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Machines and Technological Unemployment: Basic Income vs. Basic Capital
Abstract
Recently, economic studies on labor market developments have indicated that there is a potential threat of technological mass unemployment. Both smart robotics and information technology may perform a broad range of tasks that today are fulfilled by human labor. This development could lead to vast inequalities. Proponents of an unconditional basic income have, therefore, employed this scenario to argue for their cause. In this chapter, the author argues that, although a basic income might be a valid answer to the challenge of technological unemployment, it fails to account for some ethical problems specific to future expectations of mass unemployment. The author introduces the proposal of an unconditional basic capital and shows how it can address these problems adequately and avoid objections against a basic income. However, the basic capital proposal cannot replace all redistributive social policies. It has to be interpreted as a supplement to either a basic income or more traditional redistributive policies.
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