A $1,000 per month cash handout would grow the U.S economy by $2.5 trillion, new study says

[DonFerrari]

Teeqoz said:

DonFerrari said:

The invisible hand of the market would be more on the people discovering new needs of the market and entrepeneuring on it and opening new companies and those companies will end up employing the ones that didn't had the idea.

The government paying UBI isn't invisible hand at all.

The economy will change, and yes some jobs or even most will be replaced... yet there have been more professions created in the last 10 years than in the previous centuries. I would guess we have gone from like 100 professions from like 10 mileniums to over 1000 in the last couple decades.

just a small and quick source https://www.theguardian.com/business/2015/aug/17/technology-created-more-jobs-than-destroyed-140-years-data-census

The concept of the Invisible Hand is the principle that people acting for the best of themselves often end up doing more good for society than someone with the goal of improving society. That's the idea anyway. It doesn't require a completely laissez faire market, and it can also count for voting for political actions such as UBI. But honestly, the entire concept of "an invisible hand" flies out the window once you accept that there is no such thing as true altruism anyway.

You are really overestimating the use of human labour in a world where computers are better at literally everything. Why on earth would an entrepreneur need people to do jobs when we are both horribly inefficient and expensive?

All the other times new technology has replaced human jobs, there has always been other tasks humans were still better at. There won't be this time. No point in sticking your head in the sand and pretend like it won't happen. If computers can literally think better than humans, what can a human offer compared to a computer?

And what invisible hand is the government making rules and giving money they have to steal from others before?

There will always be things human will do better. If at one point robots do absolutelly everything better then there won't be any job at all no needs to attend anymore, so we would be post economy and theory of scarcity.

TallSilhouette said:

DonFerrari said:

Sorry but I can only say you are very bad with your expenditures as most people.

Or how would you explain people that have a single form of income, earning minimum wage and still maintain a household of 5 in the same city of you?

Do you even know that minimum wage in itself is an evil thing that bit the poor more than it helps and that you aren't even suppose to live on minimum wage or close to it for more than a few years when entering a job? And also that there is always the option to be self-employed and that doesn't need millions to start?

Most of times is excuses and entitlement.

Is this guy for real?

DonFerrari said:

In USA alone less than 10% of the job positions are minimum wage, so we can't say that there isn't option for people to grow on their careers.

Half of working America makes less than $30k/yr. 

Yep. I know of a lot of people in Brazil that makes less than 10k USD/year and have 5 people household. And just in case you don't know Brazil isn't that much cheaper than USA to live.

Also 30k/y is quite more than minimum wage. And this UBI would equate to more than 1/3 of the wage of half the working america and accounting for non working then the account of handing out 12k per person/year becomes even more silly.

TallSilhouette said:

 

Teeqoz said:

Who here exactly has stated ludite-ish opinions? Saying that robots and AI will replace human jobs isn't fear, it's fact. That's not robophobia. I embrace robots doing more of the work for us. But the ramifications this has on an economy functioning in the same way as ours does currently would be out of this world. Hence why we need to look at solutions like this, because our current economic system can't handle a 80% unemployment rate.

Thank you. A lot of false equivalencies and straw men being thrown around in here. I look forward to a world where menial labor disappears but we need to adjust for it one way or another. If the skeptics in this thread are right and the job market will compensate for it on its own, then we have nothing to worry about. However if job creation can't keep pace with the explosion in job elimination on the horizon, economics will need to adapt or we'll be in for a world of hurt. 

Yep we will compensate. If it really happens that all work will be obsolete the market will adapt such as it have been doing at each evolution.