3 Ways Artificial Intelligence (AI) will Impact the Economy in 2020 and Beyond

1) Increasing efficiency and accuracy in our everyday work.

It’s tempting to believe that artificial intelligence services can do just about anything. If tech experts are to be believed, artificial intelligence (AI) has the potential to transform the world. Tech entrepreneur, Elon Musk, says this would be a threat to humanity and life as we know it.

Even though thinking among AI researchers has evolved over the years, the future impact of AI is strongly debated among experts.

Currently, AI and machine learning power self-driving cars, complex ad-tech audience optimization, and a host of intelligent agents such as Alexa, Cortana and Siri. At the same time, leading AI experts, business owners, and analysts caution against an overly rosy view of its current capabilities.

The hype surrounding AI’s potential has misled many into overlooking its current utility. Eventually, AI will redefine industries and build technologies we never thought possible. However, business leaders and AI experts say the real value in today’s AI lies in increasing efficiency and accuracy in our everyday work.

2) Preparing for The Future – The Government’s Role

AI holds the potential to be a major driver of economic growth and social progress. If industries, society, government, and the public work together to support the development of this technology with thoughtful attention to its potential and managing its risks, then everyone will benefit.

The U.S. government has several roles to play. Participation in conversations about important issues is key; this is to help set the agenda for public debate. In fact, this initiate can monitor the safety and fairness of applications as they develop, and adapt regulatory frameworks to encourage innovation while protecting the public.

Another utility the government can provide is public policy tools to ensure that disruption in the methods of work enabled by AI increases productivity while avoiding negative economic consequences for certain sectors of the workforce. Not only this, but the government can support basic research and the application of AI to the public good. One of those features is to support the development of a skilled, diverse workforce.

The government can apply AI to serve the public faster, more effectively, and at a lower cost. Many areas of public policy, from education to defense, to environmental preservation, and criminal justice, will see new opportunities and new challenges driven by the continued progress of AI.

To enable these policies, it’s crucial for the U.S. government to understand and adapt to these changes.

3) Economic and Social Morality

As the technology of AI continues to develop, practitioners must ensure that AI-enabled systems are governable. This is to ensure they are open, transparent, and understandable. In essence, AI must work effectively with people, so that their operation will remain consistent with human values and aspirations.

Researchers and practitioners have increased their attention to these challenges and should continue to focus on them.

Developing and studying machine intelligence can help us better understand and appreciate our human intelligence. Used thoughtfully, AI can augment our intelligence and help us to chart a better and wiser path.

Charter Global offers AI resources to a variety of different types of projects. Consult us for expert help, and learn more about what we can do to achieve your AI goals.