One of the solutions to this issue, often mentioned in discussions about automation on HN, is basic income. Ie, as automation progressively makes human labor su

One of the solutions to this issue, often mentioned in discussions about automation on HN, is basic income. Ie, as automation progressively makes human labor superflous to sustain the economy, a portion of the value generated by the economy is used to provide a small monthly allowance to everyone: "Basic income has many social, political and economic advantages, but the one pertinent to this article is that it balances power in the labour market. It eliminates desperation as a reason to work, and everyone that wants a job will find a job. It can replace much workplace regulations as well. Minimum wage, maximum hours, rules for layoffs, and so on. The level of $7k-$10k is designed specifically (though guesstimated) as a target that balances exactly the bargaining power (between employers and employees) in the low skill labour market." "Basic income is providing cash to all citizens. If the amount is in the range of $7k to $10k, it can be paid out of existing tax levels by replacing other social services, and making the benefit taxable so that high income earning citizens pay back a larger portion than poorer citizens. Basic income can also be paid in part or instead through money printing." http://www.naturalfinance.net/2013/02/nearly-all-of-us-support-slavery.html http://www.naturalfinance.net/2013/02/nearly-all-of-us-suppo... http://www.naturalfinance.net/2012/06/imperative-need-for-social-dividends.html http://www.naturalfinance.net/2012/06/imperative-need-for-so...