In this current world, the global economy is in a problematic situation. Jobs for skilled workers have become stagnant and economic inequality is increasing. Besides, the planet is also in a vulnerable position now. Thus, as a critique of our current economic system, the idea of ‘economics of abundance’ has risen to prominence. This rejects the idea of living with scarcity-generating institutions that provide high value when kept on hold.
Artificial intelligence (AI) is the solution for current economic change to bring in an economy of abundance. This economy is built to make the world sustainable, bringing in social equality and the freedom of self-expression. So, to be a part of this economic change, it is essential to understand artificial intelligence and machine learning in-depth. Furthermore, this change can bring in myriad job opportunities that will allow individuals to sustain themselves freely.
Importance of AI and ML in Economics of Abundance
Millennials are growing in the generation of scarcity, where the economy is different. The modern age of youth understands that access is more important than ownership. Further, being more sustainable in this world means minimizing waste and providing emphasis on decentralization. Nevertheless, the below-mentioned pointers are some of the effects of artificial intelligence in enabling an economy of abundance.
- Cooperative Business
Today, the sharing of profits between coordinators and providers of goods and services is unbalanced. Hence, artificial intelligence can be implemented to create coordination and planning that provides more value to organizations and consumers.
- Health Infrastructure
AI leads to affordable health care with early diagnostic facilities. Early detection of life-threatening diseases can provide ample time against emergencies. Apart from it, the shift from manual operation to AI control operations is preventive and proactive. More importantly, the healthcare system will become more affordable, thus making it accessible for all communities. Hence, to shift this paradigm, it is essential to learn machine learning and artificial intelligence.
- Open Learning
The right to education can be significantly accomplished with the help of AI. Notably, AI can ease the individual education requirement at its own pace and assessment. Also, as the pandemic has triggered online education, this shift in dimension has a varied impact on tech-enabled learning. This helps students get massive access to academic materials by lowering the cost of education.
- Livable Cities
AI-driven motilities have a significant impact on how cities are designed. Now, citizens are focusing on smart communication rather than mobility. This provides room for the diversity of citizens and richness within a culture. In the near future, the world will witness more and more smart cities with an emphasis on smart AI motilities.
For example, London has around 20,000 ghost homes despite a growing number of homeless people and the cost of house rent. There is an apparent problem when houses are kept for wealth rather than shelter. Hence, AI can solve this problem and provide more shelters to homeless people.
The older generation has seen an abundant supply of energy resources such as coal and petroleum. But, as these are exploited unreasonably, they are on the brink of drying up. Hence, modern-day individuals are more interested in renewable energy that can provide sustainable energy for all. Thus, AI can efficiently supply and distribute power to all individuals in this scenario.
Hence, knowing deep learning artificial intelligence can provide a chance to create a better and more sustainable world for upcoming generations. The idea of 'economics of abundance' has shifted the economic mindset completely of millennials. Also, artificial intelligence can create a world where everyone gets an equal opportunity in learning, earning, and food. However, arriving in this new dimension of the world is unlikely if we are not going to kick out the economy of scarcity.