Finland and universal basic income4 min read . Updated: 10 Jan 2017, 12:57 AM IST
While UBI is well meaning, its administration will be a spectacular failure, except perhaps in countries where the welfare state has already been long established
A joint study conducted by Oxford University and the Oxford Martin school says 47% of the jobs in the US are at risk of being automated within the next 20 years. In interviews during the latter half of 2016, President Barack Obama was quizzed on the concept of Universal Basic Income (UBI). He responded by saying that the concept of UBI is one that will be debated for decades to come as computer systems get ever more efficient, thereby causing job losses all over the world. He did not shy away from the fact that it will be a social issue of large import, which governments the world over will have no choice but to address. He has also said that advances in information technology, while key to achieving more efficiency across various parts of commerce, will mean a fundamental shift in employment, with the elimination of jobs and the suppression of wages.