Artificial Intelligence and Its Impact on the Economy
For the past few decades, science has been on the forefront of discoveries and the most notable among those would be artificial intelligence — or AI for short. First off, what is artificial intelligence? This is a branch of computer science which imitates human actions through automated machines. This includes speech recognition, learning and even problem solving.
Now, off the bat, this technology seems nothing short of phenomenal. We can increase efficiency in production with the help of robots and can acquire solutions to minor issues, such as ordering a pizza. Furthermore, what makes this technology so impactful is the fact that it has the potential for development to solve real issues. Currently, artificial intelligence companies are looking to develop robots and self-driving cars among other advancements that could fundamentally change the way our society works.
Artificial intelligence also shows promises for an increase in national Gross Domestic Product (GDP) in countries around the world, such as the UK. With this increase in productivity, it shows the changes that can arise in business as well. For example, this can lead to an increase in trade links between different countries within the UK or between these countries and the rest of the world. The point is, with artificial intelligence, the economy ends up adapting to the changes in production that lead to different outputs than what we are accustomed to seeing right now.
Nonetheless, with any technology there comes benefits and consequences. Of these, there will be a serious economic impact, especially in the job market. Experts from the University of Oxford and Yale University also predict that artificial intelligence could outperform many humans in various tasks by 2045. Additionally, automation could replace one third of US jobs within the next 15 years.
In many industries, it is estimated that 60 percent of jobs will have 30 percent of its activities automated. This is already prominent even in the medical field, as it seems that doctors and physicians spend 20 percent of their time on administrative tasks in front of a computer screen. With artificial intelligence, this valuable time could be saved and put into doing research or further studies to advance medicine. As robots become more intelligent and built to be able to sustain not just an IQ, but an EQ, we see that the jobs requiring humans will slowly start to disappear. Moreover, with the looming development of self-driving cars, we can expect many taxi and Uber drivers to lose their jobs as well.
In summary, artificial intelligence has many benefits and consequences. Throughout its development, AI has undoubtedly caused many debates to arise given the power that automation has to change the way the global economy functions. With advancements in “human features” embodied by robots, we are now on the verge of discussion on the extent of whether or not robots should be granted human rights if they are capable of the same functions. In addition, it is necessary to consider which point of view information is acquired from. As with the impact of artificial intelligence, there are always those who argue that its benefits will override the consequences of losing so many jobs in a market where the battle is already so tough. Personally, I do not present a viewpoint on whether I feel that the impact of artificial intelligence is positive or negative. As we continue to see its expansion in the next few years, we can assess whether this technology truly is positively contributing to or hurting our global economy.
