The fear that robots may replace humans earlier than we would have thought. A new UN report says that companies which went for finding cheap labor offshore will start returning to the developed world. The report claims that the additional cheap labor cost benefit would erode with time.
Here is an excerpt from the UN report on robots may replace humans in the workforce.
“The increased use of robots in developed countries risks eroding the traditional labor-cost advantage of developing countries. The share of occupations that could experience significant automation is higher in developing countries than in more advanced ones, where many of these jobs have already disappeared.”
Robots May Replace Humans, what is the Solution?
Well, obviously for us humans, it is a challenging question on many levels.
The first, companies are returning to the developed countries, will not be hiring people but instead robots. So the developed nations would only see more productivity without an increase in the employment rates.
Second, if robots replace humans, even in developing world, what would the unemployed do? And if the developing countries do not have any income to make any purchases, how will the developed countries sell any products to these countries.
Third, how will the humans survive both in the developing and developed world without any income? If people do not earn money, to whom will the companies sell their products and services?
One prime example where robots may replace humans is the driverless cars. Google, Uber and many other companies are already refining that technology to introduce on a massive scale.
UN Solution to Robots Potentially Replacing Humans
To overcome this likely not-so-distant work problem, UN proposes the introduction of a Universal Basic Income. The Universal Basic Income is an amount recommended to the individuals regardless of their employment status or economic situation. Many industries are already pushing for it, and the system is already under debate. Several nations including Finland are already testing the concept of Universal Basic Income and findings will be analyzed to take a future course of action.
The report also comments on the introduction of disruptive technologies which come with their set of perils and advantages. The report asks for cautiously introducing potentially disruptive technologies after carefully analyzing their risks on the society.
Bill Gates on UBI
The advocates of Universal Basic Income say that job displacement poses a significant threat to the current state of the economy. Here is what Bill Gates had to say about the concept of UBI introduced on a global scale.
“Over time, countries will be rich enough to do this. However, we still have a lot of work that should be done — helping older people, helping kids with special needs, having more adults helping in education.”
Potential Advantages of Universal Basic Income
The proponents of UBI say that it will bring in the following benefits (at least what they claim in theory).
- The recipients of UBI will have better health.
- UBI will help improve the overall work productivity.
- Universal Basic Income will contribute to reducing global poverty.
- As in theory, most people would have enough for themselves; it would certainly help to reduce the crime.
- The increase in income would lead parents to give their children better quality education.
- And lastly, UBI will have an overall positive impact on the lives of the people.
- In theory, Universal Basic Income will provide relief against the invasion of robots in the workplace.