My research with Mousumi Das (Institute for Financial Management and Research) has explored the possible impact of robotization on the world economy in the next 20 years. We conclude that predictions of a near doomsday scenario are unfounded.
It is highly probable that economic disturbances will be eclipsed by the propensity for an economic boom derived from the limitations of AI and benefits reaped from it. It is important to understand the meanings of the terms “AI” and “robots”.
AI endows machines with the power to replicate both human faculties (calculation and cognition) as well as non-human ones, say satellite imaging. AI can vary from “very narrow” to “fairly broad” and “very broad”, exemplified respectively by a calculator, a computer, and a network of computers replacing a team of consultants.
Robots are merely receptacles, possibly mobile, for storing AI. Our review of the impact of robotization refers to work done by futurists Martin Ford, Erik Brynjolfsson and Andrew McAfee and economists such as Daren Acemoglu and Dani Rodrik, as well as numerous articles in international news outlets.
It reveals that AI has already caused noticeable job destruction, which will only become more significant in the next 20 years. To illustrate, robots are being employed to harvest flowers and fruits to enhance mechanization in agriculture. Read more from livemint.com…
thumbnail courtesy of livemint.com