THE IMPLICATIONS OF ROBOTICS AND ARTIFICIAL INTELLIGENCE FOR ECONOMIC GROWTH

Abstract

The Industrial Age, which humanity entered long ago with the invention of the steam engine, resulted in the introduction of primitive mechanization into the manufacturing process. Electronics, nanotechnology, advances in medicine, health, and digital applications, among other things, are accelerating the study of mechatronics today, thanks to the development of the internet and mobile technologies. Robotics and artificial intelligence occupied a prominent position on the agenda of the last World Economic Forum, and economists such as Roubini and Stiglitz participated in the discussion of how robotics and artificial intelligence will impact the economy and business. However, even though Stephen Hawking has expressed concern about the risks involved in this regard, we are witnessing tremendous news and articles in business pages daily regarding these topics, and corporate life and professionals are no longer able to resist these changes. The changing nature of business terms and work forces, as well as the way businesses are conducted in the age of new technologies, will have significant implications for daily business life, as well as for the economies of individual countries and the global economy. The advancements in Artificial Intelligence will have a significant impact on many items and headlines in business and economics such as the jobless ratio, the Philips Curve, performance management, Analytics customer relationship management, sales and strategic planning mass production, Purchasing Power Parity (gross domestic product, inflation, money, Central Banks banking system, coaching training, accounting taxes, and many other items and headlines. One simple example can help to illustrate the magnitude of these ramifications: Would you recommend that the company maintain provisions for severance pay for its employees or that we calculate a reserve for depreciation / amortization for its robots? Would you recommend that we keep the term human resources in the title of the company's balance sheet, or would you recommend that we remove it entirely the purpose of this conceptual and hypothetical paper is to address and discuss the future of robots, mechatronics, and artificial intelligence from a variety of viewpoints and perspectives.