PREreview of The Transformative Economic impact of Artificial Intelligence

Review by Mehdi Zoghaib of:”The Transformative Economic impact of Artificial Intelligence”

Source: Jawaid, S. A., & Ahmed, S. (2023). The Transformative Economic impact of Artificial Intelligence. Preprints

Key words: AI; Economic, Impact

The article "The Transformative Economic Impact of Artificial Intelligence" by Syed Adnan Jawaid and Syed Ahmed provides a comprehensive analysis of AI's profound influence on the global economy. It underscores AI's dual role in driving economic growth and presenting significant challenges, such as job displacement, lack of standards, and security concerns. ​ The study advocates for ethical AI design, continuous worker retraining, and adaptive regulatory frameworks to balance these opportunities and risks. ​

Key insights include:

1. Economic Growth and Productivity: AI is a catalyst for digital transformation, enhancing productivity and efficiency across various sectors, including manufacturing, logistics, and customer service.

2. Labor Market Dynamics: AI-induced job displacement is counterbalanced by the creation of new roles, necessitating robust reskilling and upskilling initiatives to prepare the workforce for future demands. ​

3. Innovation and Business Models: AI fosters significant innovation, particularly in startups, by offering novel solutions and disrupting traditional industries. ​ It also democratizes access to AI technologies for small businesses. ​

4. Ethical and Security Considerations: Addressing algorithmic biases, ensuring transparency, and promoting ethical AI development are critical. ​ The article also highlights potential security risks, such as autonomous weapons, and the need for comprehensive cybersecurity measures. ​

5. Collaboration and Standardization: The lack of standardization and interoperability in AI technologies poses a significant barrier. ​ The article calls for collaborative efforts among stakeholders to establish unified standards and frameworks. ​

In conclusion, the article emphasizes AI's transformative economic impact, advocating for proactive strategies to harness its potential while mitigating associated risks. ​ Recommendations include increased investment in AI research, ethical AI design principles, interdisciplinary collaboration, and continuous workforce development to navigate the evolving economic landscape. ​

Competing interests

The author declares that they have no competing interests.