AI will bring in universal income and everyone will get wealthier (www.thenationalnews.com)

Oracle's executive chairman, Larry Ellison, recently shared his vision for a future where artificial intelligence (AI) and robotics will lead to universal income, making individuals "healthier and wealthier." He argued for a shift in taxation from human labor to a value-added tax on robotic output, which could fund a universal basic income (UBI). Ellison envisions a future where automation frees humans from undesirable tasks while enhancing productivity, suggesting that this economic transformation could take over a decade to fully realize. Significantly, Ellison highlighted AI's potential in the healthcare sector, predicting that advancements in drug discovery and early cancer detection could eliminate most cancers within ten years. He advocated for faster drug development through AI and discussed the need to maintain quality of care as access increases, which is crucial for stabilizing prices. However, his optimistic view contrasts with critiques from organizations like the International Labour Organisation, which cautioned that the productivity gains from AI may not translate into a stable UBI unless supply-side conditions improve. This debate underscores the complexity of integrating AI into the economy and ensuring that productivity gains benefit society as a whole.