Artificial Intelligence in Different Industries

Abstract

Artificial intelligence is quickly becoming one of the most powerful technologies of our generation. But how is AI changing productivity, and will it cause a jobless future? In this study, we analyze how artificial intelligence technology currently in development impacts 5 categories: technology, finance, economics, education, and medicine. Our central research question was answered through surveys of students, working adults, and medical professionals, analysis of peer-reviewed academic studies, and an original experiment: Allow an AI agent to trade real money on the stock market without intervention. In all fields we researched, AI had a significant net positive impact on productivity and efficiency. Respondents across the board reported that AI saves them time, gives them better information, and allows them to do their jobs in education, business, and medicine better. However, nearly all of the financial gains are enjoyed by tech companies and shareholders. And while jobs have not been lost to AI development yet, the majority of employees we surveyed expect negative job impacts in the next ten years. This mirrors academic speculation that nearly half of all jobs have the potential to be automated. Our live-trading experiment with an AI agent showed that AI has both potential and limitations. The bot had a reasonable strategy that made logical decisions, but also lost 12.4% of its money in one week without anyone monitoring it. Ultimately, we found that AI does affect productivity as developed today, but it’s up to policymakers and leaders to prevent AI from hurting society