universal basic income

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Forward: Notes on the Future of Our Democracy by Andrew Yang

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, Affordable Care Act / Obamacare, Amazon Web Services, American Society of Civil Engineers: Report Card, basic income, benefit corporation, Bernie Sanders, blockchain, blue-collar work, call centre, centre right, clean water, contact tracing, coronavirus, correlation does not imply causation, COVID-19, data is the new oil, data science, deepfake, disinformation, Donald Trump, facts on the ground, fake news, forensic accounting, future of work, George Floyd, gig economy, global pandemic, income inequality, independent contractor, Jaron Lanier, Jeff Bezos, job automation, Kevin Roose, labor-force participation, Marc Benioff, Mark Zuckerberg, medical bankruptcy, new economy, obamacare, opioid epidemic / opioid crisis, pez dispenser, QAnon, recommendation engine, risk tolerance, rolodex, Ronald Reagan, Rutger Bregman, Sam Altman, Saturday Night Live, shareholder value, Shoshana Zuboff, Silicon Valley, Simon Kuznets, single-payer health, Snapchat, social distancing, SoftBank, surveillance capitalism, systematic bias, tech billionaire, TED Talk, The Day the Music Died, the long tail, TikTok, universal basic income, winner-take-all economy, working poor

They believed that the movement needed a figurehead, and they wanted me to avoid being seen as simply a one-issue candidate. Over time I’ve learned that they were right. People don’t listen to ideas. People listen to other people. We tested the appeal of universal basic income through a polling firm. We tried out different names for it: “universal basic income,” “Social Security for all,” “prosperity dividend,” “income for all.” We found that every term tested around the same level for self-described Democrats; around 30 percent of people liked “universal basic income,” with minor variation. But one name stuck out as getting the same appeal among self-described conservatives: “freedom dividend.” That’s what we went with; the data had spoken.

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Isn’t it time for an upgrade? I am going to suggest some measures that would at least help us get a read on the depth of our problems and start moving our communities forward. UNIVERSAL BASIC INCOME Okay, this one may seem a little familiar to those who read my last book or supported my presidential campaign. Making the economy work for us starts with implementing a universal basic income. Universal basic income is a policy where everyone in a society gets a certain amount of money to meet their basic needs. During my campaign, I championed UBI as the freedom dividend, which would have meant $1,000 a month for every American adult.

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I hope this book will inspire the same kind of deep reflection in you as my experiences over the past few years inspired in me. My last book, The War on Normal People, was about the ongoing dehumanization of our economy and the need to adopt universal basic income (UBI) and how it offers us the best chance to evolve to the next stage of capitalism. That is probably how you first heard about me: as the 2020 presidential candidate who wanted to give everyone money. The War on Normal People had a powerful but narrow goal: to address the crisis in our economy by promoting universal basic income. That book was published in the spring of 2018, just as I was beginning to campaign for the 2020 Democratic nomination. Three and a half years later, I still have the same vision and concerns.

A Pelican Introduction: Basic Income by Guy Standing

"World Economic Forum" Davos, anti-fragile, bank run, basic income, behavioural economics, Bernie Sanders, Bertrand Russell: In Praise of Idleness, Black Lives Matter, Black Swan, Boris Johnson, British Empire, carbon tax, centre right, collective bargaining, cryptocurrency, David Graeber, declining real wages, degrowth, 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, independent contractor, intangible asset, Jeremy Corbyn, job automation, job satisfaction, Joi Ito, labour market flexibility, land value tax, libertarian paternalism, low skilled workers, lump of labour, Marc Benioff, Mark Zuckerberg, Martin Wolf, mass immigration, mass incarceration, moral hazard, Nelson Mandela, nudge theory, offshore financial centre, open economy, Panopticon Jeremy Bentham, Paul Samuelson, plutocrats, precariat, quantitative easing, randomized controlled trial, rent control, rent-seeking, Salesforce, 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

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. J. S. Henry (2012), The Price of Offshore Revisited. Chesham, UK: Tax Justice Network. 25. G. Mankiw (2016), ‘A quick note on a universal basic income’, Greg Mankiw’s Blog, 12 July. http://gregmankiw.blogspot.ch/2016/07/a-quick-note-on-universal-basic-income.html 26.

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Colchester: Institute for Social and Economic Research, University of Essex, June. https://www.iser.essex.ac.uk/research/publications/working-papers/euromod/em5-16. 17. A. Painter and C. 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.

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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.

Financing Basic Income: Addressing the Cost Objection by Richard Pereira

banks create money, basic income, behavioural economics, carbon credits, carbon tax, 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.

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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. It provides a response to a popular objection by R. Pereira (*) University of Birmingham, Birmingham, UK © The Author(s) 2017 R.

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

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.

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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).

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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.

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

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.

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. . . . . . 9.1 Two Basic Errors . . . . . . . . . . . . . . . 9.2 Formation of Consciousness . . . . . . . 9.3 The Political Detour as a Shortcut . . . 9.4 The Future of Basic Income Activism . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 57 59 59 61 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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.

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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.

Mending the Net: Toward Universal Basic Incomes by Chris Oestereich

Abraham Maslow, basic income, en.wikipedia.org, future of work, Future Shock, Overton Window, 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.

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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.

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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.

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

"World Economic Forum" Davos, basic income, Donald Trump, effective altruism, Elon Musk, end world poverty, full employment, future of journalism, gig economy, high net worth, hockey-stick growth, income inequality, invisible hand, Jeff Bezos, job automation, knowledge economy, labor-force participation, Lyft, M-Pesa, Mark Zuckerberg, meta-analysis, new economy, oil rush, payday loans, Peter Singer: altruism, Potemkin village, precariat, randomized controlled trial, ride hailing / ride sharing, Ronald Reagan, Rutger Bregman, Second Machine Age, self-driving car, side hustle, side project, Silicon Valley, TaskRabbit, TED Talk, 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

“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.”

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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.

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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.”

Battling Eight Giants: Basic Income Now by Guy Standing

basic income, Bernie Sanders, carbon tax, centre right, collective bargaining, decarbonisation, degrowth, diversified portfolio, Donald Trump, Elon Musk, Extinction Rebellion, 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

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.

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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.

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In Appendix C 113 effect, their taxes would pay for others to benefit and, as with housing and food, the implied targeting might create resentment. A model of modest fares plus subsidies would ultimately be fairer, especially if there were a basic income. So much for the limitations of what is actually proposed under UBS. But the proponents go further in provocatively presenting UBS as preferable to ‘UBI’ (Universal Basic Income).15 Before considering this claim, I want to make clear that sensible advocates of basic income do not or should not use the word ‘universal’, because in practice some people would not be entitled to it – non-resident citizens and shortterm or undocumented migrants. Presumably something similar would apply with UBS.

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

"World Economic Forum" Davos, 3D printing, additive manufacturing, agricultural Revolution, AI winter, Airbnb, AlphaGo, Alvin Toffler, Amazon Robotics, Andy Rubin, artificial general intelligence, augmented reality, autonomous vehicles, banking crisis, basic income, Baxter: Rethink Robotics, Berlin Wall, Bernie Sanders, bitcoin, blockchain, Boston Dynamics, bread and circuses, call centre, Chris Urmson, congestion charging, credit crunch, David Ricardo: comparative advantage, deep learning, DeepMind, Demis Hassabis, digital divide, Douglas Engelbart, Dr. Strangelove, driverless car, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Fairchild Semiconductor, Flynn Effect, full employment, future of work, Future Shock, gender pay gap, Geoffrey Hinton, gig economy, Google Glasses, Google X / Alphabet X, Hans Moravec, Herman Kahn, hype cycle, 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, Kiva Systems, knowledge worker, lifelogging, lump of labour, Lyft, machine translation, Marc Andreessen, Mark Zuckerberg, Martin Wolf, McJob, means of production, Milgram experiment, Narrative Science, natural language processing, Neil Armstrong, new economy, Nick Bostrom, Occupy movement, Oculus Rift, OpenAI, 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, SoftBank, software is eating the world, speech recognition, Stephen Hawking, Steve Jobs, TaskRabbit, technological singularity, TED Talk, The future is already here, The Future of Employment, Thomas Malthus, transaction costs, Two Sigma, Tyler Cowen, Tyler Cowen: Great Stagnation, Uber for X, uber lyft, universal basic income, Vernor Vinge, warehouse automation, warehouse robotics, 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.

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[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.”

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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.

Give People Money by Annie Lowrey

Abraham Maslow, affirmative action, Affordable Care Act / Obamacare, agricultural Revolution, Airbnb, airport security, autonomous vehicles, barriers to entry, basic income, Bernie Sanders, bitcoin, Black Lives Matter, carbon tax, clean water, collective bargaining, computer age, crowdsourcing, cryptocurrency, deindustrialization, desegregation, Donald Trump, driverless car, Edward Glaeser, Elon Musk, ending welfare as we know it, everywhere but in the productivity statistics, full employment, gender pay gap, gentrification, 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, Modern Monetary Theory, mortgage tax deduction, multilevel marketing, new economy, obamacare, opioid epidemic / opioid crisis, Overton Window, Peter Thiel, post scarcity, post-work, Potemkin village, precariat, public intellectual, randomized controlled trial, ride hailing / ride sharing, Robert Bork, Robert Solow, Ronald Reagan, Rutger Bregman, Sam Altman, self-driving car, Silicon Valley, single-payer health, Steve Jobs, TaskRabbit, tech billionaire, The future is already here, 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, warehouse robotics, 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.

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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.

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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.

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, Alan Greenspan, Apollo 11, autonomous vehicles, basic income, Bernie Madoff, Bernie Sanders, Black Lives Matter, Boeing 747, Branko Milanovic, Brexit referendum, business cycle, Capital in the Twenty-First Century by Thomas Piketty, carbon tax, clean tech, clean water, coronavirus, Crossrail, David Brooks, David Ricardo: comparative advantage, deindustrialization, Dissolution of the Soviet Union, Donald Trump, driverless car, Elon Musk, Exxon Valdez, factory automation, failed state, fake news, full employment, Gini coefficient, Google Earth, Home mortgage interest deduction, hydraulic fracturing, Hyperloop, illegal immigration, impulse control, income inequality, independent contractor, 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, Modern Monetary Theory, obamacare, oil shale / tar sands, Paul Samuelson, peak oil, plant based meat, 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, Tyler Cowen, uber lyft, universal basic income, War on Poverty, Washington Consensus, We are all Keynesians now, 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.

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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. 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.

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But big new expenses may be unavoidable, and not for senior citizens, who are already the most subsidized segment of US society and of many European societies. The reason to reduce today’s existing national debts is that, in the near future, all roads may lead to some version of Universal Basic Income. A coming chapter will address this concept. For the moment, what matters is that near-future economic growth and near-future social justice both may turn on some form of income guarantee, especially for those poorly educated men and women whose labor value can only go down. A Universal Basic Income might make the United States and some European nations freer and more fair places to live. But this reform won’t be cheap—the first step must be to slay the debt monster that already exists.

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, Bear Stearns, behavioural economics, Ben Horowitz, Bernie Sanders, call centre, corporate governance, cryptocurrency, data science, David Brooks, DeepMind, Donald Trump, Elon Musk, falling living standards, financial deregulation, financial engineering, 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, meritocracy, Narrative Science, new economy, passive income, performance metric, post-work, quantitative easing, reserve currency, Richard Florida, ride hailing / ride sharing, risk tolerance, robo advisor, Ronald Reagan, Rutger Bregman, Sam Altman, San Francisco homelessness, self-driving car, shareholder value, Silicon Valley, Simon Kuznets, single-payer health, Stephen Hawking, Steve Ballmer, supercomputer in your pocket, tech worker, technoutopianism, telemarketer, The future is already here, The Wealth of Nations by Adam Smith, traumatic brain injury, Tyler Cowen, Tyler Cowen: Great Stagnation, Uber and Lyft, uber lyft, unemployed young men, universal basic income, urban renewal, warehouse robotics, white flight, winner-take-all economy, Y Combinator

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.

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Out of 193 countries, 160 already have a VAT or goods and services tax, including all developed countries except the United States. The average VAT in Europe is 20 percent. It is well developed and its efficacy has been established. If we adopted a VAT at half the average European level, we could pay for a universal basic income for all American adults. A VAT would result in slightly higher prices. But technological advancement would continue to drive down the cost of most things. And with the backdrop of a universal basic income of $12,000, the only way a VAT of 10 percent makes you worse off is if you consume more than $120,000 in goods and services per year, which means you’re doing fine and are likely at the top of the income distribution.

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Inflation has been low for years, in part because technology and globalization have been reducing the costs of many things. Even the printing of $4 trillion in monetary easing after the financial crisis didn’t cause meaningful inflation. If the universal basic income were paid for through a VAT as proposed above, we wouldn’t be increasing the money supply, so inflation wouldn’t be expected based on the amount of money floating around. A universal basic income at the level of the Freedom Dividend would likely result in some inflation as vendors take advantage of the new buying power of the public to raise some prices, but costs would continue to decline for many things because technology would continue to lower the underlying cost of their production.

How to Fix the Future: Staying Human in the Digital Age by Andrew Keen

"World Economic Forum" Davos, 23andMe, Ada Lovelace, Affordable Care Act / Obamacare, Airbnb, Albert Einstein, AlphaGo, Andrew Keen, Apple's 1984 Super Bowl advert, augmented reality, autonomous vehicles, basic income, Bernie Sanders, Big Tech, bitcoin, Black Swan, blockchain, Brewster Kahle, British Empire, carbon tax, Charles Babbage, computer age, Cornelius Vanderbilt, creative destruction, crowdsourcing, data is the new oil, death from overwork, DeepMind, Demis Hassabis, Didi Chuxing, digital capitalism, digital map, digital rights, disinformation, don't be evil, Donald Trump, driverless car, Edward Snowden, Elon Musk, Erik Brynjolfsson, European colonialism, fake news, Filter Bubble, Firefox, fulfillment center, full employment, future of work, gig economy, global village, income inequality, independent contractor, informal economy, Internet Archive, Internet of things, invisible hand, Isaac Newton, James Watt: steam engine, Jane Jacobs, Jaron Lanier, Jeff Bezos, jimmy wales, job automation, Joi Ito, Kevin Kelly, knowledge economy, Lyft, Marc Andreessen, Marc Benioff, Mark Zuckerberg, Marshall McLuhan, Menlo Park, Mitch Kapor, move fast and break things, Network effects, new economy, Nicholas Carr, Norbert Wiener, OpenAI, Parag Khanna, peer-to-peer, Peter Thiel, plutocrats, post-truth, postindustrial economy, precariat, Ralph Nader, Ray Kurzweil, Recombinant DNA, rent-seeking, ride hailing / ride sharing, Rutger Bregman, Salesforce, Sam Altman, Sand Hill Road, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Silicon Valley billionaire, Silicon Valley ideology, Silicon Valley startup, Skype, smart cities, Snapchat, social graph, software is eating the world, Stephen Hawking, Steve Jobs, Steve Wozniak, subscription business, surveillance capitalism, Susan Wojcicki, tech baron, tech billionaire, tech worker, technological determinism, technoutopianism, The Future of Employment, the High Line, the new new thing, Thomas L Friedman, Tim Cook: Apple, Travis Kalanick, Triangle Shirtwaist Factory, Uber and Lyft, Uber for X, uber lyft, universal basic income, Unsafe at Any Speed, Upton Sinclair, urban planning, WikiLeaks, winner-take-all economy, Y Combinator, Yogi Berra, Zipcar

The old left, in particular, he tells me, is intellectually bankrupt, which may explain why many traditional socialists, particularly in the labor unions, haven’t embraced the universal basic income idea. The case for a universal basic income is also shared by many technologists and entrepreneurs, who see it as an essential feature—perhaps even the central social security pillar—of tomorrow’s networked society. Robin Chase, the former CEO of both Zipcar and Buzzcar and a leading evangelist for the sharing economy, tells me that universal basic income represents a kind of investment that will allow us to “tap into people’s talents.” There will, she promises me, be a “huge uptick in happiness, creativity, and productivity” after its introduction.

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It never went away completely, of course. In the nineteenth century, a youthful Karl Marx kept it alive. Today, however, rather than Utopia or communism, it now goes under the name of “universal basic income.” This is the idea that, in our age of rising technological unemployment and inequality, the government will give all its citizens—rich and poor, young and old, male and female alike—a living wage whether or not they have a job. “Money for Nothing” one headline about universal basic income thus says.4 “Sighing for Paradise to Come” declares another about the future as a cornucopia of “technological abundance in which paid work is optional and no one goes without.”5 Paradise or not, everyone today, it seems, both inside and outside Silicon Valley, is talking about universal basic income as the fix to the looming joblessness crisis of our smart machine age in which we will all become members of what Yuval Noah Harari calls the “useless class.”6 Its many proponents include libertarian technologists like the Y Combinator CEO Sam Altman, who is funding a trial in Oakland around it, as well as more traditional progressives such as the American labor organizer Andy Stern, the former president of the Service Employees International Union, who has written a book in favor of its implementation in the United States.7 Local and national governments all over the globe—from Canada and Finland to Brazil, Holland, and Switzerland—are experimenting with referendums or pilot projects to reinvent the social security systems of the industrial age.

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Originally from Utrecht, the Dutch city that is pioneering a 2017 scheme to pay its residents an unconditional monthly stipend, Bregman is the author of the aptly named Utopia for Realists: How We Can Build the Ideal World,10 a bestselling polemic in favor of universal basic income, which has been translated into twenty languages. As we sit in a café outside Amsterdam Central Station on an unseasonably warm April afternoon, the youthful Bregman lays out the case for a universal basic income. Reiterating the core message in his book, that we need, in his words, to “control the future,” Bregman—like Daniel Straub—celebrates the disappearance of what he calls “bullshit jobs” that dumb us down and drain us of our humanity.

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

Airbnb, Albert Einstein, basic income, Berlin Wall, Bertrand Russell: In Praise of Idleness, carbon tax, centre right, collective bargaining, cryptocurrency, David Graeber, declining real wages, degrowth, diversified portfolio, Edward Snowden, eurozone crisis, Fall of the Berlin Wall, feminist movement, full employment, future of work, George Akerlof, Herbert Marcuse, illegal immigration, income per capita, informal economy, Jeremy Corbyn, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kickstarter, Marshall McLuhan, means of production, minimum wage unemployment, Money creation, open borders, Paul Samuelson, pension reform, Post-Keynesian economics, precariat, price mechanism, profit motive, purchasing power parity, quantitative easing, race to the bottom, road to serfdom, Robert Solow, Rutger Bregman, Second Machine Age, secular stagnation, selection bias, sharing economy, sovereign wealth fund, systematic bias, 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

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.

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., 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.

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35 Even when the probabilities of prob� 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 � who are ill-�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 � 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 �favor universality: the fact that any earnings �people do produce go to increase their net incomes.

Four Futures: Life After Capitalism by Peter Frase

Aaron Swartz, Airbnb, Anthropocene, basic income, bitcoin, business cycle, call centre, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, carbon tax, congestion pricing, cryptocurrency, deindustrialization, do what you love, Dogecoin, Donald Shoup, Edward Snowden, emotional labour, Erik Brynjolfsson, Ferguson, Missouri, fixed income, full employment, future of work, green new deal, Herbert Marcuse, high net worth, high-speed rail, income inequality, industrial robot, informal economy, Intergovernmental Panel on Climate Change (IPCC), iterative process, Jevons paradox, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, Kim Stanley Robinson, litecoin, mass incarceration, means of production, military-industrial complex, Occupy movement, pattern recognition, peak oil, 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 is already here, The Future of Employment, Thomas Malthus, Tyler Cowen, Tyler Cowen: Great Stagnation, universal basic income, Wall-E, warehouse robotics, 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.

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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.

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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.

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

air traffic controllers' union, Airbnb, Alan Greenspan, autonomous vehicles, balance sheet recession, bank run, banking crisis, basic income, Berlin Wall, Bernie Sanders, Big Tech, Boris Johnson, Branko Milanovic, Bretton Woods, business cycle, call centre, capital controls, carbon footprint, carbon tax, Carmen Reinhart, centre right, collective bargaining, company town, debt deflation, deindustrialization, deskilling, Diane Coyle, Donald Trump, Edward Glaeser, eurozone crisis, Fall of the Berlin Wall, financial engineering, financial intermediation, full employment, future of work, gig economy, Gini coefficient, green new deal, 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 interest rates, low skilled workers, manufacturing employment, Martin Wolf, meta-analysis, mini-job, Money creation, mortgage debt, new economy, offshore financial centre, oil shock, open economy, pattern recognition, pink-collar, precariat, public intellectual, quantitative easing, race to the bottom, Richard Florida, Robert Shiller, Robert Solow, 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).

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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.

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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.

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, Apollo 11, Atul Gawande, augmented reality, banking crisis, basic income, Bayesian statistics, Bear Stearns, behavioural economics, bitcoin, blockchain, book value, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, Cass Sunstein, centralized clearinghouse, Checklist Manifesto, cloud computing, cognitive bias, cognitive load, conceptual framework, creative destruction, Daniel Kahneman / Amos Tversky, data science, Didi Chuxing, disruptive innovation, Donald Trump, double entry bookkeeping, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Evgeny Morozov, flying shuttle, Ford Model T, Ford paid five dollars a day, Frederick Winslow Taylor, fundamental attribution error, George Akerlof, gig economy, Google Glasses, Higgs boson, 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, Large Hadron Collider, lone genius, low cost airline, low interest rates, Marc Andreessen, market bubble, market design, market fundamentalism, means of production, meta-analysis, Moneyball by Michael Lewis explains big data, multi-sided market, natural language processing, Neil Armstrong, Network effects, Nick Bostrom, 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, radical decentralization, random walk, recommendation engine, Richard Thaler, ride hailing / ride sharing, Robinhood: mobile stock trading app, Sam Altman, scientific management, Second Machine Age, self-driving car, Silicon Valley, Silicon Valley startup, six sigma, smart grid, smart meter, Snapchat, statistical model, Steve Jobs, subprime mortgage crisis, Suez canal 1869, tacit knowledge, technoutopianism, The Future of Employment, The Market for Lemons, The Nature of the Firm, transaction costs, universal basic income, vertical integration, 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.

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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?

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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.

The Cult of Smart: How Our Broken Education System Perpetuates Social Injustice by Fredrik Deboer

accounting loophole / creative accounting, Affordable Care Act / Obamacare, anti-communist, assortative mating, basic income, Bernie Sanders, collective bargaining, deindustrialization, desegregation, Donald Trump, fiat currency, Flynn Effect, full employment, gentrification, Great Leap Forward, helicopter parent, income inequality, knowledge economy, labor-force participation, liberal capitalism, longitudinal study, meta-analysis, new economy, New Urbanism, obamacare, Own Your Own Home, phenotype, positional goods, profit motive, RAND corporation, randomized controlled trial, Richard Florida, school choice, Scientific racism, selection bias, Silicon Valley, single-payer health, Steven Pinker, survivorship bias, trade route, twin studies, universal basic income, upwardly mobile, winner-take-all economy, young professional, zero-sum game

See labor and teacher unions teachers “blame the teachers first” thinking and education reform movement low pay and low prestige merit pay qualified applicant pool teacher attrition tourist teachers technical education Tennessee Voluntary Pre-kindergarten program test prep industry “Texas miracle” Three Laws of Behavioral Genetics Time Machine, The (Wells) time-to-graduate Tocqueville, Alexis de tourist teachers tracking and blank-slate philosophy of education dark side of and school choice and school quality school reformers on vocational tracks trade employment Triple Package, The (Chua) Trump, Donald Turkheimer, Eric tutoring Twilight of the Elites (Hayes) twin and adoption studies criticism and skepticism of fraternal versus identical (monozygotic) twins Minnesota Twin Registry UBI (universal basic income) unemployment and advanced degree premium college unemployment premium and elite high schools and labor force participation rate and universal basic income universal basic income (UBI) universal childcare University of Rhode Island (URI) untalented students untalented teachers veil of ignorance definition of and equality of opportunity and meritocracy vocational education voting rights wage gaps Waiting for Superman (documentary) war Afghanistan war anti-war movements Iraq War World War I World War II Warren, Elizabeth Watanabe-Rose, Mari Watson, John B.

