The rapid advancement of artificial intelligence (AI) technologies is shaping economies worldwide, but significant uncertainties remain, potentially leading to global economic crises.
Current and emerging AI technologies hold the promise of achieving security, efficiency, and economic and social goals in today’s digital economy. However, experts caution about AI’s privacy and ethical concerns, along with issues related to misinformation.
Recent research indicates that companies investing in AI-powered automation to boost profits tend to lay off workers during crises to cut costs, raising concerns about AI’s broader impact on the job market.
Sebnem Ozdemir, an associate professor and head of the Data Science Department at Istanbul-based Istinye University, told Anadolu Agency that it is crucial to identify the specific type of AI in question to discuss the potential threats each technology poses.
Ozdemir explained that data-based AI, which generates responses based on collected data, presents challenges related to unfair competition and explainability.
She noted that long-established AI models have had significant use cases, such as forecasting and market direction based on available data.
“A few months ago, there was a serious discussion in the UK regarding the crises these solutions may bring about and how we can combat them. The most important measure discussed was the need for regulations on the manipulation power of companies holding data monopolies, although data manipulation is just one of the issues,” she said.
Ozdemir highlighted that black box AI systems raise even more concerns. These impenetrable technologies make decisions without clear or deductible reasons, posing risks when their inputs and actions are not transparent.
“For example, in the economic sector, a black box AI system could suggest a market direction. If the decision turns out to be significant, it’s quite frightening,” Ozdemir said.
Regarding generative AI technologies, such as generative pre-transformers (GPT) and large language models (LLMs), Ozdemir warned that their decisions and suggestions might lead to even larger crises.
“Although these AI tools are designed to function like intelligent humans who have read all the books in the world, they still have human flaws, such as fabricating information and believing in it, regardless of whether their ideas reflect reality or have practical economic applications,” she said, warning that such solutions could exacerbate economic crises.
Ozdemir noted that while AI has its disadvantages, it also offers numerous advantages. Companies can leverage AI to increase profits and gain market dominance while partially relying on AI for risk management.
She argued that the lack of resources could lead to AI generating biased and incorrect responses, undermining its decision-making capabilities and safety.
She emphasized the importance of data training in making AI models effective.
Currently, AI tools are not advanced enough to completely replace human workers. However, we are at a point where the competence of people training AI is crucial.
“Imagine a digital entity making financial decisions without expecting a salary. Naturally, companies will be drawn to such solutions,” Ozdemir said.
She mentioned that financial expert AI machines are being developed rapidly with human intervention.
“However, it is still too early to entrust all decisions to AI. The current practice is to have human teams guiding AI, but this approach is expected to last for about three more years,” she concluded.
