According to reports circulating from remarks attributed to Musk, the rapid advancement of AI-powered systems and autonomous robots could create a future where goods and services are produced in such abundance that scarcity—one of the key foundations of modern economics—could significantly diminish.
Musk believes that as intelligent machines become capable of manufacturing products, delivering services, and managing complex industrial processes with minimal human intervention, the cost of production could fall dramatically.
In such a scenario, access to essential goods may become easier, reducing society's dependence on traditional monetary exchange.
The Tesla and SpaceX CEO has long argued that AI represents one of humanity's most transformative technologies. While acknowledging its enormous opportunities, he has consistently warned that artificial intelligence must be developed responsibly to ensure it benefits society rather than creating widespread economic disruption.
Economists, however, remain divided over the prediction. Many experts agree that AI will fundamentally reshape labour markets, productivity, and wealth creation, but argue that money itself is unlikely to disappear entirely. Instead, they foresee new economic models emerging alongside traditional financial systems, with governments and businesses adapting policies to address automation-driven job displacement and income inequality.
The debate comes at a time when AI adoption is accelerating across industries, from manufacturing and healthcare to finance, education, logistics, and entertainment. Companies worldwide are investing billions of dollars in AI technologies, raising questions about the future of work, wealth distribution, and human productivity.
For developing economies such as Nigeria, Musk's prediction underscores the urgency of investing in digital infrastructure, AI education, innovation, and workforce reskilling. Analysts say countries that embrace emerging technologies are likely to be better positioned to compete in an increasingly automated global economy.
Whether or not money becomes obsolete by 2036, experts agree on one point: artificial intelligence is set to redefine the way people work, produce, consume, and create value. The coming decade may therefore mark one of the most significant economic transitions in modern history, requiring governments, businesses, and individuals to rethink traditional approaches to employment, commerce, and prosperity.
Editor's Note: Musk's comments reflect his personal outlook on the long-term impact of artificial intelligence and should be viewed as a forward-looking prediction rather than an established economic forecast.
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