 45, 51–2, 77, 117 pollution, 29, 45, 52, 85, 143, 155, 206–17, 226, 238, 242, 254, 298 population, 5, 46, 57, 155, 199, 250, 252, 254 Portugal, 211 post-growth society, 250 poverty, 5, 9, 37, 41, 50, 88, 118, 148, 151 emotional, 283 and inequality, 164–5, 168–9, 178 and overseas development assistance (ODA), 198–200 and taxation, 277 power, 91–92 pre-analytic vision, 21–2 prescription medicines, 123 price-takers, 132 prices, 81, 118–23, 131, 160 Principles of Economics (Mankiw), 34 Principles of Economics (Marshall), 17, 98 Principles of Political Economy (Mill), 288 ProComposto, 226 Propaganda (Bernays), 107 public relations, 107, 281 public spending v. investment, 276 public–private patents, 195 Putnam, Robert, 76–7 Q quantitative easing (QE), 184–5 Quebec, 281 Quesnay, François, 16, 73 R Rabot, Ghent, 236 Rancière, Romain, 172 rating and review systems, 105 rational economic man, 94–103, 109, 111, 112, 126, 282 Reagan, Ronald, 67 reciprocity, 103–6, 117, 118, 123 reflexivity of markets, 144 reinforcing feedback loops, 138–41, 148, 250, 271 relative decoupling, 259 renewable energy biomass energy, 118, 221 and circular economy, 221, 224, 226, 235, 238–9, 274 and commons, 83, 85, 185, 187–8, 192, 203, 264 geothermal energy, 221 and green growth, 257, 260, 263, 264, 267 hydropower, 118, 260, 263 pricing, 118 solar energy, see solar energy wave energy, 221 wind energy, 75, 118, 196, 202–3, 221, 233, 239, 260, 263 rentier sector, 180, 183, 184 reregulation, 82, 87, 269 resource flows, 175 resource-intensive lifestyles, 46 Rethinking Economics, 289 Reynebeau, Guy, 237 Ricardo, David, 67, 68, 73, 89, 250 Richardson, Katherine, 53 Rifkin, Jeremy, 83, 264–5 Rise and Fall of the Great Powers, The (Kennedy), 279 risk, 112, 113–14 Robbins, Lionel, 34 Robinson, James, 86 Robinson, Joan, 142 robots, 191–5, 237, 258, 278 Rockefeller Foundation, 135 Rockford, Illinois, 179–80 Rockström, Johan, 48, 55 Roddick, Anita, 232–4 Rogoff, Kenneth, 271, 280 Roman Catholic Church, 15, 19 Rombo, Tanzania, 190 Rome, Ancient, 13, 48, 154 Romney, Mitt, 92 Roosevelt, Franklin Delano, 37 rooted membership, 190 Rostow, Walt, 248–50, 254, 257, 267–70, 284 Ruddick, Will, 185 rule of thumb, 113–14 Ruskin, John, 42, 223 Russia, 200 rust belt, 90, 239 S S curve, 251–6 Sainsbury’s, 56 Samuelson, Paul, 17–21, 24–5, 38, 62–7, 70, 74, 84, 91, 92, 93, 262, 290–91 Sandel, Michael, 41, 120–21 Sanergy, 226 sanitation, 5, 51, 59 Santa Fe, California, 213 Santinagar, West Bengal, 178 São Paolo, Brazil, 281 Sarkozy, Nicolas, 43 Saumweder, Philipp, 226 Scharmer, Otto, 115 Scholes, Myron, 100–101 Schumacher, Ernst Friedrich, 42, 142 Schumpeter, Joseph, 21 Schwartz, Shalom, 107–9 Schwarzenegger, Arnold, 163, 167, 204 ‘Science and Complexity’ (Weaver), 136 Scotland, 57 Seaman, David, 187 Seattle, Washington, 217 second machine age, 258 Second World War (1939–45), 18, 37, 70, 170 secular stagnation, 256 self-interest, 28, 68, 96–7, 99–100, 102–3 Selfish Society, The (Gerhardt), 283 Sen, Amartya, 43 Shakespeare, William, 61–3, 67, 93 shale gas, 264, 269 Shang Dynasty, 48 shareholders, 82, 88, 189, 191, 227, 234, 273, 292 sharing economy, 264 Sheraton Hotel, Boston, 3 Siegen, Germany, 290 Silicon Valley, 231 Simon, Julian, 70 Sinclair, Upton, 255 Sismondi, Jean, 42 slavery, 33, 77, 161 Slovenia, 177 Small Is Beautiful (Schumacher), 42 smart phones, 85 Smith, Adam, 33, 57, 67, 68, 73, 78–9, 81, 96–7, 103–4, 128, 133, 160, 181, 250 social capital, 76–7, 122, 125, 172 social contract, 120, 125 social foundation, 10, 11, 44, 45, 49, 51, 58, 77, 174, 200, 254, 295–6 social media, 83, 281 Social Progress Index, 280 social pyramid, 166 society, 76–7 solar energy, 59, 75, 111, 118, 187–8, 190 circular economy, 221, 222, 223, 224, 226–7, 239 commons, 203 zero-energy buildings, 217 zero-marginal-cost revolution, 84 Solow, Robert, 135, 150, 262–3 Soros, George, 144 South Africa, 56, 177, 214, 216 South Korea, 90, 168 South Sea Bubble (1720), 145 Soviet Union (1922–91), 37, 67, 161, 279 Spain, 211, 238, 256 Spirit Level, The (Wilkinson & Pickett), 171 Sraffa, Piero, 148 St Gallen, Switzerland, 186 Stages of Economic Growth, The (Rostow), 248–50, 254 stakeholder finance, 190 Standish, Russell, 147 state, 28, 33, 69–70, 78, 82, 160, 176, 180, 182–4, 188 and commons, 85, 93, 197, 237 and market, 84–6, 200, 281 partner state, 197, 237–9 and robots, 195 stationary state, 250 Steffen, Will, 46, 48 Sterman, John, 66, 143, 152–4 Steuart, James, 33 Stiglitz, Joseph, 43, 111, 196 stocks and flows, 138–41, 143, 144, 152 sub-prime mortgages, 141 Success to the Successful, 148, 149, 151, 166 Sugarscape, 150–51 Summers, Larry, 256 Sumner, Andy, 165 Sundrop Farms, 224–6 Sunstein, Cass, 112 supply and demand, 28, 132–6, 143, 253 supply chains, 10 Sweden, 6, 255, 275, 281 swishing, 264 Switzerland, 42, 66, 80, 131, 186–7, 275 T Tableau économique (Quesnay), 16 tabula rasa, 20, 25, 63, 291 takarangi, 54 Tanzania, 121, 190, 202 tar sands, 264, 269 taxation, 78, 111, 165, 170, 176, 177, 237–8, 276–9 annual wealth tax, 200 environment, 213–14, 215 global carbon tax, 201 global financial transactions tax, 201, 235 land-value tax, 73, 149, 180 non-renewable resources, 193, 237–8, 278–9 People’s QE, 185 tax relief v. tax justice, 23, 276–7 TED (Technology, Entertainment, Design), 202, 258 Tempest, The (Shakespeare), 61, 63, 93 Texas, United States, 120 Thailand, 90, 200 Thaler, Richard, 112 Thatcher, Margaret, 67, 69, 76 Theory of Moral Sentiments (Smith), 96 Thompson, Edward Palmer, 180 3D printing, 83–4, 192, 198, 231, 264 thriving-in-balance, 54–7, 62 tiered pricing, 213–14 Tigray, Ethiopia, 226 time banking, 186 Titmuss, Richard, 118–19 Toffler, Alvin, 12, 80 Togo, 231, 292 Torekes, 236–7 Torras, Mariano, 209 Torvalds, Linus, 231 trade, 62, 68–9, 70, 89–90 trade unions, 82, 176, 189 trademarks, 195, 204 Transatlantic Trade and Investment Partnership (TTIP), 92 transport, 59 trickle-down economics, 111, 170 Triodos, 235 Turkey, 200 Tversky, Amos, 111 Twain, Mark, 178–9 U Uganda, 118, 125 Ulanowicz, Robert, 175 Ultimatum Game, 105, 117 unemployment, 36, 37, 276, 277–9 United Kingdom Big Bang (1986), 87 blood donation, 118 carbon dioxide emissions, 260 free trade, 90 global material footprints, 211 money creation, 182 MONIAC (Monetary National Income Analogue Computer), 64–5, 75, 142, 262 New Economics Foundation, 278, 283 poverty, 165, 166 prescription medicines, 123 wages, 188 United Nations, 55, 198, 204, 255, 258, 279 G77 bloc, 55 Human Development Index, 9, 279 Sustainable Development Goals, 24, 45 United States American Economic Association meeting (2015), 3 blood donation, 118 carbon dioxide emissions, 260 Congress, 36 Council of Economic Advisers, 6, 37 Earning by Learning, 120 Econ 101 course, 8, 77 Exxon Valdez oil spill (1989), 9 Federal Reserve, 87, 145, 146, 271, 282 free trade, 90 Glass–Steagall Act (1933), 87 greenhouse gas emissions, 153 global material footprint, 211 gross national product (GNP), 36–40 inequality, 170, 171 land-value tax, 73, 149, 180 political funding, 91–2, 171 poverty, 165, 166 productivity and employment, 193 rust belt, 90, 239 Transatlantic Trade and Investment Partnership (TTIP), 92 wages, 188 universal basic income, 200 University of Berkeley, 116 University of Denver, 160 urbanisation, 58–9 utility, 35, 98, 133 V values, 6, 23, 34, 35, 42, 117, 118, 121, 123–6 altruism, 100, 104 anthropocentric, 115 extrinsic, 115 fluid, 28, 102, 106–9 and networks, 110–11, 117, 118, 123, 124–6 and nudging, 112, 113, 114, 123–6 and pricing, 81, 120–23 Veblen, Thorstein, 82, 109, 111, 142 Venice, 195 verbal framing, 23 Verhulst, Pierre, 252 Victor, Peter, 270 Viner, Jacob, 34 virtuous cycles, 138, 148 visual framing, 23 Vitruvian Man, 13–14 Volkswagen, 215–16 W Wacharia, John, 186 Wall Street, 149, 234, 273 Wallich, Henry, 282 Walras, Léon, 131, 132, 133–4, 137 Ward, Barbara, 53 Warr, Benjamin, 263 water, 5, 9, 45, 46, 51, 54, 59, 79, 213–14 wave energy, 221 Ways of Seeing (Berger), 12, 281 Wealth of Nations, The (Smith), 74, 78, 96, 104 wealth ownership, 177–82 Weaver, Warren, 135–6 weightless economy, 261–2 WEIRD (Western, educated, industrialised, rich, democratic), 103–5, 110, 112, 115, 117, 282 West Bengal, India, 124, 178 West, Darrell, 171–2 wetlands, 7 whale hunting, 106 Wiedmann, Tommy, 210 Wikipedia, 82, 223 Wilkinson, Richard, 171 win–win trade, 62, 68, 89 wind energy, 75, 118, 196, 202–3, 221, 233, 239, 260, 263 Wizard of Oz, The, 241 Woelab, 231, 293 Wolf, Martin, 183, 266 women’s rights, 33, 57, 107, 160, 201 and core economy, 69, 79–81 education, 57, 124, 178, 198 and land ownership, 178 see also gender equality workers’ rights, 88, 91, 269 World 3 model, 154–5 World Bank, 6, 41, 119, 164, 168, 171, 206, 255, 258 World No Tobacco Day, 124 World Trade Organization, 6, 89 worldview, 22, 54, 115 X xenophobia, 266, 277, 286 Xenophon, 4, 32, 56–7, 160 Y Yandle, Bruce, 208 Yang, Yuan, 1–3, 289–90 yin yang, 54 Yousafzai, Malala, 124 YouTube, 192 Yunnan, China, 56 Z Zambia, 10 Zanzibar, 9 Zara, 276 Zeitvorsoge, 186–7 zero environmental impact, 217–18, 238, 241 zero-hour contracts, 88 zero-humans-required production, 192 zero-interest loans, 183 zero-marginal-cost revolution, 84, 191, 264 zero-waste manufacturing, 227 Zinn, Howard, 77 PICTURE ACKNOWLEDGEMENTS Illustrations are reproduced by kind permission of: archive.org


