Is It Time to Rethink the Field of Economics?
Economics is often described as the study of the distribution of scarce resources. In a world of exponential technological change, shouldn’t we be teaching about the possibility of living in a world of abundance? Or of living in a world where there is no need to work?
Shouldn’t our focus be on how we transform our world from a world of scarcity to the world of abundance available to us if only we learn how to use emerging technologies for the good of humanity? 25 years into the 21st century, we need to begin to develop a 21st century mindset of the possible.
From the American Economic Association:
Economics can be defined in a few different ways. It’s the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making.
Economics is a social science that studies how societies use scarce resources to satisfy unlimited wants and needs.
Economics, in its simplest form, is the study of how societies make decisions about how to allocate scarce resources to satisfy unlimited wants and needs.
Building the Abundance Mindset
For anyone paying attention to the accelerating advances in AI since the launch of ChatGPT, it may now be clear that the dramatic advances in AI have put humanity in a position to live into a world of abundance. In this chapter, we will make the argument first put forward by Peter Diamandis that we need to begin to live with an “abundance mindset”— and abandon the scarcity mindset put forward by the dismal social science we call economics. As Tony Seba and James Arbib argue, it is time to Rethink Humanity!
Our goal in this chapter is to convince you that scarcity is no longer the dominant feature in our world of exponential technological change.
For the last decade, several books have appeared explaining the profound and accelerating technological transformation of our world.
As we have been discussing, the pace of technological change has continued to accelerate since the launch of ChatGPT. Now, for the first time in human history, we believe we can credibly assert that the technology tsunami that futurists have been talking about for a decade is poised to create a world of Super Abundance.
We will start this chapter by briefly reviewing some of the best books of the last decade, then share our views with you as to why we are convinced that, from a technology standpoint, a world of Super Abundance is achievable.
Klaus Schwab, the founder of the World Economic Forum, published two terrific books exploring the transformative impact of emerging technologies on our global society, economy, and governance: The Fourth Industrial Revolution, in 2016, and its sequel, two years later, Shaping the Future of the Fourth Industrial Revolution.
We wholeheartedly agree with Schwab when he writes that the most intense and important challenge we face today is to understand and shape the technology tsunami coming our way:
“Of the many diverse and fascinating challenges we face today, the most intense and important is how to understand and shape the new technology revolution, which entails nothing less than the transformation of humankind. We are at the beginning of a revolution that is fundamentally changing the way we live, work, and relate to one another. In its scale, scope, and complexity, what I consider the Fourth Industrial Revolution is unlike anything humankind has ever experienced before.”
New York Times journalist Thomas Friedman may have been the first to capture the essence of the changes taking place in the 21st century with his 2005 book The World is Flat: A Brief History of the Twenty-First Century. In this book, he explained that the world was flattening, driven by ten key forces, including the fall of the Berlin Wall, the rise of the internet, outsourcing, and supply-chaining. He called the new global economy “Globalization 3.0,” a place where individuals, not just nations or corporations, can compete and collaborate globally.
In his 2016 book, Thank You for Being Late: An Optimist’s Guide to Thriving in the Age of Accelerations, Friedman explores the accelerating pace of change in the 21st century, driven by simultaneous accelerations of what he calls the three “Ms”—Moore’s Law (Technology), the Market (Globalization), and Mother Nature (Climate Change). He explained that each of these three changes is accelerating at the same time, and converging:
We’re going through a change in the climate of globalization, technology, and the environment, and it’s like nothing I’ve ever seen before in my lifetime. It’s not just the speed of change—it’s the exponential speed, the way these three forces are interacting and amplifying one another, creating a whole new world that is more interconnected, more complex, and more unstable than ever. If you think the world is flat, you’re going to be shocked at how much flatter it’s getting, and how fast.”
Friedman explained,
I call this new technology platform ‘the supernova’—because it is not just a big star but a super-empowered star, radiating change in all directions at once”.
