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Is the rise of Artificial Intelligence positively impacting our economy and society as a whole?

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Is the rise of Artificial Intelligence positively impacting our economy and society as a whole?

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Effects on firms, industries, and countries

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Effects on firms, industries, and countries

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AI impact on labor markets and redistributive effects of AI

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AI impact on labor markets and redistributive effects of AI

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The potential consequences of the rift between early adopters and slower AI adopters in the different sectors.

Increased competition coming from AI adoption influences market dynamics.

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Businesses collaborate to stop any potential negative impacts on employment rights and the labor market while using the benefits of AI for economic growth.

The increasing demand for high-skilled workers in AI technologies reshape the wage structures of different sectors.

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The evolution of automated learning processes drive the steady deployment of AI in production.

The integration of AI in manufacturing aligns with the economic trends, for the potential economic growth and innovation.

AI contributes to increasing the competitiveness of the manufacturing sector.

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The projected economic impacts of AI influence industry-specific developments or innovations in sectors beyond manufacturing and transport.

The challenges or opportunities might arise globally as a result of accelerated AI adoption and its multifaceted impacts across sectors and economies.

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The main risks and challenges identified in relation to AI adoption affect the broader economic landscape.

The internal obstacles the EU faces in adopting AI technologies impact the EU's competitive standing.

The external challenges the EU confronts in the global AI landscape.

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What is the involvement of AI in Globally?

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What is the involvement of AI in Globally?

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How is AI and Innovation affecting Economic Growth?

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How is AI and Innovation affecting Economic Growth?

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What is the correlation between AI, the Labor Market, and the Future of Work?

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What is the correlation between AI, the Labor Market, and the Future of Work?

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The development of computer systems that can perform tasks that typically require human intelligence.

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Studying and examining how resources are used, how goods and services are produced and distributed, and the impact of various factors on an economy.

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Where workers offer their skills and abilities (labor) in exchange for employment opportunities provided by employers or businesses

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The use of technology and machines to perform tasks or processes without direct human intervention.

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Different categories or parts of the economy that group together businesses, industries, or activities based on similarities in what they produce or provide.

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The rise of Artificial Intelligence (AI) has impacted our economy, affecting society as a whole. John McCarthy is widely recognized as the founder of AI for developing the actual concept of Artificial Intelligence. McCarthy created the term artificial intelligence in 1955, and he made the computer programming language LISP in 1958, which was used heavily in developing AI. Artificial Intelligence is a computer science created to do different tasks more efficiently and faster than humans. Over time, Artificial Intelligence has evolved. AI can drive you around relatively safely, book things for you by phone, and write in different languages that could outdo human written language. At first, AI was just focused on simple systems aimed at creating machines that could solve problems the way humans would but faster and more efficiently. Recently, there has been a comeback in the late 20th century. The different advancements in computational power and algorithms re-lit a flame in people. As AI continues to grow, it continues to change our society and economy. AI's involvement in the economy has a wide range like, impacting different aspects of production, consumption, and employment in the economy. According to Zippia, 25% of businesses have used AI in their operations. While it sure does offer a lot of potential to grow, innovate, and be more efficient, making sure that AI is responsible and safe is very important to address the challenges and ensure that AI contributes positively to the economy. According to Snowflake (a data cloud), every business seeks to embrace the potential of success that AI brings to the table, improve efficiency, and redefine what’s possible with data. The rise in automation helps organizations increase cost efficiency while also allowing different developers and data scientists to innovate with AI because of how much faster it is. The evolution of AI continues with ongoing research.

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1.  Economic impacts of artificial intelligence (AI)

https://www.europarl.europa.eu/RegData/etudes/BRIE/2019/637967/EPRS_BRI(2019)637967_EN.pdf

2. The impact of artificial intelligence on human society and bioethics

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7605294/

3. The A.I. Revolution Will Change Work. Nobody Agrees How.

https://www.nytimes.com/2023/06/10/business/ai-jobs-work.html

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The rise of AI is causing our Economy to crash. While the integration of AI can disrupt different sectors, contributing to crashing the economy, its rise makes it a complex situation. AI's advancements impact employment, potentially replacing certain jobs while creating new ones. Moving over to AI-driven systems can initially damage job markets, leading to economic shifts. Also, the economic repercussions involve a multitude of factors beyond just AI, including policy responses, societal adaptation, and the redistribution of resources. AI's negative impact on the economy goes from job displacement and income inequality which is leading to the end of the human touch in industries. Failing to address these problems risks economic disparities, overshadowing the potential positive effects offered by AI advancements.

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After conducting this research on the effect of AI on the economy, one thing that surprised me was the speed at which AI was being incorporated into businesses. The really fast progression in computational power, along with all the different breakthroughs pushed AI to the front fast. This fast pace of AI integration surprised many by reshaping business practices, implementing new policies, and impacting labor markets and redistributive effects of AI. The speed at which AI was brought into industries only shows a preview of its power and the adaptability of businesses to embrace cutting-edge technologies for increased growth and competitiveness. What I found interesting was how much AI affects the labor market, causing governments and organizations to address issues that include retraining programs for displaced workers, and creating a lot of regulations to ensure fair AI is being used in the workplace. Understanding these effects is crucial for businesses and individuals to navigate the changing labor market and prepare for the changes that AI brings.  Moving forward, the challenge I encountered throughout project three would be finding the proper argumentative essay for my project. I needed help finding an article the right length that was also opinionated. This objective was challenging, and it caused me to change my topic to what it is now because I couldn’t find the proper essay for the previous topic. I overcame these challenges by using the Rutgers library and broadening my topic more.  Finally, I want to deepen my knowledge of AI integration in the top companies. AI integration in top companies has really transformed various industries, operations, and decision-making processes. For example, companies like Google, Apple, and Amazon have used AI heavenly to increase productivity. I have only scratched the surface of how AI affects the economy, and there’s so much more to learn.