The Economic Impact: The Impact Of Artificial Intelligence

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As the modern world is progressing so is the Artificial Intelligence. Many think that using AI in the near future will outperform tasks that are performed by humans. The major question that needs to be answered is: how will Artificial Intelligence impact the human race and the economy, human relations and work. Will AI leave the human intellect way behind and maybe overrule the mankind or will it help develop the world beyond imagination?

IMPACT ON ECONOMY
Today many fear that using AI will result in unemployment since the need for human work will drastically incline. However, many believe that AI will help expand the economy and ultimately expand employment opportunities. The progress that AI will have will definitely impact the global economy.
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For example: automatically drafting articles and translation. The applications come to an extent that computers might identify objects and scenes in images. It is believed that the GDP will grow in the sectors that use or develop AI technology. It can also lead to increased profit and employment an there is also a potential of creating an entirely new economic activity. Improvements will include more effective decision making and better access to information. The extent of these economic effect will vary geographically, however it is very likely that AI will bring gains to both developed and developing countries. It is possible that AI will be able to optimize food production with analyzing different agriculture regions. On the other hand it is very difficult to asses which application of the AI will be a success. It is impossible to accurately calculate the economic effect of AI. Some researchers argue that the development of AI and automation wil jeopardize skilled and semi- skilled workers and skew the middle class. What matters the most is that as the technology changes and so will each profession and the employees will have to adjust to the new settings. This…show more content…
An example is a game of chess where a stronger computer can beat a weaker one, but if we give the weaker computer a human partner, it will be able to beat the stronger computer. Also this can be seen in medicine too. When an AI machine was given to determine if some cells have cancer, it had more than 7 percent error, while the doctor had around 3 percent. If we combine these too and use the machine and the doctor the error was evaluated around 0,5 percent, which is significantly better than performing on their own. It doesn’t matter how AI will develop in the future, it is a fact that the world will change as a result of this development. Artificial intelligence has enabled humans to make tailored robots that correspond with our everyday needs. There will be job places for workers who can think critically, people who are flexible and act differently in different situations. But of course the work places will not be the same as they are now. These new jobs will probably require more skills that can only be obtained through excessive schooling. This explains the fact why in this era there are more white-collar and more educated workers than before. The improvement in

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