In the year 1984, the first of the landmark films of the “Terminator” series was released. Focusing largely on the theme of technology and robots dominating humanity after advancing to levels of intelligence equal or higher than humans, the movie was a huge success and spawned an entire chain of subsequent films. Arnold Schwarzenegger, the monotone sounding Austrian, captured audiences with his performance in the action packed production. For years, following the invention of the Internet and all the advances that technology has made over some five decades, many individuals across the world have focused heavily on the threat that robots and related inventions may one day pose to humanity.
One area of technology which has become the subject of worry by economic experts and a talking point for politicians is artificial intelligence. Indeed, artificial intelligence or “AI” as it is referred to in an abbreviated form, has advanced rapidly over recent years, and continues to grow in capabilities in the present. Goldman Sachs recently published a report that alleged that millions of individuals may be at risk of losing employment to the technology as it advances, and that over a quarter of the entirety of the American workforce may be vulnerable. In fields like customer service, data, and even accounting among others, technology poses a true threat to the livelihoods of many.
On Monday, October 30th, president Joe Biden signed an executive order that will have serious implications on the deployment and the development of the technology. The presidents order mandates that developers of AI are required to disclose safety test results and report to other agencies of the federal government what implications the implementation of such technologies may have on the labor market and the economy. The United States is currently in a heated competition with China over the development of the technology, and it remains unknown which nation will become the leader in the battle for advancement.