Chapter 11.7, Problem 2QE

Explanation of Solution

Control of life by machines:

Advancements in artificial intelligence have the potential of benefiting mankind. Therefore, it is easy to become caught up in the enthusiasm generated by the potential benefits but there are also potential perils lurking in the future whose results could be as devastating as their counterparts are beneficial.

The reality is that Artificial Intelligence is already part of everyday life. It allows computers to learn from examples rather following step-by-step instructions.

Although the advancement of technology is a gift to humanity—a means of freeing humans from boring, mundane tasks and opening the door to more enjoyable lifestyles but it also robs citizens of employment and channels wealth toward those with power.

The impacts of automation technologies are already being felt throughout the economy. The worldwide number of industrial robots has increased rapidly over the past few years.

The falling prices of robots, which can operate all day without interruption, make them cost-competitive with human workers.

In the service sector, computer algorithms can execute stock trades in a fraction of a second, much faster than any humans...