This metaphor highlights the scale and speed of technological change, which he sees as distinct from earlier phases of technological progress due to its global reach and exponential growth. The supernova is powered by what Friedman refers to as “Moore’s Law on steroids,” where computing power doubles roughly every two years, but its effects are magnified by interconnected systems.
He notes,
The supernova is the force that is giving energy to all the other accelerations—globalization and climate change”, emphasizing its role as the backbone of the “age of accelerations.”
What would Friedman say today, knowing that the computer technology advances he saw with Moore’s Law led to a 32-fold increase over ten years, as compared with today’s rate of change, where AI computers doubled every six months, leading to a million-fold increase over ten years?
Other very informative books came out during this period, all of which correctly anticipated the technological change coming our way: Al Gore’s The Future: Six Drivers of Global Change (2013), Newt Gingrich’s Breakout (2013), and Kai-fu Lee’s AI Superpowers: China, Silicon Valley and the New World Order (2018).
While each of these books anticipated a pace of change more rapid than ever before, none of them expressly spoke about the possibility of technology ushering in an age of Super Abundance. That novel, revolutionary idea was left to Peter Diamandis, who has been calling for people from across the world to adopt an “abundance mindset” ever since the publication of his 2012 book (co-authored with Steven Kotler), Abundance: The Future Is Better Than You Think.
Like Schwab and Friedman, Diamandis concluded that humanity is on the cusp of a transformative era driven by exponential technological change, the difference being that Diamandis argues against the idea of scarcity, suggesting that this new innovative era has the potential to usher in an era of abundance, requiring a new abundance mindset.
The central theme of his book is that humanity is on the cusp of a transformative era, where exponential technological advancements, combined with innovative forces, will create a future of abundance rather than scarcity. The authors challenge the pervasive pessimism about global challenges (overpopulation, resource depletion, poverty, etc.) by asserting that technology can make essential resources like water, food, energy, healthcare, education, and freedom accessible to all within a generation. They propose that this abundance will close the gap between the privileged few and the struggling majority, fundamentally improving global living standards.
Diamandis, who I believe is worthy of the title Godfather of Abundance, described in 2012 a state where every individual has access to basic needs, enabling each to pursue their potential rather than merely survive. This vision is grounded in a data-driven optimism that contrasts with fear-based narratives about the future.
Tony Seba & James Arbib: From Rethinking Humanity to a Stellar World
The first book that we are aware of that framed a world of Super Abundance where technological advances properly executed would take us from “a world of scarcity to one of plenitude” was James Arbib and Tony Seba’s Rethinking Humanity: Five Foundational Sector Disruptions, the Lifecycle of Civilizations, and the Coming Age of Freedom.
In the book, Arbib and Seba explained that:
We are on the cusp of the fastest, deepest, most consequential transformation of human civilization in history, a transformation every bit as significant as the move from foraging to cities and agriculture 10,000 years ago.
We have the opportunity to move from a world of extraction to one of creation, a world of scarcity to one of plenitude, a world of inequity and predatory competition to one of shared prosperity and collaboration.
This is not, then, another Industrial Revolution, but a far more fundamental shift. This is the beginning of the third age of humankind – the Age of Freedom.
The possibilities that open up in this new age are truly extraordinary. Within 10-15 years, everyone on the planet could have access to the ‘American Dream’ for a few hundred dollars a month. For the first time in history, poverty could be overcome easily. Access to all our basic needs – food, energy, transportation, information, and shelter – could become a fundamental human right.”
Here is a link to the book.
Seba and Arbib, who spend their time advising governments and major corporations on exponential trends impacting a range of industries, recently published Stellar: A World Beyond Limits, and How to Get There, which consolidates and reinforces the themes outlined in Rethinking Humanity.
In Stellar, Seba and Arbib present a bold vision of a world where exponential technologies—solar, wind, batteries, AI, robotics, and precision fermentation—drive a shift from an extractive, scarcity- based economy to a regenerative, superabundant one. The authors argue that the current extractive model, rooted in fossil fuels and linear production, is the root cause of global crises like war, inequality, and environmental collapse. They highlight how a “stellar energy system” produces a “radiance effect,” delivering near-zero-cost energy that powers innovations like lab-grown food and autonomous transport, making essentials universally accessible and dissolving scarcity-driven problems.
