Universal Basic Income is capable of chartering new territories – think of it one way that parents wouldn’t need to save money for their children’s education. This can be stored, and distributed through this new way of wealth economics. Sure, it’s still in it’s infancy, but it has broad potentials.
Many well know leaders and economic figures are arguing that this type of system should be put in place, looking at the pace that technology is advancing and creating much more efficiency in work, production, and delivery, that it very much has the potential to outpace and outperform the human workforce.
Therefore, going by simple terms of economics, technologies & robots, and softwares that are bringing in these advancements should ideally contribute some of their ‘produce’ out of this, or be old-fashionably taxed, in the purpose of contributing this form of wealth through new efficiency, to go back towards improving society and the well-being of everyone. It makes reasonable sense – for the workforce it’s offsetting.
Now there’s a question as well, of whether people would really need to work with this sort of new type of economics in place. Or would they stagnate. We can argue that humans are not one that find ideal in being idle. Humans have this desire to grow, expand and explore. Given the opportunity, we’re always inclined to pay more attention on health, family, well-being and to progress, even so by an inch.
What can we expect by having Universal Basic Income (UBI) in place? Well, in my opinion, we can in some way see an improvement in the standard of living. Now we need to understand too that UBI, is not unlimited, it is distributed proportionately. In this, there needs to be productivity to sustain it and to allow people to afford the other things they may desire, having already, the basics of food, shelter & clothing covered.
UBI has the potential to create an environment in which people would be able to strive in areas that they truly desire and choose careers that match their talents, creativity and abilities. Rather than, sticking themselves to jobs in the purpose of finding sustenance as the main goal. As mentioned earlier in this article, proportionate amounts of this distributed income can be allocated towards each newborn child’s future education allotment. Assuming, it develops to a stage where every individual regardless of age benefits from it.
This would allow students to have flexibility when it comes time to choose their course of further education. Not burdening their parents. And with the choice they have, it can develop into careers that are more enriching and purposeful. This would result in having young adults & future leaders working in perhaps we can say, more human-centric or environmentally effective fields of work that further on goes on to tackle the root causes of disparity and destruction on the planet, while creating more productivity, incentive, income and abundance that goes back to this form of economics that contributes back. Taxation in this case may quite much work for the better. That answers the question of what humans can be doing – knowing that the advancement in technology is assisting on the other part.
UBI certainly is the first step. As there is allotment for children’s education – similarly there could be a way designed so there can be preset allocations towards each person’s healthcare coverage and also retirement. The possibilities are innumerous.
We may very well be able to see a more humane type of a human, or even society, and rewards can be given more to those who help improve the lives of others. Whether through sharing their art, creativity, music, technical, technological & construction skills, people oriented skills – in coaching, teaching, uplifting & training, even in areas of healthcare, medicine, & healing, environmentally beneficial pursuits and efforts, and also more effective administrative, management and leadership skills.
All in all towards creating a better environment for us all to live in, in which our basic rights are taken cared of, and in which we can explore more opportunities. This is for those who are inspired enough and who are willing to try, and to execute the steps that can lead us there – and therefore kudos to those places and countries that are trialling and testing this. UBI may just be the first step in realizing a more wholesome way of wealth disbursement and economics.