MIT AI Risk Repository · Risk Category · 19.03.00
Economic AI Risks
Description
"In the context of economic AI risks two major risks dominate. These refer to the disruption of the economic system due to an increase of AI technologies and automation. For instance, a higher level of AI integration into the manufacturing industry may result in massive unemployment, leading to a loss of taxpayers and thus negatively impacting the economic system (Boyd & Wilson, 2017; Scherer, 2016). This may also be associated with the risk of losing control and knowledge of organisational processes as AI systems take over an increasing number of tasks, replacing employees in these processes.
From Governance of artificial intelligence: A risk and guideline-based integrative framework (Wirtz2022), as extracted by the MIT AI Risk Repository (CC BY 4.0).
Classification
- Causal entity
- Other
- Intent
- Other
- Timing
- Post-deployment
Subdomain definition: Widespread use of AI increasing social and economic inequalities, such as by automating jobs, reducing the quality of employment, or producing exploitative dependencies between workers and their employers.
Real-world incidents in this subdomain
- Polish Radio Station Replaces Human Hosts with AI-Generated Presenters to Simulate Interviewing Deceased Poet Wisława Szymborska
- Fast Food Chains' AI Chatbots Failed to Assist Job Applicants with Scheduling Interviews
- Kenyan Data Annotators Allegedly Exposed to Graphic Content for OpenAI's AI
- RealPage Algorithm Allegedly Inflates Rents and Reduces Competition in Housing Market
- Amazon Flex Drivers Allegedly Fired via Automated Employee Evaluations
- Kronos Scheduling Algorithm Allegedly Caused Financial Issues for Starbucks Employees
How other frameworks describe this risk
Other entries from Wirtz2022
- Technological, Data and Analytical AI Risks
- Loss of control of autonomous systems and unforeseen behaviour due to lack of transparency and self-programming/ reprogramming
- Programming error
- Lack of data, poor data quality, and biases in training data
- Vulnerability of AI systems to attacks and misuse
- Lack of AI experts with comprehensive AI knowledge
- Immaturity of AI technology can cause incorrect decisions
- High investment costs of AI hinder integration
- Informational and Communicational AI Risks
- Manipulation and control of information provision (e.g., personalised adds, filtered news)
- Disinformation and computational propaganda
- Censorship of opinions expressed in the Internet restricts freedom of expression