Artificial Intelligence: From issuing credit to integrating with humans

In economics, the main objective of artificial intelligence is to reduce the cost of production.

Just a few years ago, a department of 30 people was needed to calculate profitability, but now one computer operator and a spreadsheet file are enough.

Thanks to AI, data can be processed efficiently, providing results in a comprehensible form, and all that is left for a human to do is analyze them. At this point, it is possible to identify the main disadvantage of AI systems — they can handle the raw data, but cannot draw far-reaching conclusions. Thus, AI is not a stand-alone system, but an auxiliary key that requires constant monitoring.

In any case, the systems have already had a noticeable impact on the economy. They have reduced the need for jobs and made it possible to implement large volumes of complex processes in small teams and create jobs that were not technically possible before. For example, database developers are creating AI-based systems that can perform a specific set of tasks, and programmers are creating programs that can calculate the trajectory of space flights.

According to preliminary estimates, the global economy could grow by a factor of 2 or more within the next 10 years thanks to artificial intelligence.

Also, AI systems are significantly shifting the economic balance from the “arithmetic” of analysis — in favor of inference and action. Today, any computer can predict the behavior of a car on the road, but how to implement these calculations and predictions in real life is a new challenge that is becoming much more urgent.