“…..No more drudgery, no more toil. This gives us the chance to imagine an entirely different kind of society, … where creators, discoverers, performers and innovators come together with their patrons and financiers to talk about issues, entertain, enlighten, provoke each other.”
Profits are at an all time high while wages are at an all time low. This will impact growth. However education will make a positive difference. But the core would be – encourage entrepreneurship, invest in infrastructure and make sure our educational system is turning out people with appropriate skills (lesson for India as we keep watching our demographic dividend spiraling into nowhere).
Universal Basic Income (see my previous post) was championed by Milton Friedman et all and not necessarily an ultra left idea. It holds the key to an educated population freed from drudgery and boredom, yet gainfully employed. Just, not for the wages.
Andrew Paul McAfee is the Co-Director of the MIT initiative on the Digital Economy & Associate Director – Center for Digital Business at Sloan School of Management.