Last of an occasional series on the future of work.
An experiment is underway in northern California to see what happens if every month people get free money.
The project, sponsored by a Silicon Valley start-up accelerator and venture capital fund called Y Combinator, aims to find out if people sit around and play video games or whether they still seek to work for additional income. It will look at whether the handouts, $1,500 a month, make people happy.
These may seem like odd questions for a for-profit technology firm to explore, but they relate directly to one of Y Combinator's other interests: robots.
Consider one of Y Combinator's other big ideas: there's a business opportunity to make automation technology far less "brittle." Today's robots need adjustments, they break and can't fix themselves, high-speed manufacturing lines get jammed, and so on. A lot of high-wage people still work on the typical shop floor. Smarter robots would make those people unnecessary.
So Y Combinator and others in Silicon Valley are looking at what happens to workers then, and they think the guaranteed income could be part of the solution. They are clearly right to be pushing this idea forward, because if their vision for the economy comes to pass there might not be nearly enough paid work for everybody to do.
The details vary depending on who is talking about it, but the idea is the same, a guaranteed amount of money for people and families, more or less with no strings attached.
Upon first hearing the proposal it may sound like a socialist's dream, but the free market advocate and economist Milton Friedman was an early advocate, too, at times calling his proposal a negative income tax. "It gives help in the form that's most useful to the individual, namely, cash," he once wrote.