…

For a long time, American leftists defined themselves in passionate but vague anti-capitalist terms. Debates have sprung up in recent years about a defined policy platform, but they demonstrate the degree to which the leftist vision for society remains unsettled. Few debates better exemplify this than that between proponents of a universal basic income (UBI) and proponents of a jobs guarantee (JG). There are many flavors of UBI, with many different names and important nuances to policy. But the concept of the UBI (or guaranteed minimum income among other assorted terms) is simple: the government sends a check to every adult, with the funding sufficient to raise everyone above the poverty line.

…

The conservative complaint about this should be obvious: if people aren’t forced to work by the need to avoid poverty, they’ll live lives of indolence and aimlessness! I have never found this remotely compelling. Yes, there would surely be people who would do nothing particularly productive with their time under a universal basic income. The moral calculus should still be simple: the elimination of poverty and all its attendant ills would be worth some “freeloaders.” Note too that one of the basic assumptions of a UBI is that work, in and of itself, is not an inherently good thing; in fact, because work is unpleasant—because most people would prefer not to do the kind of boring, physically demanding, or otherwise unattractive work that low-wage workers often do—freeing people from work is an inherent good.

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

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

., “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 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.

…

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.

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

"World Economic Forum" Davos, Alan Greenspan, 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, driverless car, Erik Brynjolfsson, everywhere but in the productivity statistics, Fall of the Berlin Wall, Ford Model T, 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, microcredit, minimum wage unemployment, Mont Pelerin Society, Nathan Meyer Rothschild: antibiotics, Occupy movement, offshore financial centre, Paul Samuelson, Peter Thiel, post-industrial society, precariat, public intellectual, radical decentralization, RAND corporation, randomized controlled trial, Ray Kurzweil, Ronald Reagan, Rutger Bregman, Second Machine Age, Silicon Valley, Simon Kuznets, Skype, stem cell, Steven Pinker, TED Talk, telemarketer, The future is already here, The Future of Employment, The Spirit Level, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, Tyler Cowen, 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

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.

…

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?

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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.

Architects of Intelligence by Martin Ford

3D printing, agricultural Revolution, AI winter, algorithmic bias, Alignment Problem, AlphaGo, Apple II, artificial general intelligence, Asilomar, augmented reality, autonomous vehicles, backpropagation, barriers to entry, basic income, Baxter: Rethink Robotics, Bayesian statistics, Big Tech, bitcoin, Boeing 747, Boston Dynamics, business intelligence, business process, call centre, Cambridge Analytica, cloud computing, cognitive bias, Colonization of Mars, computer vision, Computing Machinery and Intelligence, correlation does not imply causation, CRISPR, crowdsourcing, DARPA: Urban Challenge, data science, deep learning, DeepMind, Demis Hassabis, deskilling, disruptive innovation, Donald Trump, Douglas Hofstadter, driverless car, Elon Musk, Erik Brynjolfsson, Ernest Rutherford, fake news, Fellow of the Royal Society, Flash crash, future of work, general purpose technology, Geoffrey Hinton, gig economy, Google X / Alphabet X, Gödel, Escher, Bach, Hans Moravec, Hans Rosling, hype cycle, ImageNet competition, income inequality, industrial research laboratory, industrial robot, information retrieval, job automation, John von Neumann, Large Hadron Collider, Law of Accelerating Returns, life extension, Loebner Prize, machine translation, Mark Zuckerberg, Mars Rover, means of production, Mitch Kapor, Mustafa Suleyman, natural language processing, new economy, Nick Bostrom, OpenAI, opioid epidemic / opioid crisis, optical character recognition, paperclip maximiser, pattern recognition, phenotype, Productivity paradox, radical life extension, Ray Kurzweil, recommendation engine, Robert Gordon, Rodney Brooks, Sam Altman, self-driving car, seminal paper, sensor fusion, sentiment analysis, Silicon Valley, smart cities, social intelligence, sparse data, speech recognition, statistical model, stealth mode startup, stem cell, Stephen Hawking, Steve Jobs, Steve Wozniak, Steven Pinker, strong AI, superintelligent machines, synthetic biology, systems thinking, Ted Kaczynski, TED Talk, 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, workplace surveillance , 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.

…

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.

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

3D printing, Airbnb, algorithmic trading, AlphaGo, Alvin Toffler, Amazon Web Services, anti-work, antiwork, artificial general intelligence, asset light, autonomous vehicles, basic income, behavioural economics, business cycle, cloud computing, collective bargaining, Computing Machinery and Intelligence, correlation does not imply causation, creative destruction, data is the new oil, data science, David Graeber, David Ricardo: comparative advantage, deep learning, DeepMind, deindustrialization, Demis Hassabis, deskilling, disintermediation, do what you love, Donald Trump, driverless car, Erik Brynjolfsson, fake news, feminist movement, Ford Model T, Frederick Winslow Taylor, future of work, Future Shock, general purpose technology, gig economy, global supply chain, income inequality, independent contractor, informal economy, Internet of things, Jarndyce and Jarndyce, Jarndyce and Jarndyce, job automation, job polarisation, 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, Nick Bostrom, off grid, pattern recognition, post-work, Ronald Coase, scientific management, Second Machine Age, self-driving car, sharing economy, SoftBank, Steve Jobs, strong AI, tacit knowledge, technological determinism, technoutopianism, TED Talk, 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.

…

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.

…

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.

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

"World Economic Forum" Davos, accounting loophole / creative accounting, Ada Lovelace, Adam Curtis, Airbnb, Alan Greenspan, algorithmic trading, asset allocation, autonomous vehicles, balance sheet recession, bank run, banks create money, Basel III, basic income, behavioural economics, Ben Bernanke: helicopter money, bitcoin, Bletchley Park, blockchain, Bretton Woods, Brexit referendum, business cycle, business process, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, cashless society, cellular automata, central bank independence, Charles Babbage, Claude Shannon: information theory, cloud computing, cognitive dissonance, collateralized debt obligation, commoditize, complexity theory, constrained optimization, corporate governance, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, cross-border payments, crowdsourcing, cryptocurrency, data science, David Graeber, deep learning, deskilling, Diane Coyle, discrete time, disruptive innovation, distributed ledger, diversification, double entry bookkeeping, Ethereum, ethereum blockchain, fiat currency, financial engineering, financial innovation, financial intermediation, Flash crash, floating exchange rates, Fractional reserve banking, full employment, George Akerlof, Glass-Steagall Act, Higgs boson, 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, junk bonds, Kenneth Arrow, Kenneth Rogoff, Kevin Kelly, knowledge economy, large denomination, Large Hadron Collider, Lewis Mumford, liquidity trap, London Whale, low interest rates, low skilled workers, M-Pesa, machine readable, Marc Andreessen, market bubble, market fundamentalism, Mexican peso crisis / tequila crisis, Michael Milken, MITM: man-in-the-middle, Money creation, 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, power law, 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, robo advisor, Satoshi Nakamoto, Satyajit Das, Savings and loan crisis, savings glut, seigniorage, seminal paper, Silicon Valley, Skype, smart contracts, software as a service, software is eating the world, speech recognition, statistical model, Stephen Hawking, Stuart Kauffman, 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, Vitalik Buterin, Von Neumann architecture, Washington Consensus

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.

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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 Index A Aadhaar program Agent Based Computational Economics (ABCE) models complexity economists developments El Farol problem and minority games Kim-Markowitz Portfolio Insurers Model Santa Fe artificial stock market model Agent based modelling (ABM) aggregate behavioural trends axiomatisation, linearization and generalization black-boxing bottom-up approach challenge computational modelling paradigm conceptualizing, individual agents EBM enacting agent interaction environmental factors environment creation individual agent parameters and modelling decisions simulation designing specifying agent behaviour Alaska Anti-Money Laundering (AML) ARPANet Artificial Neural Networks (ANN) Atlantic model Automatic Speech Recognition (ASR) Autor-Levy-Murnane (ALM) B Bandits’ Club BankID system Basic Income Earth Network (BIEN) Bitnation Blockchain ARPANet break down points decentralized communication emails fiat currency functions Jiggery Pokery accounts malware protocols Satoshi skeleton keys smart contract TCP/IP protocol technological and financial innovation trade finance Blockchain-based regulatory framework (BRF) BlockVerify C Capitalism ALM hypotheses and SBTC Blockchain and CoCo canonical model cashlessenvironment See(Multiple currencies) categories classification definition of de-skilling process economic hypothesis education and training levels EMN fiat currency CBDC commercial banks debt-based money digital cash digital monetary framework fractional banking system framework ideas and methods non-bank private sector sovereign digital currency transition fiscal policy cashless environment central bank concept of control spending definition of exogenous and endogenous function fractional banking system Kelton, Stephanie near-zero interest rates policy instrument QE and QQE tendency ultra-low inflation helicopter drops business insider ceteris paribus Chatbots Chicago Plan comparative charts fractional banking keywords technology UBI higher-skilled workers ICT technology industry categories Jiggery Pokery accounts advantages bias information Blockchain CFTC digital environment Enron scandal limitations private/self-regulation public function regulatory framework tech-led firms lending and payments CAMELS evaluation consumers and SMEs cryptographic laws fundamental limitations governments ILP KYB process lending sector mobile banking payments industry regulatory pressures rehypothecation ripple protocol sectors share leveraging effect technology marketing money cashless system crime and taxation economy IRS money Seigniorage tax evasion markets and regulation market structure multiple currency mechanisms occupational categories ONET database policies economic landscape financialization monetary and fiscal policy money creation methods The Chicago Plan transformation probabilities regulation routine and non-routine routinization hypothesis Sarbanes-Oxley Act SBTC scalability issue skill-biased employment skills and technological advancement skills downgrading process trades See(Trade finance) UBI Alaska deployment Mincome, Canada Namibia Cashless system Cellular automata (CA) Central bank digital currency (CBDC) Centre for Economic Policy Research (CEPR) Chicago Plan Clearing House Interbank Payments System (CHIPS) Collateralised Debt Obligations (CDOs) Collateralized Loan Obligations (CLOs) Complexity economics agent challenges consequential decisions deterministic and axiomatized models dynamics education emergence exogenous and endogenous changes feedback loops information affects agents macroeconoic movements network science non-linearity path dependence power laws self-adapting individual agents technology andinvention See(Technology and invention) Walrasian approach Computing Congressional Research Service (CRS) Constant absolute risk aversion (CARA) Contingent convertible (CoCo) Credit Default Swaps (CDSs) CredyCo Cryptid Cryptographic law Currency mechanisms Current Account Switching System (CASS) D Data analysis techniques Debt and money broad and base money China’s productivity credit economic pressures export-led growth fractional banking See also((Fractional Reserve banking) GDP growth households junk bonds long-lasting effects private and public sectors problems pubilc and private level reaganomics real estate industry ripple effects security and ownership societal level UK DigID Digital trade documents (DOCS) Dodd-Frank Act Dynamic Stochastic General Equilibrium (DSGE) model E EBM SeeEquation based modelling (EBM) Economic entropy vs. economic equilibrium assemblages and adaptations complexity economics complexity theory DSGE based models EMH human uncertainty principle’ LHC machine-like system operating neuroscience findings reflexivity RET risk assessment scientific method technology and economy Economic flexibility Efficient markets hypothesis (EMH) eID system Electronic Discrete Variable Automatic Computer (EDVAC) Elliptical curve cryptography (ECC) EMH SeeEfficient Market Hypothesis (EMH) Equation based modelling (EBM) Equilibrium business-cycle models Equilibrium economic models contract theory contact incompleteness efficiency wages explicit contracts implicit contracts intellectual framework labor market flexibility menu cost risk sharing DSGE models Federal Reserve system implicit contracts macroeconomic models of business cycle NK models non-optimizing households principles RBC models RET ‘rigidity’ of wage and price change SIGE steady state equilibrium, economy structure Taylor rule FRB/US model Keynesian macroeconomic theory RBC models Romer’s analysis tests statistical models Estonian government European Migration Network (EMN) Exogenous and endogenous function Explicit contracts F Feedback loop Fiat currency CBDC commercial banks debt-based money digital cash digital monetary framework framework ideas and methods non-bank private sector sovereign digital currency transition Financialization de facto definition of eastern economic association enemy of my enemy is my friend FT slogans Palley, Thomas I.

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It also investigates if these changes could offer sovereign states a new way to produce money and looks at alternatives other than inflation and interest rates to govern monetary policy. Finally, it reviews different scenarios of how this new structure can be used to implement innovative policies, such as overt money finance and universal basic income, which could help address issues such as income inequality and technological unemployment that currently threaten most economies. While the purpose of the book it to shed more light on the implications of the widespread use of Blockchain technology, the growing diversity within the currency space cannot be fully excluded from the discussion.

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

"Friedman doctrine" OR "shareholder theory", 4chan, Affordable Care Act / Obamacare, Airbnb, AlphaGo, Alvin Roth, Amazon Mechanical Turk, Amazon Robotics, Amazon Web Services, AOL-Time Warner, artificial general intelligence, augmented reality, autonomous vehicles, barriers to entry, basic income, behavioural economics, benefit corporation, Bernie Madoff, Bernie Sanders, Bill Joy: nanobots, bitcoin, Blitzscaling, blockchain, book value, Bretton Woods, Brewster Kahle, British Empire, business process, call centre, Capital in the Twenty-First Century by Thomas Piketty, Captain Sullenberger Hudson, carbon tax, Carl Icahn, Chuck Templeton: OpenTable:, Clayton Christensen, clean water, cloud computing, cognitive dissonance, collateralized debt obligation, commoditize, computer vision, congestion pricing, corporate governance, corporate raider, creative destruction, CRISPR, crowdsourcing, Danny Hillis, data acquisition, data science, deep learning, DeepMind, Demis Hassabis, Dennis Ritchie, deskilling, DevOps, Didi Chuxing, digital capitalism, disinformation, do well by doing good, Donald Davies, Donald Trump, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, fake news, Filter Bubble, Firefox, Flash crash, Free Software Foundation, fulfillment center, full employment, future of work, George Akerlof, gig economy, glass ceiling, Glass-Steagall Act, Goodhart's law, Google Glasses, Gordon Gekko, gravity well, greed is good, Greyball, Guido van Rossum, High speed trading, hiring and firing, Home mortgage interest deduction, Hyperloop, income inequality, independent contractor, 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 Bogle, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, John Zimmer (Lyft cofounder), Kaizen: continuous improvement, Ken Thompson, Kevin Kelly, Khan Academy, Kickstarter, Kim Stanley Robinson, knowledge worker, Kodak vs Instagram, Lao Tzu, Larry Ellison, Larry Wall, Lean Startup, Leonard Kleinrock, Lyft, machine readable, machine translation, Marc Andreessen, Mark Zuckerberg, market fundamentalism, Marshall McLuhan, McMansion, microbiome, microservices, minimum viable product, mortgage tax deduction, move fast and break things, Network effects, new economy, Nicholas Carr, Nick Bostrom, obamacare, Oculus Rift, OpenAI, OSI model, Overton Window, packet switching, PageRank, pattern recognition, Paul Buchheit, peer-to-peer, peer-to-peer model, Ponzi scheme, post-truth, 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, Rutger Bregman, Salesforce, 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, stock buybacks, strong AI, synthetic biology, TaskRabbit, telepresence, the built environment, the Cathedral and the Bazaar, The future is already here, 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, Tony Fadell, Tragedy of the Commons, transaction costs, transcontinental railway, transportation-network company, Travis Kalanick, trickle-down economics, two-pizza team, Uber and Lyft, Uber for X, uber lyft, ubercab, universal basic income, US Airways Flight 1549, VA Linux, warehouse automation, warehouse robotics, 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.

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,” 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.

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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

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, Great Leap Forward, high net worth, household responsibility system, 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, post-materialism, purchasing power parity, remote working, rent-seeking, ride hailing / ride sharing, Robert Solow, Silicon Valley, single-payer health, special economic zone, Tax Reform Act of 1986, The Theory of the Leisure Class by Thorstein Veblen, 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.

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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.

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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.

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

"World Economic Forum" Davos, Affordable Care Act / Obamacare, AlphaGo, Amazon Mechanical Turk, Apollo 13, augmented reality, autonomous vehicles, barriers to entry, basic income, benefit corporation, Big Tech, 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, cognitive load, collaborative consumption, collective bargaining, computer vision, corporate social responsibility, cotton gin, crowdsourcing, data is the new oil, data science, deep learning, DeepMind, deindustrialization, deskilling, digital divide, do well by doing good, do what you love, don't be evil, Donald Trump, Elon Musk, employer provided health coverage, en.wikipedia.org, equal pay for equal work, Erik Brynjolfsson, fake news, financial independence, Frank Levy and Richard Murnane: The New Division of Labor, fulfillment center, future of work, gig economy, glass ceiling, global supply chain, hiring and firing, ImageNet competition, independent contractor, industrial robot, informal economy, information asymmetry, Jeff Bezos, job automation, knowledge economy, low skilled workers, low-wage service sector, machine translation, market friction, Mars Rover, natural language processing, new economy, operational security, passive income, pattern recognition, post-materialism, post-work, power law, race to the bottom, Rana Plaza, recommendation engine, ride hailing / ride sharing, Ronald Coase, scientific management, search costs, 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, TED Talk, The Future of Employment, The Nature of the Firm, Tragedy of the Commons, transaction costs, two-sided market, union organizing, universal basic income, Vilfredo Pareto, Wayback Machine, women in the workforce, work culture , Works Progress Administration, Y Combinator, Yochai Benkler

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).

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“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.

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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.

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

3D printing, additive manufacturing, air freight, algorithmic trading, anti-work, antiwork, back-to-the-land, banking crisis, basic income, battle of ideas, blockchain, Boris Johnson, Bretton Woods, business cycle, call centre, capital controls, capitalist realism, carbon footprint, carbon tax, Cass Sunstein, centre right, collective bargaining, crowdsourcing, cryptocurrency, David Graeber, decarbonisation, deep learning, deindustrialization, deskilling, Doha Development Round, Elon Musk, Erik Brynjolfsson, Evgeny Morozov, Ferguson, Missouri, financial independence, food miles, Francis Fukuyama: the end of history, full employment, future of work, gender pay gap, general purpose technology, housing crisis, housing justice, 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, Kiva Systems, late capitalism, liberation theology, Live Aid, low skilled workers, manufacturing employment, market design, Martin Wolf, mass immigration, mass incarceration, means of production, megaproject, minimum wage unemployment, Modern Monetary Theory, Mont Pelerin Society, Murray Bookchin, neoliberal agenda, New Urbanism, Occupy movement, oil shale / tar sands, oil shock, Overton Window, patent troll, pattern recognition, Paul Samuelson, Philip Mirowski, post scarcity, post-Fordism, post-work, postnationalism / post nation state, precariat, precautionary principle, price stability, profit motive, public intellectual, 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, synthetic biology, tacit knowledge, technological determinism, the built environment, The Chicago School, The Future of Employment, the long tail, Tyler Cowen, Tyler Cowen: Great Stagnation, universal basic income, wages for housework, warehouse automation, We are all Keynesians now, We are the 99%, women in the workforce, working poor, working-age population

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.

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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.

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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.

Bullshit Jobs: A Theory by David Graeber

1960s counterculture, active measures, antiwork, basic income, Berlin Wall, Bernie Sanders, Bertrand Russell: In Praise of Idleness, Black Lives Matter, Bretton Woods, Buckminster Fuller, business logic, call centre, classic study, cognitive dissonance, collateralized debt obligation, data science, David Graeber, do what you love, Donald Trump, emotional labour, equal pay for equal work, full employment, functional programming, global supply chain, High speed trading, hiring and firing, imposter syndrome, independent contractor, informal economy, Jarndyce and Jarndyce, Jarndyce and Jarndyce, job automation, John Maynard Keynes: technological unemployment, knowledge worker, moral panic, Post-Keynesian economics, post-work, precariat, Rutger Bregman, scientific management, 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

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. 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.

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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.

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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?”

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

"RICO laws" OR "Racketeer Influenced and Corrupt Organizations", "World Economic Forum" Davos, Admiral Zheng, Alvin Toffler, Andy Kessler, autonomous vehicles, basic income, Bernie Sanders, Big Tech, bread and circuses, Brexit referendum, call centre, Capital in the Twenty-First Century by Thomas Piketty, carbon credits, carbon footprint, Cass Sunstein, clean water, company town, content marketing, Cornelius Vanderbilt, creative destruction, data science, deindustrialization, demographic transition, deplatforming, don't be evil, Donald Trump, driverless car, edge city, Elon Musk, European colonialism, Evgeny Morozov, financial independence, Francis Fukuyama: the end of history, Future Shock, gentrification, gig economy, Gini coefficient, Google bus, Great Leap Forward, green new deal, guest worker program, Hans Rosling, Herbert Marcuse, housing crisis, income inequality, informal economy, Jane Jacobs, Jaron Lanier, Jeff Bezos, Jeremy Corbyn, job automation, job polarisation, job satisfaction, Joseph Schumpeter, land reform, liberal capitalism, life extension, low skilled workers, Lyft, Marc Benioff, Mark Zuckerberg, market fundamentalism, Martin Wolf, mass immigration, megacity, Michael Shellenberger, Nate Silver, new economy, New Urbanism, Northpointe / Correctional Offender Management Profiling for Alternative Sanctions, Occupy movement, Parag Khanna, Peter Thiel, plutocrats, post-industrial society, post-work, postindustrial economy, postnationalism / post nation state, precariat, profit motive, public intellectual, RAND corporation, Ray Kurzweil, rent control, Richard Florida, road to serfdom, Robert Gordon, Salesforce, Sam Altman, San Francisco homelessness, Satyajit Das, sharing economy, Sidewalk Labs, Silicon Valley, smart cities, Social Justice Warrior, Steve Jobs, Stewart Brand, superstar cities, technological determinism, Ted Nordhaus, The Death and Life of Great American Cities, The future is already here, 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, Virgin Galactic, We are the 99%, Wolfgang Streeck, women in the workforce, work culture , 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.

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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.

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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.

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 Robotics, Amazon Web Services, Atul Gawande, autonomous vehicles, basic income, Bernie Sanders, Big Tech, Black Swan, call centre, Cambridge Analytica, carbon tax, Carl Icahn, Chris Urmson, cloud computing, corporate raider, creative destruction, Danny Hillis, data science, deep learning, Donald Trump, Elon Musk, Erik Brynjolfsson, Fairchild Semiconductor, fake news, fulfillment center, future of work, gig economy, Glass-Steagall Act, Google Glasses, Google X / Alphabet X, income inequality, independent contractor, industrial robot, Internet of things, Jeff Bezos, job automation, Joseph Schumpeter, Kevin Kelly, Kevin Roose, Lyft, Marc Andreessen, Mark Zuckerberg, military-industrial complex, money market fund, natural language processing, no-fly zone, Ocado, pets.com, plutocrats, race to the bottom, ride hailing / ride sharing, Salesforce, Sand Hill Road, self-driving car, shareholder value, Sheryl Sandberg, Silicon Valley, Silicon Valley startup, Snapchat, speech recognition, Steve Jobs, Stewart Brand, supply-chain management, TED Talk, Tim Cook: Apple, too big to fail, Travis Kalanick, two-pizza team, Uber and Lyft, uber lyft, universal basic income, warehouse automation, warehouse robotics, wealth creators, web application, Whole Earth Catalog, work culture

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.

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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.

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Of course, Sanders and Bezos’s tussle aside, the long-term worry for Amazon’s lower-rung workers is not that their compensation will dip below that which is sufficient for a comfortable middle-class lifestyle (even at $15 an hour, which works out to $31,000 a year, that goal remains elusive), but that their jobs may be automated out of existence. On this topic, Bezos is a techno-optimist. 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.

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

"World Economic Forum" Davos, affirmative action, anti-communist, basic income, Bernie Sanders, Boris Johnson, Bretton Woods, Brexit referendum, business cycle, Cambridge Analytica, capital controls, Cass Sunstein, central bank independence, centre right, collective bargaining, commoditize, corporate governance, cotton gin, crony capitalism, deindustrialization, disinformation, Doha Development Round, Donald Trump, Edward Snowden, export processing zone, fake news, future of work, gentrification, global supply chain, guest worker program, Haight Ashbury, illegal immigration, immigration reform, independent contractor, invisible hand, Jeremy Corbyn, knowledge economy, Les Trente Glorieuses, liberal world order, low skilled workers, low-wage service sector, manufacturing employment, Mark Zuckerberg, mass immigration, means of production, Michael Milken, moral panic, Nate Silver, new economy, offshore financial centre, oil shock, open borders, plutocrats, Ponzi scheme, purchasing power parity, Ralph Nader, regulatory arbitrage, rent-seeking, Richard Florida, Ronald Reagan, scientific management, Silicon Valley, SoftBank, The Wealth of Nations by Adam Smith, Thorstein Veblen, Timothy McVeigh, trade liberalization, union organizing, universal basic income, upwardly mobile, WikiLeaks, Wolfgang Streeck, working poor

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.

