A Product of the Times
Up until very recently, most people had not heard of universal basic income (UBI). While the idea itself isn’t entirely new, its significance has been explored lately because of job displacement fears intelligent automation is expected to bring with it. As such, UBI has been endorsed by experts from various industries, including some of the Silicon Valley’s bigwigs. Now, some of the world’s top economists are backing it up, too.
Speaking at a panel discussion at the 6th Lindau meeting on economic sciences back in June, winners of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel — more commonly known as the “economics Nobel prize” — endorsed UBI as a solution to the inequality brought by globalization and automation.