Artificial Intelligence: An Enzyme for creative destruction
- Gul Chaudhary
- Nov 1, 2024
- 1 min read
Entrepreneurship is enrooted in two main ideas, innovation and creativity and job creation. Both of these dimensions are two strong pillars of economic development of a country. However, the common myth about becoming entrepreneurs is their lust to generate money and get better life style for themselves rather than for their society.
On the other hand, creativity and any new idea that add value in life of the people is not appreciated highly. The new idea may change the dynamics of market by completely obsoleting or damaging existing manufacturers. The new idea may bring change in overall behavior or social structure of the society. Moreover, the creativity or innovation is possible on small scale initially, so it may or may not be considered as stimulus for economic growth of the country.
In contrast to this, the world is changing on a very fast pace with advent of new technologies and bringing change is social structure of the society. The AI has served as a Tsunami in the field of innovation and every other day, there is something new that obsolete previous concepts.
What is your opinion about role creative destruction of AI to boost economy? Is it bringing any positive change in economy and society?
Rushda Kareem
F2023381037
The concept of creative destruction, especially in the context of AI, plays a significant role in shaping economies and societies. Creative destruction refers to the process where new innovations disrupt existing markets and replace outdated practices, leading to economic evolution. AI has become a catalyst for this phenomenon, driving efficiency and creating new opportunities while simultaneously rendering some jobs and industries obsolete.
One of the most positive impacts of AI-driven creative destruction is the potential for increased productivity. By automating routine tasks, businesses can allocate resources more effectively, allowing for the development of new products and services that meet the evolving needs of consumers. This not only boosts economic growth but also fosters a culture of innovation,…
Amna Javed
F2022218043
Creative destruction is a term used to describe the new innovations displaced old ones. This was first mentioned by economist Joseph Schumpeter, who insisted that creative destruction is crucial to economic growth. The force behind this concept is none other than artificial intelligence today. As AI replaces humans in jobs, enhances productivity, and opens new markets, it has been introducing challenges and opportunities in our economy and society.
• Positive Impact
• In contrast, AI can process data much faster and accurately than a human. The business will then be able to respond more effectively in the industry. For example, applying AI in manufacturing reduces the time and cost for the production of products, and in finance,…
Abubakar Siddique
F2020134025
I think it plays a very positive role in economic growth. Less experience people can gain knowledge and skill about their product which they produce. It helps to enhance the quality and quantity of their firms as it decreases production time also. On industrial level it increase the efficiency of machinery which is being used there. So overly it plays a very positive role in economic growth.
On the other hand it decrease labor cost which makes people unemployed.
Which is a negative factor for society.
So every creation plays a positive and as well as negative role in our society.
Farwa Sajjad
F2022218042
Well everything has its own negative and positive effects. Likewise creative destruction has its own effects on society and economy. It also depends upon us how we are using (ethical) it.
AI has the potential to increase productive growth, improved quality and it is very efficient. These are some benefits that AI is providing resulting in the positive impact and boasting our economy.
It helps us in various fields, especially students are using it more often. Again AI is very beneficial because the main purpose is to make our work or queries easy but we are misusing it. We should treat AI just as any other change in our technology in reality we are the one givin…
Creative destruction is a concept popularized by economist Joseph Schumpeter and refers to the transformation of old technologies and economies through new development processes. In the context of artificial intelligence (AI), this phenomenon plays a significant role in business development and driving business growth. Therapeutics and more. By increasing productivity, AI enables companies to increase efficiency, reduce costs, and create new products and services. For example, AI-powered predictive analytics can streamline supply chains and increase efficiency and effectiveness in response to business needs. This not only increases the company's profits, but also creates new jobs in the technology field, making the business more productive. Given the changes in the market, demand for AI experts, data scientists, and AI consultants is…