![]() Andrew Yang, one of the former 2020 Democratic Presidential candidates, has based most of his campaign around the UBI. The idea of guaranteeing every person with a minimum living wage income is appealing. Though UBI may be the most ambitious policy of our times, it’s gaining popularity and momentum around the world fueled by the coronavirus pandemic and a whole legacy of unemployment and poverty that it is leaving behind. What is it and what would the future of work look like with the implementation of UBI? That’s one of the ways through which governments can start rebuilding trust. One general solution to this is Universal Basic Income (UBI). Governments around the world need a narrative that helps people feel that they do belong and that they are being heard. What happens to these people when the basic entry-level jobs become obsolete in the face of reality? The problem has gotten so bad that a new term has been coined- the ‘working poor’: people who earn below the poverty line despite actively working. We may need fewer humans to do the same amount of work and it’s not just AI we should be concerned about. Additionally, just because AI performs well in test settings doesn’t mean that it’s ready for the market just yet. There’s no doubt that we are going to need lawyers and doctors in the future as there are some key things such as complex decision making and empathy that can’t be automated. The reality is that there is no clear limit to what AI can automate. McKinsey has reported that whether it is repetitive low-skilled labour or high-skilled jobs, both are at risk of automation and as much as 30% of all jobs would be automated by 2030. Thanks to human ingenuity, we no longer interact with the staff at Blockbuster, rather we have Netflix doing the work for us. ![]() From supermarket checkout staff to truck drivers, everything is on the verge of getting automated. AI could see in X-rays what an experienced doctor could not and was also better at predicting the risk an underlying disease poses to the patient. Hedge funds managed by AI gave an average return of 8% for which the humans could barely manage a 2%. The same task took the human manifestation 92 minutes with 85% accuracy. It took AI 26 seconds to finish a task with 94% accuracy. Their task was to review non-disclosure agreements. A recent study put lawyers and Artificial Intelligence (AI) against each other. In the world that we are very quickly creating, we are going to see more and more things that look like science fiction and fewer things that look like jobs. “ There would be fewer and fewer jobs that the robot cannot do better.” - Elon Musk
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