Artificial intelligence (A.I.) is defined as “the capability of a machine to imitate intelligent human behavior” or “an agent’s ability to achieve goals in a wide range of environments.” However, these definitions evoke fundamental economic issues. For example, what happens if A.I. dominates an increasing magnitude of tasks previously performed by human labor? Economic growth would differentiate and unemployment would increase as A.I. developed and enhanced the ordinary production of goods. However, these tasks may not be simplistic and routine, take self-driving cars for example, or the technology used in lab-based research. A.I. is viewed as a new form of automation that may allow tasks that were previously thought to be out of reach. Furthermore, A.I. has the capabilities to change and further develop the process by which one creates new ideas and technologies, help solve complex problems and intensify creative efforts. In extreme versions, some observers have argued that A.I. can become rapidly self-improving, leading to instances which feature uncontrollable machine intelligence and development and/or uncontrollable economic growth.
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