Silicon Valley billionaire Vinod Khosla calls for universal basic income

Silicon Valley billionaire and venture capitalist Vinod Khosla has issued a bold prediction: artificial intelligence (AI) will replace most human jobs in the next 25 years.

In a recent blog post, Khosla wrote about the implications of AI and warned that “80% of 80% of all jobs, maybe more, can be done by AI, whether it’s primary care physicians, psychiatrists, sales people, oncologists, agricultural or assembly line workers, structural engineers, chip designers, such as.”

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Khosla’s experience lends weight to his predictions. He co-founded Sun Microsystems and has invested heavily in tech giants such as Amazon, Google and OpenAI. He has also spent over four decades studying disruptive technology and believes AI will do most jobs “better, faster and cheaper” than humans, drastically changing the job market.

A world without jobs

According to his blog, Khosla says AI will create a world where human labor is unnecessary for most tasks. It can assist and perform tasks such as assembly line work, investment banking and even medical diagnosis.

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The warnings Khosla discusses around AI are not meant to spread fear, but to advocate for proactive solutions as our world moves in that direction. He talks about the risk of an “economic dystopia”, where wealth becomes increasingly concentrated at the top – more so than it is now – and both intellectual and physical work lose value.

Khosla says that unless governments proactively identify this problem and find solutions for AI to take over jobs, millions of people could face unemployment.

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The Case for Universal Basic Income (UBI)

According to Khosla, Universal Basic Income (UBI) is a solution to the looming AI jobs crisis. UBI is a government program that regularly gives every adult citizen a set amount of money to help alleviate poverty.

Khosla believes that UBI will become essential as AI replaces jobs. It can provide a safety net for those whose jobs are becoming automated. “As AI reduces the need for human labor, UBI could become crucial, with governments playing a key role in regulating the impact of AI and ensuring a fair distribution of wealth,” he wrote.

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The concept of UBI is not new, but it has gained renewed attention as automation accelerates. Khosla joins a growing list of Silicon Valley figures, including Sam Altman and Mark Zuckerberg, who are advocating for UBI to mitigate the economic disruption caused by AI.

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A shorter work week and a more meaningful life

While Khosla talked about the challenges of AI, he also outlined some advantages, one of which is a shorter work week. He envisions a world where AI takes care of mundane, labor-intensive jobs, freeing up humans to take on more fulfilling activities. He believes that with the right policies, AI could bring about a three-day work week where people can focus more on hobbies, spend time with loved ones and enjoy life more.

“Life will not become less meaningful once we eradicate undesirable, labor-intensive jobs,” he wrote. “On the contrary – life will become more meaningful because the need to work 40 hours a week could disappear in a few decades for those countries that adapt to these technologies.”

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The debate continues

Many other prominent tech figures have made predictions about AI that align closely with Khosla’s vision. Bill Gates has also suggested that AI will lead to a three-day work week. Elon Musk went further, predicting that work could become more of a “hobby” as AI takes care of the heavy lifting.

Despite these predictions, history has shown that technological advances do not always mean less work. Economist John Maynard Keynes predicted in 1930 that people would work only 15 hours a week within a century due to improved productivity. As 2030 approaches, many people still commit to 40-hour work weeks, often more.

AI will continue to advance and the future of work will change. An AI-based economy may be inevitable, but how we manage this societal change will determine whether these changes lead to widespread prosperity or deeper inequality.

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This article AI Will Make Most Jobs ‘Better, Faster, Cheaper’: Silicon Valley Billionaire Vinod Khosla Calls for Universal Basic Income originally appeared on Benzinga.com

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