By Priyal Babaria
The answer to this would, in my opinion, be Artificial Intelligence. To prove the same we need a
comparison between the effects of both. There is no way that one could be deemed superior,
except as a relative betterment.
I understand capitalism as an economic system that provides products to the public while there is
a fair chance for competition and individual innovation. Artificial Intelligence is termed as how a
machine could "imitate intelligent human behavior.”
Both inventions pose serious threats. They are created by man, the difference comes when the
man has to control them. They have advantages on topics of employment, economics, and
society. Surprisingly, those are areas where flaws are determined. Hence we consider their
impacts worldwide.
Starting with capitalism, we often misunderstand it as creating products for “human greed.”,
while truly it creates products for “human need.”. Why would most companies which are
successful, want to create products that are not affordable or required?
They indirectly work towards the betterment of society by providing more options to consumers
at similar prices. For example, if A wanted to buy an apple, A could choose different relative
price ranges without compromising on the quality.
While discussing employment generation, it is evident that capitalist economies tend to exploit
workers either by underpayment or collective dismissal. What largely goes unnoticed is that
people get paid for largely the role they play. So, they are paid in terms of the relevance they
have, therefore having greater satisfaction benefits.
Moving to Artificial intelligence, the root problem lies in what limit would be set on innovation.
It is no doubt that machines like the Spinning Jenny. had caused mass unemployment. AI is
mainly regarded as a product of human innovation above human needs.
The impact of AI on unskilled employment has been recognized, where it suggests the creation
of mass unemployment. Kai-Fu Lee, who developed the world's first continuous speech
recognition system, estimates that 40% of jobs will be potentially eliminated in the next 15 years.
Thus the governments will have to spend on eliminating unemployment while also developing
Artificial Intelligence.
AI's impact on the economy will be large considering its objective is to improve the existing
standard. However, the related issue would be how low-income countries without the
development of AI would be able to compete.
Its effect on society would be determined by how dependent people are on it. Large sections of
society dependent on AI would be more likely to adapt to its easy lifestyle and face the threat of
making it almost indispensable from their lives.
The main concern for Artificial Intelligence is the uncertainty that it brings along with it. In
capitalism, a government structure or public opinion can indirectly affect its operations. Hence
both structures largely vary based on public interference and certainty. If a largely obscure
system is developed and could have a monumental effect on the world, what good is such an
effect if we can't determine whether it is positive or negative?
sources acknowledged:
https://www.merriam-webster.com/dictionary/artificial%20intelligence
https://www.inc.com/carmine-gallo/an-ai-expert-told-60-minutes-that-ai-could-replace-40-perce
nt-of-jobs-heres-part-he-left-out.html
http://www.openculture.com/2015/11/stephen-hawking-wonders-whether-capitalism-or-artificial
-intelligence-will-doom-the-human-race.html
https://www.youtube.com/watch?v=Fdfru9NHGvE
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