Economics Fantasy

  Amazon, an e-commerce retailer made a net revenue of 178 billion dollars with just 5.5 lakhs of employees in 2017. On the same year, 5.5 lakhs of Nepalese working population contributed a share of just 0.8 billion dollars to the nominal GDP. The main cause behind this huge difference is that Amazon heavily makes use of technology; primarily Artificial Intelligence. Such a huge gap is suggesting that human labor force is far less important to the economy than the machine labor.    Yuval Noah Harrari, in his book 21 Lessons for 21 st century writes that with Artificial Intelligence taking over, there may remain very few jobs for humans to do. And if so, what will the rest of the population that get displaced do?   While most of the economics textbooks have contained only about the high class, middle class and low class of people, it seems that an even more serious class i.e. an irrelevant class of humans is already emerging. As machines perform bett...

Above graph was obtained in a scatter plot between religiosity percentage and GDP per Capita of 147 nations. It showed a strong negative correlation of -0.61 meaning that religious countries tend to be poorer. View the data here: https://www.kaggle.com/dimanjung/religions-vs-gdp-per-capita

    Recently, there has been a pretty good amount of debate on the concept of Universal Basic Income i.e. giving certain amount of money unconditionally to everybody just for being a citizen. This concept has come into light after seeing the possibility of automation pushing humans away from the labor. The supporters argue that it is necessary as people would be jobless and and would have no source of income. However, the opposing side argues that this would cause inflation(a decrease in value of money) and hence would make no difference. And in short, both have very good points; its just that the opposing sides have thought a bit through the issue. Should government help people? Yes, absolutely. But will it help? Cannot be sure. How would UBI mean decrease in the value of money? If something costs a price, we value them according to the price we pay for it.  But, we don't value things that we get for free. So, why should we value UBI? And also, the fact that...