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Title: Impact of AI on Economy
Description: It explains how the drastic change in AI is affecting the economy and is actually working as job replacer, especially in the west. but fortunately, AI is also driving a way of prosperity in the emerging world. View notes for further description of how the west is impacted by the AI at most in comparison to the developing countries.
Description: It explains how the drastic change in AI is affecting the economy and is actually working as job replacer, especially in the west. but fortunately, AI is also driving a way of prosperity in the emerging world. View notes for further description of how the west is impacted by the AI at most in comparison to the developing countries.
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AI AND ECONOMY
New technology brings with it both the sweet hope of prosperity and the cruel fear of missing out
...
It is truly amazing to see chat-GPT
spread rapidly compared to the other technologies introduced in earlier times, which took more than
fifty years to reach different countries
...
The obsession of AI creators to mimic human intelligence and to incorporate features that can replace
the human capital with cheap alternatives is evident
...
It
mainly focuses on shrinking the gap in human capital faster than ever before
...
People in these
countries are not the passive recipients of AI; it has helped them to increase their income
...
The IMF says that 5% to 25% of workers in emerging countries are
exposed to replacement, compared to one-third in rich countries
...
India (developing country) is combining
large language models with speech recognition software to qualify illiterate farmers to apply for
government loans
...
Researchers in
Brazil are testing medical AI that can help train primary care workers to treat patients
...
In conclusion, the AI have greater impact on the west but had improved the standard of living in the
emerging world
...
The use of AI has led to the accumulation of wealth in fewer hands and hence supporting
the rich, especially in the west
Title: Impact of AI on Economy
Description: It explains how the drastic change in AI is affecting the economy and is actually working as job replacer, especially in the west. but fortunately, AI is also driving a way of prosperity in the emerging world. View notes for further description of how the west is impacted by the AI at most in comparison to the developing countries.
Description: It explains how the drastic change in AI is affecting the economy and is actually working as job replacer, especially in the west. but fortunately, AI is also driving a way of prosperity in the emerging world. View notes for further description of how the west is impacted by the AI at most in comparison to the developing countries.