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Gigged: The End of the Job and the Future of Work by Sarah Kessler

Affordable Care Act / Obamacare, Airbnb, Amazon Mechanical Turk, basic income, bitcoin, blockchain, business cycle, call centre, cognitive dissonance, collective bargaining, crowdsourcing, David Attenborough, Donald Trump, East Village, Elon Musk, financial independence, future of work, game design, gig economy, income inequality, information asymmetry, Jeff Bezos, job automation, law of one price, Lyft, Mark Zuckerberg, market clearing, minimum wage unemployment, new economy, payday loans, post-work, profit maximization, QR code, race to the bottom, ride hailing / ride sharing, Second Machine Age, self-driving car, shareholder value, sharing economy, Silicon Valley, Snapchat, TaskRabbit, Travis Kalanick, Uber and Lyft, Uber for X, uber lyft, union organizing, universal basic income, working-age population, Works Progress Administration, Y Combinator

And there was a new set of skills required to access it, skills like self-promotion and entrepreneurship. In its new role as a partner to other organizations, Samaschool would continue to focus on these skills. In terms of efforts toward helping his own community went, Terrence was back to his habit of asking children if they were hungry. He’d been thinking deeply about why Samaschool hadn’t worked, and what might have worked better. A policy idea called “Universal Basic Income” (UBI) had started gaining steam in Silicon Valley as a way to end poverty. Programs based on this idea pay everyone a minimum income, regardless of their circumstances. Martin Luther King Jr., the conservative economist Friedrich Hayek, and President Richard Nixon had all supported this idea, and modern boosters were no less varied. They included Andy Stern, the former president of the SEIU; the libertarian economist Charles Murray; and Robert Reich, the Bill Clinton–era labor secretary, who was fond of comparing the gig economy to a sweatshop.

No limits” pitch Pandora partnership politics and price war with Lyft rating system self-driving cars and surge pricing model SXSW and taxi industry and tips and Uber Freedom (Facebook page) #Uberspotting UberX unions and valuation worker benefits worker earnings worker equity packages worker expenses Xchange Leasing See also Campbell, Harry; Husein, Mamdooh; Kalanick, Travis; Leadum, Mario “Uber for X” model “Uberization” of work UN International Labour Office unemployment unemployment benefits unicorns (high-valuation startups) Unionen (Swedish white-collar trade union) unions. See labor and trade unions United Construction Trades and Industrial Employees Union Universal Basic Income (UBI) UPS Upwork (freelance marketplace) US Department of Labor USA Today venture capital gig economy and Google Ventures Managed by Q and TechCrunch Disrupt and Uber and venture capitalists VentureBeat (blog) Walker, Anthony Walmart Warner, Mark Warren, Elizabeth Washington Post Washio (on-demand laundry startup) WeFuel (on-demand fuel startup) Weil, David Winthrop Rockefeller Foundation Wired (magazine) Woodhead, Carole workers advocacy groups workers’ compensation Xchange Leasing Y Combinator (tech incubator) Yelp (user review website) Zaarly (online marketplace) Zirtual (virtual assistant services) Zuckerberg, Mark About the Author SARAH KESSLER is a reporter at Quartz, where she writes about the future of work.


pages: 391 words: 71,600

Hit Refresh: The Quest to Rediscover Microsoft's Soul and Imagine a Better Future for Everyone by Satya Nadella, Greg Shaw, Jill Tracie Nichols

"Robert Solow", 3D printing, Amazon Web Services, anti-globalists, artificial general intelligence, augmented reality, autonomous vehicles, basic income, Bretton Woods, business process, cashless society, charter city, cloud computing, complexity theory, computer age, computer vision, corporate social responsibility, crowdsourcing, Deng Xiaoping, Donald Trump, Douglas Engelbart, Edward Snowden, Elon Musk, en.wikipedia.org, equal pay for equal work, everywhere but in the productivity statistics, fault tolerance, Gini coefficient, global supply chain, Google Glasses, Grace Hopper, industrial robot, Internet of things, Jeff Bezos, job automation, John Markoff, John von Neumann, knowledge worker, Mars Rover, Minecraft, Mother of all demos, NP-complete, Oculus Rift, pattern recognition, place-making, Richard Feynman, Robert Gordon, Ronald Reagan, Second Machine Age, self-driving car, side project, Silicon Valley, Skype, Snapchat, special economic zone, speech recognition, Stephen Hawking, Steve Ballmer, Steve Jobs, telepresence, telerobotics, The Rise and Fall of American Growth, Tim Cook: Apple, trade liberalization, two-sided market, universal basic income, Wall-E, Watson beat the top human players on Jeopardy!, young professional, zero-sum game

As we encounter more and more artificial intelligence, real intelligence, real empathy, and real common sense will be scarce. The new jobs will be predicated on knowing how to work with machines, but also on these uniquely human attributes. In the face of these many coming shifts, there must be a new social contract that helps to achieve economic surplus and opportunity on a more equitable basis. To get there, what will the new labor movement look like? There has been talk of a Universal Basic Income. How will we re-skill and retrain workers—not just high-end knowledge workers, but also low-skill and mid-skill labor? Can the service sector and people-on-people jobs be the source of new employment for many displaced from traditional manufacturing or agricultural sectors? Finally, as leaders, what is our role? At the end of the day, leaders of any company are evaluated based on their ability to grow the business, to clear the way for innovations that inspire customers.

See also specific products Tait, Richard, 7, 29 talent development, 117–18 TCI company, 28 teachers, 104, 106, 198, 226 teams and team building, 1, 39, 56, 107, 117–18 technology boom of 1990s, 24 democratizing and personalizing, 69 diffusion of, 216–17, 219 disruption and, 12 empathy and, 42–43 future of, 140–44 human performance augmented by, 142–43, 201 intensity of use, 217, 219, 221, 224–26 soul and, 68–69 transformation and, 11–12 TED talks, 180 telecommunications, 225 teleconferencing, shared-screen, 142 telegraph, 186 telepresence, 236 telerobotics, 236 tensor-processing unit (TPU), 161 Teper, Jeff, 29 terrorism, 172, 177–79 TextIt, 216 theoretical physicists, 162–64 think weeks, 64 32-bit operating systems, 29 Thiruvengadam, Arun, 187 Thompson, John, 14–15 3D printing, 228 three C s, 122–23, 141 Three Laws of Robotics, 202 ThyssenKrupp, 59–60 Tiger Server project, 30 time management model, 138 Tirupati, India, 19 topological quantum computing (TQC), 166 Toyota, 127 Tractica, 198 trade, 229–31, 236 training, 92, 227 transfer learning, 151, 153, 155 transformation, 11–12, 57, 67, 90 cloud and, 42, 55–56, 71 cultural (see culture, transforming) Trans-Pacific Partnership (TPP), 230–31 transparency, 135, 174–75, 191–92, 202, 204–6 Trump, Donald, 212, 230 trust, 56, 88, 107, 135, 169–94, 205, 236 Turing, Alan, 26 Turner, Kevin, 3 TV white space, 99, 225 Twilight Zone, The (TV show), 159 Twitter, 174 2001 (film), 201 two-in-one computers, 129 two-sided markets, 50 Uber, 44, 126, 153 uncertainty, 38, 111, 157 United Kingdom, 215, 236 United Nations, 44 U.S. Congress, 177, 211 U.S. Constitution, 187 U.S. Court of Appeals for Second Circuit, 177 U.S. Postal Service, 186 U.S. Supreme Court, 177, 185 universal basic income, 239–40 University of California at Santa Barbara, 162 University of Chicago, 29 University of Pennsylvania, 184 University of Wisconsin, 22–26 UNIX, 26, 29, 128 Upside of Inequality, The (Conard), 220 asphyxia in utero, 8 Vairavan, Dr., 23 values, 76, 182, 205 Vancouver, 92–93 Vanity Fair, 73–74 venture capital, 199 vice presidents, 118–19 videogames, 103, 106–8, 127 video-on-demand (VOD), 30 video surveillance cameras, 153 Vietnam, 170 virtual reality, 144–45, 228 visual crowding, 104 visual recognition, 76, 89, 150–51, 200 Visual Studio, 58, 59 vocational training, 227 Volvo, 153 Von Neumann, John, 26 WALL-E (film), 13 Wall Street Journal, 179, 230 Wal-Mart, 3 Washington Post, 80 Watsa, Prem, 20 Web, 49, 99.


pages: 222 words: 70,132

Move Fast and Break Things: How Facebook, Google, and Amazon Cornered Culture and Undermined Democracy by Jonathan Taplin

