Download or read book Artificial Intelligence Artificial Intelligence and Avoids Wage Inequality written by Johnny Ch LOK and published by . This book was released on 2018-12-30 with total page 101 pages. Available in PDF, EPUB and Kindle. Book excerpt: How and why (AI) technology can be applied to service industry, instead of manufacturing industry? I shall explain how (AI) technology can encourage consumption behaviors when it is applied to service industry as below. I shall apply behavioral economic theory to (AI) technology to indiate how it can enourage consumption when it is applied to service industry. At the core of behavioral economics is used psychology of economics analysis to improve economics on its own terms generating theoretical insights, making better prediction of field consumption of behavioral phenomena, and suggesting better policy to any company or government decision makers. It rejects economic theories based on utility maximization, equilibrium and efficiency. It is useful because it provides economists with a theoretical framework that can be applied to almost any form of economic ( and even non-economic) behavior to predict behavioral consumption more easily to businessmen. So, behavioral economy is different to general economy concept, it applies psychological methods to attempt to predict consumption behavior.Simpifying much assumption that are not central to the economic theory to apply to psychological behavior. Other assumption simply acknowledge human limits on computational power and self-interest. These assumptions can be considered procedurally rational because human needs to solve problems that are often so complex that who can't be solved exactly by even modern computer technology. So, if businessmen apply psychological method to predict behavioral consumption to earn the more benefits or profit, it is more reasonable to compare to apply computer methods to predict consumption behavior.Theories in behavioral economics should be judged by reality, generality and tractability concepts to apply why we ( consumers) do our behavior ( consumption of choices) from psychological analysis. We share the positivist view that the ultimate test of a theory is the accuracy of its predictions. But we also believe that better predictions are likely to result from theories with more realistic assumptions. In psychology, such as connectionist models that capture some of the essential features of neural functioning, which are based on utility maximization, yet are reaching the point where they are able to predict many judgemental and behavioral phenomena. Contrary to the positivistic view, however, businessmen ought believe that predictions of consumers' feelings ( e.g., of subjective well-being) should be an important goal to earn more profit more easily.

Download or read book Artificial Intelligence Raises Efficiencies written by Johnny Ch Lok and published by Independently Published. This book was released on 2019-01-06 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book divides two part: Artificial intelligence how raises efficiencies as well as how and why it can be influenced to bring to avoid wage inequality welfare. This book part first is concerned how to apply artificial intelligent machine or robot to raise productivive efficiency in factory. I shall assume that (AI) robotic can assist labours to raise productivities and bring raising efficiency. Then it brings these both questions as below: Research question: How to apply (AI) technology to raise labor efficiencies or productivities?Research question: Why and How (AI) technology can help employers to evaluate or measure whom has higher or lower productive efficiencies in order to evaluate the more reasonable or equal wages to every worker when it applies (AI) technology to assist labours to manufacture any products?The first part is intended to explain why and how (AI) technology and raising productivity or efficiency has close relationship. First part gives some artificial intelligence technologic concepts to indicate why and how (AI) can raise labor productive efficiency to assist labor to work in factories. This book first part is suitable to any managers have interest to learn how to apply (AI) technological productive method to achieve economic benefit in factories . In this part, the main important aim, I give examples to explain how to apply (AI) technology to raise labor productive efficiencies really.This book second part to explain why and how AI can bring advantages to organizations to reduce wage more inequality when they apply AI technology to assist labor to raise efficiencies. I shall indicate Japan, China, America three countries to explain they applied (AI) technology to assist labors to productivities, then they can raise efficiencies, even avoid the wage inequality causes. For example, why and how (AI) can reduce regular/non-regular wage gap when Japanese and Chinese manufacturing firms apply (AI) technology to raises efficiency as well as causes the wage is paid more fair to their labours. Also, I shall explain why and how any country's firm will bring more efficiency and more fair wage equality when they applied (AI) technology to assist labours to produce. Finally, I write this book aims to explain how the process of (AI) technologic robots field develops to assist employees to raise productive efficiencies. I shall indicate how and why book supplier and entertainment theme park and educational service example to explain how these service industries can apply (AI) robotic machines to assist employees whether (AI) can assist raise efficiencies as well as how and why these service industries can apply (AI) to assist teachers or entertainment service staff or warehouse book printing staff to bring the raising efficiencies benefit in order to evaluate their staffs whom has higher efficiencies or lower efficiencies to evaluate the more reasonable or equal wage consequently.

