Yet another Silicon Valley billionaire who doesn't understand the first thing about economics.
As more and more jobs are replaced by technology, people will have less work to do and ultimately will be sustained by payments from the government, predicts Elon Musk, reports CNBC.
"There is a pretty good chance we end up with a universal basic income, or something like that, due to automation," says Musk to CNBC. "Yeah, I am not sure what else one would do. I think that is what would happen."
As I have pointed out many times, robots are just another form of capital that are responsible for raising the general standard of living. Until we reach the Garden of Eden, we will all have jobs. Jobs, in a robot world, that will mean more products and services availabke to us.
We are nowhere near a situation where there is an overabundance of labor. In fact, the idea is pretty much an internal contradiction. If there wasn't any work to provide laborers with income, wouldn't they start providing products and services to each other rather than starve to death?