Oracle co-founder Larry Ellison thinks AI could make us all rich through a universal high income – but governments will need to change
The world's eighth-richest person says everyone could become "wealthier," earning a new universal high income from AI.
Oracle co-founder Larry Ellison believes artificial intelligence could enrich everyone through a universal high income, necessitating a shift in government mindset. At the company's AI World conference, Ellison stated that AI systems and robots could drastically lower the cost of goods and services, potentially replacing us but also enhancing productivity.
He emphasized that while some jobs will be displaced, many will see lasting changes in the economics of work. Ellison proposed a hypothetical scenario where all construction costs in a house drop due to automation, leading to the idea of a universal high income. He advocated for a shift in taxation from human labor to value added, enabling the provision of a universal income.
Ellison drew parallels to Milton Friedman's negative income tax proposal, suggesting that AI's productivity gains could create enough wealth to support higher incomes, despite reduced human work activity. He conceded that implementing this vision would be a long-term process, likely taking more than a decade, but remains optimistic about its feasibility.
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