Economic Political and Social Consequences of AI Understanding the AI Technologies Influence With Creative Destruction

Abstract

Schumpeter's “creative destruction” theory has revealed that innovations in capitalism create a systemic internal renewal process and that the resulting innovations may have social and political consequences. For this reason, Schumpeter's theory of creative destruction provides an excellent framework for understanding the transformation process towards artificial intelligence technologies that are being experienced today. This study examines the economic, political, and social consequences of artificial intelligence technologies based on Schumpeter's theory of creative destruction. As a result, artificial intelligence is a milestone in terms of the technological changes that humanity has faced. Innovations that replaced human labour in the Industrial Revolution have gained the ability to replace humans with artificial intelligence. For this reason, Schumpeter's theory of creative destruction is vital in understanding the consequences that artificial intelligence technologies will bring.

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