Dario said he is answering a question about artificial intelligence. That is, whether artificial intelligence will make enough people unemployed, as the government will have to pay relief to people, the concept is called universal basic income.
“My point is that algorithm/automation decision-making is a double-edged sword that increases social productivity, but it also eliminates employment opportunities, leads to huge wealth and opportunity gaps, and creates a nationwide emergency.
“This is largely the result of capitalism not serving the majority of Americans, and it is at risk,” he wrote. “However, no one has seriously studied how to deal with it.”
In fact, income inequality is real. According to a report released in January, global charity Oxfam found that 82% of global wealth growth last year went to the richest 1%. According to the report, at the same time, 50% of the wealth of people has not increased.
Richard Branson, a billionaire and serial entrepreneur, told the New York Times in June that universal basic income was an appropriate response to income inequality.
“The basic income system should be introduced in Europe and the United States,” Branson told The New York Times. “It’s a shame to see people sleeping on the street, but there is no material wealth that they can’t reach.”
In particular, Branson said that the acceleration of artificial intelligence has driven the demand for basic income. “I think with the advent of artificial intelligence, people need to have basic income,” Branson said.
“I think artificial intelligence can lead to less time for people to work,” Branson said. “You know, a three-day job and a four-day weekend. Then we will need the company to help people through these four days and make sure they get a good reward in a shorter working time.”
Other billionaires, such as Mark Zuckerberg and Elomasque, are also promoting the concept of universal basic income. Chris Hughes, co-founder of Facebook, suggested scrapping tax cuts for businesses and offering a $500 tax credit to Americans currently earning less than $50,000 a year.
But Dario said that cash subsidies should be the last resort.
"Unless there are no other good options, I don't think it is socially beneficial to transfer money to people without productivity. I think finding a way to increase productivity for most people is a better option," Dario said.
The financier and entrepreneurs said that retraining workers and letting them thrive in the new economy should be the country's top priority.
Dario said: "I think it is necessary to declare the country into a state of emergency, establish a special committee, develop metrics, plans and measures to improve work efficiency, not just pay for itself or judge the situation. I know many cost-effective methods. I can improve myself, and I am sure many others know more."
According to Forbes, Dario is currently worth more than $17 billion, and it is not optimistic that the skill gap will be properly resolved.
“Productivity is good for everyone. Unfortunately, not everyone can achieve this. We need leadership that can achieve this. Unfortunately, it’s hard to do this. In the next recession, The rich and the poor will attack each other and compete for the redistribution of income, rather than working together to make plans that make most people more productive," he wrote. “So I am worried about the health of capitalism.”