Longevity technology will challenge work/retirement and longer term financial planning as we unlock longer life expectancy…People will be able to live and work longer with a better standard of health. What happens to the labour market when one generation refuses to quit working? If your dad or grandad doesnt take your job, automation will. There is no doubt that automation and artificial intelligence will remove humans from many of the jobs that exist today. There is hope as new jobs will be needed but a great re-organisation is coming…
If we cant work we cant earn. A living wage will replace the need to work for income and even the reliance on savings. A living wage feels like a solution that extends the life of an outdated economic system but doesn’t really address the cause of our problems. If everyone earns the same amount, this is one step closer to society admitting that money isn’t really required for everyone to live an abundant life. In fact we are moving rapidly to a more black and white version of the haves and have nots. If we can provide shelter, food, education, transport and all the utilities to live a good life then money isn’t really required is it? We need to be talking about a baseline where everyone gets a “living” not a “living wage.” The word “wage” is terminology from an industrial era. A time of capitalism and status. Don’t get me wrong I think there will still be an elite class, they will own the robots and infrastructure, control the food and transport. Wait thats what we have now right?
Im not completely idealistic in thinking that people with power will give it all up. I think that the systems that provide for their position and resources are changing and they have a choice. They can either have it all and let the “have nots” drive the planet towards chaos or they can make a positive adjustment. I imagine this starts with the elite class droping the whole “have” and “have not” terminology and moving to a “have” and “have more” ideal.
I know what you are thinking? How do we all live with abundance? Abundant energy and resources may come from the imminent space race and space mining ushering in a new age for human kind. This raises the question, what do we do with all this free time. Well I assume given the abundance of resources that people choose to act less selfishly. There own survival is garenteed and nothing is gained by accumulating more resource than others. Perhaps then our attentions will serve to collaborating and helping others. Some people will turn to entertainment, which is already occuring given the alternative lifestyle provided by gaming and the emerging virtual reality technology. Others may explore and settle the universe as we benefit from an accellerating commercial space race. Whatever happens we are in for exciting times ahead. Strap in.