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Even if you start erecting trade barriers, you are not going to get back the jobs lost to automation. Whoever is telling that is lying. A large fraction of the
by pg314 10y ago
Even if you start erecting trade barriers, you are not going to get back the jobs lost to automation. Whoever is telling that is lying. A large fraction of the low-skill, well-paying factory jobs of the past are permanently gone. This is not an easy problem to solve, and any easy solution proffered is likely to fail.
- Arizhel 10y agoThere's only one solution: Universal Basic Income.
- jgalt212 10y agoUBI won't solve anything. In fact, it will mostly just lead to inflation for basic goods and services with ultimate effect on the poor and working poor being a wash. I liken UBI to easing credit for home mortgages. Easy credit doesn't make houses more affordable, it just makes it easier to borrow more money for a more expensive product. Sam Altman does not understand or appreciate the above point.
- pg314 10y ago> Sam Altman does not understand or appreciate the above point. Maybe because the above point is dubious at best? In a complex domain like an economics, it is very hard to make proclamations such as yours with anything resembling your certainty. Depending on how UBI is implemented (and how close to full employment the economy is, how much other government spending there is, how it is financed,...) there might be an effect on inflation. But it would probably be nowhere near enough to 'be a wash'. The debate on UBI isn't settled yet by economists. More experiments are needed and will shed more light on it. Your comparison with easing credit is nonsensical.