There is undoubtedly great potential in artificial intelligence. There are three questions to ask when it comes to AI: What can it do? Where is it going? How fast will it spread?
Currently, AI is probably not doing as much as you think. But this technology will most likely become ubiquitous in the future, doing more than you imagine it ever could. The evolution of AI will probably be faster than any other technology the world has seen in the past. That AI will immensely transform the global economy is almost a foregone conclusion. It is a question of when and not if.
Measuring Artificial intelligence
Measuring artificial intelligence has been challenging. Researchers are trying to understand how it will evolve and how it will influence the economy and the labor market. The AI phenomenon is expanding fast and in all dimensions. It is the idea behind the reality of self-driven cars and image recognition online.
Researchers have already come up with an “AI Index” to try and track the developments related to AI. They plan to collect data, organize it and present it for the benefit of scientists, policymakers, the business world and the public.
The index tracks technical progress such as image identification and speech recognition, the level of investment, research citations, enrollments in universities, and job openings related to the technology.
How Will Artificial Intelligence affect the Labor Market?
The issue of jobs always comes up whenever there is talk about technology. People are always wondering how a new technology might affect their occupations. One notable organization, Mckinsey Global Institute, published a report this month about automation and jobs.
The report has attempted to sketch the various paths AI might take and the effect it might have on different job categories in several economies. The report estimates that by 2030, 16–54 million Americans will have to change occupations. Displaced workers may require career retraining to find alternative employment. Everything depends on how fast companies, policymakers, and individuals adopt the technology.
AI has not been “Felt” in the Economy
AI has been expanding fast, in all dimensions. However, some experts have felt that the technology’s impact, if any, on the economy as a whole has been minimal. No available numbers show that the technology has produced any tangible economic benefits, yet.
There have been other technologies in the past about which people felt the same. Consider the electric motor in the 1880s, for example. Many factories had been using it for over 40 years without any discernible productivity benefits.
Eventually, the continued adoption of the electric motor in industries made mass production of products possible. A higher production capacity in the factories resulted in more employment opportunities. Things may not be any different with AI. The technology may end up permeating every part of human existence.
Artificial intelligence is here to stay. Companies and organizations will continue to embrace it. And its potentially tremendous productivity benefits will become evident.