Money maybe useless by 2036 – Elon Musk

Elon Musk says Artificial Intelligence could radically transform the global economy within the next decade, predicting that by 2036, money may become far less important as AI and robotics make goods and services overwhelmingly abundant. Speaking during an interview with The Economist editor-in-chief, Zanny Minton Beddoes, Musk argued that the value of money is tied […]

Elon Musk says Artificial Intelligence could radically transform the global economy within the next decade, predicting that by 2036, money may become far less important as AI and robotics make goods and services overwhelmingly abundant.

Speaking during an interview with The Economist editor-in-chief, Zanny Minton Beddoes, Musk argued that the value of money is tied to the scarcity of goods and services.

“You want money for goods and services. If robots and AI are providing more goods and services than any human could possibly consume, what do you need money for?” he said.

Musk suggested that governments could support citizens financially during the transition to an AI-driven economy, proposing that national treasuries could simply issue payments directly to people.

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“I think the Treasury should just simply issue people checks,” he said.

When concerns were raised that creating more money could trigger inflation, Musk disagreed, arguing that if AI dramatically increases the supply of goods and services, the traditional relationship between money supply and inflation would change.

“Inflation is simply the ratio of money to goods and services. If the output of goods and services increases dramatically, you can create money in the database,” he explained.

He further predicted that deflation, rather than inflation, would become the world’s primary economic challenge.

“I’ll make a prediction, which is that deflation will be the issue, not inflation,” Musk said.

However, Beddoes questioned how societies would navigate the transition, warning that AI-driven job losses, widening inequality and political instability could fuel demands for wealth redistribution, higher taxes and universal basic income.

She expressed concern over how governments could move from today’s polarised political climate to a future of economic abundance without major social upheaval.

Musk acknowledged that he remains conflicted about AI’s future, saying his emotions fluctuate between excitement and fear.

“Honestly, if you ask me on any given day—even intraday—I’ve gone from exhilaration to terror regarding AI,” he said.

The billionaire also reiterated his belief that artificial intelligence could surpass the combined intelligence of all humans within about five years.

While he believes AI can no longer realistically be stopped, he argued that global efforts should instead focus on ensuring the technology develops safely to maximise its benefits while minimising its risks.