1960s counterculture, affirmative action, Affordable Care Act / Obamacare, Airbnb, Amazon Mechanical Turk, American Legislative Exchange Council, Apple's 1984 Super Bowl advert, back-to-the-land, barriers to entry, basic income, battle of ideas, big data - Walmart - Pop Tarts, bitcoin, Brewster Kahle, Buckminster Fuller, Burning Man, Clayton Christensen, commoditize, creative destruction, crony capitalism, crowdsourcing, data is the new oil, David Brooks, David Graeber, don't be evil, Donald Trump, Douglas Engelbart, Douglas Engelbart, Dynabook, Edward Snowden, Elon Musk, equal pay for equal work, Erik Brynjolfsson, future of journalism, future of work, George Akerlof, George Gilder, Google bus, Hacker Ethic, Howard Rheingold, income inequality, informal economy, information asymmetry, information retrieval, Internet Archive, Internet of things, invisible hand, Jaron Lanier, Jeff Bezos, job automation, John Markoff, John Maynard Keynes: technological unemployment, John von Neumann, Joseph Schumpeter, Kevin Kelly, Kickstarter, labor-force participation, life extension, Marc Andreessen, Mark Zuckerberg, Menlo Park, Metcalfe’s law, Mother of all demos, move fast and break things, move fast and break things, natural language processing, Network effects, new economy, Norbert Wiener, offshore financial centre, packet switching, Paul Graham, paypal mafia, Peter Thiel, plutocrats, Plutocrats, pre–internet, Ray Kurzweil, recommendation engine, rent-seeking, revision control, Robert Bork, Robert Gordon, Robert Metcalfe, Ronald Reagan, Ross Ulbricht, Sam Altman, Sand Hill Road, secular stagnation, self-driving car, sharing economy, Silicon Valley, Silicon Valley ideology, smart grid, Snapchat, software is eating the world, Steve Jobs, Stewart Brand, technoutopianism, The Chicago School, The Market for Lemons, The Rise and Fall of American Growth, Tim Cook: Apple, trade route, transfer pricing, Travis Kalanick, trickle-down economics, Tyler Cowen: Great Stagnation, universal basic income, unpaid internship, We wanted flying cars, instead we got 140 characters, web application, Whole Earth Catalog, winner-take-all economy, women in the workforce, Y Combinator

This is not a world any of us wants to live in, let alone work in. Already in the United States we know that the labor-force participation rate for men between the ages of twenty-five and fifty-four who have only a high school diploma is at historic lows as this chart demonstrates. The only way out of this crisis—to realize Andreessen’s vision of six billion people dabbling in art, science, and culture—is to have some version of a universal basic income (UBI), free health care, and a deep reduction in the length of the workday. Already some employers in Sweden are cutting their workday to six hours, and Finland is experimenting with a guaranteed income. These are not impossible goals, yet Andreessen can still posit a future in which a deep social safety net exists without the most modest proposed changes to the status quo, such as free college tuition and universal health care.

If the Internet started out both decentralized and democratic, why can’t we return to that state? I am under no illusion that this would be an easy process or that I have the correct strategy. I am not going to try to address the larger issue of whether robots and artificial intelligence are going to lead to a world without jobs, for that would take a book in itself. I have suggested that policy makers begin exploring a universal basic income, or UBI, a concept that has support on both the left and right. It does seem to me that to ignore the dystopian possibility that software will “eat the world” would be foolhardy. Just because some techno-optimists continue to insist that old jobs will be replaced by new jobs we can’t imagine yet does not mean it is true. Google’s AlphaGo artificial intelligence system may have bested the world’s greatest Go player, but I’m not worried that it’s going to replace our greatest musicians, filmmakers, and authors, even though an NYU artificial intelligence laboratory has programmed a robot named Benjamin to be a screenwriter.


pages: 283 words: 73,093

Social Democratic America by Lane Kenworthy

affirmative action, Affordable Care Act / Obamacare, barriers to entry, basic income, business cycle, Celtic Tiger, centre right, clean water, collective bargaining, corporate governance, David Brooks, desegregation, Edward Glaeser, endogenous growth, full employment, Gini coefficient, hiring and firing, Home mortgage interest deduction, illegal immigration, income inequality, invisible hand, Kenneth Arrow, labor-force participation, manufacturing employment, market bubble, minimum wage unemployment, new economy, postindustrial economy, purchasing power parity, race to the bottom, rent-seeking, rising living standards, Robert Gordon, Robert Shiller, Robert Shiller, Ronald Reagan, school choice, shareholder value, sharing economy, Skype, Steve Jobs, too big to fail, Tyler Cowen: Great Stagnation, union organizing, universal basic income, War on Poverty, working poor, zero day

The idea originated with Milton Friedman, and Congress gave a version of it serious consideration in the early 1970s.147 Today, it is supported by some on the left, most prominently Philippe Van Parijs, and some on the right, such as Charles Murray.148 On the left, the argument in favor focuses on the potential enhancement of freedom—specifically, freedom from work. In the words of Van Parijs: A basic income would serve as a powerful instrument of social justice: it would promote freedom for all by providing the material resources that people need to pursue their aims.…A UBI [universal basic income] makes it easier to take a break between two jobs, reduce working time, make room for more training, take up self-employment, or join a cooperative. And with a UBI, workers will only take a job if they find it suitably attractive.… If the motive in combating unemployment is not some sort of work fetishism—an obsession with keeping everyone busy—but rather a concern to give every person the possibility of taking up gainful employment in which she can find recognition and accomplishment, then the UBI is to be preferred.149 For proponents on the right, the chief advantage is reduction in the deadweight costs of public social programs.

The Role of Cash Transfers and Household Taxes.” Chapter 4 in Growing Unequal? Paris: OECD. Whiteford, Peter. 2009. “Transfer Issues and Directions for Reform: Australian Transfer Policy in Comparative Perspective.” Kensington, Australia: Social Policy Research Center. Wider Opportunities for Women (WOW). 2011. “Living Below the Line: Economic Insecurity and America’s Families.” Washington, DC. Widerquist, Karl. 2013. “Is Universal Basic Income Still Worth Talking About?” Pp. 568–584 in The Economics of Inequality, Poverty, and Discrimination in the 21st Century. Edited by Robert Rycroft. New York: Praeger. Wilensky, Harold L. 1975. The Welfare State and Equality. Berkeley: University of California Press. Wilensky, Harold L. 2002. Rich Democracies. Berkeley: University of California Press. Wilentz, Sean. 2008. The Age of Reagan.


pages: 279 words: 76,796

The Unbanking of America: How the New Middle Class Survives by Lisa Servon

Affordable Care Act / Obamacare, Airbnb, basic income, Build a better mousetrap, business cycle, Cass Sunstein, choice architecture, creative destruction, Credit Default Swap, employer provided health coverage, financial exclusion, financial independence, financial innovation, gender pay gap, George Akerlof, gig economy, income inequality, informal economy, Jane Jacobs, Joseph Schumpeter, late fees, Lyft, M-Pesa, medical bankruptcy, microcredit, Occupy movement, payday loans, peer-to-peer lending, precariat, Ralph Nader, Richard Thaler, Robert Shiller, Robert Shiller, Ronald Reagan, sharing economy, too big to fail, transaction costs, unbanked and underbanked, underbanked, universal basic income, Unsafe at Any Speed, We are the 99%, white flight, working poor, Zipcar

Planning for the future shouldn’t involve the kind of tradeoffs today’s young people are facing—whether to invest in themselves by pursuing an advanced degree or forgo it and take care of their parents, whether to go to college when that decision might mean decades of indebtedness and the inability to own a home or have a child. When people invest in their own education—their human capital—it’s good for all of us because human capital increases productivity, which helps fuel the economy. We have good reason to care about one another’s financial health. There is more than one way to tackle this much larger set of problems, and many ideas exist: creating a universal basic income, implementing a federal jobs-creation program, providing greater subsidies for childcare, housing, education, and health care. We have the resources and the ideas. What we need now is political will. In addition, we need to rethink our assumptions about the way people make decisions. Most people have very good reasons for doing what they do with their money. The job of policymakers and financial-services providers is, first, to understand these choices and the needs that drive them without prejudgment, and second, to make financial systems work better and enable people to make sound choices.

See Truth in Lending Act TransUnion, 70, 151 trust in banks, xix, 44–45, 111–12, 118, 146 business practice tricks and, 34, 36 in check cashing, xix in informal savings and loans, xv, 124–27, 131–34 in innovation, 146 of millennials, 111–12, 118 Truth in Lending Act (TILA, 1968), 200n43, 209n68 U un- and underbanked, xvi–xvii, 44, 147, 165. See also financial exclusion underground economy. See informal savings and loans unemployment, 50, 64, 73–74, 107–8 Uniform Small Loan Laws, 65, 224n163 universal basic income, 168 universal financial health, 166–67 Urban Institute, 175 US Financial Diaries, 203n52 V Vazquez, Raul, 162–64 Venkatesh, Sudhir, 127–28 Venmo app, 112–13 Virginia Poverty Law Center, 96–97, 184 Visa, 55, 71–72 W wages. See income Warren, Elizabeth, 39–40, 69–70 Washington Mutual, 36 Watson Grote, Mae, 31 wealthy people, xii, 6, 26, 29, 85 Weinstein, John, 84–86, 90–91, 184 welfare, 3, 11–12, 18, 21–22, 85, 94 Wells Fargo, 31, 37, 87 white people, 3, 7–8, 41–42, 86–87 Wiggins, Dana, 96–97, 101 Y young adults.


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Uncanny Valley: A Memoir by Anna Wiener

autonomous vehicles, back-to-the-land, basic income, blockchain, Burning Man, call centre, charter city, cloud computing, cognitive bias, cognitive dissonance, commoditize, crowdsourcing, cryptocurrency, Extropian, future of work, Golden Gate Park, housing crisis, Jane Jacobs, job automation, knowledge worker, Lean Startup, means of production, medical residency, new economy, New Urbanism, passive income, pull request, rent control, ride hailing / ride sharing, Sand Hill Road, self-driving car, sharing economy, side project, Silicon Valley, Silicon Valley startup, social web, South of Market, San Francisco, special economic zone, technoutopianism, telepresence, telepresence robot, union organizing, universal basic income, unpaid internship, urban planning, urban renewal, women in the workforce, Y2K, young professional

It was an introductory exercise, a sandbox, a gateway: phase one of settling into newfound political power. “Do you think you hate yourself?” asked a therapist in Berkeley. Coming on strong for an intake session, I thought, but the next day I caught myself following a bunch of venture capitalists on the microblogging platform. It wasn’t exactly an act of self-care. The venture capitalists were discussing a universal basic income, and I couldn’t look away. They were concerned about the unlocked economic potential of the urban poor. As icebergs melted and the ocean’s temperatures ticked toward uninhabitability, they were concerned that AI—specifically, the question of whether they or China would own it—would bring about the Third World War. They wanted to see automation and artificial intelligence jump-start a renaissance: the machines would do the work so the rest of us, rendered useless, could focus on our art.

