The Future of Artificial Intelligence

Artificial Intelligence (AI) is one of the most significant technological advancements the world has ever seen.  Currently, there are numerous views on how AI will impact society. Some believe that AI will lead to increased productivity, efficiency, and innovation. Others argue that it will create job displacement and social inequality. How AI will ultimately impact our lives depends on how well we manage its development and growth. 

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Artificial Intelligence is Everywhere

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    In the past, the fundamental drivers of growth have been what economists call General-Purpose Technologies – technical innovations that changed not just one but multiple industries, as well as the whole of society. Think of the internal combustion engine.  This technical innovation first gave rise to cars, trucks, and airplanes … which in turn, led to highways, airports, the suburbs and shopping malls …. which gave us big-box retailers, commuter colleges, the travel and hospitality industry, and so on.

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    Artificial Intelligence is today’s internal combustion engine.  AI is used to monitor your credit card transactions then identify anomalies that can be predictors of fraud.  Facebook uses AI to determine what appears in your Newsfeed.  Because of the speed and complexity of financial transactions, it’s AI -- not human beings -- that powers the global financial markets.  You may not see it.  You may not understand it.   But artificial intelligence is already ubiquitous and in short order will impact virtually every aspect of our lives.  

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How AI Works

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    AI studies how computer programs can automatically improve their performance through learning.  Industry leaders who view artificial intelligence as a key driver of growth are much more optimistic. Amazon, Apple, Google, IBM and Microsoft have already formed a working partnership to improve the public’s understanding of AI.  Google CEO Sundar Pichai goes even further, calling artificial intelligence “more profound than fire or electricity.”

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    Unlike automation which streamlines manufacturing and other work processes, artificial intelligence is designed to examine data sets and find patterns. AI learns from experience then self-selects the appropriate responses to whatever problem or situation it needs to address.  Most importantly, once designed and set free upon the world, AI-based algorithms self-learn at exponential speed without any additional need for programming or human intervention.

And isn’t that what we want? Isn’t technology supposed to be an enabler that frees us from the boring and the mundane?  If that was all AI was designed to do, then the answer would be Yes. But artificial intelligence is far more ambitious.

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    Over time, artificial intelligence will come to dominate almost every industry. Not only will it change how we design and organize our tasks but the very nature of how we think about work itself.  Full-time employment and the security it represented was the predominant way of earning a living in the twentieth century. In the future, work will be defined by part-time jobs and contract arrangements.

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A Topic of Hot Debate

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    The advent of artificial intelligence (AI) has ushered in a new era of technological innovation with far-reaching implications for society. Current views on how AI will impact society are characterized by a mixture of optimism, caution, and speculation. While proponents highlight the potential for groundbreaking advancements across various business sectors, skeptics raise concerns about ethical dilemmas and potential disruptions in the job market.

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    One of the most promising aspects of AI lies in its potential to revolutionize industries and improve overall efficiency. From healthcare to finance, AI-powered applications have already shown remarkable capabilities in diagnosing diseases, predicting market trends, and optimizing complex processes. Improved medical diagnostics and personalized treatments could enhance the quality of life for countless individuals, while automation in industries can lead to greater productivity and cost savings.

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    The positive prospects are not without their challenges. The impact of AI on the job market remains a particularly hot topic of debate. While some argue that AI will create new job opportunities and augment human labor, others express apprehension about widespread unemployment.

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    Ethical considerations surrounding AI deployment have also become a concern. Questions about data privacy, algorithmic biases, and the potential for AI to infringe upon human rights are starting to draw attention. Striking a balance between AI's benefits and the preservation of our individual liberties is a formidable task that policymakers will need to tackle.

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    Several years ago, the physicist Stephen Hawking published an open letter to humanity.  The subject was the existential risk posed by artificial intelligence which each day becomes more embedded into our lives. Hawking’s concern was the gulf between the speed of technological change and our understanding of its impact.  Rather than rush blindly towards the unknown, he proposed caution and restraint. 

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    The current views on AI's impact on society reflect a nuanced understanding of its potential.  AI can be a powerful tool for good.  But only if we balance its  transformative power with safeguards that mitigate its risks.