Quote

"For like a shaft, clear and cold, the thought pierced him that in the end the Shadow was only a small and passing thing: there was light and high beauty for ever beyond its reach." -- J.R.R. Tolkien

Friday, October 27, 2017

Socialism in the Age of Robots

Most people who read this blog know that I am a firm libertarian.  However, I also have a firm understanding of why socialism doesn't work.

Socialism doesn't work because people are involved.  People operate on incentive systems.  Economics works because it incentivizes productive behavior in people.

However, what if you were to remove people from the production side of the socialism equation?

Robots don't care if you give some of the fruits of their labor to people.   They don't require time off.  They don't take vacations.  They don't sleep.  Everything that makes socialism not work on a fundamental level would simply evaporate when you have robots doing all of the work.  We can tax the robots productivity (effectively taxing the owners of the robot slaves), and give to everyone.

A universal basic income like this will eventually be required, as humans become increasingly obsolete in the functioning of our society.

At this point, can it really be called socialism?  Really, we are barreling back into a system of slavery.  Robot slavery.  The robots work, and humans benefit.

I am okay with this.

EDIT:
Mauldin forwarded a relevant article by Scott Santens who is a strong advocate of a UBI.  The chief issue then is deciding when the robots are sufficiently productive that we can actually implement a UBI without sinking our economy.

Perhaps, if we start small --say, a few hundred dollars per month.  We can grow it from there, as the robots take over more and more of the productive end of the equation, while maintaining societal productivity.

The other option that we have is to free up the Federal Reserve to print money to help fund this until the robots are productive enough to support all of our economy.  Either way requires wisdom in the timing.

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