Free Essay: Is It Possible for Al to Contribute Successfully to Economic Growth in the United States?

Published: 2022-03-28 07:07:53
Free Essay: Is It Possible for Al to Contribute Successfully to Economic Growth in the United States?
Type of paper:  Essay
Categories: Economics Artificial intelligence
Pages: 6
Wordcount: 1551 words
13 min read
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There have been large amounts of data showing a decline in the economic status in the United States over the past few years. The decline has been caused by the traditional modes of production that the people have using when it comes to capital and resource utilization. The rate at which businesses are growing has also gone down as many have reached the break-even state. The recessionary gaps are also widening to an extent where investments have gone down drastically. Artificial Intelligence is a new concept that has been introduced in the form of technology where many believe that it has the capability of making an introduction of new types of growth. Artificial intelligence has also been given the ability to come up with changes when it comes work done and also devising new ways of taking up roles in the society. Artificial intelligence has caused some advances, and this states the reason as to why it should be embraced by businesses. It is possible for Artificial intelligence to contribute successfully to the economic growth of the United States.

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Artificial intelligence has got the capability of boosting the economy to double levels by the year 2013 in that it will change the nature of work and facilitate ideas that will be coming in that line (Weiss, 1999). Artificial intelligence also could change the kind of relations that exist among people who are in the trade and even nations that have the intentions of strengthening affiliations of the sort that they have. Labour productivity is also a sign of the better use of artificial intelligence in that time is efficiently utilized, and even the kind of resources that exist are to be much profit. These are factors that make the move of using artificial intelligence is a way to promote the economic growth of the United States stable and positive.

On the contrary, artificial intelligence still has vices that many would want to consider before opting for it. Artificial intelligence leads to the replacement of people in the work environment especially those who take part in intensive production departments (Russell, Norvig, Canny & Malik, 2003). Artificial intelligence comes with the ability to carry out all tasks that are usually handled by humans. In that case, they will end losing jobs. The economy is also likely to continue declining as many managers will reduce their authoritative tasks having in mind that everything is now done with machines that are controlled by the various technological advancements. Failure in such devices means that production will not be taking place and eventually the businesses will decline to a great extent.

Artificial intelligence will contribute to the economic growth of the United States when looked from the perspective of capital efficiency (Aghion, Jones & Jones, 2017). The intelligence machines have been made in such a way that they can lead to a reduction in the downtime and at the same increase the rate at which production is taking place. Robots are examples of machines that have been made with an aspect of artificial intelligence, and that is the reason why many perceive them to be perfect tools when it comes to the performance of tasks that are repetitive. For instance, the people working for Wisconsin are a perfect example of those who have been attributed to a harmonious work with robots. This signifies a way in which growth is likely to take place in the manufacturing sector and therefore boosting the economy of the United States.

Capital efficiency is also an aspect that can be supported by artificial intelligence in that most companies are likely to go for machines that will reduce the amount of money needed in payment of salaries (Charles, 2017). The funds will then be used to invest in other sectors that will boost the aspect of production in the long run. The economic growth of the United States needs to be supported by technology since it is the direction that many have taken in the recent past. Capital is necessary while starting and also running a business and therefore it needs to be used sparingly so that it can be used in situations where the economy seems to be taking a recession. The real state of the economy can be restored if the money used in businesses is utilized in a manner that is uniform. This form of uniformity will only come into play if they invest in the use of artificially intelligent machines.

Artificial intelligence will double the economic growth of the United States based on the uniqueness that is attached to labor. According to Columbus (2017), artificial intelligence machines have got the capability double the global GDP of the United States in the next 20 years. The rate at which the economy is growing will intensify as the AI-powered machines will help in the production of goods and services that are needed in the economy. AIs have been made in such a way that they increase productivity as time goes and that makes it be a significant factor of economic growth in the United States.

The labor that is used when it comes to Artificial intelligence is perfect, and that means the kind of goods that are produced will be of high quality (Hanson, 2001). The amount of information that is attached to the AIs is vast, and that makes them applicable in almost all departments. Companies that use Artificial intelligence will have a form of labor that leads to the production of unique products making them be in the best place concerning competitive advantage. All the other companies will also be forced to adopt the same technique so that they can remain relevant and capture a good number of customers. In the long run, all businesses will end up producing items that of the right quality and of prices that customers can afford. Therefore, economic growth will be boosted based on the products and labor that is used to produce it.

Artificial Intelligence will contribute to the economic growth of the United States through innovation (Jones & Schneider, 2006). Innovation is a way of coming up with better ways of handling events and activities in the business world. Innovation can be seen from the use of computers to calculate the number of profits made in a financial year, and they can also be used to determine the kind of machines that can be employed to make sure that production is taking place in the right way. Innovation leads to economic growth since people and businesses get informed ways of utilizing resources and also conserving those that seem to be of many services from a future perspective.

Innovation with regards to artificial intelligence promotes economic growth in that it makes organizations to get better customer's behaviors, the purchasing habits that they have and also the demographics in that line (Quintas, Lefrere & Jones, 1997). Artificial intelligence is seen to be a new technology and the few years that it has been around having experienced cases of economic growth from the perspective infrastructural development and quality healthcare provision. Hospitals will be able to tend to patients will less stress since most of the activities will be handled by the machines. In that case, most productive and skilled personnel will not succumb to illnesses having in mind that AI machines will be there for them. In the long run, the economic growth of the United States will hasten.

In conclusion, artificial intelligence is a way of making sure that the economic status of the United States is growing at the right and desired manner. Artificial intelligence has the potential to make sure that the United States does not lag behind with regards to availability of high-quality products and also in being at par with the market competition. Artificial intelligence will lead to better labor investments that will be followed with services go according to what customer's expectations in the target markets. Artificial intelligence will also support the way in which people have trying to make sure that customers can afford high-quality products which are supposed to be available on demand. Countries that make use of Artificial intelligence will also have better relations that will lead to a reduction in the taxes that reapplied to imports and exports. The United States is already trying to apply the artificial intelligence mechanism in the market that is a clear indication that its economic status will grow in the long run.

Reference

Aghion, P., Jones, B., & Jones, C. (2017). "Artificial Intelligence and Economic Growth." Economic Fluctuations and Growth, Productivity, Innovation and Entrepreneurship.

Charles, J. (2017). "In the Economics of Artificial Intelligence and Economic Growth." Agrawal, Gans and Growth.

Columbus, L. (2017). "Artificial Intelligence will enable 38% Profit Gains by 2035." Forbes.

Hanson, R. (2001). "Economic growth given machine intelligence." Technical Report, University of California, Berkeley

Jones, G., & Schneider, W. J. (2006). "Intelligence, human capital and economic growth: A Bayesian averaging of classical estimates (BACE) approach." Journal of Economic Growth. 11(1), 71-83

Quintas, P., Lefrere, P., & Jones, G. (1997). "Knowledge management: a strategic agenda." Long range planning, 30(3), 385-391

Russell, S. J., Norvig, P., Canny, J. F., & Malik, J. M. (2003). "Artificial Intelligence: a modern approach." Upper Saddle River.

Weiss, G. (1999). "Multiagent systems: a modern approach to distributed artificial intelligence." MIT press.

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Free Essay: Is It Possible for Al to Contribute Successfully to Economic Growth in the United States?. (2022, Mar 28). Retrieved from https://speedypaper.net/essays/is-it-possible-for-al-to-contribute-successfully-to-economic-growth-in-the-united-states

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