Socio-Economic Shocks Due to Advancement in Artificial Intelligence Techniques

Abstract

The repercussions of the industrial and digital
revolutions on the world's social and
economic landscapes are only now becoming
apparent. Every element of a society's
economy is affected by this collision and the
AI Revolution, from little businesses to large
communities to entire nations. This
breakthrough in AI will lead to seismic shifts
in society and pose grave threats to human
civilization. Many have tried, and failed, to
establish ethical guidelines for AI that benefit
humankind. The goal is for these standards to
help individuals out. Concepts that are too
complex may leave the audience baffled.
These developments provide the chance to
enhance tools, solutions, and services in an
effort to address some of the world's most
pressing issues and advance progress towards
the United Nations' Sustainable Development
Goals. These targets were set to help usher in
a more fair and sustainable society (SDGs).
The results of a 2017 World Economic Forum
(WEF) research on AI and robotics suggest
that the world's economy is not ready for
"Automation and Robotization," which might
lead to high levels of unemployment. Artificial
intelligence and robots were the subjects of
the study. Most pressing issues for
contemporary society and businesses are
related to the implementation of AI
technology, the expansion of opportunities
and productivity, the elimination of
unemployment, and the reduction of
economic disparity. This study delves at the
positive and negative aspects of artificial
intelligence as well as current views, its
prevalence in society, and the many methods
in which it has been implemented.