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Can Artificial Intelligence Raise Productivities and Efficiences?

Johnny Ch Lok

⦁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.

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Book Information

Publisher: Independently Published
Publish Date: 03/15/2019
Pages: 92
ISBN-13: 9781090589293
ISBN-10: 1090589298
Language: English

Full Description

⦁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 to 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.

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