Newer technologies force change, and Artificial Intelligence (AI) leads that change today. With the recent and rapid developments in AI today – from automated recommendations to Siri and Alexa – it is inevitable that AI is and will continue to change economic structures across the world.
The positive side of AI
AI has made life more efficient for a lot of people. Across the world, it is considered a great way to boost economic growth and increase productivity for everyone. AI increases the efficiency of approaching a problem and getting things done. Moreover, it can help us analyse large amounts of data and make the best decisions possible in every situation, leading to better profits for industries.
AI has also led to innovation when it comes to products and services. We see a whole new range of gadgets and products that help make life easier every year. This could include a smartphone, household tools, car gadgets and more. This boom in the markets and industries encourages customer demands.
AI has also made it possible for anyone and everyone to earn a secondary income. Without AI, we would not be able to generate new revenue streams that lead to the country's overall economic growth.
The other side
Everything has its pros and cons, and the cons for AI's economic potential are also plentiful. Some people predict that AI has the potential to disrupt economies. The formation of super firms or hubs that monopolise wealth and knowledge might hurt the broader economy.
One big worry with the rise of AI is the potential widening of the wealth gap between developed and underdeveloped nations. AI has the potential to create jobs, but it could also render many jobs redundant. This could have a massive impact on the labour market, and not in a good way. This wealth gap could increase inequality, lower wages and affect the tax base.
Conclusion
There is no clear answer to whether the rise of AI will negatively or positively affect the world. As AI grows, so do the risks related to it. AI has brought a lot of good to the world, but it is a double-edged sword. Rigorous discussion and careful policymaking could mitigate this negative impact. We could potentially benefit from the rise of AI today.
FAQs
What is AI?
AI or Artificial Intelligence refers to a computer's ability to carry out tasks hitherto done by human beings.
How has AI changed the world?
AI has ushered in a new era of technology and innovation for the world.
Who does AI benefit?
AI can be beneficial to everyone and anyone. We see the effects of AI everywhere, from big cities to small farms.
What are some examples of AI?
AI is present in most things around us, from smartphones to refrigerators. Newer technology has incorporated AI into household appliances, travel, food delivery and even shopping.
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