* * * It seemed like half the tech workers I knew were starting to be interested in socialism—or, at least, interested in joking about it on social media, where people shared cat memes (Socialism meow!) and joked about disrupting capitalism. Something was stirring, or taking root. People were coming to politics for the first time through their white-collar labor. They were developing theoretical frameworks on the internet; they were beginning to identify with the Worker. They talked about universal basic income over free cocktails at the company bar. On social media, there were whispers of dissent among people whose avatars were their fursonas. Site reliability engineers posted nuanced Marxist critiques in the middle of their workdays. A labor reckoning for the tech companies seemed to glimmer on the horizon, slowly taking shape. With another early employee of the analytics startup, Noah was prototyping an app—application—to facilitate collective action in the workplace.


pages: 504 words: 129,087

The Ones We've Been Waiting For: How a New Generation of Leaders Will Transform America by Charlotte Alter

"side hustle", 4chan, affirmative action, Affordable Care Act / Obamacare, basic income, Berlin Wall, Bernie Sanders, carbon footprint, clean water, collective bargaining, Columbine, corporate personhood, correlation does not imply causation, Credit Default Swap, crowdsourcing, David Brooks, Donald Trump, double helix, East Village, ending welfare as we know it, Fall of the Berlin Wall, feminist movement, Ferguson, Missouri, financial deregulation, Francis Fukuyama: the end of history, gig economy, glass ceiling, Google Hangouts, housing crisis, illegal immigration, immigration reform, income inequality, Intergovernmental Panel on Climate Change (IPCC), job-hopping, Kevin Kelly, knowledge economy, Lyft, mandatory minimum, Marc Andreessen, Mark Zuckerberg, mass incarceration, McMansion, medical bankruptcy, move fast and break things, move fast and break things, Nate Silver, obamacare, Occupy movement, passive income, pre–internet, race to the bottom, RAND corporation, Ronald Reagan, sexual politics, Silicon Valley, single-payer health, Snapchat, TaskRabbit, too big to fail, Uber and Lyft, uber lyft, universal basic income, unpaid internship, We are the 99%, white picket fence, working poor, Works Progress Administration

“My perception of cops was like every other black kid in an urban community,” Michael says. “He was the first officer I had a conversation with.” Michael implemented the first basic income pilot program in the nation, guaranteeing $500 monthly checks to a select group of residents for eighteen months to test whether simple cash transfers could alleviate poverty. While democratic socialists were writing long op-eds demanding universal basic income, Michael was actually testing how it could work. He started the Student Success and Leadership Academy, a group of about eight hundred kids who clean up parks during the summer; the program simultaneously keeps the city’s parks nice and gives the kids something to do when school is out. But Michael knew they would still be left behind without more education. So he snagged a $20 million grant to create the Stockton Scholars program, which aimed to triple the number of Stockton kids who go to college.

Like Occupy activists eighty years later, they wanted the president to dismantle the system entirely, not just reform it. And FDR opposed the creation of public sector unions, arguing they would require state governments to essentially negotiate against themselves. But FDR also fought for programs that would be considered radically left even by today’s standards. He wanted cradle-to-grave Social Security for all Americans—essentially a universal basic income—but never proposed it because he thought it was politically impossible. In 1942, five months after the United States entered World War II, he asked Congress to increase the top marginal tax rate to a level that would virtually eliminate great wealth. “Discrepancies between low personal incomes and very high personal incomes should be lessened,” he said. “I therefore believe that in time of this grave national danger, when all excess income should go to win the war, no American citizen ought to have a net income, after he has paid his taxes, of more than $25,000 a year.”

to treat the wounds themselves: Ames Alexander and Anna Douglas, “Under criticism, Charlotte police push to get faster medical help to shooting victims,” The Charlotte Observer, April 25, 2019, charlotteobserver.com/news/local/article229572044.html. than Chicago or Afghanistan: Crimesider Staff, “Report: Stockton, Calif, Has More Murders Per Capita thank Chicago,” CBS News, June 29, 2012, cbsnews.com/news/report-stockton-calif-has-more-murders-per-capita-than-chicago/. and an incarcerated father: Edward-Isaac Dovere, “Can This Millennial Mayor Make Universal Basic Income a Reality,” Politico, April 24, 2018, politico.com/magazine/story/2018/04/24/michael-tubbs-stockton-california-mayor-218070. work hard in school: Roger Phillips, “My Three Moms,” Recordnet.com, May 11, 2014, recordnet.com/article/20140511/a_news/405110320. kids out of poverty: Alana Semuels, “Can Philanthropy Save a City?,” The Atlantic, August 2, 2018, theatlantic.com/technology/archive/2018/08/stockton-philanthropy-michael-tubbs/566624/.


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The Digital Party: Political Organisation and Online Democracy by Paolo Gerbaudo

Airbnb, barriers to entry, basic income, Bernie Sanders, bitcoin, call centre, centre right, creative destruction, crowdsourcing, disintermediation, disruptive innovation, Donald Trump, Edward Snowden, feminist movement, gig economy, industrial robot, Jaron Lanier, Jeff Bezos, jimmy wales, Joseph Schumpeter, Mark Zuckerberg, Network effects, Occupy movement, offshore financial centre, oil shock, post-industrial society, precariat, Ralph Waldo Emerson, Richard Florida, Richard Stallman, Ruby on Rails, self-driving car, Silicon Valley, Skype, Slavoj Žižek, smart cities, Snapchat, social web, software studies, Stewart Brand, technoutopianism, Thomas L Friedman, universal basic income, Vilfredo Pareto, WikiLeaks

All in all, these proposals paint an image of digital parties as progressive modernising forces that want to usher in new technologies, allowing for a more efficient, environmentally sustainable and inclusive society. Nevertheless, many of these parties are also cognisant of the new social problems that characterise the digital condition, and the need to establish new forms of social protection, in a society in which job structures, forms of employment appear to be increasingly unstable. One of the key measures advocated by many digital parties is Universal Basic Income (UBI). This policy, which aims at providing all citizens, irrespective of their employment situation or wealth, with a state-provided subsidy, has been widely debated in recent years and experimented in a number of countries including Switzerland, Finland and the Netherlands. Basic income in its various denominations is often framed as a response to the imbalances created by technological evolution.

