Why Mark Zuckerberg’s support to Universal Basic Income (UBI) in the commencement speech at Harvard University makes sense?
The world is changing very rapidly due to technological disruptions, innovations & massive R&D activities around the globe.
Having a comfortable & cosy life by having a stable job is no longer the norm in the market-driven economy.
¬ You can become irrelevant wrt skills you possess in the market. So, you can get fired at any time
¬ The degree you might be pursuing may become irrelevant by the time you graduate (*that’s how fast the world will be changing in near-future)
So, in such a scenario how a person can take up entrepreneurship which is time-consuming, involves high-risk, capital, human resources, technology & infrastructure?
Now, coming to the point that Mark Zuckerberg makes:
“Every generation expands its definition of equality”.
Since, the economies around the world are turning to be more capitalistic, so, ultimately, the entrepreneurs will be the winners. [Capitalistic model of economies leads to economical disparities].
What if you were never given an opportunity to become an entrepreneur?
How can you think of becoming an entrepreneur when you don’t have anything to fall back to?
What will allow you to put everything at stake & give that big shot?
When the market is going to remain uncertain & unpredictable, how you will have the freedom to fail?
Most people shy away from entrepreneurship because they even lack the resources to afford even “single failure”. How will they be going to take care of their basic needs, if they fail?
For an entrepreneur, the most important factor for success is to have the freedom to fail & experiment.
The answer is UBI (Universal Basic Income) to all of the above questions.
¬ knowing that State is going to take care of your basic needs shall promote a culture of entrepreneurship
¬ people will become risk-friendly
¬ there will be more people who will strive for being job- creators than job-seekers
¬ it will create a culture of experimentation & thus will promote innovation
¬ freedom to fail (*which is very much required to succeed as an entrepreneur)
¬ employees won’t be terrified of losing put their jobs due to Automation & AI & can take a break to re-start & up-skill themselves
P. S. 1. UBI for civil services aspirants means that “they can focus on true learning & can continuously strive for their dreams” & depart from the idea of “first taking any govt. job & then preparing for the UPSC”.
P. S. 2. There is a strong voice around the world for UBI by cutting all the subsides & spendings on the social-security schemes.
P. S. 3. It’s all together a different debate that UBI is a noble idea & may not work as desired when it is implemented.
With Great Love,
Er. Amit Yadav