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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.

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Peters, “The Rise of Finance and the Decline of Organized Labor in the Advanced Capitalist Countries,” New Political Economy 16, no. 1, p. 93, cited in Sayer, Why We Can’t Afford the Rich, pp. 187–88. 7. Chang-Tai Hsieh and Enrico Moretti, “Why Do Cities Matter? Local Growth and Aggregate Growth,” Chicago Unbound: Kreisman Working Paper Series in Housing Law and Policy, 2015. 8. Shirin Ghaffary, “Many in Silicon Valley Support Universal Basic Income. Now the California Democratic Party Does, Too,” Vox, March 8, 2018; Candice Norwood, “Silicon Valley Is Helping Cities Test a Radical Anti-Poverty Idea,” Governing, July 16, 2018. 9. Barry C. Lynn, Cornered: The New Monopoly and the Economics of Destruction (New York: John Wiley & Sons, 2010); Lina M.

India's Long Road by Vijay Joshi

Affordable Care Act / Obamacare, barriers to entry, Basel III, basic income, blue-collar work, book value, Bretton Woods, business climate, capital controls, carbon tax, central bank independence, clean water, collapse of Lehman Brothers, collective bargaining, colonial rule, congestion charging, Cornelius Vanderbilt, 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, foreign exchange controls, 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, low interest rates, Mahatma Gandhi, manufacturing employment, Martin Wolf, means of production, microcredit, moral hazard, obamacare, Pareto efficiency, price elasticity of demand, 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, Tragedy of the Commons, transaction costs, universal basic income, urban sprawl, vertical integration, 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.

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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.

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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.

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

1960s counterculture, Aaron Swartz, Adam Curtis, Affordable Care Act / Obamacare, Airbnb, altcoin, Amazon Mechanical Turk, antiwork, back-to-the-land, basic income, Berlin Wall, Bernie Sanders, bitcoin, Black Lives Matter, blockchain, Brewster Kahle, Burning Man, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, carbon tax, Clayton Christensen, collaborative economy, collective bargaining, commons-based peer production, Community Supported Agriculture, corporate governance, creative destruction, crowdsourcing, cryptocurrency, Debian, degrowth, disruptive innovation, do-ocracy, Donald Knuth, Donald Trump, Edward Snowden, Elon Musk, emotional labour, Ethereum, ethereum blockchain, Evgeny Morozov, Fairphone, Food sovereignty, four colour theorem, future of work, Gabriella Coleman, gentrification, gig economy, Google bus, holacracy, hydraulic fracturing, initial coin offering, intentional community, Internet Archive, Jeff Bezos, Jeremy Corbyn, jimmy wales, John Perry Barlow, joint-stock company, Joseph Schumpeter, Julian Assange, Kevin Roose, Kickstarter, low interest rates, Lyft, M-Pesa, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, mass immigration, means of production, Money creation, multi-sided market, Murray Bookchin, new economy, offshore financial centre, old-boy network, Peter H. Diamandis: Planetary Resources, Pier Paolo Pasolini, post-work, precariat, premature optimization, pre–internet, profit motive, race to the bottom, Richard Florida, Richard Stallman, ride hailing / ride sharing, Rutger Bregman, Salesforce, Sam Altman, Satoshi Nakamoto, self-driving car, shareholder value, sharing economy, Silicon Valley, Slavoj Žižek, smart contracts, Steve Bannon, Steve Jobs, Steve Wozniak, Stewart Brand, surveillance capitalism, tech worker, TED Talk, transaction costs, Turing test, Uber and Lyft, uber lyft, underbanked, undersea cable, universal basic income, Upton Sinclair, Vanguard fund, Vitalik Buterin, W. E. B. Du Bois, white flight, Whole Earth Catalog, WikiLeaks, women in the workforce, working poor, workplace surveillance , Y Combinator, Y2K, Zipcar

“Tell me something that you think robots cannot do, and I will tell you a time frame in which they can actually do it,” claims Federico Pistono, a young Italian who spoke there. 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.

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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. The idea appeals to hopeful longings for a humane, egalitarian sort of commonwealth—a recognition that people, including those who are currently poor, will know better than any top-down welfare program what to spend the money on.

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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.

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

Affordable Care Act / Obamacare, Airbnb, Alvin Toffler, antiwork, Automated Insights, autonomous vehicles, barriers to entry, basic income, Bernie Sanders, business intelligence, do what you love, Donald Trump, Downton Abbey, East Village, Elon Musk, emotional labour, full employment, future of work, gentrification, gig economy, glass ceiling, haute couture, income inequality, independent contractor, information security, Jaron Lanier, Jeremy Corbyn, job automation, late capitalism, Lyft, minimum wage unemployment, moral panic, new economy, nuclear winter, obamacare, peak TV, Ponzi scheme, post-work, precariat, price mechanism, rent control, rent stabilization, ride hailing / ride sharing, school choice, sharing economy, Sheryl Sandberg, Silicon Valley, Skype, Snapchat, stop buying avocado toast, surplus humans, TaskRabbit, tech worker, TED Talk, Travis Kalanick, Uber and Lyft, Uber for X, uber lyft, union organizing, universal basic income, upwardly mobile, wages for housework, WeWork, women in the workforce, work culture , 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).

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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.

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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.

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

"World Economic Forum" Davos, AI winter, Airbnb, Albert Einstein, algorithmic bias, algorithmic trading, Alignment Problem, AlphaGo, artificial general intelligence, autonomous vehicles, barriers to entry, basic income, bike sharing, business cycle, Cambridge Analytica, cloud computing, commoditize, computer vision, corporate social responsibility, cotton gin, creative destruction, crony capitalism, data science, deep learning, DeepMind, Demis Hassabis, Deng Xiaoping, deskilling, Didi Chuxing, Donald Trump, driverless car, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, fake news, full employment, future of work, general purpose technology, Geoffrey Hinton, gig economy, Google Chrome, Hans Moravec, happiness index / gross national happiness, high-speed rail, if you build it, they will come, ImageNet competition, impact investing, 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, machine translation, mandatory minimum, Mark Zuckerberg, Menlo Park, minimum viable product, natural language processing, Neil Armstrong, new economy, Nick Bostrom, OpenAI, 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, SoftBank, Solyndra, special economic zone, speech recognition, Stephen Hawking, Steve Jobs, strong AI, TED Talk, The Future of Employment, Travis Kalanick, Uber and Lyft, uber lyft, universal basic income, urban planning, vertical integration, Vision Fund, warehouse robotics, 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.

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., 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.

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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.

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

"World Economic Forum" Davos, accelerated depreciation, Airbnb, Alan Greenspan, balance sheet recession, bank run, banking crisis, barriers to entry, Basel III, basic income, behavioural economics, benefit corporation, Berlin Wall, bilateral investment treaty, business cycle, business process, Capital in the Twenty-First Century by Thomas Piketty, carbon tax, 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 engineering, financial intermediation, Francis Fukuyama: the end of history, full employment, gender pay gap, George Akerlof, gig economy, Gini coefficient, Glass-Steagall Act, hiring and firing, housing crisis, Hyman Minsky, income inequality, independent contractor, inflation targeting, informal economy, information asymmetry, intangible asset, investor state dispute settlement, invisible hand, Isaac Newton, labor-force participation, liberal capitalism, low interest rates, low skilled workers, market fundamentalism, mini-job, moral hazard, non-tariff barriers, offshore financial centre, open economy, Paris climate accords, patent troll, pension reform, price mechanism, price stability, proprietary trading, purchasing power parity, quantitative easing, race to the bottom, regulatory arbitrage, rent-seeking, 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, vertical integration, zero-sum game

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.

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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.

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But such targeting is expensive, excludes many vulnerable people, and introduces distortions into the economy (since some people change behavior to achieve eligibility). Moreover, it has long been a maxim that “means-tested programs are mean.” There is a tendency to starve programs that are extended only to a small part of the population. Recently, proposals for a universal basic income (UBI) have achieved considerable attention. Their advocates hold that a single program could replace the multiplicity of programs aimed at different groups and at different needs, such as social assistance, unemployment support, and housing. Proponents champion the simplicity of the scheme and the “dignity that it confers, an income that one receives simply as a right of citizenship.”13 The net redistributive impacts of UBI vary depending on the benefit level and financing source.

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

"World Economic Forum" Davos, 3D printing, agricultural Revolution, AI winter, Albert Einstein, AlphaGo, Alvin Toffler, anti-work, antiwork, autonomous vehicles, basic income, Ben Bernanke: helicopter money, Bernie Sanders, Bletchley Park, blockchain, call centre, Cambridge Analytica, Capital in the Twenty-First Century by Thomas Piketty, Carl Icahn, Chris Urmson, computer age, Computing Machinery and Intelligence, conceptual framework, corporate governance, correlation does not imply causation, creative destruction, David Ricardo: comparative advantage, deep learning, DeepMind, deindustrialization, Demis Hassabis, deskilling, Dr. Strangelove, driverless car, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, everywhere but in the productivity statistics, facts on the ground, fake news, financial intermediation, full employment, future of work, Future Shock, general purpose technology, Great Leap Forward, Hans Moravec, income inequality, income per capita, industrial robot, Internet of things, invention of the wheel, Isaac Newton, James Watt: steam engine, Jeff Bezos, Jeremy Corbyn, 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, low interest rates, machine translation, Marc Andreessen, Mark Zuckerberg, market bubble, mega-rich, natural language processing, Network effects, new economy, Nicholas Carr, Ocado, Paul Samuelson, Peter Thiel, Phillips curve, 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 Solow, Rutger Bregman, Second Machine Age, secular stagnation, self-driving car, seminal paper, Silicon Valley, Silicon Valley billionaire, Simon Kuznets, Skype, social intelligence, spinning jenny, Stanislav Petrov, Stephen Hawking, Steven Pinker, synthetic biology, 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, warehouse automation, warehouse robotics, Watson beat the top human players on Jeopardy!, We wanted flying cars, instead we got 140 characters, wealth creators, winner-take-all economy, world market for maybe five computers, 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.

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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.

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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.”

Imaginable: How to See the Future Coming and Feel Ready for Anything―Even Things That Seem Impossible Today by Jane McGonigal

2021 United States Capitol attack, Airbnb, airport security, Alvin Toffler, augmented reality, autism spectrum disorder, autonomous vehicles, availability heuristic, basic income, biodiversity loss, bitcoin, Black Lives Matter, blockchain, circular economy, clean water, climate change refugee, cognitive bias, cognitive dissonance, Community Supported Agriculture, coronavirus, COVID-19, CRISPR, cryptocurrency, data science, decarbonisation, digital divide, disinformation, Donald Trump, drone strike, Elon Musk, fake news, fiat currency, future of work, Future Shock, game design, George Floyd, global pandemic, global supply chain, Greta Thunberg, income inequality, index card, Internet of things, Jane Jacobs, Jeff Bezos, Kickstarter, labor-force participation, lockdown, longitudinal study, Mason jar, mass immigration, meta-analysis, microbiome, Minecraft, moral hazard, open borders, pattern recognition, place-making, plant based meat, post-truth, QAnon, QR code, remote working, RFID, risk tolerance, School Strike for Climate, Search for Extraterrestrial Intelligence, self-driving car, Silicon Valley, Silicon Valley startup, Snapchat, social distancing, stem cell, TED Talk, telepresence, telepresence robot, The future is already here, TikTok, traumatic brain injury, universal basic income, women in the workforce, work culture , Y Combinator

Governments are increasingly experimenting with frequent cash payments as a form of economic stimulus. If you’re an American, you may have experienced this yourself as a recipient of pandemic relief stimulus checks or child cash stimulus payments. Or you may have heard about the growing number of pilot programs for universal basic income (UBI), in which local residents receive an unconditional cash stipend to support their basic needs, often in the range of US$500–$1,000 a month. These programs are happening right now in places from rural South Korea to the suburbs of Rio de Janeiro to Stockton, California. And in 2021, Evanston, Illinois, became the first city in the United States to pay cash reparations to Black residents, who historically faced housing discrimination and were therefore unable to benefit financially from an appreciation in home values.

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—Kathi Vian, distinguished fellow, Institute for the Future Which global trends—things going on in the world that are bigger than you, and beyond your individual control—do you think will have the most influence on your life, and on your friends’ and family’s lives, over the next decade? Here’s my list: Extreme heat and drought from climate change Post-pandemic trauma (ours, and the planet’s too) The radicalization of young people via social media and conspiracy theories The widespread adoption of facial recognition technologies Universal basic income, if our city, state, or national government adopts it The reinvention of higher education, to be more affordable and lifelong When I think about my life goals, my family’s safety and security, my friends’ plans and dreams, our future health and happiness—I’m keeping this list in mind.

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But when it comes to future forces, it’s almost certain that we’re all going to have to reckon with them, one way or another. You can work against a future force to try to minimize it, slow it down, or prevent future harm—the way climate crisis activists are working to mitigate the risks of climate change. You can work with a future force to help it spread faster—the way universal basic income advocates are funding their own pilot programs and studies, to try to prove to governments how much the policy could help. Or you can explore a future force with an open mind and try to find new opportunities in it—the way virtually every fast-food chain in the United States introduced at least one new plant-based version of a popular dairy or meat item in 2021.3 Whatever you do, know that you will never be in control of a future force.

New Laws of Robotics: Defending Human Expertise in the Age of AI by Frank Pasquale

affirmative action, Affordable Care Act / Obamacare, Airbnb, algorithmic bias, Amazon Mechanical Turk, Anthropocene, augmented reality, Automated Insights, autonomous vehicles, basic income, battle of ideas, Bernie Sanders, Big Tech, Bill Joy: nanobots, bitcoin, blockchain, Brexit referendum, call centre, Cambridge Analytica, carbon tax, citizen journalism, Clayton Christensen, collective bargaining, commoditize, computer vision, conceptual framework, contact tracing, coronavirus, corporate social responsibility, correlation does not imply causation, COVID-19, critical race theory, cryptocurrency, data is the new oil, data science, decarbonisation, deep learning, deepfake, deskilling, digital divide, digital twin, disinformation, disruptive innovation, don't be evil, Donald Trump, Douglas Engelbart, driverless car, effective altruism, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Evgeny Morozov, fake news, Filter Bubble, finite state, Flash crash, future of work, gamification, general purpose technology, Google Chrome, Google Glasses, Great Leap Forward, green new deal, guns versus butter model, Hans Moravec, high net worth, hiring and firing, holacracy, Ian Bogost, independent contractor, informal economy, information asymmetry, information retrieval, interchangeable parts, invisible hand, James Bridle, Jaron Lanier, job automation, John Markoff, Joi Ito, Khan Academy, knowledge economy, late capitalism, lockdown, machine readable, Marc Andreessen, Mark Zuckerberg, means of production, medical malpractice, megaproject, meta-analysis, military-industrial complex, Modern Monetary Theory, Money creation, move fast and break things, mutually assured destruction, natural language processing, new economy, Nicholas Carr, Nick Bostrom, Norbert Wiener, nuclear winter, obamacare, One Laptop per Child (OLPC), open immigration, OpenAI, opioid epidemic / opioid crisis, paperclip maximiser, paradox of thrift, pattern recognition, payday loans, personalized medicine, Peter Singer: altruism, Philip Mirowski, pink-collar, plutocrats, post-truth, pre–internet, profit motive, public intellectual, QR code, quantitative easing, race to the bottom, RAND corporation, Ray Kurzweil, recommendation engine, regulatory arbitrage, Robert Shiller, Rodney Brooks, Ronald Reagan, self-driving car, sentiment analysis, Shoshana Zuboff, Silicon Valley, Singularitarianism, smart cities, smart contracts, software is eating the world, South China Sea, Steve Bannon, Strategic Defense Initiative, surveillance capitalism, Susan Wojcicki, tacit knowledge, TaskRabbit, technological solutionism, technoutopianism, TED Talk, telepresence, telerobotics, The Future of Employment, The Turner Diaries, Therac-25, Thorstein Veblen, too big to fail, Turing test, universal basic income, unorthodox policies, wage slave, Watson beat the top human players on Jeopardy!, working poor, workplace surveillance , Works Progress Administration, zero day

Even in the most self-interested frame, the “cost” of goods and services to me is not a pure drain on my well-being. Rather, it is a way of reallocating purchasing power to empower those who helped me (by creating whatever I am buying) to eventually help themselves (to perhaps purchase what I make or do). To be sure, a universal basic income would make up some of the purchasing power of those put out of work by robotics. But it is unrealistic to expect redistribution to do anything near the work of “pre-distribution” in assuring some balanced pattern of economic reward. Most democratic electorates have been cutting the relative tax liability of the richest for decades.79 Robotization is unlikely to change that dynamic, which unravels ambitious plans for redistributing wealth.

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At bottom, a new and better global political economy is the only way to avoid a tragic drain of resources into a vortex of robotic arms races of surveillance and countersurveillance, force and deflection of force. Chapter 7 maps the basic features of a renewed political economy of automation, including fiscal and monetary policy. Each must adjust in order to promote human-centered AI. Universal basic income proposals are, at present, in the spotlight. As the limits of redistributive policy become clearer, guarantees of universal basic services and jobs will be even more critical. These policies aim not only at guaranteeing subsistence, but also ensuring more democratic governance of the economy as a whole.

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Nevertheless, we need to avoid deterring technological advance in areas where human governance and insight are not contributing to process and quality improvements. And we must also avoid supporting “lowest common denominator” employers who have browbeaten their workers into ever-paltrier wages. These predictable shortcomings of the EITC have fueled widespread interest in another, simpler approach: a universal basic income (UBI) for all persons, whether or not they work. Trialed repeatedly and exhaustively defended and developed by philosophers such as Philippe van Parijs and Yannick Vanderborght, UBI has enjoyed renewed relevance in an era of automation. Four distinct framings justify it. One is purely humanitarian: everyone deserves some basic subsistence, regardless of their contributions to society.

The Road to Conscious Machines by Michael Wooldridge

Ada Lovelace, AI winter, algorithmic bias, AlphaGo, Andrew Wiles, Anthropocene, artificial general intelligence, Asilomar, augmented reality, autonomous vehicles, backpropagation, basic income, Bletchley Park, Boeing 747, British Empire, call centre, Charles Babbage, combinatorial explosion, computer vision, Computing Machinery and Intelligence, DARPA: Urban Challenge, deep learning, deepfake, DeepMind, Demis Hassabis, don't be evil, Donald Trump, driverless car, Elaine Herzberg, Elon Musk, Eratosthenes, factory automation, fake news, future of work, gamification, general purpose technology, Geoffrey Hinton, gig economy, Google Glasses, intangible asset, James Watt: steam engine, job automation, John von Neumann, Loebner Prize, Minecraft, Mustafa Suleyman, Nash equilibrium, Nick Bostrom, Norbert Wiener, NP-complete, P = NP, P vs NP, paperclip maximiser, pattern recognition, Philippa Foot, RAND corporation, Ray Kurzweil, Rodney Brooks, self-driving car, Silicon Valley, Stephen Hawking, Steven Pinker, strong AI, technological singularity, telemarketer, Tesla Model S, The Coming Technological Singularity, The Future of Employment, the scientific method, theory of mind, Thomas Bayes, Thomas Kuhn: the structure of scientific revolutions, traveling salesman, trolley problem, Turing machine, Turing test, universal basic income, Von Neumann architecture, warehouse robotics

Whatever the precise reasons, the obvious and slightly depressing conclusion from the experience of the 1970s is that for the immediate future at least, technology probably won’t create a leisurely utopia for almost all of us. This leads us neatly to universal basic income: the idea that everyone in society should receive a certain guaranteed income, irrespective of whether they work, and without any kind of means test. Universal basic income is not a new idea, but recent technological developments, particularly in AI, have brought it back into focus. The suggestion is that AI/robotics/automation will create sufficient wealth that a universal basic income becomes possible (because machines can do the work) and desirable (because, in any case, there are no jobs for people: the robots have taken them all).

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The suggestion is that AI/robotics/automation will create sufficient wealth that a universal basic income becomes possible (because machines can do the work) and desirable (because, in any case, there are no jobs for people: the robots have taken them all). Much as I would love to believe in a utopian future, large-scale universal basic income schemes driven by AI don’t seem plausible any time soon.4 First of all, the economic benefits generated by AI would have to be enormous to make a universal basic income viable. These would need to be on a scale far beyond what has been delivered by previous technological innovations. And there is no sign whatsoever that current AI advances are going to deliver economic benefits on this scale. Secondly, introducing a universal basic income would require unprecedented political will: social circumstances would need to be extremely compelling to make it a politically acceptable course of action.

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Secondly, introducing a universal basic income would require unprecedented political will: social circumstances would need to be extremely compelling to make it a politically acceptable course of action. My guess is there would need to be unemployment on a vast scale before the idea could become part of the political mainstream. Finally, universal basic income would fundamentally disrupt the nature of society, in which work plays a central social role. There is no sign at present that societies are willing to contemplate such changes. Important though AI is as a factor in the changing landscape of work, it is by no means the only such factor. It may not even be the most important. For one thing, the inexorable steamroller of globalization has not yet reached the end of its journey, and before it has done so it will continue to shake up our world in ways we cannot yet envisage.

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

Ada Lovelace, Airbnb, AlphaGo, Amazon Mechanical Turk, Andrew Keen, autonomous vehicles, barriers to entry, basic income, Bernie Sanders, Big Tech, bitcoin, Black Lives Matter, blockchain, Boris Johnson, Californian Ideology, Cambridge Analytica, central bank independence, Chelsea Manning, cloud computing, computer vision, creative destruction, cryptocurrency, Daniel Kahneman / Amos Tversky, data science, deep learning, DeepMind, disinformation, Dominic Cummings, Donald Trump, driverless car, Edward Snowden, Elon Musk, Evgeny Morozov, fake news, Filter Bubble, future of work, general purpose technology, gig economy, global village, Google bus, Hans Moravec, hive mind, Howard Rheingold, information retrieval, initial coin offering, Internet of things, Jeff Bezos, Jeremy Corbyn, job automation, John Gilmore, John Maynard Keynes: technological unemployment, John Perry Barlow, Julian Assange, manufacturing employment, Mark Zuckerberg, Marshall McLuhan, Menlo Park, meta-analysis, mittelstand, move fast and break things, Network effects, Nicholas Carr, Nick Bostrom, off grid, Panopticon Jeremy Bentham, payday loans, Peter Thiel, post-truth, 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 billionaire, Silicon Valley ideology, Silicon Valley startup, smart cities, smart contracts, smart meter, Snapchat, Stanford prison experiment, Steve Bannon, Steve Jobs, Steven Levy, strong AI, surveillance capitalism, TaskRabbit, tech worker, technological singularity, technoutopianism, Ted Kaczynski, TED Talk, the long tail, 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, you are the product

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.

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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.

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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.

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

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, affirmative action, Affordable Care Act / Obamacare, air traffic controllers' union, airline deregulation, airport security, Alan Greenspan, always be closing, American ideology, American Legislative Exchange Council, An Inconvenient Truth, anti-communist, Apple's 1984 Super Bowl advert, artificial general intelligence, autonomous vehicles, basic income, Bear Stearns, Bernie Sanders, blue-collar work, Bonfire of the Vanities, bonus culture, Burning Man, call centre, Capital in the Twenty-First Century by Thomas Piketty, carbon tax, Cass Sunstein, centre right, computer age, contact tracing, coronavirus, corporate governance, corporate raider, cotton gin, COVID-19, creative destruction, Credit Default Swap, cryptocurrency, deep learning, DeepMind, deindustrialization, Donald Trump, Dr. Strangelove, 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, Future Shock, game design, General Motors Futurama, George Floyd, George Gilder, Gordon Gekko, greed is good, Herbert Marcuse, Herman Kahn, High speed trading, hive mind, income inequality, industrial robot, interchangeable parts, invisible hand, Isaac Newton, It's morning again in America, 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, junk bonds, Kevin Roose, knowledge worker, lockdown, low skilled workers, Lyft, Mark Zuckerberg, market bubble, mass immigration, mass incarceration, Menlo Park, Naomi Klein, new economy, Norbert Wiener, Norman Mailer, obamacare, Overton Window, Peter Thiel, Picturephone, plutocrats, post-industrial society, Powell Memorandum, pre–internet, public intellectual, 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 distancing, Social Responsibility of Business Is to Increase Its Profits, Steve Jobs, Stewart Brand, stock buybacks, strikebreaker, tech billionaire, 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, 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, We are all Keynesians now, 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.