.: 23 Galapagar case: 138–9 Game of Thrones: 156 Ghibellines: 28 Gillespie, Tarleton: 69 Gramsci, Antonio: 7, 27, 37–8, 41, 43–4, 75, 77, 105, 143, 164 Theory of party structure: 38–9, 164 On the passivity of the mass: 147 On leadership: 151–2, Great Recession: 4, 27, 46, 168, Green Party: 10, 16, 26, 27 Basisdemokratie (grassroots democracy): 16 Grillo, Beppe: 2–3, 9, 43, 59–60, 74–5, 80, 83, 89, 95, 100–1, 135, 141, 153, 154–5, 158–60, 181 theatre shows: 154 Guelphs: 28 Guevara, Che: 25, 26, 148 House of Cards: 25 Hyperleader: 17, 144–62 And reactive democracy: 185 As benevolent dictator: 186 Characteristics: 153–5 Relationship with advisors: 159–60 Reputation: 154 Iglesias Turrion, Pablo: 11, 86, 94, 136, 138–9, 145, 149–50, 151, 153, 155–6, 158–60, 181 Italia a 5 Stelle (Five star movement annual gathering): 1–3 Izquierda Unida (IU): 136 Julius Caesar: 19, 28, 150, 152, 159, 161 Kant, Immanuel: 184 Karpf, David: 13, 169 Katz, Richard: 7, 30, 32, 59, 99 Kautsky, Karl: 110 Kennedy, John Fitzgerald: 33 Kirchheimer, Otto: 7, 32 Klug, Adam: 12, 171 La Tuerka: 150, 156 Labour Party: 12, 14, 29, 31, 35, 41, 52, 54, 107–8, 111, 148, 151, 156, 165, 168, 177 Lansman, Jon: 12, 103, Lavapies (neighbourhood in Madrid): 94 Leadership: 146–8 Charismatic leadership: 148–9 Leaderlessness: 77, 146, 181, 183, 187 Legal-rational: 147 Routinisation of charisma: 188 Liberalism: 28 Linux: 19, 82, 86, 159 Liquid Feedback: 4, 16, 61, 112–4, 121, 124 Loomio: 108, 112, 114–5 Machiavelli, Niccolò: 151, 186 Macron, Emmanuel: 13, 108, 140 Madison, James: 24 Mair, Peter: 7, 30, 32, 59, 99 Marx, Karl: 68, 93 May’s law: 124, 170 Mélenchon, Jean-Luc: 12, 52, 53, 86–8, 93, 107, 122, 132, 144–5, 156–9 Michels, Robert: 7, 16, 27, 30–1, 36–9, 41, 103, 110, 140, 142, 147, 152–3, 175, 179 Iron law of oligarchy: 36–7 Theory of party structure: 39 Microbureaucracy: 97 Mill, John Stuart: 24 Momentum: 26, 73, 80, 83, 87, 96, 102–3, 107, 166, 171–2 Monedero, Juan Carlos: 11 Montero, Irene: 138–9, 158 Morgan, Gareth: 67 MoVimento 5 Stelle (Five Star Movement): 1–5, 7, 9–19, 26, 43, 52–4, 57, 60–4, 66, 73–4, 77, 80–1, 83, 86–90, 93, 95–7, 99, 100–2, 105, 107–8, 112, 115–7, 119–20, 124, Meetup groups: 97, 99–102 Referendums for the expulsion of members: 135 Salary restitution programme: 57 Movimento Sociale Italiano (rightwing party in Italy): 2 NationBuilder (political campaigning app): 12, 107, 121, 124 Nazism: 24 Nielsen, Jakob: 91 Law of participation: 91 Nixon, Richard: 33 Nvotes: 108, 119 Obama, Barack: 11, 13 Olivetti, Adriano: 88–9, 154 Optimates: 28 Organisation: 67 Delegation: 17 Elimination of middlemen: 15, 183 Integration of technology: 13 Iron law of oligarchy: 36–7, 185 Lean management: 15 Organisational fragility: 187 Netroots organisations: 13 Ostrogorski, Moisei: 24, 27, 31, 104, Paine, Thomas: 111 Panebianco, Angelo: 7, 27, 32, 34–5 Parlamentarie (M5S online primaries): 10 Parliament et Citoyens (French parliament digital democracy project): 107 Parsons, Talcott: 45 Participa (Podemos participatory portal): 12, 73, 132 Participation And anti-party suspicion: 85–8 As an idea in contemporary culture: 84 And distrust towards bureaucracy: 150 And lack of party office: 96 Aristocratic tendencies: 164, 173 Difference between militant and sympathiser: 174 Habitueés of meetings: 103 Individualisation of participation: 102–3, 188 In parties’ discourse: 82–4 Lurking supporters: 174 Participationism: 81–9, 191 Participation aristocracy: 91 Participation divide: 91 Participatory representation: 123 Passive membership: 175 Superbase: 17, 152, 162–72 Partido de la Red (Party of the Net, Argentina): 8 Partido Popular (Popular Party): 11 Partido Socialista Obrero Español (PSOE): 11, 14, 108, 166, 190 Partido X (X Party, also known as the Party of the Future, Spain): 8 Partito Comunista Italiano (Italian Communist Party): 31, 35, 42, 92, 93, 95 Partito Democratico (Democratic Party, Italy): 10, 35, 52–3, 111 Partito Socialista Italiano (Italian Socialist Party, PSI): 153 Pericles: 185 Pirate Bay (file sharing server): 8, 56, 58, 166 Pirate Parties: 4, 7–9, 12–3, 16, 26, 48, 50, 52, 54–8, 61–2, 64, 66, 73, 77, 82, 86, 88, 93, 99, 105, 107, 112, 115, 159, 166, 172, 174, 177, 178, 180–1 Piratar (Iceland): 8 Pirate Party International (PPI): 8 Piratenpartei (Germany): 8, 114 Piratpartiet (Sweden): 8, 55, 166, 167 Česká pirátská strana (Czech Pirate Party): 8 Place Fear of, terror loci: 93, 95 Organisational principle of: 42 Platformisation: 14, 67, 69, 73, 76–7, 179, 183–4, 187, Podemos: 4, 7, 9, 11–4, 16, 19, 26, 52–5, 57, 61–3, 65–6, 69, 73, 81, 86–8, 93–8, 104–5, 107–8, 112, 115, 119–21, 123–5, 131–2, 136–43, 149–51, 153, 155–60, 166–70, 173–4, 177, 180–1, 193 Circles (Podemos’ local groups): 97–8, 115, 132 Citizens’ Council (Podemos’ central committee): 11, 96, 131, 136 Iniciativas Ciudadanas and Popular Podemos (Podemos Citizens’ and Popular initiatives): 121, 131 Plaza Podemos: 16, 86, 120, 131 Political Parties: Astroturf parties: 26 Definitions of: 27–9 Cadres: 18, 161, 179, 183 Catchall: 33 Integration: 182 Electoral/professional parties: 33 Party systems: 26 Political careers: 99 Mass parties: 30–2 Movement parties: 25 New Left: 27 Party sections, cells: 97–8 Passivity of the mass: 186 Patronage parties: 28 Return of: 25–8 Suspicion towards: 22–4 Television parties: 33–6 Populares (Party in ancient Rome): 28 Populism: 1, 4, 9, 10, 12, 15, 27, 39, 44 Poulantzas, Nicos: 27 Power struggles: 161, Precariat: 50 Proceduralism: 188, 189, Protest movements: 1968: 26 2011: 36 Environmentalist: 25, 146 Feminist: 25, 146 Raggi, Virginia: 10 Rajoy, Mariano: 138 Reduction of membership of traditional parties: 165 Rees, Emma: 12, 103 Renewable energy: 62–3 Republican Party: 28 Republique En Marche (REM, Macron’s movement): 108 Revelli, Marco: 31–2 Rittinghausen, Moritz Robespierre Rokkan, Stein: 45 Role as diffusors of messages: 176 Rousseau (5 Star Movement decision-making system): 2, 10–11, 116–7 Lex functions: 117, 131 Lex Iscritti: 117 Hacker attacks: 119 Villaggio Rousseau: 2 Rousseau, Jean-Jacques: 37 Salvini, Matteo: 1, 13 Sanchez, Pedro: 11 Sanders, Bernard (US senator and presidential primary candidate in 2016): 13 Scarrow, Susan: 28, 128–9 Schneider, James: 12 Schumpeter, Joseph: 38 Scudo della Rete (Shield of the Net): 57 Security Silicon Valley: 15 Signup process: 168–9 Skocpol, Theda: 42 Snowden, Edward: 50 Sozialdemokratische Partei Deutschlands (SPD): 14 Srnicek, Nick: 71 Stalinism: 24 Stallman, Richard (open source activist): 116, 124 Super-volunteer: 171–3 Teatro Smeraldo, Milan: 9 Telegram: 4 The Apprentice: 156 TOR (The onion router): 56 Tormey, Simon: 60 Torvalds, Linus: 159 Transparency: 57 Trump, Donald: 6, 35 Tufekci, Zeynep: 187 Twitter: 4, 124 UK Independence Party (UKIP): 65 Universal basic income: 63, 131 Universal basic services: 64 V for Vendetta (film): 3 Vaffanculo Day (literally ‘Fuck Off Day’, M5S protest in 2007): 9 Veltroni, Walter: 93 Von Hayek, Friedrich: 25 Von Treitsche, Heinrich: 24 Wales, Jimmy: 159 Washington, George Weber, Max: 7, 27–9., 31, 37–8, 40, 147, 151, 185 Weil, Simone (Christian anarchist); WhatsApp: 4 Whigs (Liberal party, UK): 22 Wikipartido (Wikiparty, Mexico): 8 Wikipedia: 19, 82, 86, 91, 159 World Social Forum: 25 Yang, Guobin: 44 Your Priorities: 108 Zeming, Jang: 148 Zuckerberg, Mark: 63, 66, 158


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How Money Became Dangerous by Christopher Varelas

activist fund / activist shareholder / activist investor, Airbnb, airport security, barriers to entry, basic income, bitcoin, blockchain, Bonfire of the Vanities, California gold rush, cashless society, corporate raider, crack epidemic, cryptocurrency, discounted cash flows, disintermediation, diversification, diversified portfolio, Donald Trump, dumpster diving, fiat currency, fixed income, friendly fire, full employment, Gordon Gekko, greed is good, interest rate derivative, John Meriwether, Kickstarter, Long Term Capital Management, mandatory minimum, mobile money, mortgage debt, pensions crisis, pets.com, pre–internet, profit motive, risk tolerance, Saturday Night Live, shareholder value, side project, Silicon Valley, Steve Jobs, technology bubble, The Predators' Ball, too big to fail, universal basic income, zero day

“Homelessness, trash, housing, violence, crime, third-grade reading—the real crux of all those problems is poverty. In a community where 25 percent of the people are in poverty, where the average median income is $46,000 for a household—not even for an individual, but for a family—where almost half the jobs in this county are minimum-wage jobs, all our issues make sense. They’re almost a byproduct.” One of Tubbs’s staffers suggested the concept of Universal Basic Income (UBI). The idea was as straightforward as it was radical. Martin Luther King Jr. had explored it in his final book, Where Do We Go from Here: Chaos or Community?: “In addition to the absence of coordination and sufficiency, the programs of the past all have another common failing—they are indirect. Each seeks to solve poverty by first solving something else. I’m now convinced that the simplest approach will prove to be the most effective—the solution to poverty is to abolish it directly by a now widely discussed measure: the guaranteed income. . . .

., 327 Sinatra, Frank, 94 Singer, William “Rick,” 291 60 Minutes, 294 Smach, Tom, 184–88, 213–14 SmarTalk, 218, 221–23, 244 Smith, Greg, 155 Smith Barney, 188 Snider, Stacey, 169 Snow, Zachary, 67 social media, 305, 307 influencers on, 283–84, 291–99, 301–3, 305 Social Security, 353 Soenen, Colleen, 115 Soenen, Don, 115 Soenen, Michael, 115–18, 131–35, 259 relationship troubles of, 138–43 Soledad State Prison, 158–59 South Street Seaport, 48, 61 Soviet Union, 124 special access, see privilege speed of communication and decision making, 127–28, 143–44, 360–61 Spitzer, Eliot, 207, 212–13 Sponsors for Educational Opportunity, 47 spreadsheets, 19–20, 24, 37, 360 F9 mistake and, 127 Stanford University, 291, 340 Starbucks, 162 startup culture, 244 Steinberg, Saul, 81–84, 86–91, 98, 102–4, 111 Stephanopoulos, George, 324 Stern, Howard, 140 stock(s), 36, 37, 51, 178 high-frequency trading of, 242–43 manipulation of, 72–74 options, 181 pools, 73–74 Stockton, Calif., 311–14, 320–23, 335–37, 339–42, 346–52, 354 pension crisis in, 335–36 Silva as mayor of, 346–47, 350 Tubbs in, 311–13, 322, 323, 339–42, 347–52, 370 Universal Basic Income in, 348–50 Stockton Arena, 321 Stockton Boys and Girls Club, 346–47 Stockton Scholars, 347–48 Stone, Dan, 5–6 Stone, Oliver, 98 Strauss, Levi, 230 Strauss, Tom, 57, 67, 68 Studebaker, John, 230 student loans, 292, 307 for business school students, 284–86 Suicide Forest, 301 Sun Also Rises, The (Hemingway), 311 survivalists (preppers), 305–8 sustainability, 2 Sweitzer, Caesar, 156, 158, 165, 166, 262 Sykes, Gene “Tiger,” 118, 119, 124 tail numbers, 117, 259 Talladega Nights, 113 technology, 358 fears about, 305 speed of communication, 127–28, 143–44 technology industry, 96, 233–34 Tedesco, Michael (“T”), 283–84, 292–93, 296–98, 304 telecom industry, 96, 211, 220, 225 Citi TMT group, 5, 211–12, 253 Teterboro Airport, 117, 259 The Influential Network (TIN), 293, 295–99 Thornton, Jeremy, 304 Tice, Kevin, 251–52, 260, 263–64, 266, 273–75 Time, 211 Tolstoy, Leo, War and Peace, 120, 147 Touchstone Pictures, 88, 102 transaction friction, 233 transparency, 177, 180, 361 in compensation, 260, 269, 270, 275, 361–62 Travelers, 188, 189 Citicorp merger with, 189, 253 Salomon acquired by, 253 Treasury bonds, 77–78 Salomon scandal, 55–58, 62, 64, 67, 72, 74–76, 262 True Son, 341 Trump, Donald, 306 Tubbs, Michael D., 311–13, 322, 323, 339–42, 347–52, 370 Uber, 246 Union Pacific Railroad, 163–64 Universal Basic Income (UBI), 348–50 Universal Studios and Music Group, 169, 170 Usenet, 226, 227 U.S.

