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

Author

Listed:
  • Evans, Olaniyi

    (Pan Atlantic University)

  • Wale-Awe, Olawale

    (Dept. of Finance, Babcock University, Nigeria.)

  • Osuji, Emeka

    (Pan Atlantic University)

  • Ayoola, Olawale

    (McPherson University, Ogun State, Nigeria)

  • Alenoghena, Raymond

    (Dept. of Economics, Trinity University, Yaba, Lagos)

  • Adeniji, Sesan

    (W. Frank Barton School of Business, Wichita State University, Kansas, USA.)

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.

Suggested Citation

  • Evans, Olaniyi & Wale-Awe, Olawale & Osuji, Emeka & Ayoola, Olawale & Alenoghena, Raymond & Adeniji, Sesan, 2023. "ChatGPT impacts on access-efficiency, employment, education and ethics: The socio-economics of an AI language model," BizEcons Quarterly, Strides Educational Foundation, vol. 16(1), pages 1-17.
    • Handle: RePEc:ris:buecqu:0032
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    Cited by:

    1. Goel, Rajeev K. & Nelson, Michael A., 2023. "Awareness of artificial intelligence: Diffusion of information about AI versus ChatGPT in the United States," Kiel Working Papers 2259, Kiel Institute for the World Economy (IfW Kiel).
    2. Evans, Olaniyi, 2022. "The criticality of institutions and the macroeconomy for education outcomes in Africa," MPRA Paper 118197, University Library of Munich, Germany.
    3. Evans, Olaniyi, 2021. "The Curious Case of Petro-Monetary Transmission Mechanism in Oil-Producing Countries: An Analysis of the Effect of Oil Price on Inflation in Nigeria," MPRA Paper 118198, University Library of Munich, Germany.

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