The world economy is undergoing a profound structural shift. Artificial intelligence and advanced robotics are not simply enhancing productivity; they are fundamentally redefining the role of human labour in value creation. This process, known as the demonetisation of labour, is accelerating. As machines take over larger portions of both cognitive and physical work, the economic contribution of human labour in many sectors will decline, even as total economic output continues to surge. Unsurprisingly, this transformation carries deep implications for wages, inequality, government revenues and the future of taxation (as highlighted in the OECD’s ‘AI and the Future of Work’). In banking and financial technology, it is interesting to observe how capital, data and technology increasingly determine economic outcomes. Potentially traditional income and payroll taxes are becoming less reliable as AI-driven productivity gains commoditise large segments of work. Indeed, in the USA U.S. worker …
AI is replacing labour: will property become the new tax base?
