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Should Economists Be More Concerned About Artificial Intelligence?

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Should Economists Be More Concerned About Artificial Intelligence?

Bank of England,

5 min read
5 take-aways
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Are robots going to take over the world? How about your job?

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8

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  • Visionary

Recommendation

Are robots going to take over the world? How about your job? While that might sound farfetched today, anything is possible, given the massive onslaught of computing power and artificial intelligence (AI) technologies. Economists Mauricio Armellini and Tim Pike voice their concerns that, based on the past adoption of such innovations as railroads and printing presses, economists are underestimating the risk that AI could stoke massive unemployment and social unrest. getAbstract suggests this brief but enlightening write-up to economists, investors and executives interested in a broad outline of the possible economic disruption AI could bring.

Summary

The Fourth Industrial Revolution is here, and its technologies, based on artificial intelligence (AI), threaten to change multiple industries. Some observers are sanguine that, as with previous episodes of technological upheaval, this one will not bring about massive unemployment because workers can take on new roles. These researchers assert that technological change boosts economic output and results in a net addition to employment. For instance, as the manufacturing sector lost jobs, more positions arose, mostly in service industries. If robots replace human workers in some roles, more opportunities will emerge...

About the Authors

Mauricio Armellini and Tim Pike are economists at the Bank of England. 

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    A. A. 7 years ago
    Too much of good is bad.
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    K. P. 7 years ago
    Armelline and Pike, your thought process has merit. The introduction of railroads and electricity did not create a disruption. That complemented the industrialiation which led to more jobs through inclusivity of communities that were previously excluded. As an example; the innovation that surfaced in Africa as a solution to financial exclusion using digital payments created better inclusivity and further job creation of empowering micro communities. But, the automation of industries such as, health, education, processing, driving, flying and even hospitality industry could wipe off thousands of jobs which WILL create mass scale job losses and widespread social unrest. We have seen movies in the past that creatively show the potential impact of Bots in the society. Well they may come true. Governments should introduce certain limitations where human impact is protected. This needs independent research and study by universities and GOV appointed bodies. Corporate boards need to evaluate the position of their businesses lines up to triple bottom line. Basically refrain from or limit the involvement of business actions that has a negative social impact. This is the sustainability we all look for. Social and Corporate sustainability. Pressure to achieve YOY growth in profits leads to saving costs. That require innovation that take human factor out. Maybe it is time the world think of a social group that keep the AI and Bots on check as they have with preservation of the environment with 'Save the Planet'!!!!