Robotization and Economic Development

Siddhartha Mitra is Professor of Economics, Jadavpur University, Kolkata, West Bengal, India.

‘Such a fascinating look at the large, even humongous shifts that are all around us through the lens of history, technology and economics. Whether you are a student or a professional who wishes to understand how robotization and AI are going to impact our world—this book is for you. Mitra takes a complex subject and connects the dots in ways that are unexpected, surprising, and ultimately very satisfying.’—Dr. Shalini Lal, Future of Work Specialist, UCLA PhD, and Fellow, Wharton, USA‘The robot revolution is already underway, with profound implications for developing country and developed economies. In this wide-ranging examination, Siddhartha Mitra explains how and when new technologies will replace human labour in manufacturing, agriculture, and service provision. Employing basic economic tools and a clear depiction of how robots, AI, and machine learning will substitute for human effort, Mitra identifies which workers are most at risk of displacement and income loss. With Covid-19 accelerating the adoption of labour-replacing technology, it is urgent that we struggle with Mitra’s recommendations for policies designed to harness the benefits of robotization while ensuring a just transition to the brave, new world on our doorstep.’—Mary E. Lovely, Professor, Maxwell School of Citizenship and Public Affairs and Senior Fellow, Peterson Institute‘Robotization, like other forms of technical progress, expands opportunities for the human race. But in a market economy, it also poses a threat by displacing human labour by robots. These aspects of robotization have been debated in recent times. This book by Professor Siddhartha Mitra provides an eminently readable discussion of the issues involved. He provides a historical background, and an analytical apparatus to make sense of the trade-offs involved. The book does not shy away from discussing difficult questions but does so in a lucid manner. I have no doubt, given the contents of the book, that it will be widely read. And the reader will appreciate, as I have, the hard work that went into making these seemingly obscure topics accessible’.—Partha Sen, Professor and Former Director, Delhi School of Economics

• Preface and Acknowledgements1 An Overview2 Robots and their Economic Significance3 The impact of Robotization on Production Processes and its Rudimentary Economic Implications 4 Machine Learning and the Economy5 Robotization, the Economy and the Labour Market: A Look at Theoretical and Empirical Studies6 Managing the AI Revolution through Policy: A Nuts-and-Bolts Approach7 The Immediate Future in the Light of Covid and the Bottom LineIndex