Elon Musk: money won't matter by 2036

Elon Musk told The Economist that money may not matter by 2036. His argument is that people only need money because goods and services are limited. Food, housing, transport, entertainment, everything people spend money on has to be produced by someone. If Al and robots eventually produce more goods and services than humans could possibly consume, Musk says the old economic rules start to break down. When asked about universal income, taxes, and inflation, he argued that governments could issue money directly as long as goods and services grow even faster. In his view, the bigger issue may eventually be deflation, not inflation. That's an extreme prediction, but it captures the larger debate around Al: what happens to work, money, and ownership if machines can produce abundance at massive scale? Do you think money could actually become irrelevant in your lifetime? What do you think? Media: The Economist / Elon Musk #ai #artificialintelligence #elonmusk #economy #futuretech