Harnessing Artificial Intelligence for Socio-Economic Development

Abstract

When covering issues on sustainable socioeconomic development such terms as 'artificial intelligence' (AI) and ‘social economy’ appear more and more often. At the same time, these terms are rarely used together within the same study. This article contributes to the gap filling through theoretical overview of social economy development in the context of economic and social effects of AI. For the purpose, the authors summarize theoretical insights on social and economic effects of AI; elaborate characteristics on how AI changes sociality; characterize development of social economy in the light of AI; provide examples of social innovations and AI in practice. Monographic method, methods of logical analysis and synthesis, and meta-analysis were applied. Social and economic effects that appear as a result of widespread application of AI and changes in sociality are accompanied with highly differentiated readiness to AI across countries. Given the changes above and expectations devoted to AI effects on economy, social economy may benefit from AI, particularly, through social innovations, and may reduce negative effects of AI, particularly, on overall wellbeing. For the mentioned benefits, changes in sociality that appear due to AI application have to be accompanied with timely adjustments in skills and competences. The research concludes that AI may intensify social economy development through its ability to support vulnerable groups, environmental protection and application of the newest technological solutions. In this way, AI in social economy not only contributes to efficiency and innovation in industry and the economy, but also plays a key role in promoting sustainability, social responsibility and inclusion.

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