Elon Musk & Sam Altman: Will Universal Basic Income Really Work?

00:06:11
https://www.youtube.com/watch?v=9as6ySLQ6Jc

Summary

TLDRThe discussion revolves around the idea of universal basic income (UBI) as a crucial response to mass unemployment driven by advancements in AI and automation. Influential figures like Mark Zuckerberg and Richard Branson recognize its inevitability. Sam Altman, CEO of OpenAI, has funded significant UBI studies and co-founded Worldcoin, a project aiming to securely verify human identities using iris scans to fairly distribute UBI. The OpenAI study found that UBI recipients worked less but pursued education and more meaningful jobs, while the control group improved financially despite less support. Critics of UBI argue it could diminish work motivation, lead to economic dependency, and pose sustainability challenges. Despite arguments, the potential need for UBI grows with AI-induced job displacement. However, questions about practical implementation, economic effects, and sustainable funding remain unresolved.

Takeaways

  • 🤖 Mass unemployment may necessitate universal basic income (UBI).
  • 💼 Influential thinkers like Mark Zuckerberg advocate for UBI.
  • 👁️ Sam Altman's Worldcoin project verifies identities for UBI.
  • 📊 OpenAI's study shows mixed financial outcomes for UBI recipients.
  • 💡 UBI promotes education and meaningful work for some participants.
  • 💸 Critics argue UBI may demotivate work and challenge funding.
  • 📉 Control groups in studies sometimes fare better financially.
  • 🌍 AI-induced job loss drives the conversation on UBI necessity.
  • 📈 Economic sustainability of UBI is a major concern.
  • 🧠 UBI could improve mental health by reducing financial stress.

Timeline

  • 00:00:00 - 00:06:11

    The video discusses the challenge of mass unemployment due to technological advancements and the potential need for universal basic income (UBI) as a solution. Influential thinkers like Mark Zuckerberg and Richard Branson advocate for UBI as AI and AGI reshape work and society. Sam Orman, CEO of OpenAI, has funded significant UBI studies and co-founded Worldcoin to address human identity verification globally, enhancing the fair distribution of UBI. Studies show mixed results, with some benefits in education and employment, but concerns about motivation to work and funding remain. Critics argue UBI could demotivate work and stress sustainable funding methods. Overall, UBI's necessity is highlighted in the context of AI-induced job losses, while questions about the feasibility of projects like Worldcoin remain.

Mind Map

Video Q&A

  • What is universal basic income (UBI)?

    UBI is a concept of providing a guaranteed income to everyone, especially as jobs become scarcer due to technological advancements.

  • Who has discussed the inevitability of UBI?

    Influential thinkers like Mark Zuckerberg and Richard Branson have discussed UBI.

  • What role does AI play in the push for UBI?

    AI and advancements in artificial general intelligence (AGI) are reshaping the future of work and could lead to mass unemployment, making UBI necessary.

  • What is Sam Altman's contribution to UBI studies?

    Sam Altman funded a major UBI study and co-founded Worldcoin, a cryptocurrency project aimed at verifying human identity globally.

  • How does Worldcoin intend to verify human identities?

    Worldcoin uses a device called the Orb to scan a person's iris, ensuring unique human identity verification for fair UBI distribution.

  • What were some results of OpenAI's UBI study?

    Participants receiving UBI worked fewer hours, pursued education and meaningful jobs more, and had improved mental health.

  • What are some criticisms of UBI?

    Critics argue it may reduce motivation to work, create economic dependency, and present funding challenges.

  • What was the financial outcome of the control group in the UBI study?

    The control group saw their average income increase to $51,000 despite receiving less financial support.

  • What are potential economic concerns regarding UBI?

    There are concerns about UBI being inflationary and the difficulty in sustainably funding such a program.

  • Is UBI considered necessary in the face of AI advancements?

    Yes, it may become necessary as AI-driven job losses increase, though questions about feasibility and funding remain.