., 311–14, 320–23, 335–37, 339–42, 346–52, 354 pension crisis in, 335–36 Silva as mayor of, 346–47, 350 Tubbs in, 311–13, 322, 323, 339–42, 347–52, 370 Universal Basic Income in, 348–50 Stockton Arena, 321 Stockton Boys and Girls Club, 346–47 Stockton Scholars, 347–48 Stone, Dan, 5–6 Stone, Oliver, 98 Strauss, Levi, 230 Strauss, Tom, 57, 67, 68 Studebaker, John, 230 student loans, 292, 307 for business school students, 284–86 Suicide Forest, 301 Sun Also Rises, The (Hemingway), 311 survivalists (preppers), 305–8 sustainability, 2 Sweitzer, Caesar, 156, 158, 165, 166, 262 Sykes, Gene “Tiger,” 118, 119, 124 tail numbers, 117, 259 Talladega Nights, 113 technology, 358 fears about, 305 speed of communication, 127–28, 143–44 technology industry, 96, 233–34 Tedesco, Michael (“T”), 283–84, 292–93, 296–98, 304 telecom industry, 96, 211, 220, 225 Citi TMT group, 5, 211–12, 253 Teterboro Airport, 117, 259 The Influential Network (TIN), 293, 295–99 Thornton, Jeremy, 304 Tice, Kevin, 251–52, 260, 263–64, 266, 273–75 Time, 211 Tolstoy, Leo, War and Peace, 120, 147 Touchstone Pictures, 88, 102 transaction friction, 233 transparency, 177, 180, 361 in compensation, 260, 269, 270, 275, 361–62 Travelers, 188, 189 Citicorp merger with, 189, 253 Salomon acquired by, 253 Treasury bonds, 77–78 Salomon scandal, 55–58, 62, 64, 67, 72, 74–76, 262 True Son, 341 Trump, Donald, 306 Tubbs, Michael D., 311–13, 322, 323, 339–42, 347–52, 370 Uber, 246 Union Pacific Railroad, 163–64 Universal Basic Income (UBI), 348–50 Universal Studios and Music Group, 169, 170 Usenet, 226, 227 U.S. Filter, 150–53, 155–83 acquisitions of, 153, 162, 164–68, 172, 179 American Toxxic Control beginnings of, 155, 159, 168 Culligan and, 164–68, 182 Heckmann as CEO of, 150–53, 155–83, 222–23 pooling (accounting practice) and, 170–72, 176 quarterly earnings expectations of, 162–63, 168, 170, 172, 174, 175 Seidel at, 158–61, 164, 167, 174–75, 179, 181–82 Union Pacific train wreck and, 163–64 Vivendi and, 168–70, 172–76, 178, 179, 181, 182 Van Camp, Peter (“PVC”), 237–38, 240–42 Varelas, Christopher: at Bank of America, 5, 7, 9–43, 111, 216–17, 285, 358 childhood and parents of, 281–82 at Citi, 5, 199, 204–5, 211–12 as Disneyland employee, 4, 5, 10, 11–13, 40, 45, 61, 71, 81–85, 89–90, 106–12, 148, 158, 289, 290 Drexel’s offer to, 91, 93, 94–95 first savings account of, 2–3, 7–8 mother’s cancer and death, 120, 147–49 as Occidental College student, 4, 11, 81, 83, 89, 99, 111, 287 return to California, 234, 235, 265 at Salomon Brothers, 5, 44–50, 54, 55, 59–62, 64–66, 70–74, 76–80, 90–91, 94, 95, 101, 114, 115, 118–24, 126–36, 145–46, 148, 149, 156–83, 195–207, 229, 236, 248–59, 265–70, 277, 284, 286, 314–15, 323–28, 330–35; see also Salomon Brothers Salomon Brothers bonuses of, 248–51, 266–70 sister of, at Salomon, 134–36 as TMT (technology, media, and telecom) head, 5, 211–12, 253 uncle John of, 371–73 wedding of, 222 as Wharton student, 5, 38, 42, 45, 61, 80, 89–90, 96, 97, 99, 284, 286, 287, 309 Varelas, Jessica, 201, 234, 235 Vasquez, Gaddi, 333, 334 vendor financing, 191 Lucent and, 191–95, 215 Venmo, 246 Veolia, 182 Vernon, Calif., 36, 38 Vine, 283, 297 Viqueira, Bill, 190, 191–95, 215 Vivendi, 168–69, 176 U.S.


pages: 209 words: 89,619

The Precariat: The New Dangerous Class by Guy Standing

8-hour work day, banking crisis, barriers to entry, basic income, Bertrand Russell: In Praise of Idleness, call centre, Cass Sunstein, centre right, collective bargaining, corporate governance, crony capitalism, deindustrialization, deskilling, fear of failure, full employment, hiring and firing, Honoré de Balzac, housing crisis, illegal immigration, immigration reform, income inequality, labour market flexibility, labour mobility, land reform, libertarian paternalism, low skilled workers, lump of labour, marginal employment, Mark Zuckerberg, mass immigration, means of production, mini-job, moral hazard, Naomi Klein, nudge unit, old age dependency ratio, Panopticon Jeremy Bentham, pensions crisis, placebo effect, post-industrial society, precariat, presumed consent, quantitative easing, remote working, rent-seeking, Richard Thaler, rising living standards, Ronald Coase, Ronald Reagan, science of happiness, shareholder value, Silicon Valley, The Market for Lemons, The Nature of the Firm, The Spirit Level, Tobin tax, transaction costs, universal basic income, unpaid internship, winner-take-all economy, working poor, working-age population, young professional

By 1 May 2005, their ranks had swollen to well over 50,000 – over 100,000, according to some estimates – and ‘EuroMayDay’ had become pan-European, with hundreds of thousands of people, mostly young, taking to the streets of cities across continental Europe. The demonstrations marked the first stirrings of the global precariat. The ageing trade unionists who normally orchestrated May Day events could only be bemused by this new parading mass, whose demands for free migration and a universal basic income had little to do with traditional unionism. The unions saw the answer to precarious labour in a return to the ‘labourist’ model they had been so instrumental in cementing in the mid-twentieth century – more stable jobs with long-term employment security and the benefit trappings that went with that. But many of the young demonstrators had seen their parents’ generation conform to the Fordist pattern of drab full-time jobs and subordination to industrial management and the dictates of capital.

The precariat would also benefit from so-called ‘Tobin taxes’, levied on speculative capital transactions. There are arguments for believing that reducing short-term capital flows would be beneficial in any event. And then there are ecological taxes, designed to compensate for the externalities caused by pollution and to slow or reverse the rapid depletion of resources. In short, there is no reason to think a universal basic income is unaffordable. Internationally, the recent legitimation of cash transfers as an instrument of development aid is promising. They were first accepted as short-term schemes for post-shock situations, as after earthquakes and floods. Later, as noted earlier, conditional cash transfer schemes swept Latin America. Donors and aid agencies have come round to them. Cash transfers, stripped of their phoney conditionality, should become the main form of aid, to ensure the aid raises living standards and is not used for regressive or corrupt purposes.


pages: 339 words: 94,769

Possible Minds: Twenty-Five Ways of Looking at AI by John Brockman

AI winter, airport security, Alan Turing: On Computable Numbers, with an Application to the Entscheidungsproblem, artificial general intelligence, Asilomar, autonomous vehicles, basic income, Benoit Mandelbrot, Bill Joy: nanobots, Buckminster Fuller, cellular automata, Claude Shannon: information theory, Daniel Kahneman / Amos Tversky, Danny Hillis, David Graeber, easy for humans, difficult for computers, Elon Musk, Eratosthenes, Ernest Rutherford, finite state, friendly AI, future of work, Geoffrey West, Santa Fe Institute, gig economy, income inequality, industrial robot, information retrieval, invention of writing, James Watt: steam engine, Johannes Kepler, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, John von Neumann, Kevin Kelly, Kickstarter, Laplace demon, Loebner Prize, market fundamentalism, Marshall McLuhan, Menlo Park, Norbert Wiener, optical character recognition, pattern recognition, personalized medicine, Picturephone, profit maximization, profit motive, RAND corporation, random walk, Ray Kurzweil, Richard Feynman, Rodney Brooks, self-driving car, sexual politics, Silicon Valley, Skype, social graph, speech recognition, statistical model, Stephen Hawking, Steven Pinker, Stewart Brand, strong AI, superintelligent machines, supervolcano, technological singularity, technoutopianism, telemarketer, telerobotics, the scientific method, theory of mind, Turing machine, Turing test, universal basic income, Upton Sinclair, Von Neumann architecture, Whole Earth Catalog, Y2K, zero-sum game

Even that rosy vision will depend on a radical shake-up of education and lifelong learning. The Industrial Revolution did trigger enormous social change of this kind, including a shift to universal education. But it will not happen unless we make it happen: This is essentially about power, agency, and control. What’s next for, say, the forty-year-old taxi driver or truck driver in an era of autonomous vehicles? One idea that has been touted is that of a universal basic income, which will allow citizens to pursue their interests, retrain for new occupations, and generally be free to live a decent life. However, market economies, which are predicated on growing consumer demand over all else, may not tolerate this innovation. There is also a feeling among many that meaningful work is essential to human dignity and fulfillment. So another possibility is that the enormous wealth generated by increased productivity due to automation could be redistributed to jobs requiring human labor and creativity in fields such as the arts, music, social work, and other worthwhile pursuits.

