Cognitively Enhanced Products, Output Growth, and Labor Market Changes: Will Artificial Intelligence Replace Workers by Automating Their Jobs?

Author:Deggans, Jerome
Position:Report
 
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  1. Introduction

    Output boosts from cognitive tools may also bring about significant job losses. Cognitively enhanced products constitute a goal of an unexpectedly large amount of companies. Artificial intelligence (AI) can reinforce computerizing designed and undiversified work operations, frequently through robotics or cybernetic process automation, attaining deeper knowledge via large-scale investigation of structured data (Drugau-Constantin, 2018a; Kliestik et al., 2018a; Meila, 2018; Nica, 2018), generally employing machine learning, becoming involved with consumers and personnel, utilizing natural language processing chatbots, smart agents, and machine learning. (Davenport, 2018)

  2. Conceptual Framework and Literature Review

    The rate of job destruction is constantly surpassing the one of job creation, particularly due to deficiencies in capital markets, impeding the capacity of business persons to capitalize swiftly on novel opportunities as they are expanded. AI and other alterations in technology require substantial regulations, and while people and the economy more extensively can adjust to moderate changes (Drugau-Constantin, 2018b; Kliestik et al., 2018b; Mihaila, 2017), things might be different when the progress is fast. (Korinek and Stiglitz, 2019) Technology is outgrowing the analytical to predictive and normative capacities with the advance of AI that is thoroughly adopted to dig out, interpret, and calculate massive quantities of data in flexible sectors. The physical display of machinery operating on the concrete realm, harnessing sensors from Internet of Things incorporated into robotics, puts forward an innovative kind of automation. (Skilton and Hovsepian, 2018)

  3. Methodology and Empirical Analysis

    Building our argument by drawing on data collected from Adobe, BMI Research, Econsultancy, Marketing Charts, Pew Research Center, PwC, we performed analyses and made estimates regarding the impact of artificial intelligence, machine learning, and predictive analytics on business, percentage of technology and telecoms respondents who see a high impact from certain technologies on areas of their business, and percentage of U.S. adults in each group (Democrat/lean Democrat, Republican/lean Republican) who say they would favor particular policies in the event that robots and computers are capable of doing many human jobs.

  4. Results and Discussion

    Societies should build up intelligent organizations so as to catalyze innovation...

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