Money won't matter in 2036.

@mediasociety.co

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The video features a high-profile figure (Elon Musk) discussing a provocative and intellectually stimulating topic, which naturally encourages engagement and sharing.

Summary

Elon Musk discusses his prediction that money will become less relevant in the future due to the abundance of goods and services provided by AI and robotics. He argues that deflation, rather than inflation, will be the primary economic challenge in this scenario.

Structure

1Elon Musk claims money won't matter in 2036
2Interviewer questions the economic feasibility of this vision
3Musk explains the relationship between money supply and goods/services
4Musk predicts deflation will be the future issue
5Interviewer expresses concern about the political transition to this future

On-screen text

Elon Musk: "Money won't matter in ten years" money won't in 2036 I'm not sure that the people who bought your shares think that money won't matter in 2036 well what do you want money for are you you want money for goods and services yep right for obviously food housing transport entertainment um well if that is so abundant that uh there's more that the robots and AI are providing more goods and services than any human could possibly consume what do you need money for in that case Let's agree that that could be where we end up I'm con I'm concerned about the road and we live in democracies and people are very worried about this so I guess two questions firstly do you have to have massive redistribution from people like you to the people who are losing their jobs do you need to pay more tax do you have much higher taxes on capital so that you fund what some kind of universal income otherwise what do people live off I I think that the the treasury should just simply issue people checks But where's the revenue coming from I mean I'm enough of an economist if you just issue checks you're going to have inflation it it it this is like a lot of what we're trying to think about is these things were relevant in the past they will not be relevant in the future so like inflation inflation is simply the ratio of money to the to to goods and services so if the goods and services output increases dramatically if it increases you know a thousand percent you can increase the you can literally print or these guys change the database not never print money it's you create money in the database um provided the creation of that money uh is less than the rate at which goods and services increase um you you'll actually have deflation So I'll make a prediction which is that deflation will be the issue not inflation the because because as the output of goods and services increases um if if the output of goods and services increases faster than the money supply you will have deflation I'm actually I'm perfectly willing to believe that You may well be right Yeah no you absolutely you may well be right but I'm I'm really hung up on how we get from the current polarized angry fearful policy we have now to this Nirvana and and I think you could you can paint a picture where people are so scared by this you know they essentially try to stop it maybe they can't but you get nationalized there's a kind of you know far left government there's exorbitant tax increases the kind of economy crumbles because people are so worried about a future which does sound quite scary as you describe it So how do you how do you handle the politics now It's exhilarating and terrifying But if if you were in the yeah exactly exactly Honestly if you ask me on any given day I I I I In fact I've gone from exhilaration to terror regarding AI

Original caption

Elon Musk: Money won't matter in ten years "Money won’t matter in 2036" claims Elon Musk on the latest Insider. He tells Zanny Minton Beddoes, The Economist's editor-in-chief, how people will live when Al and robots can do every job and why he expects deflation, not inflation. #elonmusk #ai

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Transcript

Money won't matter in 2036. I'm not sure that the people who bought your shares think that money won't matter in 2036. Well, what do you want money for? You want money for goods and services. You want money for food, housing, transport, entertainment. Well, if that is so abundant that there's more that the robots and AI are providing more goods and services than any human could possibly consume, what do you need money for in that case? Let's agree that that could be where we end up. I'm concerned about the road and we live in democracies and people are very worried about this. So I guess two questions. Firstly, do you have to have massive redistribution from people like you to the people who are losing their jobs? Do you need to pay more tax? Do you have much higher taxes on capital so that you fund some kind of universal income? Otherwise, what do people live off? I think the treasury should just simply issue people checks. But where's the revenue coming from? I mean, I'm enough of an economist, if you just issue checks, you're going to have inflation. This is like a lot of what we're trying to think about is these things were relevant in the past, they will not be relevant in the future. So, like inflation is simply the ratio of money to to to goods and services. So if the goods and services output increases dramatically, if it increases, you know, 1,000%, you can increase the you can literally print or these guys change the database, not not really print money. It's you create money in the in the database. Um, provided the creation of that money is less than the rate at which goods and services increase, um, you you'll actually have deflation. So I'll make a prediction, which is that deflation will be the issue, not inflation. Because because as the output of goods and services increases, um, if if the output of goods and services increases faster than the money supply, you will have deflation. I'm actually I'm perfectly willing to believe that. You may well be right. Yeah, absolutely. You may well be right. But I'm I'm really hung up on how we get from the current polarized, angry, fearful policy we have now to this Nirvana. And and I think you could you can paint a picture where people are so scared by this, you know, they essentially try to stop it. Maybe they can't, but you get nationalized, there's a kind of, you know, far left government, uh, there's exorbitant tax increases, the kind of economy crumbles because people are so worried about a future which does sound quite scary as you describe it. So, how do you how do you handle the politics now? It's exhilarating and terrifying. But if if you were in the yeah, exactly. Honestly, if you ask me on any given day, I I I in fact, even intraday, I've gone from exhilaration to terror regarding AI.