By Manoj Pant, 360info AND Sugandha Huria, 360info

The question is one of increasing urgency: What will workers do when AI does most of the work?

In April, tech titans Google, Microsoft, IBM, Cisco and SAP, employment website Indeed, along with professional services major Accenture, among others, formed a consortium to explore the impact of Artificial Intelligence on IT job roles.

The joint effort will enable workers to find and access relevant training programs and, according to the companies, is expected to help more than 95 million people around the world over the next 10 years.

The jobs that AI can do are multiplying by the day. While this may be frightening for some workers, economics, which is often called the “dismal science”,  does offer a rosy outlook.

While advancements in AI potentially herald a future with no limits on production and income, the implications for workers, may not be as scary as initially feared.

In an economy-wide view (economists call this ‘general equilibrium’), all resources of capital and labour combine to produce all goods and services. Technology then boosts productivity, removing the limits set by resource constraints.

However, a study of consumer demand (so-called microeconomics) says that consumption depends on an individual’s income, and only ‘labour’ consumes.

The crux is this: Increased productivity is ultimately pointless if there is no market for the goods and services being produced.

The focus of many international managers, often reflected in statements given to the media, is thus increasingly on future consumption – and, therefore, on countries with large and growing consuming populations, including India.

Author Ruchir Sharma has argued that no country can grow faster than the rate of growth of its population. Since India has a large population where consumers are expected to grow for the next decade or so, the focus of global managers seems justified.

Yet, the data is confusing.

Even in a metropolis like Delhi, the minimum salary, on average, is about Rs.17,500 (USD$210) per month. It is lower in smaller cities and towns.

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