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The main novelty of the Fourth Industrial Revolution is the entry of robots and Artificial Intelligence into the production process. This phenomenon could potentially generate high levels of unemployment, or even full unemployment, and therefore calls for innovative public policies.
This book adopts an agnostic position on the size of the future impact of technological progress on employment but proposes a thought experiment built on a full unemployment scenario, which focuses on the consequences that these policies might have for people's well-being, with particular reference to the provision of a universal Basic Income (UBI). Relying on some of the principles and models of Behavioral and Happiness Economics, it is argued that implementing a UBI that does not change over time may increase well-being inequality. A policy mix that combines a rising basic income with other measures is therefore recommended.
This book marks a significant contribution to the literature on economic policy, labor economics, the economics of well-being and happiness, and behavioral economics.
List of contents
INTRODUCTION CHAPTER 1. THREE WAVES OF TECHNOLOGICAL UNEMPLOYMENT CHAPTER 2. POSSIBLE POLICY SOLUTIONS TO COUNTERACT THE RISE OF TECHNOLOGICAL UNEMPLOYMENT AND ITS CONSEQUENCES CHAPTER 3. BASIC INCOME CHAPTER 4. WELLBEING AND BEHAVIORAL ECONOMICS CHAPTER 5. THE WELLBEING IMPACT OF AN UNCONDITIONAL BASIC INCOME CHAPTER 6. CONCLUDING REMARKS: AND ALTERNATIVE / COMPLEMENTARY POLICY PROPOSAL
About the author
Fabio D'Orlando is Associate Professor of Economics at the University of Cassino and Southern Lazio, Italy. He studied at the "La Sapienza" University of Rome, IT (Ph.D.), subsequently teaching at the same university, as well as the University of Campobasso, Italy. He also teaches at SIOI, the Italian Society for International Organization, Rome. His research interests are Behavioral Economics, Economics and Psychology, History of Economic Ideas, Classical-type Theory, Technological Unemployment. For Routledge, he is (co-)author of
Economic Change and Wellbeing: The True Cost of Creative Destruction and Globalization, written with Francesco Ferrante and Albertina Oliverio.
Summary
This book adopts an agnostic position on the size of the future impact of technological progress on employment, but proposes a thought experiment built on a full unemployment scenario which focuses on the consequences that these policies might have for people’s wellbeing, with reference to the provision of a Universal Basic Income.
