How does Ford counter this view?
Ford believes that technology will have major impact on the job world. Ford holds a conviction that Artificial Intelligence is getting cognitive powers, which is a completely different feature from that of computers simply performing assigned tasks such as data processing and manipulation. Machines are gaining competencies over years, thus making the level of education less relevant. Ford argues that the population that owns capital will be better placed than that which owns labor as their only possession because in future social and economic security will decrease. Therefore, if the social and economic security structures are redesigned then there is a possibility of fighting the rising force of computer intelligence.
Nicholas Carr’s view and how Ford responds to his argument
Nicholas Carr believes that technology and Artificial Intelligence will have a major impact on job world. However, he still argues that the narrative of them facing out the human labor is a topic in question since it is impossible. Nicholas argues that computers are not about to slow down but again human beings should not entirely write themselves off out of the plot. Nicholas Carr argued that the human ability to adapt cannot be achieved by computers. Human beings are continuously learning about the possibilities of Artificial Intelligence and getting insights on its limits. Additionally, he agrees that human’s ingenuity, common sense, thinking frameworks cannot be attained by machines. Human insight and intuition enable them to formulate judgement on complex phenomena and complicated situations still give them an edge over machines over the years.
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Peltzman effect” relevant for the basic income idea
The Peltz man effect is a theory stating that people are likely to engage in risk only when security measures have been mandated. Peltz man argued that the introduction of safety measures and practices as mandates such as safety belts might not necessarily reduce road carnage as purposed because naturally people will feel safer with safety belts thus prompting them to drive without keenness on the roads. Considering the theory of basic income and its relation to Peltz man effect, if the government introduces a given rate of payment as guaranteed basic income, then people will not save or invest more as the government might have thought initially. The impression is that the money is not worked for, hence considered free, thus people will engage in risky activities more than it was actually expected with the basic income plan.
Pros and Cons of Basic Income Idea
The benefits of introduction of a basic income will encourage people to continue to work towards attainment of their life goals. Opposite to the expectation that people will not report to their normal jobs when given a guaranteed income every month, people work even harder. Basic income also creates a buffer against the effect of artificial intelligence on employment: since the projection is that Artificial Intelligence will face out most job and a guaranteed income will help them maintain their lifestyles. Additionally, poverty eradication will be achieved. However, as much as basic income helps, it might encourage laziness among the work force, increase inflation due to increased money circulation, and cause a shift in immigration which might create more problems such as increased unemployment.
Personal Comments
Basic income is a good idea especially for developing economies. Most developing economies are faced with the problem of unemployment especially among the youth. Therefore, introduction of basic income will help the youth have access to money to run their lives. Additionally, since most youths engage in other economic activities to generate income, additional money will help them save and invest for the future.