Download or read book Why Artificial Intelligence Raises Efficiencies to Avoid Wage Inequality written by Johnny Ch LOK and published by . This book was released on 2018-12-28 with total page 101 pages. Available in PDF, EPUB and Kindle. Book excerpt: (AI) reduces the increased in the ageing population arises the wage costs of enterprises.Nowadays, any countries, the increased in the ageing population arises the wage costs of enterprises in two ways. The first is the seniority-based wage system, the ageing of the labour force naturally leads to a rise in the total wage costs. For example, the senior position, e.g. CEO, manager, doctor, lawyer etc. different professional or senior management occupations. The middle or old age labour both groups whose wages will be higher than the young age labour group. Their high wages level are depended on their working experiences, knowledge and educational level. So, if the young employee who has been working in the same firm (employer) from the under level clerk position to be promoted to the senior level CEO or Senior mangagement position during who is middle age or old age stage. Then, the firm's senior level and under level wage gap will be larger to compare with it chooses to recruit the another new employee who enters to this firm to do the senior level position. Because the firm's distance of wage gap between the lower level and the middle or upper level employees, it is depended the factor, such as the upper level employee position who is either come from whose firm's promotion or the choice of its new staff's outside employment method. So, why the difference of wage distant gap to any large enterprise, which is caused by the senior management level position is either recruited from promotion method or recruitment from outside employment method. It seems that the important determinant of working conditions for individual employee to cause wage inequality to Japan and China both countries, including job stability, wage level and opportunity for receiving training etc. job market factors. Also it seems that the cause of their wage inequality reasons include the individual labour's education level, skillful level and individual labour's age etc. different personal factors mainly. Otherwise, the other factors to cause wage inequality to America, it is possible to link these factors, including structural changes on the labour market to industrial dynamics, deindustralization, technology innovation changes to work nature and commercialization of micro-economic factors. So, the nature of inequalities, e.g. wage vs other types of income, it is the nature of link of different age and/or occupation groups. Thus, different countries will have different factors to cause wage or income inequality. Such as, America wage inequality is caused by the macro economic factor mainly, it focuses on structural changes on the labour markets as a consequence of industrial dynamics, deindustralization, changing technology work nature to cause America wage inequality consequently. Otherwise, Japan and China wage inequality is caused by personal education and working experiences and job market factor.Hence, (AI) can reduce the increased in the ageing population arises the wage costs of enterprises because it is not all young age workers who have effort to familiar how to operate robotics to work together in order to achieve the productive efficiencies possibly. It is possible that the older age workers who have effort to familiar hoe to operate robotics to work together in order to achieve the productive efficiencies more easily possibly. So, it can reduce the increased in the ageing population raises the wage costs chance when the organization applies robotics participation to assist workers to work in factories.

Download or read book How Can Artificial Intelligence Raise Efficiencies To Avoid Wage Inequality written by Johnny Ch Lok and published by Independently Published. This book was released on 2019-03-30 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: How and why (AI) technology can be applied to service industry, instead of manufacturing industry? I shall explain how (AI) technology can encourage consumption behaviors when it is applied to service industry as below. I shall apply behavioral economic theory to (AI) technology to indiate how it can enourage consumption when it is applied to service industry. At the core of behavioral economics is used psychology of economics analysis to improve economics on its own terms generating theoretical insights, making better prediction of field consumption of behavioral phenomena, and suggesting better policy to any company or government decision makers. It rejects economic theories based on utility maximization, equilibrium and efficiency. It is useful because it provides economists with a theoretical framework that can be applied to almost any form of economic ( and even non-economic) behavior to predict behavioral consumption more easily to businessmen. So, behavioral economy is different to general economy concept, it applies psychological methods to attempt to predict consumption behavior.Simpifying much assumption that are not central to the economic theory to apply to psychological behavior. Other assumption simply acknowledge human limits on computational power and self-interest. These assumptions can be considered procedurally rational because human needs to solve problems that are often so complex that who can't be solved exactly by even modern computer technology. So, if businessmen apply psychological method to predict behavioral consumption to earn the more benefits or profit, it is more reasonable to compare to apply computer methods to predict consumption behavior.Theories in behavioral economics should be judged by reality, generality and tractability concepts to apply why we ( consumers) do our behavior ( consumption of choices) from psychological analysis. We share the positivist view that the ultimate test of a theory is the accuracy of its predictions. But we also believe that better predictions are likely to result from theories with more realistic assumptions. In psychology, such as connectionist models that capture some of the essential features of neural functioning, which are based on utility maximization, yet are reaching the point where they are able to predict many judgemental and behavioral phenomena. Contrary to the positivistic view, however, businessmen ought believe that predictions of consumers' feelings ( e.g., of subjective well-being) should be an important goal to earn more profit more easily.Most of the ideas in behavioral economics are not new. When economics first became identified as a distinct field of study, psychology didn't exist as a discipline to apply to economy subject. For example, "invisible hand" and "the wealth of Nations" which belong to theory to moral sentiments, which laid out psychological principles of individual behavior that are arguably as profound as whose economic observations. Another example, such as a simple model of social utility means that one ( consumer) or person's utility was affected by another person's, such as whose family or friends' influence why to choose to buy this product or use this service in consumption market.

