Academic journal article Economics, Management and Financial Markets

The Power of Human–machine Collaboration: Artificial Intelligence, Business Automation, and the Smart Economy

Academic journal article Economics, Management and Financial Markets

The Power of Human–machine Collaboration: Artificial Intelligence, Business Automation, and the Smart Economy

Article excerpt

1.Introduction

Current innovations in artificial intelligence, machine learning, robotics, and sensors allow devices to automate operations that in times past were safe from disruption. (Wright and Schultz, 2018) There is a prevalent demand for artificial intelligence services by companies who have insufficient access to capital to advance their own such equipment, and autonomous artificial intelligence developers do not have prominence and sustenation. (Axel Montes and Goertzel, 2018)

2.Literature Review

The extent of labor market disruptions will require the pace and the factor bias of advance in artificial intelligence. The gaps brought about by artificial intelligence-related cutting edges (Alpopi and Silvestru (Bere), 2016; Guţu, 2018; Hanappi, Ryser, and Bernardi, 2016) are contingent on whether, at a certain wage, the newest technologies generate more or less need for labor. Advance in artificial intelligence may replace human labor, or even substitute for workforce completely. Technological developments may alter the allocation of resources and lead to imbalance (Balcerzak et al., 2018; Kliestik et al., 2018a; Nica and Taylor, 2017) via the surplus collected by groundbreakers and via repercussions on other economic participants. If artificial intelligence shortly substitutes for human labor, the need for the latter and wages will decrease. (Korinek and Stiglitz, 2019)

3.Methodology

Using and replicating data from Accenture, BBC, CellStrat, eMarketer, Frontier Economics, MIT Research Report, Morar Consulting, PwC, and Squiz, we performed analyses and made estimates regarding the impact of artificial intelligence (AI) on industry growth: real annual GVA growth by 2035 (%), how AI could change the job market: estimated net job creation by industry sector (2017-2037), reasons given by global companies for AI adoption, and leading advantages of AI for international organizations.

4.Results and Discussion

Recent machine-learning patterns have important consequences for the labor market. …

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