Artificial intelligence: Why policy-makers must move to lessen fears of potential job losses

The emerging wave of artificial intelligence (AI) and machine learning (ML) is expected to bring about a significant shift in the factors of production in the global economy. There is now a high degree of agreement that a significantly large number of workers in several sectors will become redundant. It is, therefore, important to swiftly implement the palliative measures which can neutralise the impact of the new age technologies. Before thinking upon the required measures for addressing the expected rise in unemployment, let us imagine the likely characteristics of this emerging landscape. The positive development is that increased usage of new technology will lead to an increase in productivity in most sectors. To illustrate, a doctor or a banker will be able to examine much higher number of patients or clients by delegating the standard aspects to tech-enabled systems.