Capabilities of Computer Algorithm Utilizing Artificial Neural Networks and its Implications to Economy: A Public Policy Analysis

Abstract

The massive abundance of studies pertinent to Artificial Neural Networks (ANN) has produced exciting and dulcet effects on different industries and academic disciplines. Albeit the findings of the studies relating to ANNs invite potential enterprising opportunities, it is an incontestable fact that these enterprising opportunities, like fruits of the ANNs, valiantly interpose an economic threat to the working manpower. Employment retrenchment is portending as companies opt to enjoy the benefit yielded from the application and use of ANN mechanisms. ANNs will overshadow and replace the working manpower. This study is a meta-analysis that profoundly discourses on the implications of economic issues embedded in the application and use of ANNs. The findings hereof are critical and material considerations in the craft of effective public policy measures that necessarily balance the economic impact of the ANNs to working manpower. Thus this study aims to answer two primary inquiries; (1) what are the economic implications of the application and use of ANNs? and (2) what public policy measures balance the economic downsides of the application and use of ANNs?