PREKO BITOVA I ALGORITAMA KA INTELIGENTNOJ EKONOMIJI
BEYOND BITS AND ALGORITHMS TOWARDS AN INTELLIGENT ECONOMY

Author(s): Polona Domadenik Muren, Matjaž Koman, Tjaša Redek
Subject(s): Economic policy, Policy, planning, forecast and speculation, Economic development, ICT Information and Communications Technologies
Published by: Finrar d.o.o Banja Luka
Keywords: Artificial intelligence; future transformation; public;
Summary/Abstract: This paper tries to present the impact of AI on the economy in the future. The paper opened up several topics, from challenges in definition, measurement, corporate and individual perspectives, including challenges that individuals will face in the labor market. The development of AI in the past depended on the development of other related technologies, primarily computing capacity and the availability of large amounts of data, which will be the case in the future as well. Artificial intelligence is expected to significantly increase GDP. In the long term, the revival of economic conditions will depend on how the adoption of artificial intelligence affects the distribution of income. If advances in AI technology do not lead to higher wages, the declining share of labor income in GDP will lead to a decrease in aggregate demand. This reduction, in turn, would hinder the current and potential growth of the economy and impede the creation of new jobs, causing a delay in boosting productivity and GDP growth. Artificial intelligence will fundamentally change standard business models and pose multiple challenges to managers and companies. The intensity of the use of AI also increases with the size of the company. A comparison of different industries shows that the primary motives for using AI-based tools and other digital solutions are similar. Obstacles in the application of AI can be grouped into human (knowledge), technical and financial. In addition, gaps in existing regulation and regulatory compliance remain a challenge. Security issues, data protection and compliance will become key to protect the knowledge domain of companies on the one hand and ensure that processes are in line with regulatory standards on the other. Cooperation between authorities and companies is necessary to build a trusted system.

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