Is Artificial Intelligence replacing economists?

At first, it was a mere realm of science-fiction; AI has seemingly found its way into all aspects of our life. Robots and algorithms are no longer restricted to repetitive manual tasks. Nowadays, even creative professionals like journalists and writers could be overtaken. This is not the case for legal professionals. Due to the nature of work done within the legal profession, AI programming remains a pipe dream. This is due to the vast range of application the legal profession entails. Lawyers apply different aspects of the law depending on their firm. For example, Lawyers at Fair Credit have decades of experience in consumer protection laws, whereas lawyers from Goldburg & Rosen focus on insurance and medical malpractice cases.

Are any occupations risk-free?

The most sophisticated human cannot compete with the most basic of computers. Therefore, businesses would consider removing human economists (among other experts) in favor of computers. There’s a lot human beings can’t do, and there’s no limit to the things you can teach computers.

Consider how economics plays in everyday business. Is the AI software capable of analyzing the environment? Does it have the ability to predict human behavior behind new trends? If you answer a “NO” to these questions, we need human economists.

Do all businesses need to hire an economist?

Every company needs an economist or someone with a degree in economics to be part of their team. We would say that every team must include an economist in the real world. An economist properly understands how resources are distributed, so it’s a crucial ability of the 21st century. AI can’t do it. So, in conclusion, human judgment is required.

AI Might Replace Some Jobs

Most experts believe that AI will automate various jobs within 5-10 years. In an essay published in a blog on Medium, AI guru Kai-Fu Lee, the CEO of Sinovation Ventures and author of the book of the year “AI Superpowers: China, Silicon Valley, and the New World Order,” – claims the possibility that AI will replace 50 percent of work within the next 15 years. This is one of the reasons why more people are joining artificial intelligence courses online, as it will help them understand the concepts and move forward in their careers.

Artificial Intelligence Needs Human Ingenuity

The most significant benefit of AI, according to many experts, is its capacity to keep humans from performing monotonous, repetitive tasks as an integral part of their job, which means they can concentrate on more complicated and rewarding projects or have some time off.

There’s always a worry that technology is displacing the present workforce or jobs, and it’s the case. However, what happens is that the work and output are diverted to other more productive tasks. Some believe that an increase in productivity and efficiency could even cut down on time spent at work. How will the pay and benefits affect you? Who will reap the most significant financial advantages?

Strategy

It is a big question: How will AI impact companies’ strategy and business model? If you see AI as a predictive tool that assists you in making confident choices, it may not be obvious what it’s going to do to your strategy because it’s an additional tool that assists you in making choices. However, if you begin to imagine AI as a tool for prediction which can predict with high accuracy, it might alter the strategies themselves.

When we shop and buy products on Amazon, it ships packages to our homes or offices. So, this method is called shopping-then-shipping. Besides that, we recognize that Amazon has a recommendation engine that offers recommendations for items as you browse through the pages. We might not buy all the recommended items, but it indeed suggests items that could interest us. Let’s suppose that Amazon began to predict the items you’ll buy with great accuracy, and it helps the buyer. If you begin purchasing 80% of the recommended stuff, Amazon might decide to send the items before you even buy them–let’s call this shipping-then-shopping. 

It is a significant modification to how you conduct business because once the goods arrive at your house, you have to send 20 percent or more of them back. The current Amazon pricing models are not built in this precedent. Perhaps, Amazon will decide to dispatch a truck to your city weekly to pick up the items returned, which will alter the way Amazon debits your card, how it packs the items, and how it will handle returned items. The entire strategy shift is the result of Artificial Intelligence, which can provide better accuracy for prediction.

Are we likely to see AI eventually take over human economists?

The resource allocation–the buying and selling that takes place in the day will not be robot purchasing products or services. It will always be human beings. Thank God! Humans have peculiarities that AIs should ever be able to comprehend fully. But how does something of a sudden turn into an entire trend?

This is the kind of situation that human nature will always outsmart any machine moving forward. You need to do the best artificial intelligence course online from a top-class platform like Great Learning to be more intelligent, where you can understand how to utilize AI perfectly and where to depend on your brain in such a situation. 

 

Conclusion

Although there are doubts that robots are more efficient than humans, Markus Schaefer, head production planning at Mercedes, said, “We’re moving away from testing to maximize automation, with people taking a larger part in industrial procedures again.”

Technology advancements make considerable changes to how we conduct our business. However, even the plow invention could not eliminate the need for farmers, or the development of computers would end the requirement for mathematicians. Like all technological advances and developments, the advent of AI is expected to aid humanity in achieving the next level but not replace it altogether.

 

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