Amanze Chinonye
Elon Musk has warned that money and salaries could become irrelevant in the future as artificial intelligence and robotics advance to the point where human labour is no longer necessary.
The world’s richest man said a future dominated by AI could eliminate the need for wages, arguing that money would lose its purpose once machines can meet all human needs at little or no cost.
“I think money disappears as a concept, honestly,” Musk said during an episode of the People by Wtf podcast. According to him, money currently functions as a system for allocating labour, but that system would collapse if AI and robotics become capable of producing everything society needs.
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“In a future where anyone can have anything, you no longer need money as a database for labour allocation,” he said, adding that the relevance of money would “decline dramatically” under such conditions.
Musk suggested that if robots can build homes, grow food, manufacture goods and deliver services such as healthcare and education at near-zero cost, work would no longer be compulsory and wages would cease to determine access to resources.
He cited The Culture science fiction series by Iain M. Banks as a vision of such a future, where advanced AI enables abundance and renders money obsolete, allowing people to pursue activities they enjoy rather than working to survive.
The Tesla and SpaceX chief has expressed similar views in the past. In 2023, he told former UK Prime Minister Rishi Sunak that AI would eventually be able to do “everything,” turning work into something closer to a hobby rather than a necessity.
However, Musk’s vision raises unresolved questions, including how access to scarce resources such as prime real estate or desirable locations would be determined in a world without money.
While he did not specify when money might fully disappear, Musk suggested the end of compulsory work could arrive within the next two decades. “In less than 20 years but maybe even as little as 10 or 15 years the advancements in AI and robotics will bring us to the point where working is optional,” he said.
AI tools such as ChatGPT and Google Gemini are already reshaping workplaces by automating tasks like data analysis, summarisation and administrative work. A survey conducted last year projected that by 2029, AI could save workers up to 12 hours per week.
Despite these gains, scepticism remains among workers and policymakers, who have heard similar promises of technological liberation in the past, often accompanied by job losses and widening inequality.
Prime Business Africa reports that Musk has repeatedly argued that government policy and regulation will be crucial in determining whether the AI revolution leads to widespread prosperity or deepens existing social and economic divides.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
