The third age of artificial intelligence

Abstract

If the definitional boundaries of Artificial Intelligence (AI) remains contested, experts agree that we are witnessing a revolution. “Is this time different?” is the question that they worryingly argue over when they analyze the socio-economic impact of the AI revolution as compared with the other industrial revolutions of the 19th and 20th centuries. This Schumpeterian wave may prove to be a creative destruction raising incomes, enhancing quality of life for all and generating previously unimagined jobs to replace those that get automatized. Or it may turn out to be a destructive creation leading to mass unemployment abuses, or loss of control over decision-making processes. This depends on the velocity and magnitude of the development and diffusion of AI technologies, a point over which experts diverge widely.