Question

How can the social and economic impact of AI be anticipated and modelled, given that they are predicated on technological advances yet to be made?

Answer 1

How the social and economic impact of Artificial Intelligence (AI) can be anticipated and modeled, given that they are predicated on technological advances yet to be made:
* Notes are made from the AI frontier to model the impact of AI on the world economy.
* In general, there AI's potential impact on the economy is modeled.
* The modeling is achieved in general, in which firms or companies adopt AI arose from economic and competition-related incentives, taking a micro-to-macro and simulation-based approach and macro factors have an influence. Along the way, both, the possible benefits and the implementation and disruption related costs are considered, and they are listed below:

* AI has a large potential for contributing to global economic activity.
* Only over time would the economic impact may gradually emerge and be visible.
* AI adoption could result in more gaps between countries, companies, and workers, which would be an important challenge.
* Depending on how countries and companies would choose to embrace AI will likely impact outcomes.s
* The AI technology is not a child. Hence, its revolution is not in its infancy, but the majority of the economic impact of AI is yet to come.
* There are step-change computing power and computing capacity improvements.
* Data explosion.
* Improvements and progress in algorithms.
* Advancement in AI measures are being taken by more countries.
* There are certain things, what AI can and cannot yet do.
* The benefits of AI are likely going to be uneven, even though AI can boost economic activity.
* Job demand could shift away from repetitive tasks toward those socially and cognitively driven and require more digital skills, impacting wages.
* There could be a widening gap in employment and wages.
* AI will reinforce the current digital divide between countries.
* AI-adoption rates will vary between countries, requiring them to use different strategies and responses.
* In companies, AI technologies could result in a performance gap between front-runners and non-adopters or non-diffusers.
* Impact of AI is due to each micro and macro factors contributing to it.
* AI adoption and absorption is influenced by micro factors.
* The economic impact of AI is likely going to be much larger in developed economies.
* AI adoption and absorption has the possibility of making a large contribution to growth in slow-growing developed economies.
* Dynamic sectors that are more digitally savvy may experience AI's greater impact.
* Europe Union (EU) member states have the intention of collaborating on AI more actively across borders making sure Europe is competitive in such technologies and they can tackle their social, economic, ethical, and legal ramifications together.