The Economics of Automation: What Does Our Machine Future Look Like?: The Bad & The Ugly

The transcript discusses potential future scenarios in a post-automation world. It explores the concept of universal basic income and the division between the wealthy and the rest of society. The rich may live in luxury but face societal issues. In some countries, a lack of universal basic income could lead to economic hardship and population decline. The transcript questions the value of human labor in a fully automated economy and the potential consequences for society.

What is the primary consequence of a minimal universal basic income in the future society described?

• Universal prosperity and happiness

• A divided society with a wealthy class and a peasant class

• A society with no class divisions

• Increased opportunities for all

In the absence of universal basic income, what is the likely fate of unemployable individuals?

• They will thrive in a new economy

• They will have no economic value

• They will become business owners

• They will be supported by a strong welfare system

How does the absence of universal basic income affect the economic system?

• It strengthens the economy

• It leads to a transactional economy where time has no value

• It results in a balanced distribution of wealth

• It creates more jobs for everyone

What is a potential outcome of businesses only trading with each other in a post-automation world?

• Increased consumer spending

• Massive population growth

• Population decline due to lack of support

• A thriving middle class

What question does the narrator pose about the future of value creation?

• How will humans create more jobs?

• What is the role of technology in reducing productivity?

• What does a future look like where humans are no longer the creators of value?

• How can we increase the population?