Download or read book Artificial Intelligence Raises Efficiencies and Brings written by Johnny Ch LOK and published by . This book was released on 2018-12-30 with total page 101 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapter FourThe reasons why and how AI can avoid wage inequality to the organization laboursWhat do wages buy? How work force responses to an efficiency wage, productivity, turnover. For example, given the choice of what cause the wage inequality of difference between the America and German employment policies. I would take the German goverment policy system for example because it is more social and human. Otherwise, I would take the America government policy system because American government understands capitalism of the free market. Such as German and America is one heavy industry manufacturing country, it is famous to manufacture car, steels, boat, etc. different steel manufacturing product. So, if robotics are popular to be used to manufacture any products which are needed to use steel to manufacture. Then, German and America factory labors who need to learn how to apply robotic to cooperate with them to manufacture any kinds of steel products more efficiently. So, it is simple that German and America heavy industry manufacturers can easily to evaluate whether wage determination to whom when every labor individual wage is needed to be raised, because he/she can cooperate with robotic to manufacture any kinds of steel products more efficiently. SO, the lower efficient labors won't ought be raised her/his wage easily. SO, roboic working participation will bring either raising efficiency to some factory workers when they can learn how to cooperate with robotic more easily or not raising efficiency to some factory workers when they can not learn how to cooperate with with robotic difficultlyHow robotic brings productive efficiency benefits to labors as these both view points as below:First, on the robotic working participation view point, I think, due to the nowadays technological development factor, we need more labours who need own highly qualified and skillful labours need to be motivated than in past employees who did not need own highly qualified and did not need motivated. Besides, in this regard, a preventative robotic working participation strategy is the best strategy to reduce the wage inequality, because the manager can apply robotic participation to every labor individual job in order to evaluate how much every worker actual ability owns either he/she can raise efficiency or he/she can not raise efficiency from robotic assistance . For example, these three countries, such as Japan, China and America were , it would be a different robotic working participation to every worker individual working matter strategy to avoid themselve any employees feel wage inequality habitually , due to none robotic participation with their jobs in their manufacturing processes.

Download or read book Can Artificial Intelligence Solve Wage Inequality written by Johnny Ch Lok and published by Independently Published. This book was released on 2018-12-27 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: For example, in judging whether a certain student ( University customer) described in a profile is, say, a psychology major or computer science major, the student decides how well the profile matches the psychology or computer science career to the student generally. So, University can read the student profile to predict whether the student will choose to study psychology subject more prefer or computer subject more prefer to predict whose computer or psychology student numbers more accurate in the year. So, such as university cause, if the university can apply (AI) technology to predict or evalute whether the student will choose which subject to study, then they can make more accurate subjects arrangement to let students to study more easily. So, (AI) can be applied to education aspect to help teacher to predict or evaluate whether whom every student ought to choose which subjects to study in order to raise every learning ability. Every teacher can cooperate with robotic to gather every student's interest or past learning performance or learning experience to evaluate whether which subjects that who ought choose to study in order to raise higher mark for every subject, even help them to choose the most right occupation to do when they choose the right subject to study. So, school can evaluate the most reasonable salary level determination to pay whom teacher when robotic participation to teachers' teaching. For example, two math teacher teach two differnt math classes. When the teacher can not teach the class students to earn higher mark or fail, although he has robotic teaching assistant. Otherwise, the another teacher can teach the another class students to earn higher mark, even pass. Then, the school can decide whom ought pay higher salary. Of course, the class math students who can earn higher mark or pass, the math teacher ought need to pay higher salary. So, (AI) robotic can participate to school teaching jobs to assist teachers to determinate whom ought pay higher or lower salary more reasonable.

