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AI Has The Potential To Boost The Economy, But Only If We Avoid The Pitfalls!

AI Has The Potential To Boost The Economy

The main methodology behind artificial intelligence is that programs and tools should be devised in such a way that they are able to function just like the humans. These can start from things like speech recognition and translation into various languages, to visual perception as well as something as interesting as decision making. In simple words, we can say that everything can possibly be considered artificial intelligence if it contains a program which is meant to do something that a person would generally think would depend on intelligence of a human being. A host of interesting discussion happen around the inception of artificial intelligence, starting from the risk to the present job which are handled by humans to more cost burden. So, is everything pretty much a hyperbole or are the doubts actually reliant on some of the facts. Well, mostly everything can be answered if AI proves to be useful for the economy. After all, the growth of economy is a major factor that decides whether any technology is useful or not.

How is AI helping the world do better?

One of the mega advantages of using Artificial Intelligence is that it has made it extremely easy for people to accomplish the most mundane of all the activities with proper automation. This eventually leads to much better productivity. Also, it a fantastic way of freeing up humans to work on something more interesting than doing some regular boring work. At the same time, it is also using AI with cognitive software development technologies is great way to make quicker decisions as well as perform actions a lot more faster.

Not just that, decent use of AI also helps to save a lot of human errors which may be a little troublesome. If the computers are programmed perfectly, there are very less chances of them making any errors like humans may. Also, when it comes to procession data, AI is capable of processing large data sets without any error as opposed to humans.

Is this anyway helping the economy? Yes, in many ways, but the ways are not direct. Basically, no technology alone has the power to grow the economy. Only, if it used appropriately we can expect benefits that can help the firms to improve the economy. However, we would agree that, eventually, more productivity, less wastage of time and high efficiency rate is going to benefit all types of industries, which will eventually lead to growth in economy. We will discuss about this in detail, in this article.

Is Artificial Intelligence any good for the economy?

Firstly, let’s start off with the statement that technology certainly doesn’t itself (alone) transform the economy in any way. Even both the technical experts as well as the economy experts will agree to this statement. However, with extensive use of new age technology, we can surely say bring a newer perspective to the effective use of Artificial Intelligence, which may help in the growth of the economy, directly or indirectly.

Though, it is also very much true that whether we talk about the robo-empowered corporate or the self-driving cars AI is showing a lot of capability to take over the international economy. However, while this is surely a positive news in many ways. Specifically for the firms who are willing to implement AI based tools and AI-powered robots into their businesses. However, it also implies that people may start losing their jobs to computers as well, which is surely not a positive thing. Proper integration of AI is surely going to have a noteworthy impact on the economy. It is surely going to affect various problems like inequality as well as the geopolitical competition.

AI driven automation may impact the economy in various ways. Starting from the good contributions leading to productivity growth to the modifications in the demand of the skills, there are a lot of factors which will eventually define the economy after AI is implemented fully.  

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