Have you ever thought of how Artificial Intelligence can change how the economy works? If you ever noticed the recent changes taken place on running a business or executing a task. If you feel that, you are behind the technology and fear that you might end up losing your job, then…
Like the Internet is taking over every industry by storm, Artificial Intelligence can have the same effect. The concern of AI taking over everyone’s jobs is becoming increasingly evident as recent AI breakthroughs attracted much public attention. As AI progresses, some believe that it will exponentially and inevitably take over large sectors of the manual workforce, according to some research,
But the people who might end up losing their job are those who are reluctant to change. These are the people who are afraid of learning and doing new things. Search Results
Eric Hoffer once said: “In times of change, learners inherit the earth, while the learned find themselves beautifully equipped to deal with a world that no longer exists.”
It is essential for our society to look at AI through the lens of business capabilities rather than their own insecurities and shortcomings. Remember “The Glass is half not half empty”
Broadly speaking, AI can support three major impacts:
1) Impact on Global Economy:
It has been predicted that the global economy will grow to $13 trillion by 2030 and AI is seen by many as an engine of productivity and economic growth. It will increase the efficiency with which tasks are done and drastically improve the decision-making process by analysing tons of data
Many believe that it may potentially increase inequality, push down wages and shrink the tax base. While these concerns are valid, there is no consensus on whether and to what extent the related risks will materialise.
But despite all the negative Consequences, Many experts have predicted many changes that will sweep the Global economy by 2030, as you can see in the below Infographics
Infographic Courtesy Of Noodle.ai
2) Impact on Human Beings:
Ever since the digital revolution, people are automating almost all the monotonous activities, as a result, it has increased the efficiency and creativity of our economy.
But the whole point of the introduction of Artificial Intelligence is to work in mutual coordination. Humans and AI should work hand in hand, without delegating 100% of the activities to AI. In short, the amalgamation of machines and humans needs a consistent learning cycle, We cannot get value from Artificial Intelligence without exchanging inputs and knowledge between each other. By following that the efficiency of humans can increase exponentially
But let’s hop on to the concept of how Artificial Intelligence can impact humans Psychologically :
a) It can read your emotions:
The nature of humans is complex, and some of the activities performed by humans are often illogical. Some of the decisions made by humans on a day to day basis are affected by his or her past experience, upbringing, thinking, and upbringing.
But with the Integration of Psychology with Artificial Intelligence, the results will always be accurate. Because Psychology involves gathering tons and tons of data from various researches made on various individuals, groups and Demography which increases the probability of reaching the right conclusion. But, if the same were given to humans to process that data, it would inevitably result in reaching the wrong or biased conclusion. We, humans, tend to reach conclusions through the lens of our own experience i.e Perception.
b) It can Aid you with everyday tasks :
With the Evolution of Artificial Intelligence, gaining accurate insights has become easy. For instance, Intelligence used on StressSense is used to track the time when people are more stressed and help companies to avoid such anxious situations.. There are many AI embedded tools which analyzes physical activity patterns and sleep patterns to aid people to increase their quality of life
3) Impact on Nature:
There are Millions of impacts of AI on the mother earth, but the major ones which have the capabilities to affect Supply and Demand for energy, there are also some externalities to Humans like Paradigm change in how humans understand the how our activities are affecting the climate and how to manage those impacts. With that said, here are the major game changers which will drastically improve :
a) Preventing Deforestation
b) Natural energy
c) Sustainable development
e) Protecting Marine animals and the ocean
f) Climate predictions
g) Ecosystems and wildlife
h) Predictions of Calamities
Artificial Intelligence is definitely gonna change the economy drastically just like the Internet. But it must be ingrained in a way without giving away the entire control over the operations, like access to Bad information. Remember it is a program invented by Man-kind but not the other way around. At the end of the day, there is both Positive and Negative impact, but when we should strive to reduce the bad by increasing the Good.