Artificial Intelligence Brings Macro And Micro Economy Benefits

By Johnny Ch Lok and Johnny C.H. Lok

How (AI) brings macro and micro economy benefits to impact our future social development ? Artificial Intelligence, as we see it, is a collection of multiple technologies that enable machines to sense, comprehend and act-and learn, either on their own or to augment human activities. Compelling data reveal a discouraging truth about growth today. It is one kind technological manufacturing industry and service industry and product sale business to bring our future economy growth. There has been a marked decline in the ability of traditional levers of production-capital investment and labor-to propel economic growth. The numbers tell only part of the story. Artificial intelligence (AI) is a new factor of production and has the potential to introduce new sources of growth, changing how work is done and reinforcing the role of people to drive growth in business. Accenture research on the impact of AI in 12 developed economies reveals that AI could double annual economic growth rates in 2035 by changing the nature of work and creating a new relationship between man and machine. The impact of AI technologies on business is projected to increase labor productivity by up to 40 percent and enable people to make more efficient use of their time. Concerning (AI) and economic growth relationship, I shall indicate these questions as below: 1.If A.I. increases automation in the production of goods and services, how will it impact economic growth?2. Can we reconcile the advent of A.I. with the observed constancy in growth rates andcapitalshareovermostofthe20th century? Should we expect such constancy to persist in the 21st century?3.Do these answers change when A.I. and automation apply to the production of new ideas?4.Can A.I. drive massive increases in growth rates, or even a singularity, as some observers predict? Under what conditions, and are these conditions plausible?In thinking about these questions, we develop two main themes. First, we model A.I. as the latest form in a process of automation that has been ongoing for at least 200 years. From the steam engine to electricity to computer chips, the automation of aspects of production has been a key feature of economic growth since the Industrial Revolution.

• Format: Paperback
• Language: English
• ISBN: 1677655968
• ISBN13: 9781677655960
• Release Date: December 2019
• Publisher: Independently Published
• Length: 376 Pages
• Weight: 1.64 lbs.
• Dimensions: 0.8" x 8.0" x 10.0"