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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.

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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.

Automating Inequality by Virginia Eubanks

autonomous vehicles, basic income, Black Lives Matter, business process, call centre, cognitive dissonance, collective bargaining, correlation does not imply causation, data science, deindustrialization, digital divide, disruptive innovation, Donald Trump, driverless car, Elon Musk, ending welfare as we know it, experimental subject, fake news, gentrification, housing crisis, Housing First, 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, San Francisco homelessness, self-driving car, sparse data, statistical model, strikebreaker, underbanked, universal basic income, urban renewal, W. E. B. Du Bois, War on Poverty, warehouse automation, working poor, Works Progress Administration, young professional, zero-sum game

“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.]

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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.

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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.

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, AOL-Time Warner, autonomous vehicles, barriers to entry, basic income, Ben Horowitz, billion-dollar mistake, Black-Scholes formula, Blitzscaling, call centre, centralized clearinghouse, Clayton Christensen, cognitive dissonance, connected car, corporate governance, DevOps, Elon Musk, en.wikipedia.org, fault tolerance, financial engineering, Frederick Winslow Taylor, global supply chain, Great Leap Forward, hockey-stick growth, index card, Jeff Bezos, Kickstarter, Lean Startup, loss aversion, machine readable, Marc Andreessen, Mark Zuckerberg, means of production, minimum viable product, moral hazard, move fast and break things, obamacare, PalmPilot, peer-to-peer, place-making, rent-seeking, Richard Florida, Sam Altman, Sand Hill Road, scientific management, secular stagnation, shareholder value, Sheryl Sandberg, Silicon Valley, Silicon Valley startup, six sigma, skunkworks, Steve Jobs, TechCrunch disrupt, the scientific method, time value of money, Toyota Production System, two-pizza team, Uber for X, universal basic income, web of trust, Y Combinator

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.

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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.

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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.

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

affirmative action, Affordable Care Act / Obamacare, Alan Greenspan, AlphaGo, antiwork, barriers to entry, basic income, battle of ideas, behavioural economics, Berlin Wall, Bernie Madoff, Bernie Sanders, Big Tech, business cycle, Cambridge Analytica, Capital in the Twenty-First Century by Thomas Piketty, carbon tax, carried interest, central bank independence, clean water, collective bargaining, company town, corporate governance, corporate social responsibility, creative destruction, Credit Default Swap, crony capitalism, DeepMind, deglobalization, deindustrialization, disinformation, disintermediation, diversified portfolio, Donald Trump, driverless car, Edward Snowden, Elon Musk, Erik Brynjolfsson, fake news, 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, Glass-Steagall Act, global macro, global supply chain, greed is good, green new deal, 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 interest rates, low skilled workers, Mark Zuckerberg, market fundamentalism, mass incarceration, meta-analysis, minimum wage unemployment, moral hazard, new economy, New Urbanism, obamacare, opioid epidemic / opioid crisis, 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 Solow, Ronald Reagan, Savings and loan crisis, search costs, secular stagnation, self-driving car, shareholder value, Shoshana Zuboff, Silicon Valley, Simon Kuznets, South China Sea, sovereign wealth fund, speech recognition, Steve Bannon, Steve Jobs, surveillance capitalism, TED Talk, 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, Yochai Benkler

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.

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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.

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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.

System Error by Rob Reich

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, 2021 United States Capitol attack, A Declaration of the Independence of Cyberspace, Aaron Swartz, AI winter, Airbnb, airport security, Alan Greenspan, Albert Einstein, algorithmic bias, AlphaGo, AltaVista, artificial general intelligence, Automated Insights, autonomous vehicles, basic income, Ben Horowitz, Berlin Wall, Bernie Madoff, Big Tech, bitcoin, Blitzscaling, Cambridge Analytica, Cass Sunstein, clean water, cloud computing, computer vision, contact tracing, contact tracing app, coronavirus, corporate governance, COVID-19, creative destruction, CRISPR, crowdsourcing, data is the new oil, data science, decentralized internet, deep learning, deepfake, DeepMind, deplatforming, digital rights, disinformation, disruptive innovation, Donald Knuth, Donald Trump, driverless car, dual-use technology, Edward Snowden, Elon Musk, en.wikipedia.org, end-to-end encryption, Fairchild Semiconductor, fake news, Fall of the Berlin Wall, Filter Bubble, financial engineering, financial innovation, fulfillment center, future of work, gentrification, Geoffrey Hinton, George Floyd, gig economy, Goodhart's law, GPT-3, Hacker News, hockey-stick growth, income inequality, independent contractor, informal economy, information security, Jaron Lanier, Jeff Bezos, Jim Simons, jimmy wales, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, John Perry Barlow, Lean Startup, linear programming, Lyft, Marc Andreessen, Mark Zuckerberg, meta-analysis, minimum wage unemployment, Monkeys Reject Unequal Pay, move fast and break things, Myron Scholes, Network effects, Nick Bostrom, Northpointe / Correctional Offender Management Profiling for Alternative Sanctions, NP-complete, Oculus Rift, OpenAI, Panopticon Jeremy Bentham, Parler "social media", pattern recognition, personalized medicine, Peter Thiel, Philippa Foot, premature optimization, profit motive, quantitative hedge fund, race to the bottom, randomized controlled trial, recommendation engine, Renaissance Technologies, Richard Thaler, ride hailing / ride sharing, Ronald Reagan, Sam Altman, Sand Hill Road, scientific management, self-driving car, shareholder value, Sheryl Sandberg, Shoshana Zuboff, side project, Silicon Valley, Snapchat, social distancing, Social Responsibility of Business Is to Increase Its Profits, software is eating the world, spectrum auction, speech recognition, stem cell, Steve Jobs, Steven Levy, strong AI, superintelligent machines, surveillance capitalism, Susan Wojcicki, tech billionaire, tech worker, techlash, technoutopianism, Telecommunications Act of 1996, telemarketer, The Future of Employment, TikTok, Tim Cook: Apple, traveling salesman, Triangle Shirtwaist Factory, trolley problem, Turing test, two-sided market, Uber and Lyft, uber lyft, ultimatum game, union organizing, universal basic income, washing machines reduced drudgery, Watson beat the top human players on Jeopardy!, When a measure becomes a target, winner-take-all economy, Y Combinator, you are the product

There’s no reason that the funds couldn’t also be used to support a universal basic income. How to pay for UBI is an important issue because the potential cost is enormous. The Center on Budget and Policy Priorities, a nonpartisan think tank, estimated that a basic income of $10,000 per year in the United States—$2,000 less than Yang’s proposal—would cost the government $3 trillion per year. By contrast, the US government’s largest social welfare program currently, Social Security, cost $988 billion in fiscal year 2018. In advancing a vision of a universal basic income, Yang was in august company. The list of UBI champions includes tech titans, such as Mark Zuckerberg and Jack Dorsey; champions of progressive policy reforms, including civil rights activist Dr.

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Only forty-four years of age, he had worked in the business world and founded Venture for America, a fellowship program that placed recent college graduates in start-ups to prepare for an entrepreneurial career. He was the first Asian American to run for the presidential nomination of a major party, and though at first his poll numbers were miserable, his campaign managed to capture the imagination of young people in particular. A single idea defined his policy platform: the freedom dividend, a universal basic income (UBI) that would give every American adult $1,000 per month, regardless of his or her work status. Though the idea has a long history among intellectuals and policy makers, his version of the plan was uniquely tailored to the AI moment. As he explained, “The big trap that America is in right now is that as artificial intelligence and autonomous cars and trucks take off, we’re going to see more and more work disappear and we’re not going to have new revenue to account for it.”

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As he explained, “The big trap that America is in right now is that as artificial intelligence and autonomous cars and trucks take off, we’re going to see more and more work disappear and we’re not going to have new revenue to account for it.” His view was that people need an unconditional basic income as a cushion from these systemic shocks, and the companies that will most benefit from automation—the tech companies—should be the ones to pay for it. “So the way we pay for a universal basic income,” he argued, “is by passing a value added tax which would get the American public a slice of every Amazon transaction and Google search.” You might think that business leaders would oppose Yang’s proposed solution. But Bill Gates has also proposed the notion of a “robot tax,” where companies that displace workers through machines would be taxed on those machines in a way similar to the human worker.

Fully Automated Luxury Communism by Aaron Bastani

"Peter Beck" AND "Rocket Lab", Alan Greenspan, Anthropocene, autonomous vehicles, banking crisis, basic income, Berlin Wall, Bernie Sanders, Boston Dynamics, Bretton Woods, Brexit referendum, capital controls, capitalist realism, cashless society, central bank independence, collapse of Lehman Brothers, computer age, computer vision, CRISPR, David Ricardo: comparative advantage, decarbonisation, deep learning, dematerialisation, DIY culture, Donald Trump, double helix, driverless car, electricity market, Elon Musk, energy transition, Erik Brynjolfsson, fake news, financial independence, Francis Fukuyama: the end of history, future of work, Future Shock, G4S, general purpose technology, Geoffrey Hinton, Gregor Mendel, housing crisis, income inequality, industrial robot, Intergovernmental Panel on Climate Change (IPCC), Internet of things, Isaac Newton, James Watt: steam engine, Jeff Bezos, Jeremy Corbyn, Jevons paradox, job automation, John Markoff, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kevin Kelly, Kuiper Belt, land reform, Leo Hollis, liberal capitalism, low earth orbit, low interest rates, 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 spaceflight, Productivity paradox, profit motive, race to the bottom, rewilding, RFID, rising living standards, Robert Solow, scientific management, Second Machine Age, self-driving car, sensor fusion, shareholder value, Silicon Valley, Simon Kuznets, Slavoj Žižek, SoftBank, stem cell, Stewart Brand, synthetic biology, technological determinism, 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!, We are as Gods, 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

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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’.

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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.

Economic Dignity by Gene Sperling

active measures, Affordable Care Act / Obamacare, antiwork, autism spectrum disorder, autonomous vehicles, basic income, behavioural economics, benefit corporation, Bernie Sanders, Big Tech, Cass Sunstein, collective bargaining, company town, corporate governance, cotton gin, David Brooks, desegregation, Detroit bankruptcy, disinformation, Donald Trump, Double Irish / Dutch Sandwich, driverless car, Elon Musk, employer provided health coverage, Erik Brynjolfsson, Ferguson, Missouri, fulfillment center, full employment, gender pay gap, ghettoisation, gig economy, Gini coefficient, green new deal, guest worker program, Gunnar Myrdal, housing crisis, Ida Tarbell, income inequality, independent contractor, 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, minimum wage unemployment, obamacare, offshore financial centre, open immigration, payday loans, Phillips curve, 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, Sheryl Sandberg, Silicon Valley, single-payer health, speech recognition, stock buybacks, subprime mortgage crisis, tech worker, TED Talk, 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, W. E. B. Du Bois, War on Poverty, warehouse robotics, 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.

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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.

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UNIVERSAL BASIC ECONOMIC DIGNITY In designing an economic dignity wage and economic dignity net, the goal should be to have a universal guarantee that all who work and contribute can afford the core components of economic dignity—what can be called universal basic economic dignity (UBED). Critically, this is a different definition of “universal” than is used by those calling for programs like a universal basic income (UBI). Under that definition, the focus is on whether a particular policy is “universal” in the sense that everyone receives an identical basic income grant regardless of income or need. By contrast, under the UBED approach, “universal” is about the ultimate impact on people. Are our most critical protections for caring for family and pursuing purpose universally available to everyone when their economic dignity is at stake?

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, digital nomad, diversification, diversified portfolio, fear of failure, financial independence, future of work, gig economy, helicopter parent, Home mortgage interest deduction, housing crisis, independent contractor, job satisfaction, Kickstarter, loss aversion, low interest rates, 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, seminal paper, Silicon Valley, Snapchat, social contagion, TaskRabbit, TED Talk, the strength of weak ties, Uber and Lyft, uber lyft, universal basic income, wage slave, WeWork, Y Combinator, Zipcar

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.

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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.

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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.

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

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, Abraham Maslow, accelerated depreciation, Adam Curtis, basic income, benefit corporation, Big Tech, big-box store, business logic, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, cognitive dissonance, corporate governance, Daniel Kahneman / Amos Tversky, data science, David Graeber, Donald Trump, Doomsday Clock, Dutch auction, effective altruism, Elon Musk, financial independence, gender pay gap, gentrification, global supply chain, Hacker News, 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, Kōnosuke Matsushita, Larry Ellison, Louis Pasteur, Mark Zuckerberg, medical bankruptcy, Mr. Money Mustache, new economy, Oculus Rift, off grid, offshore financial centre, Parker Conrad, Ralph Nader, RAND corporation, Richard Thaler, Ronald Reagan, Rutger Bregman, self-driving car, shareholder value, Silicon Valley, Simon Kuznets, Snapchat, Social Responsibility of Business Is to Increase Its Profits, Solyndra, stem cell, Steve Jobs, stock buybacks, TechCrunch disrupt, TED Talk, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, Travis Kalanick, Tyler Cowen, universal basic income, white flight, Zenefits

“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).

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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.

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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.

21 Lessons for the 21st Century by Yuval Noah Harari

"World Economic Forum" Davos, 1960s counterculture, accounting loophole / creative accounting, affirmative action, Affordable Care Act / Obamacare, agricultural Revolution, algorithmic trading, augmented reality, autonomous vehicles, Ayatollah Khomeini, basic income, behavioural economics, Bernie Sanders, bitcoin, blockchain, Boris Johnson, Brexit referendum, call centre, Cambridge Analytica, Capital in the Twenty-First Century by Thomas Piketty, carbon tax, carbon-based life, Charlie Hebdo massacre, cognitive dissonance, computer age, computer vision, cryptocurrency, cuban missile crisis, decarbonisation, DeepMind, deglobalization, disinformation, Donald Trump, Dr. Strangelove, failed state, fake news, 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, Mohammed Bouazizi, mutually assured destruction, Naomi Klein, obamacare, pattern recognition, post-truth, post-work, purchasing power parity, race to the bottom, RAND corporation, restrictive zoning, Ronald Reagan, Rosa Parks, Scramble for Africa, self-driving car, Silicon Valley, Silicon Valley startup, TED Talk, transatlantic slave trade, trolley problem, Tyler Cowen, 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).

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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’.

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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.

Radical Technologies: The Design of Everyday Life by Adam Greenfield

3D printing, Airbnb, algorithmic bias, algorithmic management, AlphaGo, augmented reality, autonomous vehicles, bank run, barriers to entry, basic income, bitcoin, Black Lives Matter, blockchain, Boston Dynamics, business intelligence, business process, Californian Ideology, call centre, cellular automata, centralized clearinghouse, centre right, Chuck Templeton: OpenTable:, circular economy, cloud computing, Cody Wilson, collective bargaining, combinatorial explosion, Computer Numeric Control, computer vision, Conway's Game of Life, CRISPR, cryptocurrency, David Graeber, deep learning, DeepMind, dematerialisation, digital map, disruptive innovation, distributed ledger, driverless car, drone strike, Elon Musk, Ethereum, ethereum blockchain, facts on the ground, fiat currency, fulfillment center, gentrification, global supply chain, global village, Goodhart's law, Google Glasses, Herman Kahn, Ian Bogost, IBM and the Holocaust, industrial robot, informal economy, information retrieval, Internet of things, Jacob Silverman, James Watt: steam engine, Jane Jacobs, Jeff Bezos, Jeff Hawkins, job automation, jobs below the API, John Conway, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, John Perry Barlow, John von Neumann, joint-stock company, Kevin Kelly, Kickstarter, Kiva Systems, late capitalism, Leo Hollis, 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, Nick Bostrom, Occupy movement, Oculus Rift, off-the-grid, PalmPilot, Pareto efficiency, pattern recognition, Pearl River Delta, performance metric, Peter Eisenman, Peter Thiel, planetary scale, Ponzi scheme, post scarcity, post-work, printed gun, proprietary trading, RAND corporation, recommendation engine, RFID, rolodex, Rutger Bregman, Satoshi Nakamoto, self-driving car, sentiment analysis, shareholder value, sharing economy, Shenzhen special economic zone , Sidewalk Labs, 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, Tony Fadell, transaction costs, Uber for X, undersea cable, universal basic income, urban planning, urban sprawl, vertical integration, Vitalik Buterin, warehouse robotics, When a measure becomes a target, 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.

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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.

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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.

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, Big Tech, Branko Milanovic, business process, buy and hold, carbon footprint, Cass Sunstein, Clayton Christensen, cloud computing, collective bargaining, commoditize, congestion pricing, Corn Laws, corporate governance, crowdsourcing, cryptocurrency, data science, deep learning, DeepMind, Donald Trump, Elon Musk, endowment effect, Erik Brynjolfsson, Ethereum, feminist movement, financial deregulation, Francis Fukuyama: the end of history, full employment, gamification, Garrett Hardin, George Akerlof, global macro, 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, Jeremy Corbyn, 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, pre–internet, radical decentralization, random walk, randomized controlled trial, Ray Kurzweil, recommendation engine, rent-seeking, Richard Thaler, ride hailing / ride sharing, risk tolerance, road to serfdom, Robert Shiller, Ronald Coase, Rory Sutherland, search costs, 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 Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thorstein Veblen, trade route, Tragedy of the Commons, transaction costs, trickle-down economics, Tyler Cowen, Uber and Lyft, uber lyft, universal basic income, urban planning, Vanguard fund, vertical integration, women in the workforce, Zipcar

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.

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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.

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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.

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

agricultural Revolution, Alan Greenspan, Albert Einstein, algorithmic trading, Andrei Shleifer, autism spectrum disorder, autonomous vehicles, bank run, banking crisis, basic income, behavioural economics, 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, digital divide, disintermediation, Donald Trump, driverless car, Edmond Halley, Elon Musk, en.wikipedia.org, Ethereum, ethereum blockchain, fake news, financial engineering, Ford Model T, full employment, George Akerlof, germ theory of disease, German hyperinflation, Great Leap Forward, Gunnar Myrdal, Gödel, Escher, Bach, Hacker Ethic, implied volatility, income inequality, inflation targeting, initial coin offering, 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, low interest rates, machine translation, market bubble, Modern Monetary Theory, money market fund, moral hazard, Northern Rock, nudge unit, Own Your Own Home, Paul Samuelson, Philip Mirowski, plutocrats, Ponzi scheme, public intellectual, publish or perish, random walk, Richard Thaler, 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 Theory of the Leisure Class by Thorstein Veblen, 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.

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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.

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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.

AI 2041 by Kai-Fu Lee, Chen Qiufan

3D printing, Abraham Maslow, active measures, airport security, Albert Einstein, AlphaGo, Any sufficiently advanced technology is indistinguishable from magic, artificial general intelligence, augmented reality, autonomous vehicles, basic income, bitcoin, blockchain, blue-collar work, Cambridge Analytica, carbon footprint, Charles Babbage, computer vision, contact tracing, coronavirus, corporate governance, corporate social responsibility, COVID-19, CRISPR, cryptocurrency, DALL-E, data science, deep learning, deepfake, DeepMind, delayed gratification, dematerialisation, digital map, digital rights, digital twin, Elon Musk, fake news, fault tolerance, future of work, Future Shock, game design, general purpose technology, global pandemic, Google Glasses, Google X / Alphabet X, GPT-3, happiness index / gross national happiness, hedonic treadmill, hiring and firing, Hyperloop, information security, Internet of things, iterative process, job automation, language acquisition, low earth orbit, Lyft, Maslow's hierarchy, mass immigration, mirror neurons, money: store of value / unit of account / medium of exchange, mutually assured destruction, natural language processing, Neil Armstrong, Nelson Mandela, OpenAI, optical character recognition, pattern recognition, plutocrats, post scarcity, profit motive, QR code, quantitative easing, Richard Feynman, ride hailing / ride sharing, robotic process automation, Satoshi Nakamoto, self-driving car, seminal paper, Silicon Valley, smart cities, smart contracts, smart transportation, Snapchat, social distancing, speech recognition, Stephen Hawking, synthetic biology, telemarketer, Tesla Model S, The future is already here, trolley problem, Turing test, uber lyft, universal basic income, warehouse automation, warehouse robotics, zero-sum game

Classification: LCC Q335 .L423 2021 (print) | LCC Q335 (ebook) | DDC 006.3—dc23 LC record available at https://lccn.loc.gov/​2021012928 LC ebook record available at https://lccn.loc.gov/​2021012929 International edition ISBN 9780593240717 Ebook ISBN 9780593238301 crownpublishing.com Book design by Edwin Vazquez, adapted for ebook Cover Design: Will Staehle ep_prh_5.7.1_c0_r0 Contents Cover Title Page Copyright Epigraph Introduction by Kai-Fu Lee: The Real Story of AI Introduction by Chen Qiufan: How We Can Learn to Stop Worrying and Embrace the Future with Imagination Chapter One: The Golden Elephant Analysis: Deep Learning, Big Data, Internet/Finance Applications, AI Externalities Chapter Two: Gods Behind the Masks Analysis: Computer Vision, Convolutional Neural Networks, Deepfakes, Generative Adversarial Networks (GANs), Biometrics, AI Security Chapter Three: Twin Sparrows Analysis: Natural Language Processing, Self-Supervised Training, GPT-3, AGI and Consciousness, AI Education Chapter Four: Contactless Love Analysis: AI Healthcare, AlphaFold, Robotic Applications, COVID Automation Acceleration Chapter Five: My Haunting Idol Analysis: Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR), Brain-Computer Interface (BCI), Ethical and Societal Issues Chapter Six: The Holy Driver Analysis: Autonomous Vehicles, Full Autonomy and Smart Cities, Ethical and Social Issues Chapter Seven: Quantum Genocide Analysis: Quantum Computers, Bitcoin Security, Autonomous Weapons and Existential Threat Chapter Eight: The Job Savior Analysis: AI Job Displacement, Universal Basic Income (UBI), What AI Cannot Do, 3Rs as a Solution to Displacement Chapter Nine: Isle of Happiness Analysis: AI and Happiness, General Data Protection Regulation (GDPR), Personal Data, Privacy Computing Using Federated Learning and Trusted Execution Environment (TEE) Chapter Ten: Dreaming of Plenitude Analysis: Plenitude, New Economic Models, the Future of Money, Singularity Acknowledgments Other Titles About the Authors What we want is a machine that can learn from experience.

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The floating scene shifted to an abandoned Times Square, a run-down mall, an empty Disneyland, images of barred factories and silent assembly lines. Next came images of crowds on the street wearing PPE, holding up placards protesting large-scale layoffs, and more-disturbing pictures of looting and riots. The narration continued: “In 2024, the White House changed hands, and the new administration spearheaded a universal basic income program. UBI guaranteed each citizen a monthly stipend, paid for by taxing the ultrarich and the billionaire tycoons who’d made a fortune from companies powered by new technologies and data collection. Addressing the structural unemployment brought about by advancements in AI had become urgent.”

…

In an instant, he recalled that faraway afternoon, Mom’s expression when she received news of the layoff. Who wins and who loses was perhaps insignificant in the face of history’s powerful current. Michael Saviour had tugged at his necktie knot, as if to give himself breathing room. Then he’d raised his hand and voted for the future. ANALYSIS AI JOB DISPLACEMENT, UNIVERSAL BASIC INCOME (UBI), WHAT AI CANNOT DO, 3RS AS A SOLUTION TO DISPLACEMENT Artificial intelligence can perform many tasks better than people can, at essentially zero cost. This simple fact is poised to generate tremendous economic value but also to cause unprecedented job displacement—a wave of disruption that will hit blue- and white-collar workers alike.