Download or read book Role of Artificial Intelligence in Intra sectoral Wage Inequality in an Open Economy written by Shreya Roy and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Artificial Intelligence (AI) has the potential to significantly impact the income of individuals. Cross-country data shows that introduction of AI is inequality enhancing in developing and less developed countries. In this paper, we attempt to understand the reason for increase in wage inequality across labourers due to introduction of AI, in a finite change General Equilibrium (GE) set up which allows for emergence of a new activity. AI-induced technological shock is introduced in the non-traded sector of an open economy with heterogeneous skills. We show how the advent of AI (which was initially non-existent) in the non-traded sector separates the skills of the once homogenous workers, thus, creating an intra-sectoral wage gap. What proportion of the low-skilled workers can move to the higher wage paying sector depends on an adaptability factor that acts as an eligibility criterion in fragmenting the erstwhile homogenous labourers and also works towards rising intra-group wage gap.

Download or read book The Economics of Artificial Intelligence written by Ajay Agrawal and published by University of Chicago Press. This book was released on 2019-05-22 with total page 643 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in artificial intelligence (AI) highlight the potential of this technology to affect productivity, growth, inequality, market power, innovation, and employment. This volume seeks to set the agenda for economic research on the impact of AI. It covers four broad themes: AI as a general purpose technology; the relationships between AI, growth, jobs, and inequality; regulatory responses to changes brought on by AI; and the effects of AI on the way economic research is conducted. It explores the economic influence of machine learning, the branch of computational statistics that has driven much of the recent excitement around AI, as well as the economic impact of robotics and automation and the potential economic consequences of a still-hypothetical artificial general intelligence. The volume provides frameworks for understanding the economic impact of AI and identifies a number of open research questions. Contributors: Daron Acemoglu, Massachusetts Institute of Technology Philippe Aghion, Collège de France Ajay Agrawal, University of Toronto Susan Athey, Stanford University James Bessen, Boston University School of Law Erik Brynjolfsson, MIT Sloan School of Management Colin F. Camerer, California Institute of Technology Judith Chevalier, Yale School of Management Iain M. Cockburn, Boston University Tyler Cowen, George Mason University Jason Furman, Harvard Kennedy School Patrick Francois, University of British Columbia Alberto Galasso, University of Toronto Joshua Gans, University of Toronto Avi Goldfarb, University of Toronto Austan Goolsbee, University of Chicago Booth School of Business Rebecca Henderson, Harvard Business School Ginger Zhe Jin, University of Maryland Benjamin F. Jones, Northwestern University Charles I. Jones, Stanford University Daniel Kahneman, Princeton University Anton Korinek, Johns Hopkins University Mara Lederman, University of Toronto Hong Luo, Harvard Business School John McHale, National University of Ireland Paul R. Milgrom, Stanford University Matthew Mitchell, University of Toronto Alexander Oettl, Georgia Institute of Technology Andrea Prat, Columbia Business School Manav Raj, New York University Pascual Restrepo, Boston University Daniel Rock, MIT Sloan School of Management Jeffrey D. Sachs, Columbia University Robert Seamans, New York University Scott Stern, MIT Sloan School of Management Betsey Stevenson, University of Michigan Joseph E. Stiglitz. Columbia University Chad Syverson, University of Chicago Booth School of Business Matt Taddy, University of Chicago Booth School of Business Steven Tadelis, University of California, Berkeley Manuel Trajtenberg, Tel Aviv University Daniel Trefler, University of Toronto Catherine Tucker, MIT Sloan School of Management Hal Varian, University of California, Berkeley

Download or read book Gen AI written by Mauro Cazzaniga and published by International Monetary Fund. This book was released on 2024-01-14 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Artificial Intelligence (AI) has the potential to reshape the global economy, especially in the realm of labor markets. Advanced economies will experience the benefits and pitfalls of AI sooner than emerging market and developing economies, largely due to their employment structure focused on cognitive-intensive roles. There are some consistent patterns concerning AI exposure, with women and college-educated individuals more exposed but also better poised to reap AI benefits, and older workers potentially less able to adapt to the new technology. Labor income inequality may increase if the complementarity between AI and high-income workers is strong, while capital returns will increase wealth inequality. However, if productivity gains are sufficiently large, income levels could surge for most workers. In this evolving landscape, advanced economies and more developed emerging markets need to focus on upgrading regulatory frameworks and supporting labor reallocation, while safeguarding those adversely affected. Emerging market and developing economies should prioritize developing digital infrastructure and digital skills

