1 Department of Economics, Ohio University.
2 Department of Computer Science, Wrexham University, Wrexham, Wales, United Kingdom.
3 Department of Management Information Systems, Lamar University, USA.
4 Department of information Technology, Georgia Southern University, Statesboro, USA.
5 Department of Criminal Justice, College of Public Affairs, University of Baltimore, Baltimore Maryland, USA.
6 MS Agile Project Management, Amberton University, Garland, Texas, USA.
Research Article
World Journal of Advanced Research and Reviews, 2023, 19(01), 1607-1617
Article DOI: 10.30574/wjarr.2023.19.1.1385
Received on 02 June 2023; revised on 17 July 2023; accepted on 19 July 2023
The rapid proliferation of artificial intelligence (AI) and technology has revolutionized industries and reshaped labor markets worldwide, including in the United States. However, these advancements have raised significant concerns regarding their role in exacerbating economic inequality and wealth distribution. This study investigates how AI and technological progress have influenced wealth disparities in the U.S., focusing on the economic consequences for different socioeconomic groups. Using a mixed-methods research design, the study combines quantitative data analysis, including econometric models and regression techniques, with qualitative insights gained through expert interviews. The findings indicate that AI adoption has contributed to an increasing concentration of wealth among top income earners, particularly in technology-driven sectors. The analysis reveals that the top 1% of U.S. households experienced a substantial increase in wealth, while the bottom 50% saw only marginal gains, exacerbating the wealth gap. Additionally, the study identifies key mechanisms driving these disparities, including skill-biased technological change and automation, which disproportionately affect low-skilled workers. The implications for policy suggest a need for reskilling initiatives, progressive taxation, and inclusive innovation frameworks to ensure that the benefits of AI are equitably distributed. This research highlights the urgent need for targeted interventions to mitigate the adverse effects of technological advancements on wealth distribution, ensuring that AI serves as a tool for broader social good rather than deepening existing inequalities.
AI; Economic inequality; Wealth distribution; Technology; U.S. economy; Socioeconomic disparity
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Maud Avevor, Obah Edom Tawo, Omolola Abimbola Akinola, Deborah Osahor, Martins Awofadeju and Tony Azonuche. AI and Technology’s Influence on Economic Inequality: A Study of Wealth Distribution in the U.S. World Journal of Advanced Research and Reviews, 2023, 19(1), 1607-1617. Article DOI: https://doi.org/10.30574/wjarr.2023.19.1.1385