Elon Musk Says AI and Robots Will Do ‘So Much Stuff’ We Run Out of Things for Humans to Do — But ‘We’ll Basically Just Issue Money to People’ - EUROPE SAYS
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. The biggest workplace debate of the next decade might not be about asking for a raise. It could be figuring. . .
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. The biggest workplace debate of the next decade might not be about asking for a raise. It could be figuring out what to do when the robots have already finished the job. That’s the future Tesla and SpaceX CEO Elon Musk painted during a conversation with XPRIZE founder Peter Diamandis at theAbundance Summitin March. Rather than warning that artificial intelligence will simply replace workers, Musk described a world where AI and humanoid robots become so productive that scarcity itself starts to disappear, leaving governments to rethink how people earn an income. Don’t Miss:When the Robots Finish Before LunchMusk said the explosion in AI and robotics won’t simply automate repetitive work. He believes it could eventually produce more goods and services than people could reasonably consume. “Yeah, it’s basically AI and robots are going to make so much stuff and provide so many services that they will actually run out of things to do for the humans,” Musk told Diamandis. “They’ll just run out of things to do for the humans,” he continued. “There’s only so much that humans can even express that they want. ”Musk said that if the economy became hundreds or even thousands of times larger than it is today, human demand would eventually hit a ceiling while machinescontinued producing at extraordinary levels. Paychecks Without Punching InThat abundance, Musk said, changes the economic equation entirely. Rather than focusing on universal basic income, Musk described what he calleduniversal high income, arguing that governments could simply send people money because AI-generated output would dramatically outpace growth in the money supply. Trending: Warren Buffett once said, “If you don’t find a way to make money while you sleep, you will work until you die. ”Here’s how you can earn passive income with just $100. “I do think we’ll have universal high income,” he said. “We’re basically just issuing money to people. ”Musk explained that the massive increase in goods and services would create deflationary pressure instead of inflation. “So if the rate of growth of goods and services far exceeds the rate of growth of the money supply,” he continued, “then you will have deflation. ”Story Continues