Billionaire predicts world could be without jobs by 2040

The upcoming 15 years will bring such rapid changes from artificial intelligence that people will no longer require their current employment methods. American billionaire businessman and venture capitalist Vinod Khosla predicted that AI and automation through robotics will create economic transformations and decrease living expenses, which will enable people to move from basic survival needs toward their personal life purposes by the year 2040.

In an interview with Fortune, Khosla said that he expects upcoming artificial intelligence developments to create transformative changes which will match the technological advancements that occurred throughout the world from 1970 until today. He believes that AI systems and robotics will eventually manage all work tasks across various sectors.

AI could replace most jobs by 2030

Khosla, an early investor in OpenAI, said AI could replicate a majority of professional work within the next decade. According to him, around 80% of jobs may be technically achievable by AI systems by 2030.

In the short term, he expects professionals to work alongside AI assistants or “AI interns” that help complete tasks more efficiently. Over time, however, automation may take over much of the routine work across sectors such as accounting, engineering, sales, and healthcare diagnostics.

The shift could also reshape the global economy. Khosla believes AI-driven productivity could create a deflationary environment where goods and services become significantly cheaper.

One of the significant effects of the widespread use of AI could be the lowering of the prices of services that require the involvement of human expertise. Khosla predicted that AI-based education, healthcare, and online services could end up being free or nearly free in the future.

Another area where Khosla predicted the widespread use of AI is in the use of robots. Khosla predicted that robots could end up being part of the household. In the future, people could end up paying for robots as they would pay for cars.

Although Khosla is optimistic about the use of AI in the transformation of the economy, he noted that the government could play a crucial role in ensuring that the benefits of the transformation reach the larger population.

Khosla proposed that the government could consider increasing the capital gains tax for the rich. He also proposed that the government could eliminate the income tax for the poor.

Another point that Khosla noted is the significance of global competition in the development of technology. Khosla noted that the development of artificial intelligence could determine global economic and political power.