Technological Unemployment, Basic Income, and Well-being

The Fourth Industrial Revolution introduces robots and Artificial Intelligence into the production process, potentially leading to high levels of unemployment. This book proposes a thought experiment on a full unemployment scenario and advocates for a policy mix of a rising basic income and other measures to increase well-being inequality.

Format: Hardback
Length: 184 pages
Publication date: 25 August 2023
Publisher: Taylor & Francis Ltd

The Fourth Industrial Revolution (4IR) heralds a transformative era, marked by the integration of robots and Artificial Intelligence (AI) into the production process. This unprecedented development has the potential to create significant levels of unemployment, even leading to full unemployment, posing urgent challenges for policymakers. While the impact of technological progress on employment remains a subject of debate, this book takes a unique approach by exploring the consequences of a full unemployment scenario. Through a thought experiment, it examines the potential effects of implementing a Universal Basic Income (UBI) on individuals' well-being, particularly in the context of providing a basic income that remains constant over time.

Drawing upon principles and models from Behavioral and Happiness Economics, the book argues that a UBI that does not adjust with inflation or economic conditions may exacerbate well-being inequality. Consequently, a policy mix that combines a rising basic income with other measures is proposed to mitigate these potential consequences.

This book makes a substantial contribution to the literature on economic policy, labor economics, the economics of well-being and happiness, and behavioral economics. It offers valuable insights into the complex interplay between technological advancements, employment, and individual well-being, and provides a framework for policymakers to navigate the challenges and opportunities of the 4IR era. By exploring the potential benefits and drawbacks of a UBI and advocating for a policy mix that balances income security with other measures, this book contributes to the ongoing dialogue on economic policy and social welfare.

Weight: 520g
Dimension: 234 x 156 (mm)
ISBN-13: 9781032313931