Skip to main content
MIT AI Risk Initiative
BackEconomic AI Risks
Home/Risks/Wirtz, Weyerer & Kehl (2022)/Economic AI Risks
Endangerment of data protection through …
Disruption of economic systems (e.g., la…

Economic AI Risks

Governance of artificial intelligence: A risk and guideline-based integrative framework

Wirtz, Weyerer & Kehl (2022)

SourceDOI
Category
Risk Domain
6Socioeconomic & Environmental
6.2Increased inequality and decline in employment quality

Social and economic inequalities caused by widespread use of AI, such as by automating jobs, reducing the quality of employment, or producing exploitative dependencies between workers and their employers.

"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. "(p. 10)

Entity— Who or what caused the harm

Human

Due to a decision or action made by humans

AI system

Due to a decision or action made by an AI system

Other

Due to some other reason or is ambiguous

Intent— Whether the harm was intentional or accidental

Intentional

Due to an expected outcome from pursuing a goal

Unintentional

Due to an unexpected outcome from pursuing a goal

Other

Without clearly specifying the intentionality

Timing— Whether the risk is pre- or post-deployment

Pre-deployment

Occurring before the AI is deployed

Post-deployment

Occurring after the AI model has been trained and deployed

Other

Without a clearly specified time of occurrence

Sub-categories (5)

Disruption of economic systems (e.g., labour market, money value, tax system)

6.3 Economic and cultural devaluation of human effort
HumanUnintentionalPost-deployment

Replacement of humans and unemployment due to AI automation

6.2 Increased inequality and decline in employment quality
HumanIntentionalPost-deployment

Loss of supervision and control of business processes

5.2 Loss of human agency and autonomy
OtherOtherPost-deployment

Financial feasibility and high investment costs for AI technology to remain competitive

6.1 Power centralization and unfair distribution of benefits
HumanOtherPost-deployment

Lack of AI strategy and acceptance/resistance among employees and customers

6.1 Power centralization and unfair distribution of benefits
HumanIntentionalPost-deployment

Other risks from Wirtz, Weyerer & Kehl (2022) (37)

Informational and Communicational AI Risks

4.1 Disinformation, surveillance, and influence at scale
OtherIntentionalPost-deployment

Informational and Communicational AI Risks > Manipulation and control of information provision (e.g., personalised adds, filtered news)

4.1 Disinformation, surveillance, and influence at scale
OtherIntentionalPost-deployment

Informational and Communicational AI Risks > Disinformation and computational propaganda

4.1 Disinformation, surveillance, and influence at scale
HumanIntentionalPost-deployment

Informational and Communicational AI Risks > Censorship of opinions expressed in the Internet restricts freedom of expression

5.2 Loss of human agency and autonomy
OtherOtherPost-deployment

Informational and Communicational AI Risks > Endangerment of data protection through AI cyberattacks

4.2 Cyberattacks, weapon development or use, and mass harm
HumanIntentionalPost-deployment

Social AI Risks

6.2 Increased inequality and decline in employment quality
HumanOtherPost-deployment
View all 37 risks from this paper →