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Analysis Study Research Paper | Management | India | Volume 13 Issue 8, August 2024 | Popularity: 5.3 / 10
Artificial Intelligence as a Catalyst for US Economic Growth: Strategies and Policy Insights
Mohammed Saleem Sultan, Mohammed Shahid Sultan
Abstract: The world economy is in the process of transformation, and AI has immense potential to rapidly accelerate US economic growth. This research paper reviews how AI can contribute to the growth and development of the US economy by analyzing the impact of AI on productivity, industry transformation, job creation, and policy implications. The role of AI in helping to increase productivity through automation and efficiency gains is explored. Artificial Intelligence technologies automate the mundane processes, leaving human workers to focus their time on more intricate and creative projects. This kind of automation improves productivity and decisional capabilities, powered by advanced data analytics. Second, it is a technology that's currently driving changes in many different industries. Diagnostic tools powered by AI and AI - driven, personalized treatment plans contribute to better patient outcomes and cost reduction within healthcare. In the financial sector, AI reinforces risk management, enhances fraud detection, and offers customer service. In manufacturing, it optimizes supply chains, allows for predictive maintenance, and controls quality better - through which efficiency gains are realized. It also pointed out how AI had the potential to generate new employment opportunities against the backdrop of challenges arising from job displacement. In this regard, AI specialists, data scientists, and cybersecurity experts are emerging as totally new job profiles with growing needs. Particular emphasis was placed on the need for reskilling and upskilling of the workforce, and proposals made toward public - private partnerships so as to provide training courses that would impart employees with basic relevant digital skills. Finally, the paper turns to the policy implications of AI integration, calling for a robust regulatory framework to facilitate innovation while ensuring AI's ethical and responsible use. It also emphasized continuous investment in R&D for AI through increased public funding via the government and private investors to ensure the US remains at the leadership front of this technological advancement. Only by grasping AI's potential will the country be in a better position to increase productivity, drive industry transformation, and create new economic opportunities that will ultimately secure its position as a global economic leader. With this, the paper concludes by calling for policymakers, industry leaders, and educators to work together on the challenge of harnessing AI's potential for sustainable and equitable economic growth.
Keywords: Artificial Intelligence (AI), Machine Learning, Optimization, Data Analysis
Edition: Volume 13 Issue 8, August 2024
Pages: 827 - 831
DOI: https://www.doi.org/10.21275/SR24812102417
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