In the recent times, the idea of machine learning and Artificial Intelligence has skyrocketed in various domains all around the world. This has greatly offered the hope of a much greater efficacy in businesses. Simultaneously, different researchers from around the world have not succeeded in finding any empirical evidence which supports the promised strides in economic activities and productivity in labor.
Well, it seems the tables have turned. A research study by some erudite scholars at the Washington University in St. Louis claims that there is a direct link artificial intelligence’s use in language translation and the increment in Global Trade taking place all around the world. This particular case study has collected and analyzed the data and information from site such as eBay, which are considered to be online e-commerce outlets. Many around the world consider this as a sign that machine learning and Artificial intelligence are working brilliantly in the contemporary times.
According to Meng liu, who is a visiting professor at the Washington University, “There is plenty of anecdotal evidence that AI has exceeded humans in many areas, but there was not much causal-empirical evidence,” She say that there is a correlation between artificial intelligence and the economic growth in the world.
For instance, since the 2000s, the overall productivity growth rates have faced stagnation. Another research by the University of Chicago and MIT states that until the news technologies in the world such as Artificial Intelligence and Machine learning came on the scenes, the overall economic growth was very much stagnant and this introduction of modern technologies has helped increase and fuel economic growth.
In the end, we can say that the introduction of such technologies, especially technologies such as machine translation of eBay, are known for the provision of a clean experiment where the impacts can be measured. However, the effects of Artificial Intelligence are to be witnessed in almost all the sectors of the economy. Hence, according to the authors “when new systems start working, they will provide new opportunities to assess the economic impact of AI via natural experiments such as the one examined in this paper.”