Elon Musk Says Money Could Become Irrelevant By 2036

• Elon Musk believes AI and robots could produce so many goods and services that money may lose its importance.

• The Economist’s Zanny Minton Beddoes challenges how society gets from today’s economy to that uncertain future.

• Musk says governments could simply issue payments if AI replaces human jobs on a large scale.

• The Tesla CEO admits AI’s future is both exciting and frightening, even for him.

July 25, () — Money may be one of humanity’s oldest inventions, but Elon Musk believes its importance could fade within the next decade.

Speaking with The Economist Editor in Chief Zanny Minton Beddoes, Musk argued that advances in artificial intelligence and robotics could create a level of abundance that changes the way the global economy works.

“Money won’t matter in 2036,” Musk said.

Beddoes immediately questioned the prediction.

“I’m not sure that the people who bought your shares think that money won’t matter in 2036,” she said.

Musk responded that money only has value because it gives people access to goods and services.

“Well, what do you want money for?” he asked. “You want money for goods and services, right?”

He argues that if machines can eventually produce more goods and services than humans could ever consume, the purpose of money itself could be reduced.

“You want money for, obviously, food, housing, transport, and entertainment,” Musk said.

“If that is so abundant that the robots and AI are providing more goods and services than any human could consume, what do you need money for in that case?”

The Difficult Journey From Today’s Economy To An AI Future

While Musk focused on the possible destination, Beddoes focused on the transition.

Even if AI creates enormous wealth in the future, she questioned what happens to people whose jobs are disrupted before that point.

“We live in democracies, and people are very worried about this,” she said. “How do you handle the Politics now?”

Her concern was that public fear could shape government decisions before the benefits of AI become clear.

She suggested that societies could move towards heavier taxation, stronger state control, or attempts to slow technological development.

The challenge is already becoming a major global debate.

AI is expected to transform many industries, affecting not only factory work but also professional roles that once seemed protected from automation.

When asked whether wealthy technology leaders would need to contribute more through taxation to support displaced workers, Musk suggested a direct payment system.

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

Beddoes pushed back on the economic consequences.

“Where’s the revenue coming from?” she asked. “If you just issue cheques, you’re going to have inflation.”

Musk disagreed, arguing that traditional economic assumptions may not apply in a world where AI dramatically increases production.

Musk Predicts Deflation Could Replace Inflation As The Main Economic Concern

Musk believes the key factor is not simply how much money exists, but how much the economy can produce.

“Inflation is simply the ratio of money to goods and services,” he said.

“If the goods and services output increases dramatically, you can literally print, or in this case change the database, create money in the database, provided the creation of that money is less than the rate at which goods and services increase.”

He predicts that AI could push production so high that falling prices, rather than rising prices, become the bigger issue.

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

Whether that happens depends on how quickly AI develops and how governments respond.

Economists continue to debate how automation, productivity growth, and monetary policy would interact in such a future.

For Beddoes, the biggest uncertainty is not only economic but political.

A technology capable of reshaping work and wealth could also reshape public opinion and government policy.

“It’s exhilarating and terrifying,” Musk said when asked about the future of AI.

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

That tension captures the wider debate around artificial intelligence.

The technology could bring cheaper goods, faster innovation, and new possibilities that are difficult to imagine today.

But the transition could also create disruption for workers, businesses, and governments trying to adapt.

Musk’s prediction that money may no longer matter by 2036 is far from certain.

But the question behind it is already becoming unavoidable.

If AI changes the way wealth is created, societies will have to rethink how opportunity, income, and economic value are shared.