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, algorithmic bias, AlphaGo, Andrew Wiles, artificial general intelligence, Asilomar, Asilomar Conference on Recombinant DNA, augmented reality, autonomous vehicles, basic income, behavioural economics, Bletchley Park, blockchain, Boston Dynamics, brain emulation, Cass Sunstein, Charles Babbage, Claude Shannon: information theory, complexity theory, computer vision, Computing Machinery and Intelligence, connected car, CRISPR, crowdsourcing, Daniel Kahneman / Amos Tversky, data science, deep learning, deepfake, DeepMind, delayed gratification, Demis Hassabis, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Ernest Rutherford, fake news, Flash crash, full employment, future of work, Garrett Hardin, Geoffrey Hinton, Gerolamo Cardano, Goodhart's law, Hans Moravec, 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, luminiferous ether, machine readable, machine translation, Mark Zuckerberg, multi-armed bandit, Nash equilibrium, Nick Bostrom, Norbert Wiener, NP-complete, OpenAI, openstreetmap, P = NP, paperclip maximiser, Pareto efficiency, Paul Samuelson, Pierre-Simon Laplace, positional goods, probability theory / Blaise Pascal / Pierre de Fermat, profit maximization, RAND corporation, random walk, Ray Kurzweil, Recombinant DNA, recommendation engine, RFID, Richard Thaler, ride hailing / ride sharing, Robert Shiller, robotic process automation, 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, surveillance capitalism, Thales of Miletus, The Future of Employment, The Theory of the Leisure Class by Thorstein Veblen, Thomas Bayes, Thorstein Veblen, Tragedy of the Commons, transport as a service, trolley problem, Turing machine, Turing test, universal basic income, uranium enrichment, vertical integration, Von Neumann architecture, Wall-E, warehouse robotics, 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.

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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.

…

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.

Stakeholder Capitalism: A Global Economy That Works for Progress, People and Planet by Klaus Schwab, Peter Vanham

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, 3D printing, additive manufacturing, agricultural Revolution, air traffic controllers' union, Anthropocene, Apple II, Asian financial crisis, Asperger Syndrome, basic income, Berlin Wall, Big Tech, biodiversity loss, bitcoin, Black Lives Matter, blockchain, blue-collar work, Branko Milanovic, Bretton Woods, British Empire, business process, capital controls, Capital in the Twenty-First Century by Thomas Piketty, car-free, carbon footprint, carbon tax, centre right, clean tech, clean water, cloud computing, collateralized debt obligation, collective bargaining, colonial rule, company town, contact tracing, contact tracing app, Cornelius Vanderbilt, coronavirus, corporate governance, corporate social responsibility, COVID-19, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, cryptocurrency, cuban missile crisis, currency peg, cyber-physical system, decarbonisation, demographic dividend, Deng Xiaoping, Diane Coyle, digital divide, don't be evil, European colonialism, Fall of the Berlin Wall, family office, financial innovation, Francis Fukuyama: the end of history, future of work, gender pay gap, general purpose technology, George Floyd, gig economy, Gini coefficient, global supply chain, global value chain, global village, Google bus, green new deal, Greta Thunberg, high net worth, hiring and firing, housing crisis, income inequality, income per capita, independent contractor, industrial robot, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Internet of things, invisible hand, James Watt: steam engine, Jeff Bezos, job automation, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, Khan Academy, Kickstarter, labor-force participation, lockdown, low interest rates, low skilled workers, Lyft, manufacturing employment, Marc Benioff, Mark Zuckerberg, market fundamentalism, Marshall McLuhan, Martin Wolf, means of production, megacity, microplastics / micro fibres, Mikhail Gorbachev, mini-job, mittelstand, move fast and break things, neoliberal agenda, Network effects, new economy, open economy, Peace of Westphalia, Peter Thiel, precariat, Productivity paradox, profit maximization, purchasing power parity, race to the bottom, reserve currency, reshoring, ride hailing / ride sharing, Ronald Reagan, Salesforce, San Francisco homelessness, School Strike for Climate, self-driving car, seminal paper, shareholder value, Shenzhen special economic zone , Shenzhen was a fishing village, Silicon Valley, Simon Kuznets, social distancing, Social Responsibility of Business Is to Increase Its Profits, special economic zone, Steve Jobs, Steve Wozniak, synthetic biology, TaskRabbit, The Chicago School, 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, the scientific method, TikTok, Tim Cook: Apple, trade route, transfer pricing, Uber and Lyft, uber lyft, union organizing, universal basic income, War on Poverty, We are the 99%, women in the workforce, working poor, working-age population, Yom Kippur War, young professional, zero-sum game

Carl Frey and Michael Osborne, Oxford University, September 2013, https://www.oxfordmartin.ox.ac.uk/downloads/academic/The_Future_of_Employment.pdf. 6 The Technology Trap: Capital, Labor, and Power in the Age of Automation, Carl Frey, Princeton University Press, June 2019, https://press.princeton.edu/books/hardcover/9780691172798/the-technology-trap. 7 “If Robots and AI Steal Our Jobs, a Universal Basic Income Could Help”, Peter H. Diamandis, Singularity Hub, December 2016, https://singularityhub.com/2016/12/13/if-robots-steal-our-jobs-a-universal-basic-income-could-help/. 8 Interview with Claus Jensen by Peter Vanham, May 2019 9 Even if jobs disappeared in one part of the industry, which happened when ships were no longer mainly built by humans but by robots, having a long-term vision of change helped him keep a positive and constructive outlook.

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Consumer Rights Groups Humanity Forward is one example of a modern consumer rights group. It's a nonprofit founded by former US presidential candidate Andrew Yang. Aware of the fundamental changes brought about by the Fourth Industrial Revolution in American society, the organization puts forward solutions such as universal basic income (UBI) and data as a property right.44 Conceived as a monthly check for $1,000 written to every American adult, Humanity Forward believes UBI can serve as a safety cushion for workers already operating in the gig economy or those faced with a life or work situation that requires a basic safety net.

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Moller–Maersk case study on efforts to reduce, 167–168 Boston Consulting Group study on reducing, 167 CO2 emissions, 160, 161, 165–166, 182, 200, 202, 203, 207 EU's emissions cap-and-trade scheme to lower, 166, 183 fossil fuels, 49 Stakeholder Capitalism Metrics used to measure reduced, 249 See also Climate change; Pollution Green New Deal (EU), 183 Greenpeace, 50 Die Grünen (the Greens) [Germany], 78–79 The Guardian, 223 H Hartmann machine works (Chemnitz, Kingdom of Saxony), 103fig Hartmann, Richard, 103 Harvard Business School, 11 Health care COVID-19 pandemic revealing inequalities in, 3–4, 43, 73, 227 digital connectivity providing access to, 227–228 effective government focus on, 225–227 high EU percentage of GDP spent on, 231 high US cost of, 227, 231, 232 improving access in China, 225–226 Singapore's universal health care system, 230–232 Health inequalities COVID-19 pandemic revealing, 3–4, 43, 73, 227 health insurance, 43 wealth inequality, social mobility, and related, 41–42 Healthy365 app (Singapore), 232 Hess-Maier, Dorothee, 9 High-quality debt, 29 Hiroshima bombing (1945), 5 Hirsch, Jeffrey, 240 Hitachi (Japan), 142 Hong Kong carbon footprint per capita, 159 globalization driving economic growth of, 98 Nanyang Commercial Bank of, 57–58 See also Asian Tigers Horowitz, Sara, 242 Housing financial crisis 2008 and loss of, 227 redlining discriminatory practice, 226 Singapore's HDB public, 228–230 stakeholder government providing access to, 225–227 Housing Development Board (HDB) [Singapore], 228–230 Houston Natural Gas (US), 217 Houten, Frans van, 250 Huawei, 55, 60 Hughes, Chris, 128 Human capital definition of, 235 New Zealand's Living Standards Framework on, 235fig–236 Humanity Forward, 239–240 Human rights, Singapore's regulation of, 123 Hungary erosion of political center in, 83–84 Fidesz-KNDP coalition in, 83 financial crisis (2008) impact on, 112, 113 vote for right-wing populist parties (2000, 2017–2019), 84fig I IBM, 139 Iceland, 224 IDN Media (Indonesia), 94–95, 114 IDN Media HQ (Jakarta, Indonesia), 95 Inclusive Development Index (World Economic Forum), 189, 190 Income equality Denmark's success with, 119, 186 EPI plotting union membership against, 186 stakeholder government role in enabling, 178–179, 225 union membership impact on, 186 universal basic income (UBI) concept of, 239 See also Prosperity Income inequality COVID-19 pandemic revealing increased, 3–4, 43, 73 Elephant Curve of Global Inequality and Growth graph, 137–138fig First Industrial Revolution (19th century) and, 132–134 Gini Indices on China and India impact on, 37fig–38, 226 history of US, 34–36, 38–39fig, 88–89 impact on the global economic system by, 36–41 Kuznets curve on problem of, 34–41, 44–45 Kuznets Wave on, 45fig–46 wealth inequality higher than, 41 World Inequality Lab (WIL) on India and China's, 72–73fig World Inequality Report (2018) on, 38, 138fig See also Inequalities; Wealth inequality Independent contractors (freelancers), 237–238, 240–243 Independent Drivers Guild (New York), 238, 241–242 India continued trust in public institutions in, 196 COVID-19 pandemic impact on, 66, 67, 68–69 demographic changes in, 161 economic growth (1980s-2020) in, 66, 67–69, 96–97 gig workers of, 240, 243 Gini Indices on global income inequality impact of, 37fig–38 increasing national income inequality in, 40 protectionist policies and License Raj system of, 67, 69 WHO on unsafe air (2019) in, 72 World Inequality Lab (WIL) on rising inequality in, 72–73fig Indian Institutes of Technology (IIT), 68 Indignados protest (Spain), 40, 86 Indochina (19th century), 56 Indonesia Bandung entrepreneurs story (2012) on MYCL, 93–94, 96, 98, 114 continued trust in public institutions in, 196 economic recession (1997) in, 98, 109 gig workers of, 237, 240 globalization success stories in, 93–99 history of international trade by, 97 IDN Media, 94–95, 114 IT and Internet revolution role in expanding economy of, 137 predicted economic growth (2020–2021) in, 65–66 Spice Islands trade (Maluku Islands), 100 tech unicorns of, 66, 67fig Industrial Revolution (19th century), 56, 71, 108, 116, 119, 130–134, 161 Inequalities Benioff on the problem of growing, 210 Big Tech widening, 210 COVID-19 pandemic revealing increased, 3–4, 43, 73, 227 “digital divide,” 227 World Inequality Lab (WIL) on India and China's, 72–73fig See also Income inequality; Wealth inequality Inflation rates debt burden and low, 33 low-interest rates and low, 31–33 Infosys [India], 68 Infrastructure increasing funding gap (2016–2040) for, 32 New Zealand's physical capital, 235fig–236 Institute of International Finance (IIF), 27 Institutions international, 178, 179, 194, 196–197 loss of trust in public, 196 stakeholder model on need for robust, 185, 193–198 Intel, 141 Interest rates COVID-19 pandemic impact on, 31 low inflation and low, 31–33 US Federal Reserve (2009–2019), 31 Intergovernmental Panel on Climate Change (IPCC) [UN], 51, 149 Intergovernmental Platform on Biodiversity and Ecosystems Services (IPBES) report [2019], 51 International Bank for Reconstruction and Development (now World Bank), 6 International Business Council (World Economic Forum), 193, 214, 249 International communities aim to preserve peace, 179 civil society and the, 237–238 as key stakeholders, 178 weakening of institutions of, 194, 196–197 See also specific international community International Monetary Fund (IMF) continued low global GDP growth expectation by, 26–27 creation of the, 6 GDP measure used by, 24 on increasing rates of median debt by mid-2021, 28 lack of representation evidenced in, 197 2020 fiscal monitor of, 19 World Economic Outlook (2020) on ASEAN economies, 65–66 Internet “digital divide” and, 227 improving digital connectivity to, 225, 227–228, 232 Internet Agenda (World Economic Forum), 246 Internet Explorer, 139 Internet of Things, 18, 72, 161 InterNorth (US), 217, 218 Ireland, 194 Iron Curtain, 77, 80 Israel OPEC members in opposition to, 12 Yom Kippur War, 12 Italy COVID-19 pandemic impact on economy of, 68 erosion of the political center in, 83 Five Star Movement in, 83, 87–88 Marshall Plan to rebuild economy of, 6 Pitchfork protests (2013), 86 ruined post-World War II economy of, 5 J Jacobin Magazine (socialist publication), 243 Japan demographic decline in, 161 Second World War occupation of Chinese territory by, 56 Japanese economy economic boom (1945–1970s) in, 8, 109 reconstruction of post-war society and, 8 ruined post-World War II, 5 Jensen, Claus, 117 Jobs, Steve, 126 Johnson, Lyndon B., 135, 184 Jordan, 162 JPMorgan Chase, 132 Julius, Otto, 9 K Kambhampati, Uma, 224 Kennedy, John F., 76 Kenya, 27, 70 Keynes, John Maynard, 103, 104 Khadija, 99 Khan, Lina, 127, 140 Klein, Alice, 220 Klein, Ezra, 231–232 Kohl, Helmut, 78, 81 KPMG (US), 215, 250 Krugman, Paul, 127–128 Kuznets, Simon Smith, 21–25, 34, 44–45, 53, 234 Kuznets' theories Environmental Kuznets Curve, 21–22, 46–47, 53 on mistaken pursuit of GDP growth, 21–25, 34, 46, 53 on problem of income inequality, 34–41, 44–45 Kuznets Wave, 45fig–46 L Labor force automation challenges for, 115–126 collective bargaining in European countries, 10 comparison of US and Danish approach to, 117–120, 123 constructive relationship between Danish companies and, 117–120 Financial Times on loss of manufacturing jobs (1990–2016), 120 gig economy, 237–238, 240–243 increased female participation in the, 9 US and UK politically polarizing, 122–123 Labor market reskilling American labor market deficiencies in, 121–122 Denmark's “Active Labour Market Policies,” 120–121 Labor strikes call for global Uber and Lyft (2019), 187 UK miners' strike, 122 US air traffic controllers, 122 Labor unions collective bargaining, 10, 14, 17 EPI plotting income inequality against history of, 186 high membership in Denmark, 240 stakeholder approach to modern, 240–243 strikes held by, 122 Laissez-faire economy, 225 Lakner, Christoph, 137, 138 Lasn, Kalle, 40 Latin American countries average economic mobility improvement in, 44 capitalism vs. communism ideological battle in, 7 dropping voter turnout for elections in, 188 emerging markets in, 63 income inequality in, 40 “reefer ships” (1870s) and international trade by, 104, 110 “21st century socialism” of, 225 See also specific country “League of Legends” game, 60 Lee Hsien Loong, 230 Lee, Kai-Fu, 143 Legacy preferences (university admissions), 226 Lega (League) [Germany], 83, 88 Legatum Prosperity Index (2019), 231 Lenin, Vladimir, 22 Leonhard, David, 140 LGBTQ people, 123, 195 LGBTQ rights groups, 243 Liberal political parties (Europe), 188 License Raj system (India), 67, 69 “The Limits to Growth” study (Peccei), 47, 48, 52 Lin, David, 49 LinkedIn (US), 211 “Little Mermaid” statue (Copenhagen), 200 Liu Guohong, 57 Living Standards Framework (LSF) [New Zealand], 222–223, 234–236 Local government.

Stakeholder Capitalism: A Global Economy That Works for Progress, People and Planet by Klaus Schwab

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, 3D printing, additive manufacturing, agricultural Revolution, air traffic controllers' union, Anthropocene, Apple II, Asian financial crisis, Asperger Syndrome, basic income, Berlin Wall, Big Tech, biodiversity loss, bitcoin, Black Lives Matter, blockchain, blue-collar work, Branko Milanovic, Bretton Woods, British Empire, business process, capital controls, Capital in the Twenty-First Century by Thomas Piketty, car-free, carbon footprint, carbon tax, centre right, clean tech, clean water, cloud computing, collateralized debt obligation, collective bargaining, colonial rule, company town, contact tracing, contact tracing app, Cornelius Vanderbilt, coronavirus, corporate governance, corporate social responsibility, COVID-19, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, cryptocurrency, cuban missile crisis, currency peg, cyber-physical system, decarbonisation, demographic dividend, Deng Xiaoping, Diane Coyle, digital divide, don't be evil, European colonialism, Fall of the Berlin Wall, family office, financial innovation, Francis Fukuyama: the end of history, future of work, gender pay gap, general purpose technology, George Floyd, gig economy, Gini coefficient, global supply chain, global value chain, global village, Google bus, green new deal, Greta Thunberg, high net worth, hiring and firing, housing crisis, income inequality, income per capita, independent contractor, industrial robot, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Internet of things, invisible hand, James Watt: steam engine, Jeff Bezos, job automation, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, Khan Academy, Kickstarter, labor-force participation, lockdown, low interest rates, low skilled workers, Lyft, manufacturing employment, Marc Benioff, Mark Zuckerberg, market fundamentalism, Marshall McLuhan, Martin Wolf, means of production, megacity, microplastics / micro fibres, Mikhail Gorbachev, mini-job, mittelstand, move fast and break things, neoliberal agenda, Network effects, new economy, open economy, Peace of Westphalia, Peter Thiel, precariat, Productivity paradox, profit maximization, purchasing power parity, race to the bottom, reserve currency, reshoring, ride hailing / ride sharing, Ronald Reagan, Salesforce, San Francisco homelessness, School Strike for Climate, self-driving car, seminal paper, shareholder value, Shenzhen special economic zone , Shenzhen was a fishing village, Silicon Valley, Simon Kuznets, social distancing, Social Responsibility of Business Is to Increase Its Profits, special economic zone, Steve Jobs, Steve Wozniak, synthetic biology, TaskRabbit, The Chicago School, 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, the scientific method, TikTok, Tim Cook: Apple, trade route, transfer pricing, Uber and Lyft, uber lyft, union organizing, universal basic income, War on Poverty, We are the 99%, women in the workforce, working poor, working-age population, Yom Kippur War, young professional, zero-sum game

Carl Frey and Michael Osborne, Oxford University, September 2013, https://www.oxfordmartin.ox.ac.uk/downloads/academic/The_Future_of_Employment.pdf. 6 The Technology Trap: Capital, Labor, and Power in the Age of Automation, Carl Frey, Princeton University Press, June 2019, https://press.princeton.edu/books/hardcover/9780691172798/the-technology-trap. 7 “If Robots and AI Steal Our Jobs, a Universal Basic Income Could Help”, Peter H. Diamandis, Singularity Hub, December 2016, https://singularityhub.com/2016/12/13/if-robots-steal-our-jobs-a-universal-basic-income-could-help/. 8 Interview with Claus Jensen by Peter Vanham, May 2019 9 Even if jobs disappeared in one part of the industry, which happened when ships were no longer mainly built by humans but by robots, having a long-term vision of change helped him keep a positive and constructive outlook.

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Consumer Rights Groups Humanity Forward is one example of a modern consumer rights group. It's a nonprofit founded by former US presidential candidate Andrew Yang. Aware of the fundamental changes brought about by the Fourth Industrial Revolution in American society, the organization puts forward solutions such as universal basic income (UBI) and data as a property right.44 Conceived as a monthly check for $1,000 written to every American adult, Humanity Forward believes UBI can serve as a safety cushion for workers already operating in the gig economy or those faced with a life or work situation that requires a basic safety net.

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Moller–Maersk case study on efforts to reduce, 167–168 Boston Consulting Group study on reducing, 167 CO2 emissions, 160, 161, 165–166, 182, 200, 202, 203, 207 EU's emissions cap-and-trade scheme to lower, 166, 183 fossil fuels, 49 Stakeholder Capitalism Metrics used to measure reduced, 249 See also Climate change; Pollution Green New Deal (EU), 183 Greenpeace, 50 Die Grünen (the Greens) [Germany], 78–79 The Guardian, 223 H Hartmann machine works (Chemnitz, Kingdom of Saxony), 103fig Hartmann, Richard, 103 Harvard Business School, 11 Health care COVID-19 pandemic revealing inequalities in, 3–4, 43, 73, 227 digital connectivity providing access to, 227–228 effective government focus on, 225–227 high EU percentage of GDP spent on, 231 high US cost of, 227, 231, 232 improving access in China, 225–226 Singapore's universal health care system, 230–232 Health inequalities COVID-19 pandemic revealing, 3–4, 43, 73, 227 health insurance, 43 wealth inequality, social mobility, and related, 41–42 Healthy365 app (Singapore), 232 Hess-Maier, Dorothee, 9 High-quality debt, 29 Hiroshima bombing (1945), 5 Hirsch, Jeffrey, 240 Hitachi (Japan), 142 Hong Kong carbon footprint per capita, 159 globalization driving economic growth of, 98 Nanyang Commercial Bank of, 57–58 See also Asian Tigers Horowitz, Sara, 242 Housing financial crisis 2008 and loss of, 227 redlining discriminatory practice, 226 Singapore's HDB public, 228–230 stakeholder government providing access to, 225–227 Housing Development Board (HDB) [Singapore], 228–230 Houston Natural Gas (US), 217 Houten, Frans van, 250 Huawei, 55, 60 Hughes, Chris, 128 Human capital definition of, 235 New Zealand's Living Standards Framework on, 235fig–236 Humanity Forward, 239–240 Human rights, Singapore's regulation of, 123 Hungary erosion of political center in, 83–84 Fidesz-KNDP coalition in, 83 financial crisis (2008) impact on, 112, 113 vote for right-wing populist parties (2000, 2017–2019), 84fig I IBM, 139 Iceland, 224 IDN Media (Indonesia), 94–95, 114 IDN Media HQ (Jakarta, Indonesia), 95 Inclusive Development Index (World Economic Forum), 189, 190 Income equality Denmark's success with, 119, 186 EPI plotting union membership against, 186 stakeholder government role in enabling, 178–179, 225 union membership impact on, 186 universal basic income (UBI) concept of, 239 See also Prosperity Income inequality COVID-19 pandemic revealing increased, 3–4, 43, 73 Elephant Curve of Global Inequality and Growth graph, 137–138fig First Industrial Revolution (19th century) and, 132–134 Gini Indices on China and India impact on, 37fig–38, 226 history of US, 34–36, 38–39fig, 88–89 impact on the global economic system by, 36–41 Kuznets curve on problem of, 34–41, 44–45 Kuznets Wave on, 45fig–46 wealth inequality higher than, 41 World Inequality Lab (WIL) on India and China's, 72–73fig World Inequality Report (2018) on, 38, 138fig See also Inequalities; Wealth inequality Independent contractors (freelancers), 237–238, 240–243 Independent Drivers Guild (New York), 238, 241–242 India continued trust in public institutions in, 196 COVID-19 pandemic impact on, 66, 67, 68–69 demographic changes in, 161 economic growth (1980s-2020) in, 66, 67–69, 96–97 gig workers of, 240, 243 Gini Indices on global income inequality impact of, 37fig–38 increasing national income inequality in, 40 protectionist policies and License Raj system of, 67, 69 WHO on unsafe air (2019) in, 72 World Inequality Lab (WIL) on rising inequality in, 72–73fig Indian Institutes of Technology (IIT), 68 Indignados protest (Spain), 40, 86 Indochina (19th century), 56 Indonesia Bandung entrepreneurs story (2012) on MYCL, 93–94, 96, 98, 114 continued trust in public institutions in, 196 economic recession (1997) in, 98, 109 gig workers of, 237, 240 globalization success stories in, 93–99 history of international trade by, 97 IDN Media, 94–95, 114 IT and Internet revolution role in expanding economy of, 137 predicted economic growth (2020–2021) in, 65–66 Spice Islands trade (Maluku Islands), 100 tech unicorns of, 66, 67fig Industrial Revolution (19th century), 56, 71, 108, 116, 119, 130–134, 161 Inequalities Benioff on the problem of growing, 210 Big Tech widening, 210 COVID-19 pandemic revealing increased, 3–4, 43, 73, 227 “digital divide,” 227 World Inequality Lab (WIL) on India and China's, 72–73fig See also Income inequality; Wealth inequality Inflation rates debt burden and low, 33 low-interest rates and low, 31–33 Infosys [India], 68 Infrastructure increasing funding gap (2016–2040) for, 32 New Zealand's physical capital, 235fig–236 Institute of International Finance (IIF), 27 Institutions international, 178, 179, 194, 196–197 loss of trust in public, 196 stakeholder model on need for robust, 185, 193–198 Intel, 141 Interest rates COVID-19 pandemic impact on, 31 low inflation and low, 31–33 US Federal Reserve (2009–2019), 31 Intergovernmental Panel on Climate Change (IPCC) [UN], 51, 149 Intergovernmental Platform on Biodiversity and Ecosystems Services (IPBES) report [2019], 51 International Bank for Reconstruction and Development (now World Bank), 6 International Business Council (World Economic Forum), 193, 214, 249 International communities aim to preserve peace, 179 civil society and the, 237–238 as key stakeholders, 178 weakening of institutions of, 194, 196–197 See also specific international community International Monetary Fund (IMF) continued low global GDP growth expectation by, 26–27 creation of the, 6 GDP measure used by, 24 on increasing rates of median debt by mid-2021, 28 lack of representation evidenced in, 197 2020 fiscal monitor of, 19 World Economic Outlook (2020) on ASEAN economies, 65–66 Internet “digital divide” and, 227 improving digital connectivity to, 225, 227–228, 232 Internet Agenda (World Economic Forum), 246 Internet Explorer, 139 Internet of Things, 18, 72, 161 InterNorth (US), 217, 218 Ireland, 194 Iron Curtain, 77, 80 Israel OPEC members in opposition to, 12 Yom Kippur War, 12 Italy COVID-19 pandemic impact on economy of, 68 erosion of the political center in, 83 Five Star Movement in, 83, 87–88 Marshall Plan to rebuild economy of, 6 Pitchfork protests (2013), 86 ruined post-World War II economy of, 5 J Jacobin Magazine (socialist publication), 243 Japan demographic decline in, 161 Second World War occupation of Chinese territory by, 56 Japanese economy economic boom (1945–1970s) in, 8, 109 reconstruction of post-war society and, 8 ruined post-World War II, 5 Jensen, Claus, 117 Jobs, Steve, 126 Johnson, Lyndon B., 135, 184 Jordan, 162 JPMorgan Chase, 132 Julius, Otto, 9 K Kambhampati, Uma, 224 Kennedy, John F., 76 Kenya, 27, 70 Keynes, John Maynard, 103, 104 Khadija, 99 Khan, Lina, 127, 140 Klein, Alice, 220 Klein, Ezra, 231–232 Kohl, Helmut, 78, 81 KPMG (US), 215, 250 Krugman, Paul, 127–128 Kuznets, Simon Smith, 21–25, 34, 44–45, 53, 234 Kuznets' theories Environmental Kuznets Curve, 21–22, 46–47, 53 on mistaken pursuit of GDP growth, 21–25, 34, 46, 53 on problem of income inequality, 34–41, 44–45 Kuznets Wave, 45fig–46 L Labor force automation challenges for, 115–126 collective bargaining in European countries, 10 comparison of US and Danish approach to, 117–120, 123 constructive relationship between Danish companies and, 117–120 Financial Times on loss of manufacturing jobs (1990–2016), 120 gig economy, 237–238, 240–243 increased female participation in the, 9 US and UK politically polarizing, 122–123 Labor market reskilling American labor market deficiencies in, 121–122 Denmark's “Active Labour Market Policies,” 120–121 Labor strikes call for global Uber and Lyft (2019), 187 UK miners' strike, 122 US air traffic controllers, 122 Labor unions collective bargaining, 10, 14, 17 EPI plotting income inequality against history of, 186 high membership in Denmark, 240 stakeholder approach to modern, 240–243 strikes held by, 122 Laissez-faire economy, 225 Lakner, Christoph, 137, 138 Lasn, Kalle, 40 Latin American countries average economic mobility improvement in, 44 capitalism vs. communism ideological battle in, 7 dropping voter turnout for elections in, 188 emerging markets in, 63 income inequality in, 40 “reefer ships” (1870s) and international trade by, 104, 110 “21st century socialism” of, 225 See also specific country “League of Legends” game, 60 Lee Hsien Loong, 230 Lee, Kai-Fu, 143 Legacy preferences (university admissions), 226 Lega (League) [Germany], 83, 88 Legatum Prosperity Index (2019), 231 Lenin, Vladimir, 22 Leonhard, David, 140 LGBTQ people, 123, 195 LGBTQ rights groups, 243 Liberal political parties (Europe), 188 License Raj system (India), 67, 69 “The Limits to Growth” study (Peccei), 47, 48, 52 Lin, David, 49 LinkedIn (US), 211 “Little Mermaid” statue (Copenhagen), 200 Liu Guohong, 57 Living Standards Framework (LSF) [New Zealand], 222–223, 234–236 Local government.

