I wrote a draft policy discussion paper on the impact of forthcoming technologies like robotics and artificial intelligence on the economy. Please read it at your leisure. Any critical comments are more than welcome so that I can make incorporate them and make it better.
The questions addressed are: will the upcoming industrial revolution (robotics, AI) be good for mankind like the previous ones or will it take away all our jobs? Will it create a winner take all economy and increase inequality? Or will, like the previous ones, economy will adjust itself and create better lives for all? Will history be repeated or will it be different this time?
What does basic economic logic say about the impact of these technologies? Will the unemployment so caused only be temporary? If so under what conditions can it become sticky? Can India really avoid Fourth Revolution by banning the new technologies? If so what will be the consequences? What should it do to better prepare itself for the coming Revolution.