See singularity Tegmark, Max, 76–87 AI safety research, 81 Asilomar AI Principles, 2017, 81, 84 background and overview of work of, 76–77 competence of superintelligent AGI, 85 consciousness as cosmic awakening, 78–79 general expectation AGI achievable within next century, 79 goal alignment for AGI, 85–86 goals for a future society that includes AGI, 84–86 outlook, 86–87 rush to make humans obsolescent, reasons behind, 82–84 safety engineering, 86 societal impact of AI, debate over, 79–82 Terminator, The (film), 242 three laws of artificial intelligence, 39–40 Three Laws of Robotics, Asimov’s, 250 threshold theorem, 164 too-soon-to-worry argument against AI risk, 26–27, 81 Toulmin, Stephen, 18–19 transhumans, rights of, 252–53 Treister, Suzanne, 214–15 Trolley Problem, 244 trust networks, building, 200–201 Tsai, Wen Ying, 258, 260–61 Turing, Alan, 5, 25, 35, 43, 60, 103, 168, 180 AI-risk message, 93 Turing Machine, 57, 271 Turing Test, 5, 46–47, 276–77 Tversky, Amos, 130–31, 250 2001: A Space Odyssey (film), 183 Tyka, Mike, 212 Understanding Media (McLuhan), 208 understanding of computer results, loss of, 189 universal basic income, 188 Universal Turing Machine, 57 unsupervised learning, 225 value alignment (putting right purpose into machines) Dragan on, 137–38, 141–42 Griffiths on, 128–33 Pinker on, 110–11 Tegmark on, 85–86 Wiener on, 23–24 Versu, 217 Veruggio, Gianmarco, 243 visualization programs, 211–13 von Foerster, Heinz, xxi, 209–10, 215 Vonnegut, Kurt, 250 von Neumann, John, xx, 8, 35, 60, 103, 168, 271 digital computer architecture of, 58 second law of AI and, 39 self-replicating cellular automaton, development of, 57–58 use of symbols for computing, 164–65 Watson, 49, 246 Watson, James, 58 Watson, John, 225 Watt, James, 3, 257 Watts, Alan, xxi Weaver, Warren, xviii, 102–3, 155 Weizenbaum, Joe, 45, 48–50, 105, 248 Wexler, Rebecca, 238 Whitehead, Alfred North, 275 Whole Earth Catalog, xvii “Why the Future Doesn’t Need Us” (Joy), 92 Wiener, Norbert, xvi, xviii–xx, xxv, xxvi, 35, 90, 96, 103, 112, 127, 163, 168, 256 on automation, in manufacturing, 4, 154 on broader applications of cybernetics, 4 Brooks on, 56–57, 59–60 control via feedback, 3 deep-learning and, 9 Dennett on, 43–45 failure to predict computer revolution, 4–5 on feedback loops, 5–6, 103, 153–54 Hillis on, 178–80 on information, 5–6, 153–59, 179 Kaiser on Wiener’s definition of information, 153–59 Lloyd on, 3–7, 9, 11–12 Pinker on, 103–5, 112 on power of ideas, 112 predictions/warnings of, xviii–xix, xxvi, 4–5, 11–12, 22–23, 35, 44–45, 93, 104, 172 Russell on, 22–23 on social risk, 97 society, cybernetics impact on, 103–4 what Wiener got wrong, 6–7 Wilczek, Frank, 64–75 astonishing corollary (natural intelligence as special case of AI), 67–70 astonishing hypothesis of Crick, 66–67 background and overview of work of, 64–65 consciousness, creativity and evil as possible features of AI, 66–68 emergence, 68–69 human brain’s advantage over AI, 72–74 information-processing technology capacities that exceed human capabilities, 70–72 intelligence, future of, 70–75 Wilkins, John, 275 wireheading problem, 29–30 With a Rhythmic Instinction to Be Able to Travel Beyond Existing Forces of Life (Parreno), 263–64 Wolfram, Stephen, 266–84 on AI takeover scenario, 277–78 background and overview of work of, 266–67 computational knowledge system, creating, 271–77 computational thinking, teaching, 278–79 early approaches to AI, 270–71 on future where coding ability is ubiquitous, 279–81 goals and purposes, of humans, 268–70 image identification system, 273–74 on knowledge-based programming, 278–81 purposefulness, identifying, 281–84 Young, J.


pages: 375 words: 88,306

The Sharing Economy: The End of Employment and the Rise of Crowd-Based Capitalism by Arun Sundararajan

additive manufacturing, Airbnb, AltaVista, Amazon Mechanical Turk, autonomous vehicles, barriers to entry, basic income, bitcoin, blockchain, Burning Man, call centre, collaborative consumption, collaborative economy, collective bargaining, commoditize, corporate social responsibility, cryptocurrency, David Graeber, distributed ledger, employer provided health coverage, Erik Brynjolfsson, Ethereum, ethereum blockchain, Frank Levy and Richard Murnane: The New Division of Labor, future of work, George Akerlof, gig economy, housing crisis, Howard Rheingold, information asymmetry, Internet of things, inventory management, invisible hand, job automation, job-hopping, Kickstarter, knowledge worker, Kula ring, Lyft, Marc Andreessen, megacity, minimum wage unemployment, moral hazard, moral panic, Network effects, new economy, Oculus Rift, pattern recognition, peer-to-peer, peer-to-peer lending, peer-to-peer model, peer-to-peer rental, profit motive, purchasing power parity, race to the bottom, recommendation engine, regulatory arbitrage, rent control, Richard Florida, ride hailing / ride sharing, Robert Gordon, Ronald Coase, Ross Ulbricht, Second Machine Age, self-driving car, sharing economy, Silicon Valley, smart contracts, Snapchat, social software, supply-chain management, TaskRabbit, The Nature of the Firm, total factor productivity, transaction costs, transportation-network company, two-sided market, Uber and Lyft, Uber for X, uber lyft, universal basic income, Zipcar

In this chapter, I highlight the labor issues central to shaping this future of work. First, I examine the current debate on the employment status of sharing economy workers and proposed expansions to the US worker categorization model. Next, I ask, how do we ensure that a social safety net is available to people whose chosen form of work is something other than full-time employment? In the long run, a universal basic income may be socially desirable, although crafting policy that shares the funding of a portable safety net among the individual, the marketplace, and the government may be more politically feasible. Third, I conjecture that platforms facilitating genuine entrepreneurship at a small scale will lead to more inclusive growth than those whose platform-provider relationship is more hierarchical, and outline over 20 metrics that might help identify the right kind of platform-based entrepreneurship.

A simple extension might instead lower income volatility between weeks or months, based on a historical average earnings stream. A bolder possibility along these lines is embodied in the idea of a fixed monthly income guaranteed by the government. While this idea may seem quite extreme, it is a vision whose advocates range from the social entrepreneur Peter Barnes, whose book With Liberty and Dividends for All discusses the desirability of a universal basic income,21 to the venture capitalist Albert Wenger of Union Square Ventures, who spoke about basic income at his TEDxNewYork talk in November 2014. In her entertaining Medium post “Silicon Valley’s Basic Income Bromance,” Lauren Smiley discusses the diverse base of support for basic income across a variety stakeholders in the technology industry. The underlying idea of a basic income is really simple.


pages: 533

Future Politics: Living Together in a World Transformed by Tech by Jamie Susskind

3D printing, additive manufacturing, affirmative action, agricultural Revolution, Airbnb, airport security, Andrew Keen, artificial general intelligence, augmented reality, automated trading system, autonomous vehicles, basic income, Bertrand Russell: In Praise of Idleness, bitcoin, blockchain, brain emulation, British Empire, business process, Capital in the Twenty-First Century by Thomas Piketty, cashless society, Cass Sunstein, cellular automata, cloud computing, computer age, computer vision, continuation of politics by other means, correlation does not imply causation, crowdsourcing, cryptocurrency, digital map, distributed ledger, Donald Trump, easy for humans, difficult for computers, Edward Snowden, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Ethereum, ethereum blockchain, Filter Bubble, future of work, Google bus, Google X / Alphabet X, Googley, industrial robot, informal economy, intangible asset, Internet of things, invention of the printing press, invention of writing, Isaac Newton, Jaron Lanier, John Markoff, Joseph Schumpeter, Kevin Kelly, knowledge economy, lifelogging, Metcalfe’s law, mittelstand, more computing power than Apollo, move fast and break things, move fast and break things, natural language processing, Network effects, new economy, night-watchman state, Oculus Rift, Panopticon Jeremy Bentham, pattern recognition, payday loans, price discrimination, price mechanism, RAND corporation, ransomware, Ray Kurzweil, Richard Stallman, ride hailing / ride sharing, road to serfdom, Robert Mercer, Satoshi Nakamoto, Second Machine Age, selection bias, self-driving car, sexual politics, sharing economy, Silicon Valley, Silicon Valley startup, Skype, smart cities, Smart Cities: Big Data, Civic Hackers, and the Quest for a New Utopia, smart contracts, Snapchat, speech recognition, Steve Jobs, Steve Wozniak, Steven Levy, technological singularity, the built environment, The Structural Transformation of the Public Sphere, The Wisdom of Crowds, Thomas L Friedman, universal basic income, urban planning, Watson beat the top human players on Jeopardy!, working-age population

The digital lifeworld offers the chance to take the next step, weakening or even breaking the connection between work and income altogether. At its simplest, this could mean taxing some of the profits of firms and redistributing them among the general public. Hence Bill Gates’ proposal for a ‘Robot Tax’, by which firms would be taxed for their use of machines with the proceeds going to fund employment opportunities elsewhere.25 Another increasingly popular notion is a universal basic income (UBI) paid in cash to everyone ‘with no strings attached’.26 On the radical model advocated by Philippe van Parijs, a UBI of about a thousand dollars a month would be available to every citizen with no means test or qualifying obligations.27 Such a system would differ from the ‘make-work’ model above because it would not require people to work. On the contrary, how people chose to satisfy their needs would be a matter for them.

In Capital in the Twenty-First Century, Piketty argues for a ‘progressive global tax on capital’ as the OUP CORRECTED PROOF – FINAL, 26/05/18, SPi РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS 328 FUTURE POLITICS ‘ideal’ way to avoid ‘an endless inegalitarian spiral’ and regain control over ‘the dynamics of accumulation’.48 A Robot Tax of the kind proposed by Bill Gates could be targeted at productive technologies.49 There may even be ways of taxing the usage or flow of data. Whichever the chosen model, the principle is that some of the wealth generated by the ownership of capital should be skimmed off and spent for the benefit of those who have no capital to their name.This public spending could take the form of a universal basic income (UBI) of the kind described in chapter seventeen. Conceptually, the idea of taxing capital is not a radical departure from the Private Property Paradigm.Taxes take a share of the wealth generated by capital rather than the capital itself. Many forms of capital are already taxed in this way. In the digital lifeworld, however, there would have to be a difference in scale, mainly because the takings would have to pay for a lot more than they do currently.

