it is possible that advances in artificial intelligence could lead to significant changes in the job market and the economy. If AI were to replace a large number of jobs, it could potentially lead to widespread unemployment and economic disruption. In such a scenario, it is possible that some form of universal basic income (UBI) may be implemented as a way to provide financial support to people who are unable to find employment.
There are a number of different ways that UBI could be funded. One possibility is that it could be funded by taxes on businesses or high earners. Another possibility is that it could be funded by the profits generated by AI and automation, if these technologies are widely adopted and become a significant source of income.
Sam Altman, Open AI's CEO Universal Basic Income Prediction
“We need to design a system that embraces this technological future and taxes the assets that will make up most of the value in that world–companies and land–in order to fairly distribute some of the coming wealth.” Altman said in his 2,933 word post on Moores Law For Everything. “Doing so can make the society of the future much less divisive and enable everyone to participate in its gains.”
The post came just months before the public launch of OpenAI’s newest project, ChatGPT that has since taken the internet, and the world by storm. It’s astonished millions, sceptics and all, with it’s advanced, human like capabilities.
The AI tool offers a glimpse into the future of possibilities, one that experts have predicted and feared for many years.
Jobs at risk from ChatGPT
Though it’s not yet perfect, and does have significant limitations, ChatGPT has cemented the possibility that AI really could threaten the job market. And it’s only just the beginning. Universal Basic Income could be the only solution.
Below is just a few of the jobs AI language models are at risk of outperforming:
- Code writers / translators
- Language translators
- Content writers
- SEO strategists
- Data analysts
If properly used, AI will significantly increase the productivity in all of the above roles, thus reducing the demand for labour. One worker, equipped with the right prompts, could bear the same workload as 7, in half the time.
Will Universal Basic Income be Needed?
The idea of a Universal Basic Income has been around for centuries. In fact the idea dates back as far as 1516! There have always been times throughout history, where technological advances force humans out of work. The industrial revolution saw millions of jobs displaced by machinery.
Altman is predicting however than OpenAI’s technology has the potential to do impact the 21st century workforce much more brutally. AI generative technology is in it’s infancy. Imagine where the technology will be in 10 years time. It’s a fascinating concept, and one that has the very real potential of putting a significant percentage of the population out of work!