I was once talking with one of my classmates and he said that in the future, there will be universal basic income implemented by entire world. I was not convinced at that time and thought he is just being stupid but given the layoffs happening and massive amount of unemployment, I am thinking about this possibility. What do you say?
Yes. As long as scarcity exists for a given commodity/service, markets are the best way to get an accurate assessment of concerned opportunity costs.
Needless to say, the presence of markets ≠ capitalism.
Hence, yes, I do believe that that UBI is the obvious way to go forward as humans move towards labor post scarcity.