Roubini Sees AI Lifting Growth to 10% by 2050 as Job Losses Force UBI
Updated
Updated · Mint · Jul 19
Roubini Sees AI Lifting Growth to 10% by 2050 as Job Losses Force UBI
3 articles · Updated · Mint · Jul 19
Summary
GDP growth could climb from today’s 2%-4% range to about 6% by 2040 and nearly 10% by 2050, Roubini told Bloomberg TV, calling AI the biggest technological revolution in history.
2032 Social Security funding pressure will not be fixed by raising the retirement age alone, he said, because AI and robotics are likely to replace a large share of workers over the next two to three decades.
Universal basic income will eventually be needed both during working years and retirement, Roubini argued, with governments using stronger growth to tax AI winners and redistribute wealth.
A 5% government stake explored by OpenAI, according to Roubini’s reference to a Financial Times report, illustrates one model for sharing AI gains, though broader industry support remains uncertain.
The view puts the usually bearish economist in an unusually optimistic camp: he says a world where machines do most work would mean unprecedented prosperity, not crisis.
AI could make work optional within decades. Is society truly prepared for a future without jobs?
With mixed results from UBI trials, how can we fund a safety net for an AI-driven future?
“Dr. Doom” predicts an AI-fueled utopia. Why hasn’t the promised economic boom arrived yet?
Roubini’s AI Boom: Productivity, Job Displacement, and the Case for Universal Basic Income
Overview
Renowned economist Nouriel Roubini predicts that artificial intelligence and robotics will drive unprecedented productivity and economic growth, echoing Elon Musk’s vision that human work could become optional within two decades. While global GDP has recently grown, forecasts suggest a decline ahead, but Roubini believes AI could reverse this trend through massive productivity gains. However, this growth is expected to disrupt labor markets, with experts like Joseph Briggs warning of significant job losses that may even prompt the Federal Reserve to cut interest rates. The report highlights both the promise of AI-driven prosperity and the challenges of managing its impact on jobs and the economy.