Events of ADRI (Patna - Ranchi)
Patna. October 25, 2024: Professor Ajit Sinha, Director, ADRI, delivered the 13th. K.K. Sinha memorial lecture on October 25, 2024 at the College of Commerce, Patna. A large number of Patna’s leading intellectuals and socialites, as well as students attended this popular annual event. On this occasion, Professor Sinha discussed the question of unemployment in the context of technical change, particularly in the present context of increasing robotization and the use of artificial intelligence in production. He argued that economic theories, starting from Adam Smith down to today, except for the theory of Piero Sraffa, cannot contemplate a labour-less economy and therefore, are not able to come up with relevant policy prescriptions. According to Professor Sinha, the theory propounded by Piero Sraffa allows for a capitalist economy with positive profits and prices without labour. Further on, Professor Sinha argued that, from a purely scientific point of view, Production can take place without labour. Therefore, we should prepare for such an eventuality by creating institutions that ensure a fair distribution of income for all through the mechanism of social dividend and basic income.