Fear job loss due to AI? Devina Mehra says history shows humans can’t predict eventual impact of any new technology

Devina Mehra, founder and CMD of wealth management firm First Global, feels there is something to be learned from current technology and how artificial intelligence (AI) is driving disruption in the job market.

In a post titled ‘Technology is disrupting business and what history tells us’ on professional networking site LinkedIn today, the veteran investor noted that past models show that technology creates new jobs even as it disrupts the status quo.

Devina Mehra thinks technology is eliminating jobs but also creating new ones

“At least 50-70% of the tasks done by Indian bankers in the early 80s were automated. Statistically speaking, it looked like a large chunk of banking jobs would disappear… But employment in banking has increased, not decreased!” he said.

What does this mean for the future? Mehra noted that this pattern “has been seen since the arrival of all kinds of new technologies, from cotton gins and weaving machines to motor cars and the printing press.”

So for those worried about losing jobs due to AI, Mehra has to offer some solace in the unknown: “Many jobs that existed at the time were predicted to disappear… and in fact did… but what happened after that is the real story. Mankind has never been able to predict the ultimate impact of any new technology on employment. Ever.”

Reactions were mixed: ‘AI is different… it’s not BPO… it will bring about its own demise’

The user stated in the comments that he disagreed with Mehra’s post and stated that artificial intelligence is different despite examples from history. He explained: “Previous technologies were automating manual tasks; AI is automating cognition—analyzing, writing, coding, decision-making—simultaneously across sectors. The speed of adoption is unprecedented, leaving little time for workforce adjustment. More importantly, a single AI system could replace entire layers of white-collar roles at near-zero marginal cost. Job creation could occur, but it is unlikely to be symmetrical; fewer jobs, higher skill thresholds, and greater income and power concentration. This is not just a disruption.” “This is a permanent structural change in how work, wages and value are distributed.”

Another user noted that the speed of adoption could be what makes or breaks any industry in the age of AI. He wrote: “Given history, Indian banks will neither fully embrace AI and continue to resist and delay, nor will they engage in deliberate disruptive cost cutting! BUT AI IS NOT a Y2K or BPO game!! Let’s watch the Playout”.

Another user felt that the broader economic impact of AI disruption on employment and jobs may not be straightforward. He wrote: “If most/all white collar jobs disappear, then: 1. Who will buy anything? (no indirect taxes), 2. If no one buys anything, who will produce anything? 3. Who will pay income taxes? 4. Who will have a bank account? No banks, 5. If no one buys anything, they cannot have a phone, laptop, electricity, or internet service… and if no one has money, a phone, a laptop, “If they don’t have electricity or internet services, then who will subscribe to these AI services?”

He described the situation as a paradox; “AI will cause its own demise as no one will be able to subscribe to these AI services.”

One user wrote: “I completely agree. History shows that technology is not eliminating work. It is redirecting human effort to higher value tasks that we could not previously imagine. The bigger question is whether our education and skills systems are evolving fast enough to match the new roles being created.”

Another user acknowledged that people might just be discussing fear, as “every major disruption seems to be a network destroyer in the short term and a network creator in the long term.” Another added: “The real unknown is not whether jobs will exist, but what those jobs will look like. Are companies and governments investing enough in reskilling to make this transition inclusive?”