Magazine article Management Services

Impact of Artificial Intelligence on the American Economy

Magazine article Management Services

Impact of Artificial Intelligence on the American Economy

Article excerpt

Artificial intelligence (AI) is set to bring many opportunities to the US and the potential positive or negative effects of 'AI-driven automation will be felt across the whole economy,' the White House said in a recent report that explains the possible shape of the US economy in the coming years.

Though the advancements in technology hold potential, policymakers should be prepared for changes in the skills demanded by the job market, the report warned. 'Accelerating AI capabilities will enable automation of some tasks that have long required human labour,' according to the report. 'These transformations will open up new opportunities for individuals, the economy and society, but they will also disrupt the current livelihoods of millions of Americans.'

It is acknowledged that in the long-term enhancing AI may result in the economy experiencing a larger shock, with accelerating changes in the job market. …

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