Renowned AI "godfather" Geoffrey Hinton warns of significant job losses due to AI, urging governments to adopt universal basic income as a countermeasure.
Hinton Advocates for Universal Basic Income
According to Professor Geoffrey Hinton, to address the consequences of AI replacing numerous mundane jobs, the government will need to institute a universal basic income.
Hinton spoke to the BBC, stating, "People in Downing Street asked me what I thought, and I told them that universal basic income was a good idea." Even though he believed AI would boost income and productivity, he claimed only the wealthy would benefit from the technology "and not the people whose jobs get lost and that's going to be very bad for society."
A universal basic income is a recurring monetary disbursement extended to all individuals within a specified demographic, irrespective of their socioeconomic standing and employment circumstance, without imposing any limitations on how the funds may be utilized.
As a means of reducing AI's economic impact, it has become a hot topic among futurists, corporate executives, and AI researchers.
Global Adoption and Trials of UBI
The concept of universal basic income is more than just a theoretical idea but a practical solution gaining global traction. Nations such as South Africa, Kenya, and India are considering it as a means of addressing poverty. Numerous American cities and states have also experimented with guaranteed basic incomes, further validating its potential.
Hinton supports a more prudent strategy for developing AI and warns that within 5 to 20 years, AI could pose a significant risk to humans. Business Insider shares that even supporters of more aggressive development agree that governments must consider implementing a recurrent payment scheme to redistribute wealth.
AI's Potential Risks Highlighted by Experts
Even OpenAI's CEO, Sam Altman, has advocated the implementation of a universal basic income. In a recent episode of the All-In podcast, OpenAI CEO Sam Altman discussed "universal basic compute," a new and advanced concept to address financial challenges.
Professor Hinton was employed by Google until the previous year, at which point he resigned to allow himself greater freedom to discuss the risks associated with unchecked AI.
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