Threads Of Artificial Intelligence On Society And Economy...

Just recently, the New York Times published an article, â€Å"Threads of Artificial intelligence on Society and economy†, written by Lee, chairman, chief executive of Sinovation Ventures and the president of its Artificial Intelligence Institute. This article addresses questions about the future challenges and impacts of artificial intelligence on society and economy. In short, people will start to lose jobs, and there will be an imbalance due to large profit growth in companies that own artificial intelligence. When a company uses Artificial intelligence in place of humans, profits will increase because they won’t have to pay human laborers. In the twenty first century, Artificial intelligence is a fast-growing technology sector, which is†¦show more content†¦To fund the system the rate of taxes must be high. As people depend social welfare for their living, they come to think that not working is the better way to live life; as they become to think thatâ€⠄¢s the better way to live life, they won’t be willing to work again even though if jobs are starting again to be widely available. This could even lead to problems such as citizens caring less about the education of future generations. So, if Artificial intelligence is taking over most of the jobs of Human labor, what options will the unemployed community have? Kai-Fu suspects that volunteer service jobs of today, and he says â€Å"that society needs, and that give people a sense of purpose† In other words, service jobs which Artificial intelligence cannot do may turn into the real jobs of the future. Lee provides examples, such as â€Å"accompanying an older person to visit a doctor and mentoring at an orphanage†. This is a great idea, but who will pay for these jobs? Lee says it is inevitable that companies will profit from replacing human laborers and will have to use some of that money to subsidize social welfare or some of these service jobs. Job replacement could also affect the world’s economy, economically stronger countries will be able to support the system Lee describes, but other countries will struggle.Show MoreRelatedEssay on Information Technology and the Impact on the Future Work Culture4609 Words   |  19 PagesEssay on Information Technology and the Impact on the Future Work Culture Introduction: Advances in information technology will revolutionize human civilization. Never before has knowledge been so easily as instantly accessible as it is now. Information has the power to change culture customs and communities. Development of Thought: No other technology in the last 300 years has had the kind of impact that information technology will have on the social, political and economic fabric of society. 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