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, AlphaGo, American Society of Civil Engineers: Report Card, Automated Insights, autonomous vehicles, basic income, benefit corporation, bitcoin, blockchain, blue-collar work, Bob Noyce, business process, call centre, Cambridge Analytica, cashless society, citizen journalism, Clayton Christensen, collaborative consumption, collaborative economy, collective bargaining, creative destruction, crowdsourcing, cryptocurrency, deep learning, DeepMind, disintermediation, disruptive innovation, distributed ledger, en.wikipedia.org, Erik Brynjolfsson, fake news, Filter Bubble, Ford Model T, Francis Fukuyama: the end of history, general purpose technology, Geoffrey West, Santa Fe Institute, gig economy, Gini coefficient, high-speed rail, holacracy, 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, low interest rates, Lyft, Mark Zuckerberg, mass immigration, Network effects, new economy, peer-to-peer lending, QWERTY keyboard, ransomware, Richard Florida, Robert Gordon, robo advisor, Ronald Reagan, Second Machine Age, self-driving car, sharing economy, Shoshana Zuboff, Silicon Valley, Simon Kuznets, Skinner box, Snapchat, speech recognition, streetcar suburb, Stuxnet, surveillance capitalism, synthetic biology, TaskRabbit, The Death and Life of Great American Cities, The Rise and Fall of American Growth, the scientific method, trade route, Turing test, two and twenty, Uber and Lyft, uber lyft, universal basic income, uranium enrichment, urban planning, vertical integration, warehouse automation, 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.

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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.

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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.

The Price of Tomorrow: Why Deflation Is the Key to an Abundant Future by Jeff Booth

3D printing, Abraham Maslow, activist fund / activist shareholder / activist investor, additive manufacturing, AI winter, Airbnb, Albert Einstein, AlphaGo, Amazon Web Services, artificial general intelligence, augmented reality, autonomous vehicles, basic income, bitcoin, blockchain, Bretton Woods, business intelligence, butterfly effect, Charles Babbage, Claude Shannon: information theory, clean water, cloud computing, cognitive bias, collapse of Lehman Brothers, Computing Machinery and Intelligence, corporate raider, creative destruction, crony capitalism, crowdsourcing, cryptocurrency, currency manipulation / currency intervention, dark matter, deep learning, DeepMind, deliberate practice, digital twin, distributed ledger, Donald Trump, Elon Musk, fiat currency, Filter Bubble, financial engineering, full employment, future of work, game design, gamification, general purpose technology, Geoffrey Hinton, Gordon Gekko, Great Leap Forward, Hyman Minsky, hype cycle, income inequality, inflation targeting, information asymmetry, invention of movable type, Isaac Newton, Jeff Bezos, John Maynard Keynes: Economic Possibilities for our Grandchildren, John von Neumann, Joseph Schumpeter, late fees, low interest rates, Lyft, Maslow's hierarchy, Milgram experiment, Minsky moment, Modern Monetary Theory, moral hazard, Nelson Mandela, Network effects, Nick Bostrom, oil shock, OpenAI, pattern recognition, Ponzi scheme, quantitative easing, race to the bottom, ride hailing / ride sharing, self-driving car, software as a service, technoutopianism, TED Talk, the long tail, the scientific method, Thomas Bayes, Turing test, Uber and Lyft, uber lyft, universal basic income, winner-take-all economy, X Prize, zero-sum game

Job losses and income inequality will reduce the number of people who can participate in the economy. At some point along that continuum of fewer people participating in the economy, the math doesn’t work, and the system collapses anyway. That means that even though universal basic income sounds radical to some, it is at least an alternative to that outcome. On execution, it becomes much more difficult. Universal basic income is essentially a version of wealth transfer. Beyond the traditional arguments from the right that it disincentivizes work and, as a result, incentivizes people to get paid for nothing, there is a cornucopia of additional challenges because of the complexity in determining the right wage.

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It is hard to see the money that you believe that you have earned because of your ingenuity or hard work go to others who you deem not to have worked as hard. The argument from those who have wealth is that the higher the tax rate on the wealthy, the more disincentive there is to take risks, innovate, and be a strong contributor to society. One of the more prominent proposals in this camp is universal basic income. In policy circles around the world, it is getting serious airtime. The idea is simple in premise: raise taxes on the wealthy to give a minimum basic income whether people work or not, topping people up if they work to a maximum amount but also not requiring them to work for their wage. The idea is hardly new; various proposals date back hundreds of years.

Angrynomics by Eric Lonergan, Mark Blyth

AlphaGo, Amazon Mechanical Turk, anti-communist, Asian financial crisis, basic income, Ben Bernanke: helicopter money, Berlin Wall, Bernie Sanders, Big Tech, bitcoin, blockchain, Branko Milanovic, Brexit referendum, business cycle, Capital in the Twenty-First Century by Thomas Piketty, central bank independence, collective bargaining, COVID-19, credit crunch, cryptocurrency, decarbonisation, deindustrialization, diversified portfolio, Donald Trump, Erik Brynjolfsson, Extinction Rebellion, fake news, full employment, gig economy, green new deal, Greta Thunberg, hiring and firing, Hyman Minsky, income inequality, income per capita, Jeremy Corbyn, job automation, labour market flexibility, liberal capitalism, lockdown, low interest rates, market clearing, Martin Wolf, Modern Monetary Theory, precariat, price stability, quantitative easing, Ronald Reagan, secular stagnation, self-driving car, Skype, smart grid, sovereign wealth fund, spectrum auction, The Future of Employment, The Great Moderation, The Spirit Level, universal basic income

As such, a NWF would address some of the legitimate anger against wealth inequality generated by angrynomics along with mitigating the private stressors of uncertainty about health, education and housing. Who can object to that? ERIC: Okay, that’s a good start, a viable powerful policy that could make a serious difference to people’s lives and one that addresses the concentration of wealth in society. Let’s now shift to the issue of income. The idea of a universal basic income (UBI) – a minimum level of income paid to all citizens – has gained a lot of traction recently. The two major objections to it are, firstly, how do we pay for it without undermining the resources available for social security, and secondly, is it right for people to receive something for nothing?

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AfD (Alternative für Deutschland) 114 Afghanistan 6 aging population 10, 13, 14, 95, 106–11 and consumption 109–10 and government bonds 138–9, 152 and inequality 56–7, 58, 107–10 and inter-generational transfer 106–107 and poverty 57, 107 as stressor 57, 91, 106, 110, 111, 116, 118 and technological change 90, 106, 122 AIG 85, 124 Amazon 96, 98, 104, 142, 143–4 Anderson, Elizabeth 176 anger 2–3, 7–9, 10, 11–12, 159, 161 misplaced 13 as opportunity 16 and play 153 private see private anger public see public anger reducing see calming strategies anxiety/stress 9, 13–14, 50, 53, 55–6, 88, 118, 161 and cognitive effort 89–90, 91 and job insecurity 95–6 three causes of 91 and uncertainty see uncertainty Apple 96, 142, 143 Aristotle 59, 153 artificial intelligence (AI) 14, 102–106, 142 Asian financial crisis (1998) 77, 140 asset ownership 130–31, 133, 136, 140–41 Atkinson, Tony 80, 173 austerity policies 2–3, 6, 15, 34–5, 41, 48, 84 and euro crisis 44–5 and low interest rates 135 Australia 125 Austria 3 baby boomers 107–108, 110, 111, 175 Bank of England 84, 103, 120, 145, 148 TFS scheme 149–50, 166 banks 1, 6, 15, 33–5, 42, 44, 48, 145–50 and capital/liquidity ratios 126 and direct support for consumption 145–8 and dual interest rates 149–50 and economic models 3, 4 failure of 119–21, 122 and helicopter money 131, 146 independence of 78, 79 and leverage see financial leverage and problem of low interest rates 120–21, 122, 131, 135 regulations on 125–6, 127, 129, 132 restrictions on 72, 77 see also financial crisis (2008) Beck, Aaron 171–2 Bernanke, Ben 6, 148 Biden, Joe 106 billionaires 4 Bitcoin 102, 103 Blackrock 165 blockchain technology 14, 103 Blyth, Mark 172, 175 bonuses 81, 85, 124 Brazil 11, 127 Brexit 4, 7, 11, 22, 24, 37, 38, 55, 117, 154 and austerity policies 41, 45 and immigration 111, 112, 114, 116 and job insecurity 100–101 Brill, Stephen 175 Britain (UK) 3, 38, 119, 155, 162, 164 aging population in 107, 110 austerity policies in 41 dual interest rates in 149–50 and EU see Brexit fear of immigration in 27 gig economy in 100 and government bonds 135, 140 government spending in 71 immigration in 111, 112, 114, 115–16 inequality in 6 interest rates in 145 nationalism in 23 Thatcherism in 75, 76 Brittan, Samuel 151 Brynjolfsson, Erik 173 budget deficits 71, 75 Buffett, Warren 130 calming strategies 12, 15, 118, 122, 123–57 and data dividend see data dividend and direct support for consumption 145–8 and dual interest rates 149–50 and economic diversity 153–6 and inequality see inequality, strategies to reduce and national wealth fund see NWF and regulations on banks 125–6, 127, 129, 132 and sustainable investment see sustainable investment Canada 125 cancer 53, 87, 88, 106 capital 4 cost of 137, 139, 153 and dispersion 97–98 as “fictitious” commodity 65 formation, rate of 108 global 40, 42, 43, 49, 50, 58 and labour 50, 60, 69, 72 and neoliberalism 75, 76, 77, 79 protection of, following financial crisis 85 versus capital 97, 98 Capital in the Twenty-First Century (Piketty) 49, 108–10 capital/liquidity ratios 126 capitalism 64–5 and commodities 65–6 capitalism as computer 11, 61–72 fixing 124–25 hardware of 62–3, 117 software of 63–4, 68–71 and unemployment/inequality 66–7 version 1.0 68–9 version 1.0 crash 64, 66, 67, 71, 73, 83, 118 version 2.0 69–73, 74, 75, 76, 116 version 2.0 crash 70–71, 73, 83–4, 118 version 3.0 74–80, 98–9, 117, 125, 140–41 version 3.0 crash 116 car industry 100–101 caring industry 104 Case, Anne 54, 176 centrism, political 38, 48, 118–19, 121, 160–61, 162 CEOs (chief executive officers) 4 Chamberlain, Joseph 66 Chile 3 China 42, 63, 64, 78, 93, 137, 151, 156 Citibank 81, 82 cities 55, 56 climate change 104, 111, 121, 129, 131, 153, 159–60 and investment see sustainable investment Clinton, Hillary 160 Coggan, Philip 172 cognitive effort 89–90, 91 Cold War 28, 48 ending/legacy of 5, 23, 26, 29, 30, 37, 116 communism 68, 71 competition/competitiveness 47, 65, 94, 95, 111, 116, 125 and technology 105 see also product market competition computer analogy see capitalism as computer constrained volatility 85 consumption, direct support for 145–8, 150–51, 160 consumption, distribution of 52–3, 58 Corbyn, Jeremy 119 corporations 6, 20, 57 and competition 95, 96 and data dividend see data dividend corruption 8, 29, 61, 130 Covid-19 163 culture 160 Czech Republic 146, 147, 155 data dividend 141–4, 160, 162 and monopolies 142, 143, 144 and privacy 141–2 and property rights 142–3 de-unionization 50, 95, 99 Deaton, Angus 54, 176 debt 75, 84, 120, 132, 145, 150 and demography 109, 111, 131 government 136–7, 151, 152 net 136 deflation 65, 69, 120, 128, 144, 148 demand management 44–5, 47, 126–7 democracy 16, 25, 29, 39, 40, 104, 117, 130 and markets 68 demography see aging population Denmark 64, 164 depression see recession deregulation 28, 40, 48, 50, 58, 75 and inflation 127 as micro-stressor 94, 96, 99, 101, 118 DGSE (dynamic stochastic general equilibrium) models 3–4 Doughnut Economics (Raworth) 131–2, 165 dual interest rates 131–2, 149–50, 174 Dublin (Ireland) 17–18 economic change 9–10, 29, 43, 153 see also fiscal reform; recession economic growth 2, 6, 41, 69, 71, 86 and demography 108–10 and immigration 116 and inequality 76, 79–80 and quality of jobs/wages 46, 47, 85 economic ideology 28 economics 12, 54–5 shortcomings of models 3–5, 6, 7 education 24, 53, 58, 135, 141 tuition fees/student loans 107, 111 electoral politics 5–6, 104 and demographics 107, 110 and tribalism 13, 22, 24–7, 29, 30, 31 electric vehicles 153 elites 2–3, 5, 6, 7, 9, 37 in cities 55, 56 and corruption 8, 29 and ethical norms 20 and financial crisis 43–4 manipulation of tribal identity by 22, 24, 61, 116, 161 policy failures of 48–9 Engbom, Niklas 175–6 environmental degradation 29, 161 see also climate change environmental and social governance 168 ethical norms 20 euro crisis 7, 37, 44, 77, 144 Europe 34, 42, 137, 140 inequality in 41, 53, 56, 58 migrant crisis in 7 tribalism in 30 European Central Bank (ECB) 34, 84, 146, 155, 164–5 TLTRO programme 147–8, 166 European Union (EU) 22, 33, 34–5, 37, 43, 119 austerity policies in 2, 36, 48 and financial crisis (2008) 82 micro-stressors in 47–8 and nationalism 154–6 and neoliberalism 76, 77 unemployment in 44–5 see also Brexit eurozone 45, 65, 83, 148, 151, 155 exchange rates 72, 134 Extinction Rebellion 8, 131–2 Facebook 27, 96, 98, 142, 143 fake news 26 Farage, Nigel 17, 161 Farmer, Roger 174 fascism 45–6, 66, 67–8, 71 fear 16, 17, 94, 113, 117, 150, 161 and media 26, 27 and politics 7, 45 financial crisis (2008) 1–2, 6, 26, 29, 30, 39, 48, 127, 163 and automation 102–103 and bail-out of banks 84 fragility of recovery from 46, 85, 89, 121 further reading on 172–3 and globalized financial system 84 and growth of populism 85 and inequality 79–80 and low interest rates 135 and regulation of banks 129 financial leverage 72, 81–3, 85, 99, 126, 157 and credit crunch 83 and interest rates 81–2 financial market deregulation 77 fiscal councils 150–51 fiscal reform 15, 150–53, 162 Fischer, Stan 148, 165 Florence (Italy) 87–8 foodbanks 6, 53 football fans 8, 19, 56 France 2, 3, 20, 55, 56, 71, 101, 154, 156 and NWF 135 Franklin, Benjamin 87 free markets 30, 69, 118 Friedman, Milton 118 full employment 40, 47, 60, 66, 71–2, 79, 85, 175 and inflation 73–4, 76 without inflation 121, 125, 126 future 101–102, 111 Garcia family, parable of 33–5, 43 Gates, Bill 130 GDP (gross domestic product) 5, 44, 76, 79, 100–101, 106, 151, 152 and NWF 135, 141 Germany 3, 11, 34, 38, 42, 62–3, 66, 151, 154, 156, 167 and migrant crisis 111, 113–14 and NWF 135 Gibley, Bruce Cannon 175 gig economy 94, 98, 99–100 global economy 12, 39–40, 50, 53, 58, 133 and nationalism 154 and neoliberalism 77 globalization 5, 39, 41, 42–3, 48, 77, 117 hyper- 40 and inequality 80 and inflation 127 and insecurity 101 and labour market 42, 43 and nationalism 154 Gold Standard 65, 67 Google 96, 98, 104, 142 government bonds 72, 131, 133, 135, 137, 138–9, 152 as insurance policies 139, 140 government borrowing 134–5, 137, 152–3 and cost of capital 137, 139, 153 and low inflation 128, 138–40, 150 and NWF 136–137, 138–40 Great Depression 40, 44, 66, 69, 120 Great Moderation 6, 120 Greece 35, 38, 44, 45, 106–07, 110, 144 green revolution see sustainable investment gross domestic product see GDP Guilluy, Christophe 55 Gulf States 133, 134 Hayek, Friedrich 118 healthcare 47, 53–4, 58, 123–4, 135, 139 and access to data 141–2 and NWF 141 and uncertainty/probability 92 hedge fund managers 4 helicopter money 131, 146, 166 Hildebrand, Philipp 165 Hong Kong 2–3, 140, 164 Hopkin, Jonathan 172 Hopkins, Ellen 123 housing 71, 113, 114, 135 Hungary 11, 23, 30 Iceland 1–2, 8, 20 immigration 5, 7, 26, 27, 111–17, 164 economic effects of 115–16 and housing/training 113, 114 and income distribution 112, 113, 114–15 and manipulation by media/politicians 111, 115 as stressor 113, 115 and technological change 106 and tribalism 95, 111, 112, 113 income see wages income distribution 43, 50, 51 and Keynesian economics 71 and neoliberalism 80, 81 independent fiscal councils 150–51 India 23, 127 individualism 29, 154 Indonesia 3 inequality 3, 4, 6, 15, 29, 30, 40–41, 43, 49–57, 58, 61, 79, 118 difficulties in measuring 50–53 and distribution of income/consumption 53–4 and financial crisis (2008) 79–80, 83, 85 further reading on 173, 176 intergenerational 56–7, 107–10 and populism 54–5 and uncertainty 49–50 inequality, strategies to reduce 121–2, 129–31, 132, 162 asset ownership 130–31, 133, 136, 140–41 and data dividend 141–4 National Wealth Fund see NWF optimal/effective 132–3 and universal basic income (UBI) 141, 144 wealth tax 130, 132 inflation 5, 40, 51–2, 53, 69 death of 126, 128 and full employment 73–4, 76, 121, 122, 125 and global financial markets 78 and interest rates 75, 81–2, 120 low see low inflation and oil prices 96–7 and printing money 78, 128, 145 and raising taxes 129 and recession 144–5 and regulation of banks 125–6, 127, 132 and stagflation 40, 74, 120, 128 inheritance 132, 133, 160 national 136 innovation see technological change insurance industry 93 interest rates 15, 33–4, 75, 81–2, 165–6 dual, and sustainable investment 131–2, 149–50 low, problem of 120–21, 122, 131, 132, 135, 146–8, 152 negative, problem of 15, 148, 149, 150 and spending 147 internet 25 investment spending 40, 60, 69 and future expectations 103 and global capital flows 77–8 and inflation 74 public sector 67, 70–71 sustainable see sustainable investment IRA (Irish Republican Army) 17 Iraq 6 Ireland 17–18, 23, 24 Islam 27 Italy 35, 37, 38, 39, 44, 66, 71, 87–8, 144, 156, 167 aging population in 110 poverty in 47 tribalism in 45–6 Japan 26, 84, 110, 137, 140, 148 job security/insecurity 34, 50, 56, 61, 94, 95–6, 100–101 and technology 102 Kalecki, Michał 60–61, 73–5, 120, 121, 127 Keynes, John Maynard/Keynesian economics 60, 66–7, 68–70, 92, 103, 118, 127, 151 General Theory of Employment, Interest and Money 66, 175 and inflation 67, 69, 128 labour market 35, 40–41, 42, 43, 44 and automation 102–106 deregulation 50, 95, 99, 122, 127 dispersion in 98–9 and full employment see full employment and immigration 115–16 in Keynesian system 71–2 and labour as commodity 59, 60, 65–6, 73, 85 and protectionism 59–61, 66 and secular stability 125, 126 and training 62–3 see also wages Lagarde, Christine 167 Lerner, Abba 118 libertarianism 63 Lonergan, Eric 174 Los Indignatios 85 low inflation 79, 134, 157 and full employment/secular stability 126 and government spending/borrowing 128, 138–40, 150, 152 and recession 144–5, 150, 162 Luce, Edward 164 Ludd, Ned/Luddites 102 machine learning (MI) 102–104 see also artificial intelligence macroeconomics 9, 13, 47, 89 failure of 119–20 and uncertainty 94 Macron, Emmanuel 162 Mair, Peter 172 markets 30, 59–61, 62, 66–7 and democracy 68 and quantity theory of money 68–9 see also labour market Mauss, Marcel 21–2 Mazzucato, Mariana 156 media 11, 43, 47 and technological change 98, 102–103, 105 and tribalism 24–5, 26–7, 29, 31, 61, 116, 161 Merkel, Angela 114 Mexico 63 micro-stressors 47–8, 53, 84, 91 and aging populations see aging populations and change 94 and fourth industrial revolution 94 and immigration see immigration microeconomics 9, 13–14, 160 migrant crisis 7, 111 Milanovic, Branko 52, 80 minimal group paradigm 21 Minsky, Hyman 128 mobile phones 53, 96, 97, 142 modern monetary theory (MMT) 118, 128–9 money, printing 78, 128, 145 monopolies 142, 143, 144 moral outrage 8, 13, 15, 35–6, 57–8, 117, 130, 161 and inequality see inequality as rational 36 and tribalism, compared 19, 20, 22, 29, 30–31, 36 triggers for 36 mortgages 34, 35, 38, 82, 111, 137, 145 nation state 39–40, 48, 50, 117, 119 national wealth fund see NWF nationalism 5, 11, 23, 29, 31, 39, 41, 116, 119 as positive 153–6 neoliberalism 4, 28–9, 37, 75–8, 122 and global capital flows 77–8 and inequality 51, 52, 53 NHS (National Health Service) 107 Nissan 100–101 Nixon, Richard 26 Northern Ireland 17–18, 23, 24 Norway 133, 134 Nussbaum, Martha 16, 35, 36 NWF (national wealth fund) 15, 132, 133–41, 143, 152, 168 and aging population 138–9 and asset ownership 133, 136, 140–41 and government borrowing/debt 136–7, 138–40 and growth of global stock market 137–8 and individual trust funds 135 and negative interest rates 134–5, 136 and risk 136, 137–8 sovereign 133–4 and trade surplus 134 Obama, Barack 29, 46 oil prices 96–7 Orban, Viktor 23, 30, 161 “Panama Papers” 2, 20 pensions 57, 63, 106–107, 138 perpetual loans 147–8 Philadelphia Eagles 20 Pickett, Kate 168 Piketty, Thomas 49, 52, 80, 108–10 play 153 Poland 11, 30 Polanyi, Karl 59–61, 64–5, 67, 175 political centrism 38, 48, 118–19, 121, 160–61, 162 political disengagement 29 political economy 12, 13 political identity 22–3, 29–30, 37, 48, 116, 117 further reading on 172 political parties 5–6, 7, 28 politics, new 15–16, 58, 160 populism 11, 27, 39 and financial crisis 86 three genres of 54–5 Portugal 35, 38, 44, 144 poverty 47, 67, 72, 80, 115 and demographics 57, 107 power 4, 48 powerlessness 9, 41 price stability 76, 79, 128, 147 private anger 7, 8, 9, 10, 13–14, 36, 117 and cognitive effort 89–90, 91 see also anxiety/stress private sector debt 131, 145 and government borrowing 134–5, 137, 138–40 investment 67, 70, 149–50, 151 liability in financial crisis 85, 127 privatization 28, 40, 96, 107 probability 91–3 product market competition 94, 95–8, 116, 125 and deregulation/privatization 96–7 and dispersion 97, 98–9 intensification of 96, 101 and technological change 96, 97–8, 99 productivity 40 and technological innovation 9, 10, 15, 102, 104–105 and wages 71, 72, 74, 76 profit margins 98, 101, 105, 143 property prices 34, 38 property rights 142, 143, 154 protectionism 59–60, 61, 66 public anger 7, 8–9, 10, 89, 98, 117–18 economic causes of 13 see also moral outrage; tribalism/tribal anger public housing 71, 113, 114 public sector investment 67, 70–71 public services 24, 115, 116 quantitative easing (QE) 146–7, 167 quantity theory of money 68–9, 78 racism 26, 54, 55, 115 Raworth, Kate 131–2, 173 Reagan, Ronald 26, 75, 118 recession 15, 29, 30, 34–5, 44, 49, 55, 58, 84, 152, 153 and dual interest rates 150 and interest rates 75, 120–21 and investment spending 60, 70, 71 and low inflation 144–5, 150, 162 and MMT 128–9 and stock markets 139, 140 see also euro crisis referenda 37 regeneration, economic 132 regional development 15, 115, 116, 149, 153, 156 Renzi, Matteo 37 risk 91–2, 127, 136, 137, 153 Roberts, Carys 174 robotics see artificial intelligence Rodrik, Dani 4, 39, 40 Russia 11, 41 Sahm, Claudia 150–51 Salvo, Francesca 87–8 Sandbu, Martin 174 Sanders, Bernie 128, 164 savings 93 scale economies 98, 99, 142 Scottish nationalism 7, 119 secular stability 125, 126, 127 service-based economy 52 Singapore 133, 134, 162 SMEs (small- and medium-sized enterprises) 164–5, 166 social democracy 63–4 social media 26, 27, 90, 98 Solow growth model 109 sovereign wealth funds 133–4 sovereignty 39 Spain 33–5, 38, 44, 45, 144 protests against austerity in 85 spending increasing 145, 147, 151 investment 40, 60 power 145 public sector 67, 70–71, 128, 151 restrictions on 41, 44, 149 sports fans 8, 19–20, 21, 25 sports industry 99 stagflation 40, 74, 120, 128 status-injury 36, 54 stock markets 63, 137–8, 139–40 stress see anxiety/stress strikes 73, 74 student loans 111 supply–demand 60, 96, 104 sustainable investment 131–2, 149–50, 152, 153 Sweden 63–4, 72–3 Syria 111, 113 Tavris, Carol 36, 171 taxes 40, 50, 57, 108, 116, 124 cuts in 34, 44, 111, 151 dodging 2, 6, 20, 132–3, 143 political opposition to 129, 130, 132, 133 raising 152 on wealth 129, 130, 132, 140 Tea Party movement 85 technocracy 37, 42–3, 48, 160–61 technological change 29, 58, 96, 109 and aging population 90, 106, 122 and competition 96, 97–8 and dispersion of returns 97 and fourth industrial revolution 94 further reading on 173–4 and inequality 50, 53 and labour market 102–104 and media 24–5, 27 as micro-stressor 88, 91, 94, 96, 97–8, 99, 101–102, 105, 116, 118 and productivity 9, 10, 15, 105, 122 and rate of diffusion 14 and uncertainty 101–102 telecommunications 96, 97, 142 terrorism 17, 18, 27 Thatcher, Margaret 75, 76, 118, 131 Thunberg, Greta 150 TLTRO programme (European Central Bank) 147–8 trade 21–2, 26, 42, 78, 154 and neoliberalism 78 trade surplus 134 trade unions 28, 42, 63, 66, 72, 73, 76, 79 trade wars 21–2, 26 training 62–3, 93, 113, 114, 141 tribalism/tribal anger 8–9, 11, 18–31, 41, 45–6, 117 and central/eastern Europe 23, 30 destructiveness of 24 and ethical norms 20 and fascism 68 and financial crisis 86, 89 and global politics 21–2, 26, 28–9 and immigration 95, 111, 112, 113 manipulation by politicians/media of 13, 22, 24–7, 29, 30, 31, 35, 61, 95, 116, 161 and minimal group paradigm 21 and moral outrage, compared 19, 20, 22, 29, 30–31, 36 and political identity 22–23, 29–30 social function of 20–21 and sport fans 19–20, 25 see also nationalism trickling down/up 79–80 trilemma, political 39 trucking industry 103 Trump, Donald 11, 22, 23, 25–6, 27, 33, 38, 119, 126, 161 and deregulation 129 election of 41–2, 54 tax cuts of 11 Turkey 11 universal basic income (UBI) 141, 144 Ukraine 11 uncertainty 9–10, 43, 49–50, 65, 91–4, 99, 118, 161 and aging populations see aging populations and emerging technologies 102–103, 106 and healthcare 92 and immigration see immigration reducing 93–4 and risk/probability 91–3 and skills development 93 unemployment 2, 30, 34, 44–5, 48, 58, 66, 72, 84, 167 and inflation/interest rates 74, 75, 125 unfairness 25, 36, 105 United States (US) 3, 38, 93, 118, 129, 164 aging population in 107–108, 110, 111 automation in 103, 104–105 financial crisis in (2008) 82–3, 84, 85 gig economy in 100 healthcare in 47–8, 53–4, 58, 106, 123–4 independent fiscal councils in 150–51 inequality in 50, 51, 53–4, 58, 80–81 Keynesian system in 71, 72–3 labour market in 42, 44, 46, 62 micro-stressors in 47–8 neoliberalism in 76 and NWF 135 stock market in 63 tribalism in 23, 25, 29 wealth tax in 130 US Federal Reserve 6, 46, 84, 108, 110, 120, 148, 151 voice, loss of 37–9, 43, 48, 58 Volcker, Paul 75, 81–2 voting 37–8 see also electoral politics wages 2, 60 and automation 105 and competition 96–7, 98 and consumption 53–4, 58, 72 distribution of see income distribution growth in, without inflation 125 and immigration 115–16 and inequality 4, 50–53, 58 and neoliberalism 76, 77 and oil prices 96–7 and productivity 72, 76 stagnation in 34, 47, 58, 80–81, 83, 84, 85 and supply/demand 65–6 Wall Street Crash 67 Warren, Elizabeth 130, 132 Watson’s Analytics 19 wealth, distribution of 4, 15, 29, 30 welfare state 71 WhatsApp 2 Wilkinson, Richard 176 wind power, investment in 150 Wolf, Martin 80, 173 World Trade Organization (WTO) 42 Wren-Lewis, Simon 151 Yates, Tony 151 “Yellow Jackets” protests 2, 20, 55, 56

