Economics of artificial intelligence: How AI is changing business models and the risks associated with it: An analytical study
Keywords:
Artificial Intelligence, Business Models, Economic Implications, AI-as-a-Service, Labor MarketsAbstract
This study explores the transformative impact of artificial intelligence (AI) on contemporary business models from an economic perspective. I argue that AI serves as a catalyst for significant economic change, reshaping industries by automating processes, creating new economic paradigms, and presenting unique challenges that necessitate strategic responses from businesses, policymakers, and economists. My findings reveal a threefold analysis: first, the transformation of traditional business models towards data-centric approaches; second, the emergence of new business models like AI-as-a-Service (AIaaS) that innovate service delivery; and third, the broader economic implications and challenges, including labor market shifts and regulatory concerns. Ultimately, this work underscores the importance of understanding AI's multifaceted impact on the economy and advocates for proactive measures to harness its potential while addressing its associated risks.
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