The book emphasizes labor disruption, predicting that AI and humanoid robotics will automate most jobs by 2035–2045 at costs below $10/ hour, creating material Super Abundance but posing challenges for human purpose. Unlike Rethinking Humanity, Stellar provides a roadmap, urging collective action from governments, businesses, and individuals to invest in these technologies and rethink governance. It acknowledges the risk of a “messy transition” if society fails to adapt, citing potential resistance from entrenched industries and the need to redefine meaning in a post-work world.
In Stellar, they conclude that a superabundant, regenerative world is achievable by 2040, where poverty, hunger, and conflict dissolve. While optimistic, the authors stress that the transition won’t happen automatically, calling for proactive leadership to ensure equitable distribution and human flourishing in a post-scarcity era.
No Need to Work in the Future
Interview #1: Elon Musk & Rishi Sunak Interview
While we read many of the books mentioned above and are big fans of Peter Diamandis, we did not really understand the profundity of the change coming our way or the real potential for Super Abundance until we saw a November 23, 2023, interview between then-UK Prime Minister Rishi Sunak and Elon Musk. Prime Minister Sunak asked Musk about the risk to jobs emanating from AI, explaining that in his role as Prime Minister, it was an important concern for him.
Musk gave a thoughtful, heartfelt answer that we have transcribed here:
“I think we are seeing the most disruptive force in history here, where we will have for the first time something smarter than the smartest human. And that, I mean it is hard to say exactly what the moment is, but there will come a point where no job is needed. You can have a job if you want to have a job for personal satisfaction, but the AI will be able to do everything. So I don’t know if that makes people comfortable or uncomfortable.
“That’s why I say if you wish for a magic genie that gives you any wish you want and there’s no limit, there is no three wish limit nonsense, you can have as many wishes as you want, so it is both good and bad. And one of the challenges in the future will be how do we find meaning in life, if you have a magic genie who can do everything you want.
“I do think it is hard, when there is new technology, it usually follows the S curve, in this case we’re going to be on the exponential portion of the S curve for a long time, and like you’ll be able to ask for anything.
“It won’t be, it won’t be universal basic income, we will have universal high income, so in some sense it will be somewhat of a leveler or equalizer, you know, because really, I think everyone will have access to the magic genie and you will be able to ask any question. It will certainly be good for education, it will be the best tutor and the most patient tutor, it will sit there all day. There will be no shortage of goods and services; it will be an age of abundance.
“I recommend people read Ian Banks. The Banks culture books are the best envisioning of an AI future. There is nothing even close. I really like Banks. There is no one even close.
“That will give you a sense of a utopian or protopian future with AI.”
This interview truly changed our understanding of the future. In simple, straightforward, easy-to-understand language, Musk painted a clear picture of the superabundant future in front of us. While the interview changed our view of the future, it was still not clear to us how that future would be built. In three subsequent interviews, Musk’s vision has become increasingly clear.
Interview #2 – Elon Musk at the World Government Summit Talk in Dubai
February 13, 2025
In this talk, Musk reiterates his view that a world of universal high income is not only achievable, but he provides us with a glimpse of how we get to that world for the first time explaining that humanoid robots guided by Deep Intelligence, have the potential to produce an infinite amount of goods and services.
We have once again painstakingly shared the actual text of the interviews, given the importance of what Musk is telling the world.
In Minute 18:55, the interviewer asks: You have been at the forefront of new technologies, we are spending billions on new technologies… where do you expect the biggest returns, where will they be?
Elon Musk’s Response from minute 19:15 to 21:21
“I think once you have humanoid robots and deep intelligence, you can basically have quasi-infinite products and services available…so with Tesla building the most advanced humanoid robot, then those robots can be directed by deep intelligence at the data center level.
“You can produce any product you can produce and provide any service.
