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.