Artificial Intelligence (AI). An Approach to Assess the Impact on the Information Economy

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Research Paper (postgraduate) from the year 2019 in the subject Business economics - Economic Policy, grade: 1, 0, Helmut Schmidt University - University of the Federal Armed Forces Hamburg, language: English, abstract: An ongoing and seemingly unstoppable digital transformation brings about new options, opportunities but also challenges to individuals, organizations, companies and societies alike. In the wake of exponentially rising data, also the field of AI is developing significantly. Recent breakthroughs in the field of deep learning algorithms or neural networks as a part of machine learning, increase AI's potential to disrupt the world's largest industries. Governments are alarmed, seeing the potential consequences on the work-force and thus societal change while also being seemingly helpless against uncontrollable and powerful digital players such as Google or Facebook. They are increasingly penetrating the so-called real economic sectors, also using more and more AI-applications and transforming the rules and fabric how actors engage in socio-economic relationships. From a scientific perspective consensus or clear-cut definitions what might constitute AI precisely as a base for a conceptual framework is missing. Further, only little research has been conducted. This paper attempts to provide a basic framework using concepts of weak and strong AI and thus to make a small contribution to the initial research available today. The concept of the Information Economy as the economic dimension of the information society shall form the generic base of the methodological approach. Further, it can be adjusted to the purpose of this investigation and enriched by the notion of AI. To then attempt to estimate the impact of AI on economies, we use segmentation of economies in the information society age. These segments shall be used as research objects. Based on the analysis of AI's effects on labor and employment, different questions shall be raised and conceivable scenarios shall be discussed: For example, what happens in case of rising mass unemployment or social inequality? Such a development could involve social instability, lost identity, profound disillusionment with "the political and economic system" or even riots. If so, seemingly segmental transformation issues on a rather micro-economic level might turn into vast macro-economic and thus potentially political problems and more abstract questions: What will be the effect on work and labor as a value system for individuals and today's societies? Could the entire notion of capitalism be questioned in the wake of AI? The book attempts to draw conclusions and first initial recommendations to policymakers.