April 28, 2023
Robotics and Artificial Intelligence (AI) have posed substantial concerns as the world moves toward a future of technological innovation.
While artificial intelligence is unlikely to eliminate all jobs, it is expected to increase inequality. Although AI is unlikely to reduce overall employment, it is likely to reduce the proportion of revenue flowing to low-skilled jobs, resulting in greater societal inequality. AI-induced productivity increase would also result in employment redistribution and trade restructuring, thereby exacerbating inequality both within and across nations.
Experts disagree on whether AI will boost productivity and economic development, ushering in a period of mechanized luxury for everyone, or just worsen existing gaps. Furthermore, the impact of this new technology on humans is a source of concern.
Economists have been researching these issues for many years, but clear answers are still a long way off. One of the most significant issues is that AI technology may spread quickly and with little financial investment.
Furthermore, much of the infrastructure required for AI integration is already in place, so the magnitude and scope of the consequences are unknown. It would be difficult to model the impact of such fundamental shift, and no one has done it yet.
The sources for this piece include an article in TheConversation.
