Technological unemployment is a topic that is still a matter of great debate. Many of the leading tech titans agree that automation and artificial intelligence are going to wipe out tens of millions of jobs over the next decade. This sentiment is also in agreement with reports issued by organizations such as Morgan Stanley and the World Economic Forum.
Nevertheless, there are still some who cling to the long held view that technology is always cited as being a jobs destroyer while actually creating more jobs. Why is this time any different?
While I can point to the speed of technological change, the skill set differential from what is present to what is needed, or the fact that software is easier to create than robotics as the reasons for this, I will use a more fundamental point to illustrate the point.
The reason why this time is different is simply because the relationship between capital and labor is different.
Historically, there was a balance between labor and capital. While it could swing one way or another, there was an equilibrium that was maintained. Each side needed the other to reach its goals. In this, capital needed labor for growth while labor depends upon capital to provide jobs. Ultimately, one could not advance without the other.
For capital to grow, it required the efforts of people to achieve that end. In the Industrial Era, investments were made in plants/factories which were then staffed with people. Companies that were expanding hired more people to handle the job of creating more products.
Naturally, as more capital was invested in expanding companies, more jobs were created which was what labor needed. Labor was able to benefit from the investment of capital providing growth to both.
This relationship was maintained even as we shifted away from Industrialization to a service based economy. While the jobs changed along with the focus, the fact remained that expanding companies hired more workers. To provide more cab rides, not only were more vehicles needed but also drivers. The same is true in restaurants. Even tech startups that received hundreds of millions in funding had to hire engineers and software people.
Again the relationship was maintained.
Today, it is being severed.
People like to point to Uber as the example of the "new" economy but I think it is more accurate to mention Airbnb. Here is a company that has no people yet rents out rooms. The typical hotel has front desk, cleaning, and maintenance people. Airbnb has none of these people. It is a global rooming establishment that rid itself of labor. Expansion requires no more people but, rather, a simply change in software.
We are going to see this happening across the board. Drivers of all kinds are going to be eliminated as autonomous vehicles become more commonplace. Amazon is already working on a grocery store with no check out people and few employees to stock the shelves. The Internet, robocallers, and automatic email programs are already starting to replace many of the functions sales people handle. Messenging bots are having an impact upon customer service jobs.
The bottom line is that capital now can grow without investing in labor.
This is where the basic income discussion starts to take place. While not delving deep into here, I am of the outlook that Elon Musk has....basic income is simply something we are going to have to do. In his mind, we can debate the philosophy all we want but that will not alter the fact tens of millions are going to be replaced by software/automation over the next decade.
This is where STEEM and other utility tokens come in. To me, this is the one way to settle all debatse. People are going to require income and blockchain is capable of providing it. Government tends to waffle between inept and corrupt, neither of which bode well for anyone who is dependent upon it. If the government giveth, it can taketh. That is not healthy since it is just another form of slavery.
Cryptocurrencies which can be acquired through the use they were designed for is going to have great value over the next 5 years. As the situation I mentioned becomes more of a reality, people are going to have to start looking for alternative means. STEEM is the ideal solution. Here is an advanced blockchain with people already making money from doing something that 2B people around the world do on a daily basis. STEEM is providing a living to a large number of people on here even though our numbers, overall, are still small. Options, which did not exist for someone like me 6 months ago, are now available.
STEEM is going to have to be a substitute for many; a job replacement. While many do not look at this is work (which is a good thing), it does show how we need to rethink what work means to us. This might not mirror the classic role as wage earner yet each day people are on here making a contribution. Isn't that what is most important? Providing an outlet for people not only to exemplify their creativity but also profit from it is imperative.
I felt for a while that STEEM has the potential to change humanity. Social media accounts for the largest aspect of all traffic on the Internet. This blockchain already has the applications that are lining up to take on the traditional occupants in the social media world. I grant you they are not ready to go full force; in another year I do not believe that will be the case. The advantage to blockchain is decentralization. With that, comes increased innovation.
The present system is based upon scarcity. With blockchains like STEEM open to all, abundance begins to become the common state. People are getting paid in ways where they were not before. Anyone who spent time on Facebook did so to enrich Mark Zuckerberg and his Wall Street stockholders. While this might not have been the motivation, it was the end result.
On STEEM, one enriches others "around" him or her. Average people who come on here are upvoted by others. That helps to give them more SP which makes their upvotes more valuable. This cycle keeps repeating itself, month after month. Over time, one will realize the compounding effects on one's account.
The biggest advantage to basic income is that it gives people choices. In short, it gives one the ability to say "no". Instead of having to accept that crappy paying job or having to adhere to demeaning guidelines laid out by government hacks, one can simply say "no" to all that. STEEM is going to be a major provider of choices for people. We are already seeing it in these early stages.
And for this reason, it is imperative that STEEM not only survive, but thrive. The ability to give tens of millions choices they never had before is at hand.
This is the power that resides on this blockchain. Good thing because the world is desperate for it.
If you found this article informative, please give it an upvote and resteem.
To receive the free basic income tokens you are entitled to and help end world wide poverty, please click the following:
In full disclosure this is a referral link
Pictures by Google Images