Then, there is really no limit to the economy at that point. You can make anything.
“So I am not sure at that point if money will even be meaningful. I don’t know, it might not be.
“If the economic output is productivity per capita x how many people you have, and if in the form of humanoid robots, there is no meaningful limit on the number of robots, and the robots can basically do anything, then you have a sort of universal high-income situation.
“Anyone will be able to have as many of these products and services as they want, with the exception of artificially scarce resources, like for example, a particular work of art.
“But for any goods and services, they will be available to everyone. It will be a very different world. I recommend Ian Banks’s The Culture books for a frame of reference.
“Money is really like a database or information system for resource allocation but if you don’t have a scarcity of resources, it is not clear what purpose money has.”
Musk’s Response from minute 23:05 to 25:15:
“Human intelligence will be dwarfed by machine intelligence. I am not sure how to feel about that, except that it feels inevitable that at some point, human intelligence will make up a very small fraction of total intelligence. Digital intelligence will be more than 99 per cent of all intelligence in the future.
“Hopefully, the computers will be nice to us.
“I think it matters how we bring up AI because you can think of AI as a super genius child.
“But it still matters even if you have a super genius child, what sort of values do you instill in that child? How are you? As a child is growing up, what values do you teach the child?
“Something that I think is extremely important is to be maximally truth- seeking.
“What is the most important thing for AI Safety? I think it is to be maximally truth-seeking.
“I also think curiosity is important. I think if it is curious and truth-seeking, I think it will foster humanity…because it would be curious about how humanity would develop… if it is curious it would be like ok let’s see how the humans can do and let’s foster their development and if it is truth- seeking we can avoid dystopian outcomes.”
This interview provided us with the first glimpse of how Musk envisions this new future can be created. His answer is simple: he and others will build humanoid robots guided by deep intelligence that will do everything for everyone. There will no longer be any need to work.
Interview #3: Elon Musk Meeting with Tesla Employees
March 20, 2025
In an address to Tesla employees, Musk continued to explain his belief that Super Abundance is achievable, shedding further light on how he hopes to bring that world into existence.
Musk explained that bringing AI and robots under one roof is part of the company’s broader strategy to create “sustainable abundance for all.” He described a utopian age where humans “will want for nothing,” powered by Tesla’s integrated solutions, positioning Tesla as one of the entities capable of achieving this through its unique technological advancements.
We have once again transcribed an important portion of this presentation to Tesla employees, as the first 3:45 minutes of the speech provide important insights into his thinking about how he hoped to bring this future into being.
Musk to his employees:
“What is the most exciting future you can possibly imagine? Like, what does that future look like? It is worth thinking about that. Just imagine an amazing future, what does it look like? How about a future where you can have any good or service you want? At will.
“A future of abundance for all. Where really anyone can have anything. It sounds impossible. It sounds like surely such a thing could not be the case. But what I am up here to tell you is that it will indeed be the case. That the future we are headed for is one where literally you can have anything you want. Like, if there is a good or service you want, you can have it, and like ultimately, everyone in the world will be able to have anything they want.
“What is key to that is robotics and AI. So, once you have self-driving cars and autonomous robots, where everyone can have their own robot, but even better than that is Optimus.
“You can imagine your own personal robot buddy. That is a great friend but also takes care of your house, will clean your house, mow the lawn, will walk the dog, will teach your kids, will babysit And will also enable the production of goods and services basically with no limit And when you combine that with sustainable energy from the sun and batteries at the same time preserve a great environment.
“So that I think is the future that we want. A future where nobody is in need, you can have what you want. But we still have nature… and let’s not forget space travel.
“So if you can have anything you want and travel to Mars, it is about as good as it gets. That is what we are trying to do is to take a set of actions that will most likely lead to a great future for all. So that is what I mean by Sustainable Abundance. The combination of things we are making with Optimus and AI computers will achieve an age of abundance for all.”
