Opinion: July 7, 2021. How can Artificial Intelligence Help Grow the Economy?

in LeoFinance2 months ago

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Artificial Intelligence (AI) can be defined as computers able to mimic human cognitive skills such as learning, reasoning, understanding and interacting. It is the consequence of miniaturization in electronics and the increase in complexity of the electronic connections that are able to be put in place when building the processing units of machines.

AI can increase workplace productivity. This would be done mostly by optimizing processes. Unfortunately, there is a negative side effect that involves the loss of the human labor, topic of a future post.

AI can produce a labor force that is fully automated. This labor force would be faster and more efficient that the human labor force. Again, here there is a negative side effect because human labor will be directly replaced

AI will make innovation to spread more easily between companies that use AI to create new processes. The increase in efficiency and productivity will make the humans at the creative levels have more time and resources to innovate. This will speed up the development of AI itself.

It is my opinion that AI will represent an increase in productivity, but will create serious disequilibrium in the job markets, specially at the lower skill level.

This post is intended to only raise awareness. In order to make actual financial decisions please contact your financial advisor and/or tax advisor prior to making the decision.

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