Investigating the Socio-Economic Consequences of Artificial Intelligence: A Qualitative Research

Abstract

It is without any doubt that artificial intelligence (AI) is set to radically disrupt humankind in various dimensions. The global economy is one of the dimensions in which AI is about to have an unsettling effect. Furthermore, AI is expected to change our societal structures in an unprecedented way. It might even change how humanity views concepts such as labour, education, and governance. However, there are conflicting predictions about those effects. Some scholars predict positive socio-economic effects. Conversely, other scholars remain fairly pessimistic. This research attempts to reconcile the gap between AI hype and AI reality by offering insight on AI’s potential impact on issues such as employment and economic growth and to highlight the ethical issues that already raise concerns for the future. This article determines the dimensions in which AI is about to have the most disruptive effect in a socioeconomic context. Semi-structured interviews with seasoned industry experts, academicians, and futurists with extensive knowledge of AI have been carried out for this purpose.