Artificial Intelligence is the engine of productivity and economic growth

The transformative impact of artificial intelligence on our society will have far-reaching economic, legal, political, and regulatory implications that we need to be discussing and preparing for. Determining who is at fault if an autonomous vehicle hurts a pedestrian or how to manage a global autonomous arms race is just a couple of examples of the challenges to be faced.  Deep learning continues to produce advanced techniques with widespread applications faster than one can keep up with. Dozens of papers get uploaded to the archive every day, and there are hundreds of scientists and engineers active in the field. On other hand, there are business experts who are successfully using artificial intelligence. However, both of them have an extensive amount of knowledge when it comes to artificial intelligence. To understand the nooks and crooks of artificial intelligence the common people like us must follow these experts who can explain to us all the why's and how's.

AI is seen by many as an engine of productivity and economic growth. It can increase the efficiency with which things are done and vastly improve the decision-making process by analyzing large amounts of data. It can also spawn the creation of new products and services, markets, and industries, thereby boosting consumer demand and generating new revenue streams. However, AI may also have a highly disruptive effect on the economy and society. Some warn that it could lead to the creation of super firms – hubs of wealth and knowledge – that could have detrimental effects on the wider economy. It may also widen the gap between developed and developing countries, and boost the need for workers with certain skills while rendering others redundant; this latter trend could have far-reaching consequences for the labor market. Experts also warn of its potential to increase inequality, push down wages and shrink the tax base. While these concerns remain valid, there is no consensus on whether and to what extent the related risks will materialize. They are not a given, and a carefully designed policy would be able to foster the development of AI while keeping the negative effects in check. The EU has the potential to improve its standing in global competition and direct AI onto a path that benefits its economy and citizens. In order to achieve this, it first needs to agree on a common strategy that would utilize its strengths and enable the pooling of Member States' resources in the most effective way.

Artificial intelligence algorithms are powered by data. As more and more data is collected about every single minute of every person's day, our privacy gets compromised. If businesses and governments decide to make decisions based on the intelligence, they gather about you like China is doing with its social credit system, it could devolve into social oppression. In tough markets like today having AI skills that are developed as a researcher are even more valued to influence the masses. That is when an AI researcher turns into an AI influencer driving key-value and success to his respective field and line of work.