South African-born billionaire and technology entrepreneur Elon Musk has said artificial intelligence (AI) and robots could eventually replace many human jobs as rapid advances in technology transform the global economy.
Speaking at the Abundance Summit, the Tesla and SpaceX chief executive said increasingly capable AI systems and robots could become so productive that they would generate more goods and services than people are able to consume.
According to Musk, such a shift could fundamentally change the role of employment in society, with traditional jobs no longer serving as the primary source of income for many people.
He suggested that governments may eventually need to provide financial support to citizens in response to widespread job displacement caused by AI-driven automation.
Rather than advocating for a universal basic income, Musk described the concept as a “universal high income”, arguing that future economic productivity could enable higher levels of public support.
Musk also said the expansion of AI-powered production could lead to lower prices across the economy. He explained that as the supply of goods and services grows faster than the amount of money in circulation, increased abundance could help reduce the cost of living.
His remarks come amid growing global debate over the economic impact of artificial intelligence, with governments, businesses and labour organisations weighing the opportunities and challenges presented by rapidly advancing AI technologies.
While AI is expected to boost productivity and drive innovation across industries, concerns remain over its potential to displace workers and reshape labour markets in the years ahead.
