– AFREEN SHYAM
Artificial intelligence plays an increasingly important role in our lives and economy and is already having an impact on our world in many different ways.AI is seen by many as an engine of productivity and economic growth. It can increase the efficiency with which things are done and vastly improve the decision-making process by analysing large amounts of data. It can also spawn the creation of new products and services, markets and industries, thereby boosting consumer demand and generating new revenue streams.
However, AI may also have a highly disruptive effect on the economy and society. Some warn that it could lead to the creation of super firms – hubs of wealth and knowledge – that could have detrimental effects on the wider economy. It may also widen the gap between developed and developing countries, and boost the need for workers with certain skills while rendering others redundant; this latter trend could have far-reaching consequences for the labour market. Experts also warn of its potential to increase inequality, push down wages and shrink the tax base.
While these concerns remain valid, there is no consensus on whether and to what extent the related risks will materialise. They are not a given, and carefully designed policy would be able to foster the development of AI while keeping the negative effects in check. The EU has a potential to improve its standing in global competition and direct AI onto a path that benefits its economy and citizens. In order to achieve this, it first needs to agree a common strategy that would utilise its strengths and enable the pooling of Member States’ resources in the most effective way.
Is it a boon or a bane for human existence and economy, is a relevant question.The very idea to create artificial intelligence is to make the lives of humans easier. Researchers of artificial intelligence want to bring in the emotional quotient to the machines along with the general intelligence.
Briefing about the advantages and disadvantages of artificial intelligence(AI)
| AI Advantages | AI Disadvantages |
|---|---|
| Error Reduction | High Cost |
| Difficult Exploration | No Replicating Humans |
| Daily Application | No Improvement with Experience |
| Digital Assistants | No Original Creativity |
| Repetitive Jobs | Unemployment |
| Medical Applications | |
| No Breaks |
Advantages:AI would have a low error rate compared to humans, if coded properly. They would have incredible precision, accuracy, and speed.They won’t be affected by hostile environments, thus able to complete dangerous tasks, explore in space, and endure problems that would injure or kill us.This can even mean mining and digging fuels that would otherwise be hostile for humans.Replace humans in repetitive, tedious tasks and in many laborious places of work.Predict what a user will type, ask, search, and do. They can easily act as assistants and can recommend or direct various actions.
Disadvantages:Can cost a lot of money and time to build, rebuild, and repair. Robotic repair can occur to reduce time and humans needing to fix it, but that’ll cost more money and resources.It’s questionable: is it ethically and morally correct to have androids, human-like robots, or recreate intelligence, a gift of nature that shouldn’t be recreated? This is a discussion about AI that’s popular in the days.Storage is expansive, but access and retrieval may not lead to connections in memory as well as humans could.They can learn and get better with tasks if coded to, but it’s questionable as to if this can ever become as good as humans can do such.They cannot work outside of what they were programmed for.
In the future, artificial intelligence will be used in all sectors of society to greatly change the lives of mankind. However, if it comes to playing an important role in decision-making organizations of the core society of society, it may be a repetition of a rather tedious history for mankind. Because artificial intelligence is made up of huge historical data until the system is constructed.
Dynamic technologies 