Elon Musk recently stated at a US investment forum in Washington, DC, that employment might cease to be essential for the majority in the coming 10 to 20 years. He likened future jobs to tending a vegetable garden purely for enjoyment, rather than survival, as stated in an India Today report.

“My prediction is that work will be optional. It’ll be like playing sports or a video game or something like that,” Musk said. “If you want to work, [it’s] the same way you can go to the store and just buy some vegetables, or you can grow vegetables in your backyard. It’s much harder to grow vegetables in your backyard, and some people still do it because they like growing vegetables.”

Automation and robots to drive the shift

Musk attributed this transformation to the expanding role of robots and automation across the workforce worldwide.

He envisions millions of such machines dramatically enhancing efficiency and diminishing the demand for human involvement. Musk has consistently emphasised that Tesla's ambitions go far beyond electric cars, venturing into AI-fueled robotics. This vision prominently features Optimus, Tesla’s humanoid robot, which he positions as pivotal to the firm's long-term valuation. Musk has claimed that Optimus could account for 80% of Tesla’s future value, despite ongoing setbacks in production.

Doubts from economists on job displacement

Scepticism abounds regarding Musk’s upbeat outlook. Numerous economists and labour experts caution that automation is already fostering instability, especially among novice workers.

Certain analyses indicate AI is supplanting lower-skilled positions, intensifying challenges for Generation Z amid stagnant wage increases and erratic employment landscapes.

Money's irrelevance in a post-scarcity world

Musk contended that in an entirely automated society, currency could lose its significance. He drew parallels to Iain M. Banks' science fiction series, The Culture, depicting a utopia overseen by advanced AI with no conventional employment.

“In those books, money doesn’t exist. It’s kind of interesting,” Musk said. “And my guess is, if you go out long enough — assuming there’s a continued improvement in AI and robotics, which seems likely — money will stop being relevant.”

Concerns over AI costs and deeper human needs

Experts remain apprehensive about the practicality of widespread AI adoption, with global university studies delving into affordability hurdles.

Although AI expenses are declining, such as reduced costs per token, robotic technologies demand substantial funding and intricate production processes, as highlighted in recent investigations.

Beyond economics, specialists argue that employment fulfills profound psychological roles. A landmark 1938 Harvard study underscores how people derive fulfillment from significant relationships, often cultivated in professional settings.

Musk has previously touched on this, noting at Viva Technology last year: “The question will really be one of meaning: If the computer and robots can do everything better than you, does your life have meaning? I do think there’s perhaps still a role for humans in this—in that we may give AI meaning.”