Roberts: Universal basic income cannot restore the human dignity lost to automation
Russ Roberts · EconTalk Host Russ Roberts on Key Economic Concepts for Founders · Y Combinator · Aug 7, 2019 · at 28:51
EconTalk host Russ Roberts argues that technological displacement cannot be adequately solved solely through income replacement checks.
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“The idea that it's high, but you don't have any dignity, or, you know, we give you a check to replace lost income because you've been displaced, say, by technology, that that's just as good is probably not true. Probably not just as good, even though, I mean, if you ask somebody, ah, ok, you're making 45,000 dollars a year now, and this technology's gonna come along, it's gonna take you out of your job, you're not gonna be able to do it anymore, but I'm gonna give you a check for 45,000 dollars, which, according to a really bad economic theory says you'll be just as happy because you can buy just as much you did before. And of course we all understand. Right. That those aren't the same. That I might lose my dignity. The inability to support my family has changed. You could say I'm still supporting them through the check that I'm receiving, but most people would say that's not the same. If given a choice, they'd prefer to work, even though work is unpleasant often.”
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