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AfD (Alternative für Deutschland) 114 Afghanistan 6 aging population 10, 13, 14, 95, 106–11 and consumption 109–10 and government bonds 138–9, 152 and inequality 56–7, 58, 107–10 and inter-generational transfer 106–107 and poverty 57, 107 as stressor 57, 91, 106, 110, 111, 116, 118 and technological change 90, 106, 122 AIG 85, 124 Amazon 96, 98, 104, 142, 143–4 Anderson, Elizabeth 176 anger 2–3, 7–9, 10, 11–12, 159, 161 misplaced 13 as opportunity 16 and play 153 private see private anger public see public anger reducing see calming strategies anxiety/stress 9, 13–14, 50, 53, 55–6, 88, 118, 161 and cognitive effort 89–90, 91 and job insecurity 95–6 three causes of 91 and uncertainty see uncertainty Apple 96, 142, 143 Aristotle 59, 153 artificial intelligence (AI) 14, 102–106, 142 Asian financial crisis (1998) 77, 140 asset ownership 130–31, 133, 136, 140–41 Atkinson, Tony 80, 173 austerity policies 2–3, 6, 15, 34–5, 41, 48, 84 and euro crisis 44–5 and low interest rates 135 Australia 125 Austria 3 baby boomers 107–108, 110, 111, 175 Bank of England 84, 103, 120, 145, 148 TFS scheme 149–50, 166 banks 1, 6, 15, 33–5, 42, 44, 48, 145–50 and capital/liquidity ratios 126 and direct support for consumption 145–8 and dual interest rates 149–50 and economic models 3, 4 failure of 119–21, 122 and helicopter money 131, 146 independence of 78, 79 and leverage see financial leverage and problem of low interest rates 120–21, 122, 131, 135 regulations on 125–6, 127, 129, 132 restrictions on 72, 77 see also financial crisis (2008) Beck, Aaron 171–2 Bernanke, Ben 6, 148 Biden, Joe 106 billionaires 4 Bitcoin 102, 103 Blackrock 165 blockchain technology 14, 103 Blyth, Mark 172, 175 bonuses 81, 85, 124 Brazil 11, 127 Brexit 4, 7, 11, 22, 24, 37, 38, 55, 117, 154 and austerity policies 41, 45 and immigration 111, 112, 114, 116 and job insecurity 100–101 Brill, Stephen 175 Britain (UK) 3, 38, 119, 155, 162, 164 aging population in 107, 110 austerity policies in 41 dual interest rates in 149–50 and EU see Brexit fear of immigration in 27 gig economy in 100 and government bonds 135, 140 government spending in 71 immigration in 111, 112, 114, 115–16 inequality in 6 interest rates in 145 nationalism in 23 Thatcherism in 75, 76 Brittan, Samuel 151 Brynjolfsson, Erik 173 budget deficits 71, 75 Buffett, Warren 130 calming strategies 12, 15, 118, 122, 123–57 and data dividend see data dividend and direct support for consumption 145–8 and dual interest rates 149–50 and economic diversity 153–6 and inequality see inequality, strategies to reduce and national wealth fund see NWF and regulations on banks 125–6, 127, 129, 132 and sustainable investment see sustainable investment Canada 125 cancer 53, 87, 88, 106 capital 4 cost of 137, 139, 153 and dispersion 97–98 as “fictitious” commodity 65 formation, rate of 108 global 40, 42, 43, 49, 50, 58 and labour 50, 60, 69, 72 and neoliberalism 75, 76, 77, 79 protection of, following financial crisis 85 versus capital 97, 98 Capital in the Twenty-First Century (Piketty) 49, 108–10 capital/liquidity ratios 126 capitalism 64–5 and commodities 65–6 capitalism as computer 11, 61–72 fixing 124–25 hardware of 62–3, 117 software of 63–4, 68–71 and unemployment/inequality 66–7 version 1.0 68–9 version 1.0 crash 64, 66, 67, 71, 73, 83, 118 version 2.0 69–73, 74, 75, 76, 116 version 2.0 crash 70–71, 73, 83–4, 118 version 3.0 74–80, 98–9, 117, 125, 140–41 version 3.0 crash 116 car industry 100–101 caring industry 104 Case, Anne 54, 176 centrism, political 38, 48, 118–19, 121, 160–61, 162 CEOs (chief executive officers) 4 Chamberlain, Joseph 66 Chile 3 China 42, 63, 64, 78, 93, 137, 151, 156 Citibank 81, 82 cities 55, 56 climate change 104, 111, 121, 129, 131, 153, 159–60 and investment see sustainable investment Clinton, Hillary 160 Coggan, Philip 172 cognitive effort 89–90, 91 Cold War 28, 48 ending/legacy of 5, 23, 26, 29, 30, 37, 116 communism 68, 71 competition/competitiveness 47, 65, 94, 95, 111, 116, 125 and technology 105 see also product market competition computer analogy see capitalism as computer constrained volatility 85 consumption, direct support for 145–8, 150–51, 160 consumption, distribution of 52–3, 58 Corbyn, Jeremy 119 corporations 6, 20, 57 and competition 95, 96 and data dividend see data dividend corruption 8, 29, 61, 130 Covid-19 163 culture 160 Czech Republic 146, 147, 155 data dividend 141–4, 160, 162 and monopolies 142, 143, 144 and privacy 141–2 and property rights 142–3 de-unionization 50, 95, 99 Deaton, Angus 54, 176 debt 75, 84, 120, 132, 145, 150 and demography 109, 111, 131 government 136–7, 151, 152 net 136 deflation 65, 69, 120, 128, 144, 148 demand management 44–5, 47, 126–7 democracy 16, 25, 29, 39, 40, 104, 117, 130 and markets 68 demography see aging population Denmark 64, 164 depression see recession deregulation 28, 40, 48, 50, 58, 75 and inflation 127 as micro-stressor 94, 96, 99, 101, 118 DGSE (dynamic stochastic general equilibrium) models 3–4 Doughnut Economics (Raworth) 131–2, 165 dual interest rates 131–2, 149–50, 174 Dublin (Ireland) 17–18 economic change 9–10, 29, 43, 153 see also fiscal reform; recession economic growth 2, 6, 41, 69, 71, 86 and demography 108–10 and immigration 116 and inequality 76, 79–80 and quality of jobs/wages 46, 47, 85 economic ideology 28 economics 12, 54–5 shortcomings of models 3–5, 6, 7 education 24, 53, 58, 135, 141 tuition fees/student loans 107, 111 electoral politics 5–6, 104 and demographics 107, 110 and tribalism 13, 22, 24–7, 29, 30, 31 electric vehicles 153 elites 2–3, 5, 6, 7, 9, 37 in cities 55, 56 and corruption 8, 29 and ethical norms 20 and financial crisis 43–4 manipulation of tribal identity by 22, 24, 61, 116, 161 policy failures of 48–9 Engbom, Niklas 175–6 environmental degradation 29, 161 see also climate change environmental and social governance 168 ethical norms 20 euro crisis 7, 37, 44, 77, 144 Europe 34, 42, 137, 140 inequality in 41, 53, 56, 58 migrant crisis in 7 tribalism in 30 European Central Bank (ECB) 34, 84, 146, 155, 164–5 TLTRO programme 147–8, 166 European Union (EU) 22, 33, 34–5, 37, 43, 119 austerity policies in 2, 36, 48 and financial crisis (2008) 82 micro-stressors in 47–8 and nationalism 154–6 and neoliberalism 76, 77 unemployment in 44–5 see also Brexit eurozone 45, 65, 83, 148, 151, 155 exchange rates 72, 134 Extinction Rebellion 8, 131–2 Facebook 27, 96, 98, 142, 143 fake news 26 Farage, Nigel 17, 161 Farmer, Roger 174 fascism 45–6, 66, 67–8, 71 fear 16, 17, 94, 113, 117, 150, 161 and media 26, 27 and politics 7, 45 financial crisis (2008) 1–2, 6, 26, 29, 30, 39, 48, 127, 163 and automation 102–103 and bail-out of banks 84 fragility of recovery from 46, 85, 89, 121 further reading on 172–3 and globalized financial system 84 and growth of populism 85 and inequality 79–80 and low interest rates 135 and regulation of banks 129 financial leverage 72, 81–3, 85, 99, 126, 157 and credit crunch 83 and interest rates 81–2 financial market deregulation 77 fiscal councils 150–51 fiscal reform 15, 150–53, 162 Fischer, Stan 148, 165 Florence (Italy) 87–8 foodbanks 6, 53 football fans 8, 19, 56 France 2, 3, 20, 55, 56, 71, 101, 154, 156 and NWF 135 Franklin, Benjamin 87 free markets 30, 69, 118 Friedman, Milton 118 full employment 40, 47, 60, 66, 71–2, 79, 85, 175 and inflation 73–4, 76 without inflation 121, 125, 126 future 101–102, 111 Garcia family, parable of 33–5, 43 Gates, Bill 130 GDP (gross domestic product) 5, 44, 76, 79, 100–101, 106, 151, 152 and NWF 135, 141 Germany 3, 11, 34, 38, 42, 62–3, 66, 151, 154, 156, 167 and migrant crisis 111, 113–14 and NWF 135 Gibley, Bruce Cannon 175 gig economy 94, 98, 99–100 global economy 12, 39–40, 50, 53, 58, 133 and nationalism 154 and neoliberalism 77 globalization 5, 39, 41, 42–3, 48, 77, 117 hyper- 40 and inequality 80 and inflation 127 and insecurity 101 and labour market 42, 43 and nationalism 154 Gold Standard 65, 67 Google 96, 98, 104, 142 government bonds 72, 131, 133, 135, 137, 138–9, 152 as insurance policies 139, 140 government borrowing 134–5, 137, 152–3 and cost of capital 137, 139, 153 and low inflation 128, 138–40, 150 and NWF 136–137, 138–40 Great Depression 40, 44, 66, 69, 120 Great Moderation 6, 120 Greece 35, 38, 44, 45, 106–07, 110, 144 green revolution see sustainable investment gross domestic product see GDP Guilluy, Christophe 55 Gulf States 133, 134 Hayek, Friedrich 118 healthcare 47, 53–4, 58, 123–4, 135, 139 and access to data 141–2 and NWF 141 and uncertainty/probability 92 hedge fund managers 4 helicopter money 131, 146, 166 Hildebrand, Philipp 165 Hong Kong 2–3, 140, 164 Hopkin, Jonathan 172 Hopkins, Ellen 123 housing 71, 113, 114, 135 Hungary 11, 23, 30 Iceland 1–2, 8, 20 immigration 5, 7, 26, 27, 111–17, 164 economic effects of 115–16 and housing/training 113, 114 and income distribution 112, 113, 114–15 and manipulation by media/politicians 111, 115 as stressor 113, 115 and technological change 106 and tribalism 95, 111, 112, 113 income see wages income distribution 43, 50, 51 and Keynesian economics 71 and neoliberalism 80, 81 independent fiscal councils 150–51 India 23, 127 individualism 29, 154 Indonesia 3 inequality 3, 4, 6, 15, 29, 30, 40–41, 43, 49–57, 58, 61, 79, 118 difficulties in measuring 50–53 and distribution of income/consumption 53–4 and financial crisis (2008) 79–80, 83, 85 further reading on 173, 176 intergenerational 56–7, 107–10 and populism 54–5 and uncertainty 49–50 inequality, strategies to reduce 121–2, 129–31, 132, 162 asset ownership 130–31, 133, 136, 140–41 and data dividend 141–4 National Wealth Fund see NWF optimal/effective 132–3 and universal basic income (UBI) 141, 144 wealth tax 130, 132 inflation 5, 40, 51–2, 53, 69 death of 126, 128 and full employment 73–4, 76, 121, 122, 125 and global financial markets 78 and interest rates 75, 81–2, 120 low see low inflation and oil prices 96–7 and printing money 78, 128, 145 and raising taxes 129 and recession 144–5 and regulation of banks 125–6, 127, 132 and stagflation 40, 74, 120, 128 inheritance 132, 133, 160 national 136 innovation see technological change insurance industry 93 interest rates 15, 33–4, 75, 81–2, 165–6 dual, and sustainable investment 131–2, 149–50 low, problem of 120–21, 122, 131, 132, 135, 146–8, 152 negative, problem of 15, 148, 149, 150 and spending 147 internet 25 investment spending 40, 60, 69 and future expectations 103 and global capital flows 77–8 and inflation 74 public sector 67, 70–71 sustainable see sustainable investment IRA (Irish Republican Army) 17 Iraq 6 Ireland 17–18, 23, 24 Islam 27 Italy 35, 37, 38, 39, 44, 66, 71, 87–8, 144, 156, 167 aging population in 110 poverty in 47 tribalism in 45–6 Japan 26, 84, 110, 137, 140, 148 job security/insecurity 34, 50, 56, 61, 94, 95–6, 100–101 and technology 102 Kalecki, Michał 60–61, 73–5, 120, 121, 127 Keynes, John Maynard/Keynesian economics 60, 66–7, 68–70, 92, 103, 118, 127, 151 General Theory of Employment, Interest and Money 66, 175 and inflation 67, 69, 128 labour market 35, 40–41, 42, 43, 44 and automation 102–106 deregulation 50, 95, 99, 122, 127 dispersion in 98–9 and full employment see full employment and immigration 115–16 in Keynesian system 71–2 and labour as commodity 59, 60, 65–6, 73, 85 and protectionism 59–61, 66 and secular stability 125, 126 and training 62–3 see also wages Lagarde, Christine 167 Lerner, Abba 118 libertarianism 63 Lonergan, Eric 174 Los Indignatios 85 low inflation 79, 134, 157 and full employment/secular stability 126 and government spending/borrowing 128, 138–40, 150, 152 and recession 144–5, 150, 162 Luce, Edward 164 Ludd, Ned/Luddites 102 machine learning (MI) 102–104 see also artificial intelligence macroeconomics 9, 13, 47, 89 failure of 119–20 and uncertainty 94 Macron, Emmanuel 162 Mair, Peter 172 markets 30, 59–61, 62, 66–7 and democracy 68 and quantity theory of money 68–9 see also labour market Mauss, Marcel 21–2 Mazzucato, Mariana 156 media 11, 43, 47 and technological change 98, 102–103, 105 and tribalism 24–5, 26–7, 29, 31, 61, 116, 161 Merkel, Angela 114 Mexico 63 micro-stressors 47–8, 53, 84, 91 and aging populations see aging populations and change 94 and fourth industrial revolution 94 and immigration see immigration microeconomics 9, 13–14, 160 migrant crisis 7, 111 Milanovic, Branko 52, 80 minimal group paradigm 21 Minsky, Hyman 128 mobile phones 53, 96, 97, 142 modern monetary theory (MMT) 118, 128–9 money, printing 78, 128, 145 monopolies 142, 143, 144 moral outrage 8, 13, 15, 35–6, 57–8, 117, 130, 161 and inequality see inequality as rational 36 and tribalism, compared 19, 20, 22, 29, 30–31, 36 triggers for 36 mortgages 34, 35, 38, 82, 111, 137, 145 nation state 39–40, 48, 50, 117, 119 national wealth fund see NWF nationalism 5, 11, 23, 29, 31, 39, 41, 116, 119 as positive 153–6 neoliberalism 4, 28–9, 37, 75–8, 122 and global capital flows 77–8 and inequality 51, 52, 53 NHS (National Health Service) 107 Nissan 100–101 Nixon, Richard 26 Northern Ireland 17–18, 23, 24 Norway 133, 134 Nussbaum, Martha 16, 35, 36 NWF (national wealth fund) 15, 132, 133–41, 143, 152, 168 and aging population 138–9 and asset ownership 133, 136, 140–41 and government borrowing/debt 136–7, 138–40 and growth of global stock market 137–8 and individual trust funds 135 and negative interest rates 134–5, 136 and risk 136, 137–8 sovereign 133–4 and trade surplus 134 Obama, Barack 29, 46 oil prices 96–7 Orban, Viktor 23, 30, 161 “Panama Papers” 2, 20 pensions 57, 63, 106–107, 138 perpetual loans 147–8 Philadelphia Eagles 20 Pickett, Kate 168 Piketty, Thomas 49, 52, 80, 108–10 play 153 Poland 11, 30 Polanyi, Karl 59–61, 64–5, 67, 175 political centrism 38, 48, 118–19, 121, 160–61, 162 political disengagement 29 political economy 12, 13 political identity 22–3, 29–30, 37, 48, 116, 117 further reading on 172 political parties 5–6, 7, 28 politics, new 15–16, 58, 160 populism 11, 27, 39 and financial crisis 86 three genres of 54–5 Portugal 35, 38, 44, 144 poverty 47, 67, 72, 80, 115 and demographics 57, 107 power 4, 48 powerlessness 9, 41 price stability 76, 79, 128, 147 private anger 7, 8, 9, 10, 13–14, 36, 117 and cognitive effort 89–90, 91 see also anxiety/stress private sector debt 131, 145 and government borrowing 134–5, 137, 138–40 investment 67, 70, 149–50, 151 liability in financial crisis 85, 127 privatization 28, 40, 96, 107 probability 91–3 product market competition 94, 95–8, 116, 125 and deregulation/privatization 96–7 and dispersion 97, 98–9 intensification of 96, 101 and technological change 96, 97–8, 99 productivity 40 and technological innovation 9, 10, 15, 102, 104–105 and wages 71, 72, 74, 76 profit margins 98, 101, 105, 143 property prices 34, 38 property rights 142, 143, 154 protectionism 59–60, 61, 66 public anger 7, 8–9, 10, 89, 98, 117–18 economic causes of 13 see also moral outrage; tribalism/tribal anger public housing 71, 113, 114 public sector investment 67, 70–71 public services 24, 115, 116 quantitative easing (QE) 146–7, 167 quantity theory of money 68–9, 78 racism 26, 54, 55, 115 Raworth, Kate 131–2, 173 Reagan, Ronald 26, 75, 118 recession 15, 29, 30, 34–5, 44, 49, 55, 58, 84, 152, 153 and dual interest rates 150 and interest rates 75, 120–21 and investment spending 60, 70, 71 and low inflation 144–5, 150, 162 and MMT 128–9 and stock markets 139, 140 see also euro crisis referenda 37 regeneration, economic 132 regional development 15, 115, 116, 149, 153, 156 Renzi, Matteo 37 risk 91–2, 127, 136, 137, 153 Roberts, Carys 174 robotics see artificial intelligence Rodrik, Dani 4, 39, 40 Russia 11, 41 Sahm, Claudia 150–51 Salvo, Francesca 87–8 Sandbu, Martin 174 Sanders, Bernie 128, 164 savings 93 scale economies 98, 99, 142 Scottish nationalism 7, 119 secular stability 125, 126, 127 service-based economy 52 Singapore 133, 134, 162 SMEs (small- and medium-sized enterprises) 164–5, 166 social democracy 63–4 social media 26, 27, 90, 98 Solow growth model 109 sovereign wealth funds 133–4 sovereignty 39 Spain 33–5, 38, 44, 45, 144 protests against austerity in 85 spending increasing 145, 147, 151 investment 40, 60 power 145 public sector 67, 70–71, 128, 151 restrictions on 41, 44, 149 sports fans 8, 19–20, 21, 25 sports industry 99 stagflation 40, 74, 120, 128 status-injury 36, 54 stock markets 63, 137–8, 139–40 stress see anxiety/stress strikes 73, 74 student loans 111 supply–demand 60, 96, 104 sustainable investment 131–2, 149–50, 152, 153 Sweden 63–4, 72–3 Syria 111, 113 Tavris, Carol 36, 171 taxes 40, 50, 57, 108, 116, 124 cuts in 34, 44, 111, 151 dodging 2, 6, 20, 132–3, 143 political opposition to 129, 130, 132, 133 raising 152 on wealth 129, 130, 132, 140 Tea Party movement 85 technocracy 37, 42–3, 48, 160–61 technological change 29, 58, 96, 109 and aging population 90, 106, 122 and competition 96, 97–8 and dispersion of returns 97 and fourth industrial revolution 94 further reading on 173–4 and inequality 50, 53 and labour market 102–104 and media 24–5, 27 as micro-stressor 88, 91, 94, 96, 97–8, 99, 101–102, 105, 116, 118 and productivity 9, 10, 15, 105, 122 and rate of diffusion 14 and uncertainty 101–102 telecommunications 96, 97, 142 terrorism 17, 18, 27 Thatcher, Margaret 75, 76, 118, 131 Thunberg, Greta 150 TLTRO programme (European Central Bank) 147–8 trade 21–2, 26, 42, 78, 154 and neoliberalism 78 trade surplus 134 trade unions 28, 42, 63, 66, 72, 73, 76, 79 trade wars 21–2, 26 training 62–3, 93, 113, 114, 141 tribalism/tribal anger 8–9, 11, 18–31, 41, 45–6, 117 and central/eastern Europe 23, 30 destructiveness of 24 and ethical norms 20 and fascism 68 and financial crisis 86, 89 and global politics 21–2, 26, 28–9 and immigration 95, 111, 112, 113 manipulation by politicians/media of 13, 22, 24–7, 29, 30, 31, 35, 61, 95, 116, 161 and minimal group paradigm 21 and moral outrage, compared 19, 20, 22, 29, 30–31, 36 and political identity 22–23, 29–30 social function of 20–21 and sport fans 19–20, 25 see also nationalism trickling down/up 79–80 trilemma, political 39 trucking industry 103 Trump, Donald 11, 22, 23, 25–6, 27, 33, 38, 119, 126, 161 and deregulation 129 election of 41–2, 54 tax cuts of 11 Turkey 11 universal basic income (UBI) 141, 144 Ukraine 11 uncertainty 9–10, 43, 49–50, 65, 91–4, 99, 118, 161 and aging populations see aging populations and emerging technologies 102–103, 106 and healthcare 92 and immigration see immigration reducing 93–4 and risk/probability 91–3 and skills development 93 unemployment 2, 30, 34, 44–5, 48, 58, 66, 72, 84, 167 and inflation/interest rates 74, 75, 125 unfairness 25, 36, 105 United States (US) 3, 38, 93, 118, 129, 164 aging population in 107–108, 110, 111 automation in 103, 104–105 financial crisis in (2008) 82–3, 84, 85 gig economy in 100 healthcare in 47–8, 53–4, 58, 106, 123–4 independent fiscal councils in 150–51 inequality in 50, 51, 53–4, 58, 80–81 Keynesian system in 71, 72–3 labour market in 42, 44, 46, 62 micro-stressors in 47–8 neoliberalism in 76 and NWF 135 stock market in 63 tribalism in 23, 25, 29 wealth tax in 130 US Federal Reserve 6, 46, 84, 108, 110, 120, 148, 151 voice, loss of 37–9, 43, 48, 58 Volcker, Paul 75, 81–2 voting 37–8 see also electoral politics wages 2, 60 and automation 105 and competition 96–7, 98 and consumption 53–4, 58, 72 distribution of see income distribution growth in, without inflation 125 and immigration 115–16 and inequality 4, 50–53, 58 and neoliberalism 76, 77 and oil prices 96–7 and productivity 72, 76 stagnation in 34, 47, 58, 80–81, 83, 84, 85 and supply/demand 65–6 Wall Street Crash 67 Warren, Elizabeth 130, 132 Watson’s Analytics 19 wealth, distribution of 4, 15, 29, 30 welfare state 71 WhatsApp 2 Wilkinson, Richard 176 wind power, investment in 150 Wolf, Martin 80, 173 World Trade Organization (WTO) 42 Wren-Lewis, Simon 151 Yates, Tony 151 “Yellow Jackets” protests 2, 20, 55, 56

