Is the world on the cusp of abundance, universal high income and, paradoxically, an era of unemployment? Tech czar Elon Musk has proposed a not-so-distant future where robots will seize all production, slashing labour costs to zero, birthing an "Age of Abundance".
He believes humans will get free money – universal high income, not be required to work, and be free to chase dreams, not money. In a world where Tesla's Optimus robots are already folding shirts and hauling batteries in Fremont factories, Musk's prophecy rings louder than ever. He argues the scenario will start unfolding by 2030.
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Sounds like paradise? Not so fast. The argument for an "Age of Abundance" is founded on a pure techno-economic rationale. But the path to this theoretical world likely involves a turbulent transition with uneven benefits before potentially reaching a stable age of abundance. It is paved with potential for social unrest, existential crisis, bankrupt trillionaires, and a policy apocalypse that nobody can clearly foresee.
THE PROMISE OF ABUNDANCE
At the core of Musk's hypothesis is the argument that automation and AI could radically expand global productivity.
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