Can AI Technology Spark a Worldwide Economic Crash?

Artificial intelligence (AI) is transforming global economies, but its rapid growth raises concerns about potential economic instability.

While AI promises improved efficiency and security, experts warn of privacy, ethics, and misinformation issues.

Research shows that companies using AI for automation might cut jobs during downturns, negatively impacting employment. Sebnem Ozdemir, head of the Data Science Department at Istinye University, emphasized understanding specific AI types to assess risks.

Data-driven AI can lead to unfair competition and transparency issues, and black box AI systems are particularly concerning due to their opaque decision-making processes.

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Generative AI technologies, such as GPT and large language models (LLMs), pose risks of generating false information. Despite their design to simulate knowledgeable humans, these AI tools can make significant errors.

Ozdemir noted AI’s advantages, such as increasing company profits and market dominance, but stressed the need for proper data training to avoid biased outcomes. She highlighted that AI cannot fully replace human workers yet, and the expertise of AI trainers is crucial. While AI systems for financial expertise are developing rapidly, human oversight remains necessary for the foreseeable future.

Alexander Stefanov