I agree that some form of "universal income" is in our future, but I'm having a hard time wrapping my head around how society is really going to function at the point
@elonmusk is referring to here.
Let's ⏩ to the point in the future where there is a worldwide slave workforce of AI robots that literally do everything for us.
We don't even have to train/improve, build and/or maintain the robots, because they train/improve, build, and maintain themselves.
The only thing humans will need to do at that point is:
1) For the sake of maintaining legal structures, serve in whatever form of government(s) - exist at that point; and...
2) Manage the robot workforce (keep them from "going rogue") - And I'm not really sure how that will work either.
At that point, what utility does money have? Answer: None.
As long as there is enough harnessed energy (and the robots will do the work to ensure there is), there is no cost associated with anything! And if nothing costs anything, there is no reason for money to exist.
Elon is referring to the transition period between ~now and the point in time that I'm describing above, and that's the period I'm struggling to understand.
What makes it so tricky is that it's not like money will maintain it's utility and value as we know it, then all of a sudden go to zero at the point I previously described.
There's going to be this transition where there is less and less need for human labor (physical and/or mental), but because the need for human labor is still > 0, things will still have a some cost associated with them, and thus people will still need money.
So much about what we today refer to as "society" and "economy" is going to be evolving; and perhaps quite rapidly.
It's going to be quite interesting, and probably frightening for a lot of people - Which brings in a whole new dynamic.
What is it going to be like when such a high percentage of the population is feeling insecure (afraid) about their very next day? Insecurity is typically what causes people (and groups of people) to disregard the guardrails (laws) put in place to maintain order in society.
Frankly, this rabbit hole is getting a little too dark now and I'm going to stop. I am curious of how others think this is all going to play out though. If you have any thoughts, please do offer them in the replies.
Universal HIGH INCOME via checks issued by the Federal government is the best way to deal with unemployment caused by AI.
AI/robotics will produce goods & services far in excess of the increase in the money supply, so there will not be inflation.