Impact of artificial intelligence on the world work

Impact of artificial intelligence on the world work

ow did artificial intelligence revolutionise the United States and China in a post pandemic era?
Economics project outline:
Introduction
Over the past few years, artificial intelligence has advanced quickly. Technology’s potential influence on the economy in terms of productivity, development, inequality, market dominance, innovation, and labour could be significant as it advances. Artificial intelligence, which already has a massive effect on our world in a variety of ways, is playing a larger part in our lives, affecting social, economic, environmental, and political development massively. The United States and China have surfaced as the world’s leaders in this struggle, competing with one another trying to claim the throne.
Literature
Major businesses are investing enormous sums of money to further develop and incorporate artificial intelligence (IA), one of the most cutting-edge technologies in the development of today’s technology, into their products. The introduction of steam power into the Industrial Age long ago led to the manufacture of crude mechanisation. Mechatronics research is currently accelerated by the expansion of the internet and mobile platforms, as well as by advancements in electronics, nanotechnology, applications, and other disciplines.
The World Economic Forum (WEF) issued a warning in its recent report in 2017 on Artificial Intelligence and Robotics that economies throughout the world are still susceptible to fresh shocks and unprepared how the world is modernising rapidly, moving everything into the digital world. The biggest example of this is the emergence of the Metaverse which will be discussed throughout the report. The way in which business is conducted utilising new technology, including the evolution of commercial terms and labour laws, will have significant effects on national and global economies.
Many people believe that AI will boost productivity and the economy. Through analysing the data that is given by scholars, it shows that AI can greatly improve the decision-making process and increase the effectiveness of ensuring that work is being done. It can also lead to the development of emerging businesses, sectors, commodities, and services, which will increase customer demands and open fresh sources of revenue.
Rapid developments in technology and artificial intelligence technology have the potential to drastically alter the job sector. While artificial intelligence and robotics can increase certain workers’ efficiency, they can also replace the worker instead which is expected to happen in the upcoming future with everything moving towards automation and artificial intelligence. Growing economic inequality and increasing automation are causing fears of widespread unemployment and a rising push for regulatory initiatives to deal with the effects of technological change.