The impact of artificial intelligence on the future economic society

Artificial Intelligence
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ARTIFICIAL INTELLIGENCE
Artificial Intelligence is the simulation of human intelligence in machines that are designed to act and think like human beings. Computers are designed in a manner they can recognize speech, solve problems, and even plan. AI has several effects on economy and society such as increasing Gross Domestic Product, influencing wages, improving the human workforce, and creating new jobs in the technology sector. Artificial Intelligence is being embraced by a lot of people because it has improved efficiency and productivity in the economy. Additionally, as time changes, there will be some negative and positive effects of Artificial intelligence. Artificial intelligence will continue to transform the world that people live. Today a lot of countries have started to think about the future of Artificial Intelligence while others have started to layout some AI initiatives. Artificial Intelligence can increase the current global economic input. Economists believe that Artificial Intelligences will increase the productivity of the economy by 1.2% in 2030. Although some of the effects of artificial intelligence might be bad, some impacts will enhance positive changes in the future global economy.
Artificial Intelligence will improve the efficiencies of different organizations. This is because artificial intelligence will take over some of the dangerous tasks that human beings will not be able to handle. People will be given a chance to do what they are best at. For example, people will be given tasks that will need them to use their creativity and compassion for others. If employees will be doing what they are best at, then this will increase their overall job satisfaction and happiness. By the year 2030, artificial intelligence could increase 16 percent or approximately $13 trillion to the current global economic output (Agrawal, Gans & Goldfar, 2019). In addition to its economic benefits, AI will disrupt employees and companies. According to the research done by Redwood Software and Sapio Research showed that in the next five years, the majority of the businesses will be automated.
Artificial intelligence will cause a shift in human experience. Since Artificial Intelligence takes over menial jobs and reduces the amount of time that people need to work, this kind of freedom will make human beings lose their experiences. For people to enjoy this kind of freedom, they will shift their concentration to other activities that will give them the same benefits and experience their previous job used to provide. This option will very easy for some individuals. The benefit of this kind of move is increased efficiency.
It will be possible that most of the workers hired will be highly educated and thus their wages will be high. Due to improved productivity and low cost of production, companies will be making huge profits and therefore, workers will have to be paid well. For lower-wage workers, training and counseling will be provided as a way of making them improve their skills. In future Robots will perform some jobs faster, cheaper, and better than human beings. They can allow doctors and nurses to diagnose a patient with less oversight and even low-skilled health workers can do the same. Artificial intelligence will also be used to fill unfilled jobs and as a result, productivity will be enhanced. AI minimizes the disruption of workers in the workplace as new employees can learn from its coaches and it is available throughout. In the future, AI will help schedule meetings automatically as well as analyzing huge amounts of data thus saving on time. Tools like hechat bots will be responding to customers in terms of answering common questions, therefore reducing labor costs as the actual human is not required to do that work.
Artificial Intelligence will be very relevant when it comes to healthcare. Hospitals will be able to improve their operations and treatment of diseases. Machines will be created for the diagnosis of diseases like cancer. Additionally, people will save money, and hospitals will reduce operating costs. Girasa (2020) asserts that some nations will be able to save more than 100B annually. However, the true impact of Artificial Intelligence will be on the delivery of care to the patients. Hospitals will come up with better and personalized treatment plans for patients diagnosed with different diseases. There will be improved drug protocols. Additionally, patients will also be able to access information easily from different databases. The transport sector will also improve because of the development of autonomous cars. Traffic congestion in urban centers will also improve. Transportation of people and goods from one place to another will be effective and efficient. Further, the way detectives and criminal justice investigators will be investigating crimes will be very different. Artificial Intelligence will introduce facial recognition technology instead of fingerprints.
Artificial Intelligence will also cause demand for newly emerged positions. This is because the future of employment depends on how humans will blend well with artificial intelligence. Due to increased productivity, companies will open up and will require the global workforce to distribute their goods and services hence huge employment opportunities (Agrawal, Gans & Goldfarb, 2019). Companies will also require AI developers in large numbers as well as engineers to maint...