Artificial Intelligence (AI): Explaining, Querying, Demystifying

Abstract

Artificial intelligence (AI) is a buzzword today, reminding us of the concept of “globalization” and the relating debate two decades ago. As with globalization then, for the greater part of society, AI remains a concept poorly understood, vague, and approached with fear of the unknown. While AI is hailed as the panacea to all the ills of the prevailing socio-economic model and a source of unimaginable opportunities, it is also seen as a source of substantial risks and threats to safety, security, and the operation of the markets. The objective of this chapter is to explain, query and demystify AI and by so doing to highlight the areas and domains that are crucial for AI to develop and serve society at large. To this end, the “dry”, i.e., quite technical, facets of AI are discussed, and a case for an AI ecosystem is made. Technology-related limitations of AI, as well as possibilities, are outlined briefly. An overview of AI’s implications for the (global) economy and selected policies follows. The ethical concerns are discussed in the concluding section.