Category: economics

The Industrial Revolution upended traditional ways of working. In its early stages, farmers and weavers who had once sold their goods locally found themselves undercut by machinery that churned out more at lower prices. With fewer customers and dwindling earnings, these people became part of a restless mass whose livelihoods had been overturned in the pursuit of efficiency. It’s crucial to remember that the new factory jobs which eventually replaced older roles did not appear overnight. Rather, they arrived slowly, in dribs and drabs, while the displaced workers struggled to pay rent or even secure a hot meal. That gap – between the promise of future prosperity and the immediate reality of being unable to make ends meet – created a tinderbox of public anger. Coupled with inadequate social support and a rapidly expanding wealth divide, the situation lit the fuse of protest and, in some instances, revolts. The lesson is that disruption on this scale rarely proceeds without resistance from those bearing its harshest consequences.
Continue reading “You Cannot Eat Promises of a Brighter Tomorrow”

The rapid advancements in artificial intelligence and robotics are transforming the nature of work and the economy. Tasks that once required human labour are now being automated at an accelerating pace, driving down the value of labour and creating profound economic challenges. If we do not adapt, these shifts could lead us to a dystopian society dominated by extreme inequality and neo-feudalism. However, there is a way forward: implementing a universal basic income (UBI) financed by taxing land, resources, and energy. This approach can ensure a fair distribution of wealth in a world where machines handle most of the production.
Continue reading “Why AI and Robotics Make a Universal Basic Income Essential”