Download or read book Artificial Artificial Raises Efficiencies and Brings Wage Equality written by Johnny Ch Lok and published by Independently Published. This book was released on 2018-12-28 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book divides two part: Artificial intelligence how raises efficiencies as well as how and why it can be influenced to bring to avoid wage inequality welfare. This book part first is concerned how to apply artificial intelligent machine or robot to raise productivive efficiency in factory. I shall assume that (AI) robotic can assist labours to raise productivities and bring raising efficiency. Then it brings these both questions as below: Research question: How to apply (AI) technology to raise labor efficiencies or productivities?Research question: Why and How (AI) technology can help employers to evaluate or measure whom has higher or lower productive efficiencies in order to evaluate the more reasonable or equal wages to every worker when it applies (AI) technology to assist labours to manufacture any products?The first part is intended to explain why and how (AI) technology and raising productivity or efficiency has close relationship. First part gives some artificial intelligence technologic concepts to indicate why and how (AI) can raise labor productive efficiency to assist labor to work in factories. This book first part is suitable to any managers have interest to learn how to apply (AI) technological productive method to achieve economic benefit in factories . In this part, the main important aim, I give examples to explain how to apply (AI) technology to raise labor productive efficiencies really.This book second part to explain why and how AI can bring advantages to organizations to reduce wage more inequality when they apply AI technology to assist labor to raise efficiencies. I shall indicate Japan, China, America three countries to explain they applied (AI) technology to assist labors to productivities, then they can raise efficiencies, even avoid the wage inequality causes. For example, why and how (AI) can reduce regular/non-regular wage gap when Japanese and Chinese manufacturing firms apply (AI) technology to raises efficiency as well as causes the wage is paid more fair to their labours. Also, I shall explain why and how any country's firm will bring more efficiency and more fair wage equality when they applied (AI) technology to assist labours to produce. Finally, I write this book aims to explain how the process of (AI) technologic robots field develops to assist employees to raise productive efficiencies. I shall indicate how and why book supplier and entertainment theme park and educational service example to explain how these service industries can apply (AI) robotic machines to assist employees whether (AI) can assist raise efficiencies as well as how and why these service industries can apply (AI) to assist teachers or entertainment service staff or warehouse book printing staff to bring the raising efficiencies benefit in order to evaluate their staffs whom has higher efficiencies or lower efficiencies to evaluate the more reasonable or equal wage consequently.

Download or read book Automation Artificial Intelligence written by David Isaac Schlosser and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Humans Need Not Apply written by Jerry Kaplan and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Researchers are finally cracking the code on artificial intelligence. It has the potential to usher in a new age of affluence and leisure-- but as Kaplan warns, the transition may be protracted and brutal unless we address the two great scourges of the modern developed world: volatile labor markets and income inequality. He proposes innovative, free-market adjustments to our economic system and social policies to avoid an extended period of social turmoil.--

Download or read book Artificial Intelligence and Its Implications for Income Distribution and Unemployment written by Anton Korinek and published by . This book was released on 2017 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inequality is one of the main challenges posed by the proliferation of artificial intelligence (AI) and other forms of worker-replacing technological progress. This paper provides a taxonomy of the associated economic issues: First, we discuss the general conditions under which new technologies such as AI may lead to a Pareto improvement. Secondly, we delineate the two main channels through which inequality is affected -- the surplus arising to innovators and redistributions arising from factor price changes. Third, we provide several simple economic models to describe how policy can counter these effects, even in the case of a "singularity" where machines come to dominate human labor. Under plausible conditions, non-distortionary taxation can be levied to compensate those who otherwise might lose. Fourth, we describe the two main channels through which technological progress may lead to technological unemployment -- via efficiency wage effects and as a transitional phenomenon. Lastly, we speculate on how technologies to create super-human levels of intelligence may affect inequality and on how to save humanity from the Malthusian destiny that may ensue.

