Money is everywhere, and it’s arguably the most used object in the world. People rely on it for a range of reasons, from assessing their financial status to exchanging it for goods and services, and storing wealth. But what if I told you that one day money, not just cash, but the very concept of it, will disappear? You might think that’s impossible, or maybe I’ve watched too much Star Trek. However, I’m neither a Trekkie nor delusional—I genuinely believe that a world without money is closer than we think. Let me explain.
The primary use of money today is to buy goods and services. We go to Starbucks for a coffee or a grocery store for bread—money is essential for our survival. It enables us to buy food, shelter, and clothing. However, the products we consume come with numerous costs: raw materials, energy, transportation, manufacturing, labor, storage, marketing, and transactional fees. By the time we make a purchase, we’ve absorbed all these accumulated costs. We’ve all heard that a bottle of Chanel perfume costs only $5-10 to produce, or that the infamous Nike shoes cost about $10 to manufacture. Yet, we willingly spend hundreds of dollars on these items. The question is, why?
Consider Tesla’s recent announcement of the Model 3, priced at $35,000. During the launch, Elon Musk also mentioned Tesla’s Nevada-based battery factory, which will produce as many batteries as the rest of the world combined. The consolidation of production in one location will drastically reduce costs, especially in logistics. This trend of driving down marginal production costs could eventually lead to a tipping point where products are either given away or new models of consumer engagement arise.
Take NASA, for example. In the past, the space agency would face delays when transporting parts from Earth to the space station for repairs. That all changed five years ago when they introduced 3D printing to the space station. Now, they print the parts they need on demand, saving time and money. Similarly, 3D printing is revolutionizing manufacturing on Earth. A company in China recently printed 10 livable homes in one day, each costing only $5,000. As 3D printing becomes as commonplace as inkjet printers, we’ll be able to print clothes, shoes, jewelry, car parts, and even food at home—at a fraction of the current cost.
Hydroponic farming is another game-changer. These farms use a controlled environment to grow crops without pesticides and with just a tenth of the water required by traditional farming. They don’t even need land—plants can be grown vertically under LED lights. Imagine converting just three buildings in Manhattan into hydroponic farms; they could feed the entire population of the city, drastically reducing food costs by eliminating transportation and middlemen.
We’re living in extraordinary times. Rapid population growth coupled with technological advancements is enabling us to produce goods and services at incredibly low costs. Renewable energy sources could soon bring energy costs to zero, while robotics will revolutionize industries from farming to healthcare. Picture a solar-powered hydroponic farm run by robots that recycles water—the cost of food production (after initial setup) could approach zero. And this isn’t limited to farming. Robots could handle surgeries, mow lawns, do laundry, and much more.
Some argue that if machines take over work, we’ll lose motivation to do anything. I strongly disagree. People don’t innovate solely for money; they do it out of passion. Innovators and thinkers will continue to drive progress, just as they do today. Those working solely for money rarely make a lasting impact, even within our current economic system. The wave of technological innovation is far larger than we can comprehend—from self-driving cars to drones delivering packages—it will transform how we live. And as machines take over labor, humans will have the freedom to focus on innovation, exploration, and enjoyment—without needing to spend a dime.