Transcription of Economic impacts of artificial intelligence
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Economic impacts of artificial intelligence
BRIEFING EPRS | European Parliamentary Research Service Author: Marcin Szczepa ski Members' Research Service PE July 2019 EN Economic impacts of artificial intelligence (AI) SUMMARY artificial intelligence plays an increasingly important role in our lives and economy and is already having an impact on our world in many different ways. Worldwide competition to reap its benefits is fierce, and global leaders the US and Asia have emerged on the scene. 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 analysing large amounts of data.
labour by automation and increased innovation in products and services. On the other hand, AI is likely to create a shock in labour markets and associated costs needed to manage labourmarket - transitions; this shock would be incurred as an effect of negative externalities such as loss of domestic consumption due to unemployment. A 2016 study by
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