It remains to be seen whether the massive investments now taking place in artificial intelligence (AI) will pay off for the companies concerned, yet there is little doubt that AI is here to stay and is likely to have a substantial impact on the economy.
Like earlier game-changing technologies, from the spinning jenny, to electricity, to the personal computer, AI is likely to open up new horizons and make some existing jobs redundant; there will be winners and losers.
For some jobs, AI will make existing roles more productive, enhancing the value of individuals’ output to society. In other cases, AI will replace tasks now done by humans with machine operations.
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