In contemporary society, everyone is making efforts to earn a living. For Chinese people, saving money has almost become an ingrained habit, deeply rooted in our cultural DNA. However, Elon Musk recently made a bold claim: "AI will generate high incomes for everyone, rendering saving money pointless." Is an era where saving is unnecessary truly on the horizon? How should we perceive this?

I. Musk: AI Will Usher in High Incomes for All

According to a report by Cailian Press, Elon Musk, the world's wealthiest individual, stated on Wednesday that while the "accounts" initiative set to launch next year is commendable, he envisions a future where "high incomes for all" become the norm, and saving money will no longer be necessary.

Musk made this statement in response to a post by Ray Dalio, the founder of Bridgewater Associates and a renowned investment expert. Dalio announced on X (formerly Twitter) that he would follow in the footsteps of Michael and Susan Dell by donating seed funding for the "accounts" initiative.

At the same event, the Dells announced a staggering $6.25 billion donation to launch the program, providing initial funds for accounts for 25 million eligible children. "The Dells' gesture is undoubtedly generous, but in the future, poverty will cease to exist, and saving money will lose its significance. The era of high incomes for all will eventually arrive," Musk posted on his social media platform X.

Musk has repeatedly emphasized on various occasions his belief that artificial intelligence (AI) and robotics will eradicate poverty and the need for traditional work, leading to universal high-income levels. In May of the previous year, speaking at the Viva Technology conference in Paris, Musk responded to a question about whether he feared AI would take his job by stating that the most likely outcome is that AI and robotics will eliminate the necessity of work.

"In an ideal scenario, perhaps none of us will need to work anymore. The future will witness 'high incomes for all'—not 'universal basic income,' but 'high incomes for all.' There will be no shortage of goods and services," he claimed.

II. Is the 'Era Without the Need to Save' Truly Upon Us?

Recently, Musk's provocative claim that "AI will create high incomes for all" has sparked widespread attention and heated debate across society. Does his argument hold merit? How should we interpret it?

Firstly, AI can indeed dramatically enhance productivity. As we know from fundamental principles of political economy, income is ultimately determined by the labor theory of value—labor creates value, and income represents the compensation for labor's worth. Based on this theory, Musk's assertion that "AI will create high incomes for all" is not without foundation. It is rooted in the reality that AI is profoundly reshaping production methods and the logic of wealth distribution.

Currently, AI is no longer limited to aiding decision-making or optimizing processes; it is gradually acquiring the ability to autonomously execute complex tasks and even engage in creative work. From self-driving cars to intelligent customer service, from medical diagnostics to financial modeling, AI is rapidly replacing human roles in traditional jobs. Once AI systems achieve full autonomy and can continuously, efficiently, and cost-effectively provide goods and services, they could theoretically become new "laborers," incessantly generating social wealth.

In this scenario, humans may no longer need to sell their labor for income but could instead directly share in the surplus value created by AI systems as members of society. This vision essentially represents a technologically optimistic expression of a "post-scarcity society," where productivity is so advanced and material wealth so abundant that the significance of money and savings naturally diminishes. Thus, Musk's argument holds logical consistency, especially in the context of approaching technological singularity.

Secondly, the wealth generated by robotic labor is not straightforward. From the perspective of the labor theory of value, defining the labor and wealth created by AI poses a critical challenge for contemporary economics. The labor theory of value holds that a commodity's value is determined by the socially necessary labor time expended in its production. However, AI labor differs fundamentally from human labor—it does not create value through physical or mental exertion like humans but operates based on algorithms and data. This poses challenges for traditional labor theory in explaining wealth creation by AI.

Nevertheless, from a Western economic perspective, significant costs are involved in robot development and maintenance in the short term. Developing an advanced intelligent robot requires substantial investment in human, material, and financial resources for technology R&D, algorithm optimization, and testing. Moreover, as technology evolves, robots demand continuous maintenance and upgrades to ensure stable performance. These costs make the vision of universal high incomes merely aspirational in the short run.

Even if AI can generate vast wealth, its distribution remains a complex issue. In market economies, wealth distribution is influenced by factors such as capital ownership and technological monopolies. If wealth is unevenly distributed, achieving universal high incomes becomes difficult despite overall societal wealth growth. Thus, realizing Musk's vision of high incomes for all requires not only resolving how to define AI-created wealth but also establishing fair and reasonable wealth distribution mechanisms—a challenge potentially more daunting than the technological one.

Thirdly, substantial long-term wealth creation is possible. From a long-term developmental perspective, when AI technology reaches peak maturity and humanity advances to a higher civilization in utilizing technology and energy, the goals of universal high incomes and labor liberation become feasible. The ultimate direction of technological progress is to serve holistic human development. When AI can fully undertake arduous, dangerous, and repetitive tasks, humans will be freed from survival-oriented labor to focus on creative, experiential, and spiritual pursuits.

This stage hinges on two core breakthroughs: first, AI achieving true artificial general intelligence capable of autonomously adapting to diverse complex production scenarios; second, mature clean energy technologies providing boundless energy support for large-scale AI applications, breaking resource constraints on wealth creation. Wealth generation will then enter a "zero marginal cost" era, with societal wealth sufficient to sustain universal high incomes.

Simultaneously, as human civilization advances, societal values will shift from "labor supremacy" to "existential value supremacy," with wealth distribution based more on fundamental rights than labor contributions. This provides institutional and ideological guarantees for realizing universal high incomes. Humans will no longer worry about material wealth for survival, drastically reducing the need to save as a hedge against future risks.

Fourthly, Musk's vision remains an idealistic projection. In the short term, people still need to work hard and earn money. Despite AI's conveniences and opportunities, it cannot yet fully replace human labor. Many industries still require human expertise, skills, and creativity.

Moreover, the current economic system and social structure tightly link income to individual effort and contribution. Only through continuous striving and self-improvement can one thrive in a competitive market. However, we should not overlook technological progress. As AI and related technologies advance, a highly automated era may eventually arrive where people can lead prosperous lives without excessive labor.

Nevertheless, we must recognize that AI is still in its infancy. While it aids production in certain fields, human input remains substantial. Our priority should be adapting to AI-driven changes and thriving with its assistance rather than speculating about when it will generate immense wealth. Survival for each individual in the present takes precedence over distant possibilities—dream big but stay firmly grounded.

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