You can watch the video
Interview #4: Saudi-US Investment Forum
May 14, 2025
In this interview, Musk discusses the potential for abundance created by humanoid robots, of which there are no real physical limits as to how many can be produced. He envisions a world where numerous robots are produced, providing humanity with an opportunity to create a post-scarcity world of abundance, a world of universal high income, where no one wants for anything, where anyone can have as many goods and services as they want.
In minute 0:49, he explains that his Optimus robots just put on a dance performance for their Saudi hosts, then goes on to explain that we are headed to a radically different world.
“I think a good world is an interesting world. My prediction for humanoid robots is that ultimately, there will be tens of billions. I think everyone will want to have their personal robot. You can think of it as having your own R2D2, or even better. Who wouldn’t want to have their own R2D2? It would be great.
“I think it also unlocks a great amount of economic potential. Because when you think about the GDP of an economy. It is productivity x population. Once you have humanoid robots, the actual economic potential is tremendous. It is really unlimited. Potentially, we could have an economy 10x the size of the current global economy where no one wants anything. Sometimes in AI they talk about universal basic income. I think it is really going to be a universal high income.
“Where anyone can have any goods and services they want.”
In closing, he once again recommends Ian Banks’s culture books for a non-dystopian view of the future and encourages us to avoid the risks in front of us so that we can create a
“Star Trek where we would be exploring the stars, discovering the nature of the universe, and a level of prosperity and hopefully happiness that we can’t quite imagine yet. So, I am very excited about the future and very glad to be here.”
You can watch the video here
Of course, we have no way of knowing, but it seems to us, looking on from afar, that Musk, like every innovator working in the AI and tech space, is struggling to keep up with the incredible speed with which our world is evolving. We shared long passages from each of these interviews because it seems to us that the views of Elon Musk, like all our views, are evolving. It seems to us, at least, that Musk’s view of Super Abundance has been taking shape since the fall of 2023 and is becoming increasingly clear. Most importantly, it is clear to us that this world of Sustainable Super Abundance is achievable if humanity can come together in the coming years to find ways to deploy these powerful technologies in a way that benefits all of humanity.
Living in Post-Scarcity, Solved World…Deep Utopia
If we ever needed confirmation that this world of abundance is possible, we need look no further than the 2024 book written by Oxford University polymath Nick Bostrom called Deep Utopia: Life and Meaning in a Solved World.
Bostrom’s decision to write this new book is, in our view, an important signal to all of us that the world of Super Abundance is imminent, because Bostrom’s previous book, Superintelligence: Paths, Dangers, Strategies (2014), is widely considered to be the best book on Superintelligence. Bostrom explored the transformative potential and existential risks of artificial superintelligence (ASI), defined as an intellect vastly surpassing human cognitive abilities across all domains. Superintelligence highlighted the dangers and opportunities arising from artificial intelligence. The fact that Bostrom is now anticipating the challenges and opportunities that would occur in a “solved world” represents, in our view, a great vote of confidence in terms of the feasibility of the superabundant world we have been discussing.
The other important point we have tried to make clear from the outset of this chapter is that those of us alive today have inherited a technology tsunami that has been gathering speed and momentum for more than 250 years, a momentum that started with the launch of the Scientific and Industrial Revolution. The real question before us today is what we are going to do with this bounty of technological resources. How will we use the tools in front of us?
In Deep Utopia, Bostrom makes clear that a new superabundant world will have its own set of challenges. He sees the central challenge in this “Solved” world as the “purpose problem.”
He wonders: in a world where AI outperforms humans in all tasks, what gives life meaning? He argues that traditional sources of purpose, like work or overcoming adversity, vanish in a post-instrumental utopia, potentially leading to existential crises or “deep redundancy.” Bostrom explores different ways humans can find fulfillment through pleasure (hedonia), meaningful activities (eudaimonia), or “artificial purposes” designed by AI, such as engaging challenges tailored to enhanced capabilities.
However, before we worry about life’s purpose and what we are going to do with all our free time in a solved world, we should read the next chapters to understand the challenges facing us before we reach Deep Utopia.