R. 232 Topol, Sarah A. 372 Tor 45 Torgerson, Douglas 416 totalitarianism 177–9 consumer tolerance of 189 touchscreens 51 Townsend, Anthony M. 370 Toyota 55 trademarks 324 tradition 349 translation 30, 58, 65–6 transparency regulation 354–6 troll-spotting 234 Trotsky, Leon 21, 114, 370 Trump, Donald 12, 158, 190, 220, 233, 239 truth 238–9 Tsarapatsanis, Dimitrios 393 Tucker, Ian 421 Tucker, Patrick 380 Tufekci, Zeynep 236, 395, 410, 412, 414 Turing, Alan 40, 203 Turkey 183, 184 Tutt, Andrew 433 Tutu, Desmond 292 Twitter 378 bots 233 Global Internet Forum to Counter Terrorism 191 minstrel accounts 232 new media 77 retweeting of political statements 221 Saudi Arabia 183 social rewards 149 Tay 37 tweets 63 US House of Representatives 229 user numbers 45 Tyson, Laura 425 Uber 47, 116, 289, 336 ubiquitous computing see smart devices OUP CORRECTED PROOF – FINAL, 28/05/18, SPi РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS 514 Index Underworlds 50 unemployment see technological unemployment United Kingdom (UK) blockchain 47 Brexit referendum 4, 233, 239 Department for Work and Pensions 47 encryption 184 freedom of speech 235 guns 14 housing market fluctuations 331 illegal acts 172 liberalism 77 tax authorities 66 see also England United States (US) 2012 presidential election 219–20 2016 presidential election 4, 12, 220, 230, 233, 354 antitrust law 357 Army 48, 178 blockchain 47 censuses 17, 19 city design 130 civil society organizations 221 Cold War 133 computers, abuse of 276 concentration of industries 318 Constitution 155, 235, 243, 333 consumer searches 268 DARPA 47, 178 democracy 221, 225, 241 disabilities, people with 273 drones 55 FBI 155 federal budget (2015) 38 freedom of speech 235 guns 14 Holocaust denial 235 House of Representatives 229 internet of things 136 IRS 139 lawsuits 102 liberalism 77 Library of Congress 56 Louisville, Kentucky 44 manufacturing sector 295 net neutrality 158 new media 77 New York’s Metropolitan Transportation authority 178 NSA see National Security Agency poverty 305 predictive sentencing 174 Revolution 167, 168, 216 State Department 236 statistics 18 Supreme Court 109 truckers 299 unattended ground sensors used by military 50 universal basic income (UBI) 306–7, 310, 328, 337 universality 291 unsupervised learning (AI) 35 Urban Engines 319 usage rights 330–1 Useem, Jeremy 419 usufructuary rights 330–1 utility companies, similarity of tech firms to 157–8 Valentino-DeVries, Jennifer 419 Vanderborght,Yannick 425, 426 Van Reybrouck, David 408 Vättö, Kristian 375 Verne, Jules 21 vibrators, smart 135–6 virtual reality (VR) 59–60 ‘cyber’ and ‘real’ distinction, disappearance of 97–8 degradation argument 361 digital liberty 206 harm principle 200–2, 203–4 mixed reality 60 perception-control 146, 149 politics of technology 13 scrutiny 135 technological unemployment 311 vision, machine 51 see also facial recognition OUP CORRECTED PROOF – FINAL, 28/05/18, SPi РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS Index VITAL (Validating Investment Tool for Advancing Life Sciences) 31 Vita-More, Natasha 402, 434 voice analysis 52 voice recognition 282 voteforpolicies.org.uk 417 Voter.xyz 417 voting AI Democracy 252 apps 252 Data Democracy 247, 249 Direct Democracy 240, 241–2 VR see virtual reality vTaiwan 234 vulnerability, human 364, 365 Wakefield, Jane 381 Waldrop, M.


pages: 626 words: 167,836

The Technology Trap: Capital, Labor, and Power in the Age of Automation by Carl Benedikt Frey

"Robert Solow", 3D printing, autonomous vehicles, basic income, Bernie Sanders, Branko Milanovic, British Empire, business cycle, business process, call centre, Capital in the Twenty-First Century by Thomas Piketty, Clayton Christensen, collective bargaining, computer age, computer vision, Corn Laws, creative destruction, David Graeber, David Ricardo: comparative advantage, deindustrialization, demographic transition, desegregation, deskilling, Donald Trump, easy for humans, difficult for computers, Edward Glaeser, Elon Musk, Erik Brynjolfsson, everywhere but in the productivity statistics, factory automation, falling living standards, first square of the chessboard / second half of the chessboard, Ford paid five dollars a day, Frank Levy and Richard Murnane: The New Division of Labor, full employment, future of work, game design, Gini coefficient, Hyperloop, income inequality, income per capita, industrial cluster, industrial robot, intangible asset, interchangeable parts, Internet of things, invention of agriculture, invention of movable type, invention of the steam engine, invention of the wheel, Isaac Newton, James Hargreaves, James Watt: steam engine, job automation, job satisfaction, job-hopping, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kickstarter, knowledge economy, knowledge worker, labor-force participation, labour mobility, Loebner Prize, low skilled workers, Malcom McLean invented shipping containers, manufacturing employment, mass immigration, means of production, Menlo Park, minimum wage unemployment, natural language processing, new economy, New Urbanism, Norbert Wiener, oil shock, On the Economy of Machinery and Manufactures, Pareto efficiency, pattern recognition, pink-collar, Productivity paradox, profit maximization, Renaissance Technologies, rent-seeking, rising living standards, Robert Gordon, robot derives from the Czech word robota Czech, meaning slave, Second Machine Age, secular stagnation, self-driving car, Silicon Valley, Simon Kuznets, social intelligence, speech recognition, spinning jenny, Stephen Hawking, The Future of Employment, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Thomas Malthus, total factor productivity, trade route, Triangle Shirtwaist Factory, Turing test, union organizing, universal basic income, washing machines reduced drudgery, wealth creators, women in the workforce, working poor, zero-sum game

At the very least, it should be expanded to cover other sources of dislocation, like automation, which can lead to a permanent drop in people’s income. In the words of the economist Robert LaLonde, “Whereas private markets offer insurance for storms and fire, no such insurance is available when a middle-aged worker loses a job and suffers a permanent drop in wages. There is a market failure here, and government should correct it.”33 Tax Credits In the popular press, universal basic income (UBI) has become a widely discussed way of limiting individual losses resulting from automation and deindustrialization. Of course, there are arguments in favor of UBI that have nothing to do with technological change, but this is not the place to dwell on them. The question here is whether it provides a good way of addressing the discontents brought about by the rise of the robots. In essence, UBI—which is closely tied to Milton Friedman’s old idea of a negative income tax—would give people a minimum income regardless of whether they worked or not.

Frey, 2008, Happiness: A Revolution in Economics (Cambridge, MA: MIT Press), chapter 9. 36. D. Graeber, 2018, Bullshit Jobs: A Theory (New York: Simon & Schuster). For survey evidence showing that people find meaning in their jobs, see R. Dur and M. van Lent, 2018, “Socially Useless Jobs” (Discussion Paper 18-034/VII, Amsterdam: Tinbergen Institute). 37. On happiness and unemployment, see B. S. Frey, 2008, Happiness, chapter 4. 38. I. Goldin, 2018, “Five Reasons Why Universal Basic Income Is a Bad Idea,” Financial Times, February 11. 39. G. Hubbard, 2014, “Tax Reform Is the Best Way to Tackle Income Inequality,” Washington Post, January 10. 40. For an overview of the effects of the EITC, see A. Nichols and J. Rothstein, 2015, “The Earned Income Tax Credit (EITC)” (Working Paper 21211, National Bureau of Economic Research, Cambridge, MA). 41. R. Chetty, N. Hendren, P, Kline, and E.

., 179 Tull, Jethro, 54 Turing test, 317 Turnpike Trusts, 108 Twain, Mark, 21, 165, 208 typewriter, 161–62 typographers, computer’s effect on jobs and wages of, 247 unemployment, 246, 254; AI-driven, 356; American social expenditure on, 274; average duration of, 177; blame for, 141; fear of, 113; mass, fears of, 366; technological, 12, 117 union security agreements, 257 United Auto Workers (UAW) union, 276 United Nations, 305 universal basic income (UBI), 355 universal white male suffrage, 270 unskilled work, 350 urban-rural wage gap, 209 Ure, Andrew, 97, 104, 119 U.S. Government Printing Office, 151 Usher, Abbott, 40, 45 Vanderbilt, Cornelius, 208 Varian, Hal, 328 Versailles, 84 Vespasian, Roman Emperor, 10, 40 Victorian Age, machinery critics of, 119 Vietnam War, 185 virtual agents, 306 Vitruvius, 38 Voltaire, 84 Voth, Hans-Joachim, 131, 337 wage insurance, 355 wages, American, leveling of, 211 Wall Street, depression suffered by, 211 warehouse automation, 314 washing machine, 27, 158, 160 waterwheel, 38, 44 Watt, James, 94, 106, 147, 317, 329 wave of gadgets, 30, 79, 179, 330 web designers, 248 Weber, Max, 47, 78 Wedgwood, Josiah, 127 weight-driven clock, 45 welfare capitalism, 198, 200 welfare dependency, 253 welfare programs, 240 welfare state, emergence of, 145, 221, 272 welfare system, tax-financed, 276 Wellesley, Arthur (1st Duke of Wellington), 9, 109–110 Westinghouse, 155 wheel, invention of, 35 White, Lynn, 42, 78 white-collar employment, 197, 218 Whitney, Eli, 74, 149 Whitworth, Joseph, 150 Wiener, Norbert, 230 Williamson, Jeffrey, 68, 207, 211 William the Conqueror, 44 Wilson, William Julius, 250, 252 windmill, 44 Wolfers, Justin, 336 women: college-graduated, 242; entering the workforce, 161 Word War II, 143, 230, 334 worker-replacing invention, 54 working class: as cultural phenomenon, 278; identity of, 280 World Trade Organization (WTO), 281, 286 World War I, 89, 108, 209 Wright, Gavin, 16 Wyatt, John, 101 Yang, Andrew, 291 Young, Arthur, 75 Zonca, Vittorio, 51–52 zoning, housing and, 361–62


pages: 349 words: 98,868

Nervous States: Democracy and the Decline of Reason by William Davies

active measures, Affordable Care Act / Obamacare, Amazon Web Services, bank run, banking crisis, basic income, business cycle, Capital in the Twenty-First Century by Thomas Piketty, citizen journalism, Climategate, Climatic Research Unit, Colonization of Mars, continuation of politics by other means, creative destruction, credit crunch, decarbonisation, deindustrialization, discovery of penicillin, Dominic Cummings, Donald Trump, drone strike, Elon Musk, failed state, Filter Bubble, first-past-the-post, Frank Gehry, gig economy, housing crisis, income inequality, Isaac Newton, Jeff Bezos, Johannes Kepler, Joseph Schumpeter, knowledge economy, loss aversion, low skilled workers, Mahatma Gandhi, Mark Zuckerberg, mass immigration, meta analysis, meta-analysis, Mont Pelerin Society, mutually assured destruction, Northern Rock, obamacare, Occupy movement, pattern recognition, Peace of Westphalia, Peter Thiel, Philip Mirowski, planetary scale, post-industrial society, quantitative easing, RAND corporation, Ray Kurzweil, Richard Florida, road to serfdom, Robert Mercer, Ronald Reagan, sentiment analysis, Silicon Valley, Silicon Valley startup, smart cities, statistical model, Steve Jobs, the scientific method, Turing machine, Uber for X, universal basic income, University of East Anglia, Valery Gerasimov, We are the 99%, WikiLeaks, women in the workforce, zero-sum game

Highly complex policies, developed by experts with sophisticate