New Delhi, March 28 -- The loudest voices in the artificial intelligence debate are getting it wrong: AI isn't going to radically transform the economy overnight.

The bad news about that is we aren't going to enter a world of unlimited leisure time anytime soon. The good news is we aren't on the precipice of a massive surge in unemployment from AI replacing workers.

What is likely to happen in the next few years is more muted and more predictable. Just as in previous cycles of technological advancement, we are entering a period of volatility. It won't be suddenly earth-shattering.

Every new technology comes with terrifying headlines about potentially catastrophic job losses. In his seminal work on the impact of automation on jobs, MIT ...