AI, inequality and basic income

Phil happened upon a book to Australian economist Joshua Gans (and Andrew Leigh) called Innovation & Inequality – how to create a future that is more Star Trek than Terminator. He discusses some of the concepts with Steve, including whether companies responsible for the creative destruction of other industries should be made to pay. As Phil puts it, if I burnt down a shop, I would possibly go to prison. But if I make that shop go out of business -and all the shops around it – because I happen to run Amazon, I face no consequences. It’s progress. But I the next chapter, the progress of AI will see more destruction, as more of us lose jobs. Then the only way we will be kept alive is by a basic income, provided by the state or possibly by people like Elon Musk. If it’s the latter, imagine the political control we would hold. So, how do we balance wealth whilst still providing incentives for innovation. And how much of that innovation is destroyed by the momentum of existing big tech players?

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