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3/15/2017 by mdc
Scott Santens asks that if you were guaranteed $1,000 per month for the rest of your life, what would you do? That is around what the amount would most likely be here in the U.S., at least at first. So think about that amount for a moment, and do not think about what others might do with it, think about what you would do with it. So what is that?

You have compared this idea to communism, so let us focus on that first. In doing so, let us also talk about what was actually done in the former Soviet Union and not what was intended. What they actually did there, simply put, was transfer the means of production from those who ran the businesses based on market forces, into the hands of a bureaucracy who made decisions based not on market forces but on politics and cronyism. This is a terrible idea. But why is this a terrible idea?

The market works because it is a means of figuring out what people want, the degree to which they want it, and the means of getting it to them. Take bread as an example. In Russia, they thought everyone should have bread. That was a decision made by those in power, and they then tried to make that happen, whether everyone wanted bread or not. This did not work so well, and there were shortages. Plus, those with the connections got more than enough while others got none. Trying to give bread to everyone, although noble in gesture, was a failure.

By guaranteeing everyone has at the very least, the minimum amount of voice with which to speak in the marketplace for basic goods and services, we can make sure that the basics needs of life, those specific and universally important to all goods and services like food and shelter, are being created and distributed more efficiently. It makes no sense to make sure 100% of the population gets exactly the same amount of bread. Some may want more than others, and some may want less, thus we need to asses the impact of AI on employment issues in this way.

Read on ...

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