It's mostly speculation at this point what will happen to the labour economy over the next few decades. Certainly it has gone through upheavals in the past and

It's mostly speculation at this point what will happen to the labour economy over the next few decades. Certainly it has gone through upheavals in the past and yet there's still a demand for labour today. It's even possible that Jevrons' paradox (http://en.wikipedia.org/wiki/Jevons_paradox http://en.wikipedia.org/wiki/Jevons_paradox) may come into play, whereby increasing the efficiency with which we use labour will actually increase demand for it. I think that is at least a partial explanation for the labour boom of the industrial revolution. We could see a similar thing happen again. Or it could cause the value of labour to drop dramatically. But whichever happens I think basic income is worth exploring, because it offers other, immediate benefits: 1) It replaces the existing needs-based social assistance with something that's less intrusive and paternal, and that doesn't leave welfare traps: working more always means you take home more and do not risk what you currently have. 2) It adds financial security for the unemployed and students, which means that more people may pursue higher education and job training. That would help people adjust to a changing labour market. 3) It makes the labour market voluntary. In order for price discovery to work properly in a market, transactions must be voluntary for both parties. If the seller (i.e, the worker) cannot exit a market because they or their family will die or become homeless, then the price (i.e, the hourly wage) will be driven to zero. (Aside: The same logic applies to patient-pays private healthcare systems, except in this case the buyer cannot exit, which means that the price is driven to infinity. This may explain the insane cost of healthcare in the United States.) 4) Relatedly to point #3, basic income would remove the need for minimum wage laws. Currently, they're necessary because the value of unskilled labour may be less than the cost of living.