Download or read book Artificial Intelligence Services Globalisation and Income Inequality written by Giulio Cornelli and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Rewriting the Rules of the American Economy An Agenda for Growth and Shared Prosperity written by Joseph E. Stiglitz and published by W. W. Norton & Company. This book was released on 2015-11-02 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: It’s time to rewrite the rules—to curb the runaway flow of wealth to the top one percent, to restore security and opportunity for the middle class, and to foster stronger growth rooted in broadly shared prosperity. Inequality is a choice. The United States bills itself as the land of opportunity, a place where anyone can achieve success and a better life through hard work and determination. But the facts tell a different story—the U.S. today lags behind most other developed nations in measures of inequality and economic mobility. For decades, wages have stagnated for the majority of workers while economic gains have disproportionately gone to the top one percent. Education, housing, and health care—essential ingredients for individual success—are growing ever more expensive. Deeply rooted structural discrimination continues to hold down women and people of color, and more than one-fifth of all American children now live in poverty. These trends are on track to become even worse in the future. Some economists claim that today’s bleak conditions are inevitable consequences of market outcomes, globalization, and technological progress. If we want greater equality, they argue, we have to sacrifice growth. This is simply not true. American inequality is the result of misguided structural rules that actually constrict economic growth. We have stripped away worker protections and family support systems, created a tax system that rewards short-term gains over long-term investment, offered a de facto public safety net to too-big-to-fail financial institutions, and chosen monetary and fiscal policies that promote wealth over full employment.

Download or read book Artificial Intelligence Brings Positive Or Negative Impaction To Influence Human Job Nature written by Johnny Ch Lok and published by Independently Published. This book was released on 2019-01-16 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: ⦁Can (AI) influence global economy growth?Technological progress is main driver of growth of GDP per capita, allowing output to increase faster than labor and capital . However, technology can increase productivity, but also decrease the number of labor hours needed to create a unit of output. So (AI) causes unequal to labor wage decreases, even reduces the number of labor to manufacture, e.g. artificial intelligence technology of automation car manufacturing industry; clothing manufacturing industry; plane manufacturing etc. high technology of artificial intelligence manufacturing method. But (AI) should be potential environment benefit, although it raises unemployment ratio. Moreover, it can rise production, due to many skilled craft were replaced by the combination of machines and lower-skilled labor. The result of (AI) technology introduction, it causes output per hour risen when inequality declined, driving up average living standards, but the labor of some high-skill workers was no longer as valuable in the market. Otherwise, if (AI) technology is continue developed to be success. Some routine intensive occupations will be loss, which focused on predictable, e.g. easily programmable tasks, such as switchboard operators, filing clerks, travel agents, and assembly line workers would be particularly replaced by new (AI) technology. However, at the same time, (AI) technology development will bring these benefits: improvement in education ( training (AI) technology scientists), due to (AI) manufacturing technology needs are raising to businesses and institutional changes, such as the reduction in unionization and raising in the minimum wage to the (AI) manufacturing technology skilled labor in factories.Because (AI) technology is not a single technology, but rather a collection of technologies that are applied to specific tasks, the effects of (AI) will be felt unevenly though the economy. It will bring some tasks will be most easily automated than others, and some jobs will be affected more than others, both negatively and positively. Finally, new jobs are likely to be directly created in areas, such as the development and supervision of (AI) as well as indirectly created in a range areas though out the economy as higher incomes lead to expanded demand.However, if (AI) technology could dominate global labor markets. If labor productivity increases, do not influence into wage increases, then the large economic gains brought about by (AI) technology could be increased wealth inequality, due to employers can reduce production cost, but workers ( labors) wages will not be increased, even will be decreased. Hence, it seems the (AI) technology will bring disadvantages to labor market to cause unemployment or reduce wages in possible, although it can reduce employer individual salary (wage) expenditure and it can raise productivity.⦁How can artificial intelligence impact global economy growth?Artificial intelligence (AI) technology is a branch of computer science that aims to create intelligent machines that work and react like humans. So, (AI) is a technology that appears to impact ( influence) human preference by learning, understanding complex contents, enhancing humans in executing both routine and non-routine tasks. In the future, (AI) technology that can be virtual personal assistant, as well as it may exist, such as robots with human-like processing capabilities.How can (AI) technology impact global economy growth over the next 10 years? During this time period, (AI) technology is predicted to have wide-ranging applications including: Machine learning that automates analytical model building by using algorithms that allow machines to operate without human assistance.

Download or read book Powering the Digital Economy Opportunities and Risks of Artificial Intelligence in Finance written by El Bachir Boukherouaa and published by International Monetary Fund. This book was released on 2021-10-22 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.