ChatGPT impacts on access-efficiency, employment, education and ethics: The socio-economics of an AI language model

Olaniyi Evans, Olawale Wale-Awe, Emeka Osuji, Olawale Ayoola, Raymond Alenoghena and Sesan Adeniji
Additional contact information
Olawale Wale-Awe: Dept. of Finance, Babcock University, Nigeria.
Emeka Osuji: Pan Atlantic University, Postal: Km. 42, Lekki-Epe Expressway
Olawale Ayoola: McPherson University, Ogun State, Nigeria
Sesan Adeniji: W. Frank Barton School of Business, Wichita State University, Kansas, USA.

BizEcons Quarterly, 2023, vol. 16, issue 1, 1-17

Abstract: Generative artificial intelligence (AI) models, such as ChatGPT, have gained significant attention in various fields, including healthcare, education, and industry. This article aims to provide an overview of the impacts of ChatGPT on access, efficiency, jobs, and education, using technological determinism theory and social construction of technology theory as frameworks. The study highlights the potential benefits of ChatGPT in healthcare, education, and business, emphasizing the need for ethical considerations and human oversight. It acknowledges the limitations of ChatGPT in understanding context and tone and stresses the importance of ethical guidelines and best practices. The impact on the labor market and industries depends on how ChatGPT is socially constructed and used, with possibilities of job displacement and creation of new opportunities. In education, ChatGPT can enhance personalized learning, student engagement, and critical thinking skills, but accuracy, reliability, and ethical implications must be addressed. Policy recommendations include implementing ethical guidelines, maintaining human involvement, investing in training and reskilling programs, balancing human judgement and machine learning in education, considering the impact on the labor market, and addressing social and cultural implications. Collaboration with experts in AI, ethics, education, labor market analysis, and social and cultural studies is essential in developing comprehensive guidelines and policies for responsible use of ChatGPT.

Keywords: ChatGPT; access; efficiency; employment; education; ethics (search for similar items in EconPapers)
Date: 2023
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