Artificial intelligence (AI) is already close to being a general-purpose technology (GPT), with the potential to revolutionize nearly every aspect of human life—similar to historical breakthroughs like electricity, the steam engine, and the internet. AI promises to drive innovation, economic growth, and efficiency across a broad spectrum of industries. However, its rise will also cause some significant problems. Chief among these are the potential concentration of AI knowledge and resources in the hands of a few powerful entities, which could exacerbate inequality, erode privacy, and stifle competition. These challenges often have political and societal consequences.
This article explores the potential negative impacts of AI, how these challenges might hinder its development as a true general-purpose technology and outlines the steps necessary to reduce these risks.