Mikel Trevino

10/7/2023
How will AI shape the Future of the Economy?

Artificial Intelligence exists to an extent within corporate boundaries, consuming vast

amounts of data to produce certain outcomes for companies who have the funds for these
supercomputers to run. This process has been released in a way anyone could experience some of
that intelligence, in the form of an algorithmic coded model like Chat-Gpt. Some companies that
also use AI trained models would be Amazon, Google, Instagram, Financial Banks, and the
Automotive Industry. These models that are made are used for a specific task. These models can
be developed from scratch or adapted from existing pre-trained models. The economy is making
a notable change with the release and use of these different forms of Artificial Intelligence.
Businesses have grown in the Soil of Artificial Intelligence. Online businesses especially
have been taking advantage of this, such as generated art created through algorithmic code,
emails crafted with the precision of any topic given to the algorithm to work with, and the broad
space of online stores that run themselves even with artificial customer service to be completely
self-reliant. Entrepreneurs and people with corporate jobs have now been compressing hours of
work into mere minutes by giving simple day to day work tasks to artificial intelligence to
maximize efficiency and have time to work on other objectives. The increasing involvement of
Artificial Intelligence has provided a boost for any innovative ideas to take off with its help. This
is just the beginning of Artificial Intelligence. As the economy advances into the future, a lot of
possibilities could unfold.
As AI reshapes industries, its influence has extended and is now making its way into the
healthcare space, changing everything about telemedicine and diagnostic capabilities.
Telemedicine offers accessibility and convenience, providing remote healthcare consultations as
a digital solution. Meanwhile, AI diagnosis acts as a gateway to advanced capabilities to change
the healthcare area, using algorithms to analyze complex medical data and guide healthcare
professionals toward diagnoses to help people get accurate consultations to their unique medical
histories and conditions. AI diagnosis represents a big wave in healthcare capabilities. This
evolution can help with early detection of diseases, making targeted treatment more effective.AI
and Health professionals will become a force that will work in tandem. This could not only help
with the stress and the problems people go through, having to figure out what disease they have,
that can take numerous appointments, but empower individuals to engage in their overall well-
being. As AI becomes implemented into healthcare and brings positive results, it is essential to
recognize the possible concerns and potential downsides. Such as Privacy concerns where the
data that is in the system gets breached and personal information gets stolen1, Misdiagnosis

1
YouTube. (2023, August 22). Driverless taxis in San Francisco cause traffic jams, Chaos. YouTube.
https://www.youtube.com/watch?v=iVQL99P7ru0
because AI can make mistakes and not always a bulletproof algorithm for doing such a complex
job, and the total reliance of making decisions and its diagnostics could put health professionals
out of their job one day if it is preferred.
Although there are a lot of important things to come from Artificial Intelligence to help
our economy there are also the challenges to AI adoption. Such as job displacement for people
who will no longer be needed in their field of work. Not everyone will have their places taken,
but the few where AI can be very efficient in their field of work. For example, Truck drivers or
transportation jobs in general. People have already seen cars that self-drive2, and even cars
around college campuses that have replaced Ubers, and they no longer need a driver that will
pick them up and take them to their destination, in the proximity they’re allowed to travel in.
Some challenges that could come with this is how traffic jams could happen somehow3, for
example if they run out of battery and there is multiple of them on a highway; people would not
be able to get anywhere for a couple of hours and wait for someone to service them. Even if they
malfunction and crash somehow who is to be at fault would a person be able to sue the company
to get compensation for their vehicle. As transportation jobs are getting taken other jobs will be
affected also such as, customer service, manufacturing and assembly, retail jobs, data, and
analysis reporting because who needs a human to do that job when there’s a supercomputer to
look through all the data and give a report before even asking for it. Other than jobs that could be
taken from the average person, there's certain jobs that cannot just replace people; the economy
needs creativity and the one-of-a-kind mind that Artificial Intelligence just cannot bring to the
table. Some positions would be graphic designers, musicians, research and development roles,
health care professionals, teachers, entrepreneurs, and leaders especially because people would
not want a programmed person to run the country at some point, right? Certain roles are too
complex for AI to take over and those are some of them, the reasoning is of emotions, ethics, and
creativity, the public will still need people to understand, have empathy and think strategically
for our economy to function. That is something that cannot be replicated coming from an AI.
In conclusion, the importance for education and skill development now is crucial to compete
with Artificial Intelligence. The AI renaissance is going to continue to be implemented
everywhere, but what will the education system change? Going through this era, education and
AI could hold the key to help individuals thrive in a world where the economy would need to be
able to adapt, critically think, and be proficient using technology. It will not just prepare people
to exist on a day-to-day basis with AI but help them use its potential for their own growth and
societal contribution.
2
Kavanagh, Camino. “Artificial Intelligence.” New Tech, New Threats, and New Governance Challenges:
An Opportunity to Craft Smarter Responses?, Carnegie Endowment for International Peace, 2019, pp.
13–23. JSTOR, http://www.jstor.org/stable/resrep20978.5. Accessed 8 Dec. 2023.

3
#2044 - Sam Altman. Spotify. (2023, October 6).
https://open.spotify.com/episode/66edV3LAbUXa26HG1ZQaKB?
si=69713bafaee3475a&nd=1&dlsi=905be0f777ef48ac