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The Impact of Artificial Intelligence on Society and Business \t\t\tJeffrey Bairstow, PhD, Professor of Computer Science and Engineering at Temple University, Philadelphia PA USA 14619-3196. BAIRSTOW@TEMPLE.EDU https://academiccommons.columbia. edu/catalog/ac:1639

Table of Contents \tChapter 1. Introduction to AI \tChapter 2. The Problems with AI \tChapter 3. The Solutions to the Problems with AI \tConclusion

Abstract: There is a lot of hype about Artificial Intelligence (AI) from those who believe it will improve their lives and those who believe it has no place in the economy or society. This paper takes a balanced view that explains why AI will likely create as many problems as it solves, and how society can mitigate the negative consequences while maximizing the beneficial consequences of this new technology. Mr Christian Fuchs, EPFL Lausanne, Switzerland christian.fuchs@epfl. ch http://chrisfuchs.net/

1. Introduction to AI \tArtificial Intelligence (AI) is emerging as one of the most important technologies ever developed, with the potential to revolutionize society in much the same way as electricity or the Internet. \tThis is not just hype. AI has already made fundamental changes in many parts of our lives, from how we shop to how we keep up with breaking news. The Economist reports that “a typical smartphone user now consults an AI engine more than 50 times a day, for example by asking Google for directions or checking the weather forecast” (Economist 2016). In addition to becoming an integral part of our everyday lives, AI is also creating huge amounts of wealth – and large profits for those who develop and deploy it. According to the New York Times (Duhigg and Bradshear 2016), Google’s parent company Alphabet has a market capitalization of $500 billion – more than the annual GDP of all but 20 countries. The value created by AI is so vast that the world’s wealthiest individuals are investing heavily in it, including Bill Gates (Microsoft), Mark Zuckerberg (Facebook) and Jeff Bezos (Amazon) (Economist 2016). \tThe excitement about AI is not limited to Silicon Valley. Professors Hawking and Musk have recently called for the need to regulate AI, and the city of Paris has formed a commission to study its potential risks. Elon Musk says that AI is more dangerous than nuclear weapons and that there should be a regulatory agency that “watches over it” (Berman 2017). Governments around the world are also investing heavily in AI – for example, by funding research institutes such as the Massachusetts Institute of Technology’s Research Laboratory of Electronics (MITRE) in Cambridge, Massachusetts. \tBy taking a balanced view of AI, this paper provides a basis for thoughtful discussion about how this technology will evolve.

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