The Corona Crash: How the Pandemic Will Change Capitalism by Grace Blakeley

Anthropocene, asset-backed security, basic income, Big Tech, bond market vigilante , Bretton Woods, business cycle, capital controls, carbon tax, central bank independence, coronavirus, corporate governance, COVID-19, creative destruction, credit crunch, crony capitalism, debt deflation, decarbonisation, degrowth, deindustrialization, don't be evil, financial deregulation, Francis Fukuyama: the end of history, full employment, gig economy, global pandemic, global value chain, green new deal, Greenspan put, income inequality, informal economy, inverted yield curve, invisible hand, Jeff Bezos, liberal capitalism, light touch regulation, lockdown, low interest rates, Martin Wolf, Modern Monetary Theory, moral hazard, move fast and break things, Network effects, North Sea oil, Northern Rock, offshore financial centre, pensions crisis, Philip Mirowski, post-war consensus, price mechanism, quantitative easing, regulatory arbitrage, rent control, reshoring, Rishi Sunak, savings glut, secular stagnation, shareholder value, social distancing, structural adjustment programs, too big to fail, universal basic income, unorthodox policies, Washington Consensus, yield curve

Before the pandemic, just 2 per cent of people thought the British economy wasn’t in need of some degree of reform, while 63 per cent were in favour of a Green New Deal. The corona crash has undoubtedly seen public support for state intervention rise even further. A YouGov poll in April 2020 showed that 72 per cent of people supported the creation of a jobs guarantee scheme, 51 per cent supported a universal basic income ‘where the government makes sure everyone has an income, without a means test or a requirement to work’, and 74 per cent supported rent controls.23 The inefficiencies, inequities and corruption generated by state-monopoly capitalism do not result from centralisation in itself, but from centralisation absent the centrifugal force of democratic accountability.

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, IMF Finance and Development 53, no. 2 (June 2016), imf.org. 21 Ellen Meiksins Wood, Democracy Against Capitalism: Renewing Historical Materialism, London: Verso, 2016. 22 Peter Mair, Ruling the Void: The Hollowing of Western Democracy, London and New York: Verso, 2013. 23 IPPR, ‘Public Support for a Paradigm Shift in Economic Policy’, Institute for Public Policy Research, 17 November 2019, ippr.org; Labour for a Green New Deal, ‘Majority of Public Support Ending Net Zero 2030 Emissions Target, Poll Finds’, press release, 7 November 2019, labourgnd.uk; ‘Public Support Universal Basic Income, Job Guarantee and Rent Controls to Respond to Coronavirus Pandemic, Poll Finds’, Independent, 27 April 2020.

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

3D printing, accelerated depreciation, affirmative action, Affordable Care Act / Obamacare, air traffic controllers' union, Airbnb, basic income, behavioural economics, Bernie Sanders, Big Tech, business cycle, call centre, Cambridge Analytica, Capital in the Twenty-First Century by Thomas Piketty, carbon credits, carbon tax, Cass Sunstein, charter city, company town, congestion pricing, 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, fake news, fear of failure, financial innovation, flying shuttle, gentrification, George Akerlof, Great Leap Forward, green new deal, 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, junk bonds, Kevin Roose, labor-force participation, land reform, Les Trente Glorieuses, loss aversion, low skilled workers, manufacturing employment, Mark Zuckerberg, mass immigration, middle-income trap, Network effects, new economy, New Urbanism, no-fly zone, non-tariff barriers, obamacare, off-the-grid, offshore financial centre, One Laptop per Child (OLPC), open economy, Paul Samuelson, place-making, post-truth, price stability, profit maximization, purchasing power parity, race to the bottom, RAND corporation, randomized controlled trial, restrictive zoning, Richard Thaler, ride hailing / ride sharing, Robert Gordon, Robert Solow, Ronald Reagan, Savings and loan crisis, school choice, Second Machine Age, secular stagnation, self-driving car, shareholder value, short selling, Silicon Valley, smart meter, social graph, spinning jenny, Steve Jobs, systematic bias, Tax Reform Act of 1986, tech worker, 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, Twitter Arab Spring, 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.

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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.

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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.

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

"Susan Fowler" uber, Affordable Care Act / Obamacare, Airbnb, algorithmic management, Amazon Mechanical Turk, autonomous vehicles, barriers to entry, basic income, big-box store, bike sharing, Black Lives Matter, business logic, call centre, cashless society, Cass Sunstein, choice architecture, cognitive load, collaborative economy, collective bargaining, creative destruction, crowdsourcing, data science, death from overwork, digital divide, disinformation, disruptive innovation, don't be evil, Donald Trump, driverless car, emotional labour, en.wikipedia.org, fake news, future of work, gender pay gap, gig economy, Google Chrome, Greyball, income inequality, independent contractor, information asymmetry, information security, Jaron Lanier, Jessica Bruder, 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, proprietary trading, Ralph Waldo Emerson, regulatory arbitrage, ride hailing / ride sharing, Salesforce, self-driving car, sharing economy, side hustle, Silicon Valley, Silicon Valley ideology, Skype, social software, SoftBank, stealth mode startup, Steve Jobs, strikebreaker, TaskRabbit, technological determinism, 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, work culture , workplace surveillance , Yochai Benkler, Zipcar

While Occupy Wall Street activists formed a tent city in Zuccotti Park on Wall Street, members of Black Lives Matter were staging protests across the country to advocate a political agenda that could address the root causes of inequality.14 Soon, more voices joined the chorus, this time from the top. 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.

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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. It was in this economic and cultural climate that the buzz around “the sharing economy” began. Its promise was seductively simple. The sharing economy was a social technology movement designed to use tech to share resources more efficiently—a true “commonwealth” aimed at remedying some of the insecurity fostered by the Great Recession.

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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.

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, Big Tech, bitcoin, blockchain, blood diamond, Blythe Masters, business process, buy and hold, carbon credits, carbon footprint, cashless society, circular economy, cloud computing, computer age, computerized trading, conceptual framework, content marketing, Credit Default Swap, cross-border payments, crowdsourcing, cryptocurrency, cyber-physical system, decentralized internet, dematerialisation, disinformation, disintermediation, distributed ledger, Donald Trump, double entry bookkeeping, Dunbar number, Edward Snowden, Elon Musk, Ethereum, ethereum blockchain, failed state, fake news, fault tolerance, fiat currency, financial engineering, financial innovation, financial intermediation, Garrett Hardin, global supply chain, Hernando de Soto, hive mind, informal economy, information security, initial coin offering, 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, post-truth, prediction markets, pre–internet, price mechanism, profit maximization, profit motive, Project Xanadu, 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, Tragedy of the Commons, transaction costs, Travis Kalanick, Turing complete, Uber and Lyft, uber lyft, unbanked and underbanked, underbanked, universal basic income, Vitalik Buterin, web of trust, work culture , zero-sum game

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).

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This is where the offline institutions of society—political, legal, philanthropic—must be brought to bear. Without them, social cohesion will fall apart. And all of the great, value-creating power of this new, decentralizing software will be for naught. 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.

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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. One reason is that a simple, universally distributed transfer of this kind could be more efficiently distributed with far less waste and bureaucracy than a means-tested welfare system.

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, behavioural economics, Capital in the Twenty-First Century by Thomas Piketty, commoditize, confounding variable, driverless car, financial independence, full employment, guns versus butter model, happiness index / gross national happiness, industrial robot, intangible asset, invisible hand, Jeff Bezos, job automation, job satisfaction, John Markoff, Kevin Kelly, laissez-faire capitalism, late capitalism, longitudinal study, market clearing, means of production, military-industrial complex, new economy, obamacare, off grid, off-the-grid, plutocrats, precariat, printed gun, 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, warehouse robotics, working poor

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.”

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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.

Unmasking Autism: Discovering the New Faces of Neurodiversity by Devon Price

Asperger Syndrome, autism spectrum disorder, basic income, Black Lives Matter, COVID-19, David Graeber, defund the police, Donald Trump, emotional labour, George Floyd, Greta Thunberg, impulse control, independent contractor, job satisfaction, meta-analysis, multilevel marketing, neurotypical, phenotype, QAnon, randomized controlled trial, remote working, Rubik’s Cube, seminal paper, theory of mind, TikTok, traumatic brain injury, universal basic income

It is for this reason that writer and anthropologist David Graeber suggested in the book Bullshit Jobs that it would be far less expensive and far more socially just to simply provide a baseline, universal basic income to all people, with no strings attached. While replacing all social welfare programs with universal basic income is probably not a wise move, based on the available data,[29] a less restrictive, more generous approach to providing disability benefits would clearly improve disabled people’s quality of life. Rather than forcing Autistic people (and others) to prove and re-prove that we truly are disabled, and truly cannot work, universal basic income would be doled out to everyone, symbolically and practically asserting that all humans deserve to have enough money to live, no matter what.

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See also post-traumatic stress disorder stress management, 26, 28, 56, 75, 176–77 stubbornness, 77, 143, 144, 145–46, 159 subclinical Autism, 9, 31–32 substance use, 28, 42, 110, 111, 113–19, 232 author’s experience, 116–17 sensory sensitivities, 115–16 treatments, 118–19 sucking, 19, 27, 102 suffering, 133, 184, 230, 249–50 support groups, 86, 221–23, 225–26 symbolic communication, 212 T tech field, 20, 63, 98, 109, 127, 128, 173–74 terminology, 46–50 common dos and don’ts, 48 testing, 41–42 Thunberg, Greta, 103 time, 177–78 “time blind,” 79 toileting, 93–94 Toledo, Adam, 65 toughness, 93, 94, 108 transgender Autistics, 9, 57–60, 220, 232, 252–53 author’s experience, 57–59, 220–21, 252–53 Bobbi’s experience, 51–53, 58, 146 eating disorders and, 121 gender-based disparities in diagnosis, 6–8, 35–38, 40 terminology, 47 transphobia, 59, 131–32 trauma, 28–29, 31, 117–18, 160, 216–17. See also post-traumatic stress disorder Trump, Donald, 141 Tuskegee Syphilis Experiment, 247 Twitter, 196–97, 225 “typical” Autism, 32–35 U unemployment, 127, 129, 231, 244–45 universal basic income, 245 universal health care, 244–45 unmasking for everyone, 248–50 as a political goal, 233–34 unmasking process, 139–63 building an Autistic life. See Autistic life, building an celebrating special interests, 150–55 Clara’s experience, 150–51, 172 creating a neurodiverse world.

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

3D printing, Abraham Maslow, access to a mobile phone, affirmative action, Affordable Care Act / Obamacare, agricultural Revolution, Albert Einstein, Alfred Russel Wallace, Alignment Problem, An Inconvenient Truth, anti-communist, Anton Chekhov, Arthur Eddington, artificial general intelligence, availability heuristic, Ayatollah Khomeini, basic income, Berlin Wall, Bernie Sanders, biodiversity loss, Black Swan, Bonfire of the Vanities, Brexit referendum, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, carbon tax, Charlie Hebdo massacre, classic study, clean water, clockwork universe, cognitive bias, cognitive dissonance, Columbine, conceptual framework, confounding variable, correlation does not imply causation, creative destruction, CRISPR, crowdsourcing, cuban missile crisis, Daniel Kahneman / Amos Tversky, dark matter, data science, decarbonisation, degrowth, deindustrialization, dematerialisation, demographic transition, Deng Xiaoping, distributed generation, diversified portfolio, Donald Trump, Doomsday Clock, double helix, Eddington experiment, Edward Jenner, effective altruism, Elon Musk, en.wikipedia.org, end world poverty, endogenous growth, energy transition, European colonialism, experimental subject, Exxon Valdez, facts on the ground, fake news, Fall of the Berlin Wall, first-past-the-post, Flynn Effect, food miles, Francis Fukuyama: the end of history, frictionless, frictionless market, Garrett Hardin, germ theory of disease, Gini coefficient, Great Leap Forward, Hacker Conference 1984, Hans Rosling, hedonic treadmill, helicopter parent, Herbert Marcuse, Herman Kahn, 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, launch on warning, life extension, long peace, longitudinal study, Louis Pasteur, Mahbub ul Haq, Martin Wolf, mass incarceration, meta-analysis, Michael Shellenberger, microaggression, Mikhail Gorbachev, minimum wage unemployment, moral hazard, mutually assured destruction, Naomi Klein, Nate Silver, Nathan Meyer Rothschild: antibiotics, negative emissions, Nelson Mandela, New Journalism, Norman Mailer, nuclear taboo, nuclear winter, obamacare, ocean acidification, Oklahoma City bombing, open economy, opioid epidemic / opioid crisis, paperclip maximiser, Paris climate accords, Paul Graham, peak oil, Peter Singer: altruism, Peter Thiel, post-truth, power law, precautionary principle, precision agriculture, prediction markets, public intellectual, purchasing power parity, radical life extension, 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, Social Justice Warrior, sovereign wealth fund, sparse data, stem cell, Stephen Hawking, Steve Bannon, Steven Pinker, Stewart Brand, Stuxnet, supervolcano, synthetic biology, tech billionaire, technological determinism, technological singularity, Ted Kaczynski, Ted Nordhaus, TED Talk, 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, Tragedy of the Commons, union organizing, universal basic income, University of East Anglia, Unsafe at Any Speed, Upton Sinclair, uranium enrichment, urban renewal, W. E. B. Du Bois, 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.

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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.

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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.

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, Boeing 737 MAX, business cycle, call centre, collapse of Lehman Brothers, collective bargaining, company town, 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, financial engineering, fulfillment center, germ theory of disease, income inequality, Jeff Bezos, Joseph Schumpeter, Ken Thompson, Kenneth Arrow, labor-force participation, Les Trente Glorieuses, low skilled workers, Martin Wolf, meritocracy, Mikhail Gorbachev, obamacare, opioid epidemic / opioid crisis, pensions crisis, pill mill, 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, Tyler Cowen, 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.

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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.

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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.

The Glass Half-Empty: Debunking the Myth of Progress in the Twenty-First Century by Rodrigo Aguilera

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, activist fund / activist shareholder / activist investor, Alan Greenspan, Anthropocene, availability heuristic, barriers to entry, basic income, benefit corporation, Berlin Wall, Bernie Madoff, Bernie Sanders, bitcoin, Boris Johnson, Branko Milanovic, Bretton Woods, Brexit referendum, Capital in the Twenty-First Century by Thomas Piketty, capitalist realism, carbon footprint, Carmen Reinhart, centre right, clean water, cognitive bias, collapse of Lehman Brothers, Colonization of Mars, computer age, Corn Laws, corporate governance, corporate raider, creative destruction, cryptocurrency, cuban missile crisis, David Graeber, David Ricardo: comparative advantage, death from overwork, decarbonisation, deindustrialization, Deng Xiaoping, Doha Development Round, don't be evil, Donald Trump, Doomsday Clock, Dunning–Kruger effect, Elon Musk, European colonialism, fake news, Fall of the Berlin Wall, first-past-the-post, Francis Fukuyama: the end of history, fundamental attribution error, gig economy, Gini coefficient, Glass-Steagall Act, Great Leap Forward, green new deal, Hans Rosling, housing crisis, income inequality, income per capita, index fund, intangible asset, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Jean Tirole, Jeff Bezos, Jeremy Corbyn, Jevons paradox, job automation, job satisfaction, John Maynard Keynes: Economic Possibilities for our Grandchildren, joint-stock company, Joseph Schumpeter, karōshi / gwarosa / guolaosi, Kenneth Rogoff, Kickstarter, lake wobegon effect, land value tax, Landlord’s Game, late capitalism, liberal capitalism, long peace, loss aversion, low interest rates, Mark Zuckerberg, market fundamentalism, means of production, meta-analysis, military-industrial complex, Mont Pelerin Society, moral hazard, moral panic, neoliberal agenda, Network effects, North Sea oil, Northern Rock, offshore financial centre, opioid epidemic / opioid crisis, Overton Window, Pareto efficiency, passive investing, Peter Thiel, plutocrats, principal–agent problem, profit motive, public intellectual, purchasing power parity, race to the bottom, rent-seeking, risk tolerance, road to serfdom, Robert Shiller, Robert Solow, savings glut, Scientific racism, secular stagnation, Silicon Valley, Silicon Valley ideology, Slavoj Žižek, Social Justice Warrior, Social Responsibility of Business Is to Increase Its Profits, sovereign wealth fund, Stanislav Petrov, Steven Pinker, structural adjustment programs, surveillance capitalism, tail risk, tech bro, TED Talk, The Spirit Level, The Wealth of Nations by Adam Smith, too big to fail, trade liberalization, transatlantic slave trade, trolley problem, unbiased observer, universal basic income, Vilfredo Pareto, Washington Consensus, Winter of Discontent, Y2K, young professional, zero-sum game