“The end of labor means the end of paid slavery. And the opening up of freedom — that is to say, choice of how to spend your time. The only question, a big question, is how do you eat?” — Keith Teare
Does capitalism have a future in our AI age? For Musk, Silicon Valley’s baddest bad entrepreneur, the answer might surprise. Musk seems to think that in the long run, money and wealth will disappear in an age of abundant intelligence. Which, presumably, will include hundreds of billions of his own dollars. Although given Musk’s determination to sue and take money from OpenAI, some might be slightly sceptical of his real faith in a post-money cornucopia.
It’s not just Musk and That Was the Week publisher Keith Teare who are reimagining capitalism in our AI age. The former World Bank chief economist, Branko Milanovic, drawing on Karl Marx and Adam Smith in equal measure, argues that if AI eliminates the labor component of production, things will become free — thereby creating the conditions for the destruction of capitalism. Keith agrees — and goes further than Milanovic. The end of paid labor, he insists, borrowing also from Marx, is not a catastrophe. It’s the end of what he calls “paid slavery” and the opening of genuine freedom.
I’m not so sure. If nobody has to work, we’ll all become bad artists. The cult of the amateur. The future is of bad entrepreneurs like Elon Musk and even worse artists. Hyper-capitalism in our age of AI.
