The Impact of Robotics and Artificial Intelligence on Economic and Society

Artificial Intelligence (AI) and robotics play an increasingly important role in our society and economy. But nowadays these technologies are impacting very skilled work kind of jobs. Mankind is on the brink of the fourth industrial revolution, in which robotics and artificial intelligence are expected to have disruptive effects on the types of tasks performed by humans. This big disruption has two sides: lost jobs and concern for society. On the other hand, greatly increased profitability for many businesses. Some warn that it could lead to the creation of super firms’ hubs of wealth and knowledge that could have detrimental effects on the bigger economy. It may also widen the gap between developed and developing countries, and boost the need for employees with certain skills while rendering others redundant this latter trend could have far-reaching consequences for the labor market. This review provides a short overview of the ongoing discourse on the impact of diffusion and adoption of robotic and artificial intelligence on a different sector.