With modern Artificial Intelligence (AI) still in its early days of development there is no telling what advancements AI will bring us in the future let alone the true scale of wealth AI will bring to the economy. According to Carnegies article there is estimates that AI will create tens of trillions of dollars in wealth to the economy. That’s a lot of money!
How will AI create all that wealth for the economy you ask? Well to put it simply, lets use a factory for example, whether a factor makes cars or is processing your favorite soda it takes a lot of time and a lot of steps. Well that’s where AI comes in by replacing human beings which in turn productivity is than greatly enhanced. AI can do everything a human being in this “step” could and more by detecting infinite algorithms of possibilities, say even detecting a problem on an assembly line mid production before it happens, something a human being could not do.
This is but a simplified version of what AI is truly capable of, artificial intelligence is the way of the future, but it all starts and ends with policy makers approval. Policymakers think about long term economic growth when deciding whether or not Artificial Intelligence is truly worth the hassle. With that said, AI’s potential to boost productivity and growth in companies and the countries that lead makes AI a possibility of the future not too far-fetched nor ruled out.
https://carnegieendowment.org/2019/10/02/world-isn-t-ready-for-ai-to-upend-global-economy-pub-79961
LIS 4022 Spring 2020 