With self-learning AI and progressive task displacement, value itself in the traditional sense becomes misleading as human labour becomes irrelevant.
Highlights Just as in Adam Smith’s time, we are now at a technological inflection point Economist Daron Acemoglu has pointed out that much of the uptick in AI activity since 2016 resulted in labour displacement Industry left alone may well prefer to manage cost structures by substituting labour with capital by deploying AI Labour displacement, with wage losses, reduces both labour’s share in value-added and the overall market demand that labour creates Regulation is urgent and must counter AI’s distortionary implications on economics, power,...