Speaking at the AI World conference, Oracle co-founder Larry Ellison outlined an ambitious vision where artificial intelligence and automation drastically reduce the cost of goods and services. Rather than endorsing predictions that automation will entirely eliminate human employment, Ellison argued that the technology will enhance productivity and change the economics of work.
To illustrate his point, Ellison described a hypothetical future where robots construct houses entirely on their own, instantly slashing labor-related expenses by four-fifths. He suggested that such dramatic drops in production costs form the foundation for a universal high income, an evolution of traditional universal basic income models that would be supported by immense productivity gains.
Realizing this economic shift requires rewriting modern tax frameworks, according to the multi-billionaire. Ellison proposed moving away from taxing human labor and instead levying taxes on the value added by automated systems and robots. Referencing historical economic concepts like Milton Friedman's negative income tax, he argued that government intervention and policy changes will be essential to distribute the wealth generated by advanced automation.
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