Artificial Intelligence is interfering in many fields including the field of economics. It can be involved in research work, decision making practices, manufacturing procedures and several applications in the workplace. The variety of AI benefits is enormous and is always improving, it is now being introduced to the area of data analysis, the results are amazing and the power to forecast and locate patterns is altering the way that economics used to work. AI impact on economy is currently obvious and the next section of this research will be depending on perceptions from economists and professors working in the field of economics in addition to a personal reflection based on specified literature and current observations.

AI systems are intensively used to evaluate massive databases, thus empowering specialists to identify patterns and make their forecasts based on these results. AI can currently produce modern models and forecasts that are more accurate and precise than those obtained via the traditional models. For example, AI can predict the consumer power to purchase and spend in the light of analyzing the consumer behavior for a certain period of time. This kind of data can be a crucial success factor that policy makers can use to get successful markets and ongoing businesses. This is also an important factor in the decision-making process, as AI can easily detect the social media interaction with customers, online trade and shopping patterns and any digital communications. AI in this way can predict the consumer choice for the future and thus, impacting new market policies and strategies can be decided based on this offered information. Financial institutions are now benefiting from AI and are offering more secured services by the help of AI as it is able to detect any suspicious patterns or activities, any glitches in the system or any irregularities that can be due to fraud for example. Artificial Intelligence even developed to offer personalized services and advice in the finance field according to the individual’s goals and past performance which means better financial planning and more accurate investments in the future.

To get a professional interpretation of the role AI in economics, an interview was held with one of the AUC professors and one of our family members who is a consultant in the finance field.

The professor highlighted the necessity of using AI in improving research competences, he mentioned that economists can make use of various AI tools in data analyses to get more efficient and accurate results which would lead to better conclusions thus better decisions. He as well mentioned the possibility for AI to invade the arena of teaching and providing a new learning experience for students.

The finance consultant added that AI is currently being used to restructure financial operations and advance the decision-making procedures in various finance sectors. It is becoming a crucial instrument in the process of risk assessment and file management. His concern was about the risk of job lay offs due to AI intervention.

From the previous research and different points of view, I found that some opinions can be challenging others can be concerning. I was amazed by the variety of AI interventions in the field of economics, especially in the areas of consumer behavior and the ability of decision making. How can AI analyze this sort of qualitative data and come up with results that improve decision-making and forecasts that can help improve businesses and markets, was a bit confusing. Ethically, I really found myself concerned about the effect of the invasion of AI in many fields and its ability to replace the human beings in many arenas. How would this impact employment and to what extent it can replace the human resources in any sector? Also, how can we detect the biasness of the AI systems if it existed due too the inputs they get and upon which the decision is made.

Yet, in spite of all the benefits and dangers associated with using AI in the field of economics or any other field, it remains crucial to be updated with the developments of AI usage. Skills to use these technologies are becoming of great importance to cope with the global changes in technology and enhanced AI systems.