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  • 00:00:00
    what to do about mass
  • 00:00:01
    unemployment this is going to be a
  • 00:00:03
    massive social
  • 00:00:05
    challenge um and I think ultimately we
  • 00:00:09
    will have to have some kind of universal
  • 00:00:11
    basic income I don't think we're going
  • 00:00:13
    to have a choice Universal basic income
  • 00:00:16
    Universal basic income I think it's
  • 00:00:17
    going to be necessary so it mean that
  • 00:00:20
    unemployed people will be paid across
  • 00:00:23
    the globe yeah because there is no job
  • 00:00:26
    machine robot is taking over um that
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    that's simply the the and I want to be
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    clear that these these are not uh things
  • 00:00:33
    that I think that I wish would happen
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    these are things simply things that I
  • 00:00:37
    think probably will happen many of the
  • 00:00:39
    world's most influential thinkers like
  • 00:00:41
    Mark Zuckerberg and Richard Branson
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    among others have discussed the
  • 00:00:45
    inevitability of universal basic income
  • 00:00:47
    or Ubi Ubi is the concept of providing a
  • 00:00:50
    guaranteed income to everyone a measure
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    that is predicted to become increasingly
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    crucial as advancements in Ai and
  • 00:00:56
    artificial general intelligence AGI
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    reshape the future of work work and
  • 00:01:00
    Society taking a proactive approach to
  • 00:01:03
    this challenge is Sam Orman CEO of open
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    AI he has funded one of the largest Ubi
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    studies to date and co-founded worldcoin
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    cryptocurrency project aimed at
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    addressing what he sees as the most
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    critical aspect of Ubi verifying human
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    identity on a global scale this issue
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    has plagued various cryptocurrency
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    airdrops where bot farming has allowed
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    individuals to collect a
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    disproportionate amount of tokens by
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    creating multiple fake accounts
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    worldcoin seeks to Sol solve this
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    through the use of a device called the
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    orb which scans a person's Iris to
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    confirm their unique human identity a
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    solution scalable to billions due to the
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    unique entropy of the iris this
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    verification is key to ensuring that Ubi
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    can be fairly distributed potentially in
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    the form of tokens but the big question
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    remains will Ubi actually work let's
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    take a look at what studies including
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    open AIS have revealed alman's Ubi study
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    supported by open aai began in 2019 and
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    concluded in 201
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    24 over 5 years 1,000 participants
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    received $1,000 per month while a
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    control group of 2,000 participants
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    received $50 per month the UI group
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    worked 1.3 fewer hours per week and were
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    2% less likely to be employed but were
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    10% more likely to seek meaningful jobs
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    they increased their spending on
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    Essentials by $310 monthly and were more
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    likely to pursue further education 14%
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    increase and dental care 10% increase
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    despite this there were no significant
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    improvements in physical health the
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    control group with less Financial
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    flexibility was less able to invest in
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    education or Healthcare and often took
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    jobs out of necessity rather than
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    interest the Ubi group reported a
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    greater sense of control over their
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    lives making more selective and
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    thoughtful Life
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    Choices overall the results were
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    promising participants reported
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    significant reductions in financial
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    stress improved mental health and
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    greater opportunities to pursue
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    education or entrepreneurial activities
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    often using the funds to cover essential
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    expenses save or invest in small
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    business ventures UBI has been shown to
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    enhance overall well-being by providing
  • 00:03:09
    a crucial Financial safety net for
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    instance the Stockton economic
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    empowerment demonstration which was from
  • 00:03:16
    2019 to 2021 gave $500 per month to 125
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    residents in Stockton California most
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    participants used the funds for basic
  • 00:03:25
    needs leading to improved employment
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    rates although some IND indviduals used
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    the money as a fallback which has fueled
  • 00:03:32
    opposing arguments and contributed to
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    mixed data in Ubi studies the majority
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    leverage the support to better their
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    lives secure full-time employment and
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    contribute positively to society critics
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    of Ubi argue that it could reduce the
  • 00:03:45
    motivation to work and create economic
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    dependency additionally there are
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    significant concerns about how such a
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    program would be sustainably funded here
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    is David saaks former CEO of PayPal and
  • 00:03:56
    season venture capitalist discussing how
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    the control group in wman study those
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    who received less actually fed better
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    and I think one of the most interesting
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    data points in the study please confirm
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    if I get this right but what it said is
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    that the people who got the thousand a
  • 00:04:10
    month Ubi saw their incomes rise to
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    $45,000 on average while the control
  • 00:04:15
    group who only got $50 a month increased
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    their average income to 50,000 actually
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    just shy
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    51,000 so the people who didn't get the
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    larger stimi actually genuinely bettered
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    themselves over the course of the study
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    while the ones who got the 12,000 a year
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    stayed in place and that's kind of what
  • 00:04:35
    you'd expect right which is if you just
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    hand people money without having to work
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    it doesn't motivate them to work harder
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    it actually motivates them to do less
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    yes this raises important questions
  • 00:04:46
    about the potential unintended
  • 00:04:48
    consequences of Ubi including the
  • 00:04:49
    critical issue of funding a point
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    highlighted by David freedberg
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    successful entrepreneur best known for
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    founding the Climate
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    Corporation you know the second issue is
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    just that the net economic
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    effect if we gave 350 million Americans
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    1,000 bucks a month that's 350 billion a
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    month that's $4 trillion a year our
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    prospective budget for next year is $7.3
  • 00:05:13
    trillion at the federal level so you
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    know that's already more than 50% of the
  • 00:05:19
    total projected federal budget next year
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    finding the mechanism for funding this
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    at scale is not what this study actually
  • 00:05:26
    looked at because if you look at it the
  • 00:05:28
    net effect would be inflationary both
  • 00:05:31
    arguments hold Merit but they Overlook
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    the potential necessity of Ubi in the
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    face of significant job loss due to AI
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    advancements while funding is a crucial
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    concern it may not become pressing until
  • 00:05:42
    much later the real question is whether
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    Sam wolman's worldcoin project offers a
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    viable solution for Ubi or if the entire
  • 00:05:49
    concept is more of a utopian dream what
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    do you think let us know your thoughts
  • 00:05:54
    in the comments and if you found this
  • 00:05:56
    video engaging and thought-provoking
  • 00:05:58
    please leave a like if you're interested
  • 00:06:00
    in diving deeper into Sam walkman's
  • 00:06:02
    worldcoin project be sure to check out
  • 00:06:04
    our dedicated video on the topic we hope
  • 00:06:07
    to see you back here soon to stay ahead
  • 00:06:09
    of the Curve
Tags
  • universal basic income
  • AI
  • automation
  • Sam Altman
  • Worldcoin
  • iris verification
  • economic impact
  • OpenAI
  • employment
  • future of work