How Fair AI Can Make Us Richer

Abstract

We are all aware that artificial intelligence (AI) has now become an integral part of our lives. AI systems are behind mundane tasks such as displaying search results on Safari, preparing travel routs on Google and suggesting new music on Spotify. But algorithms also steer important parts of our lives: if we get admitted to university, if we are hired, fired or promoted, if we get insurance, social benefits or a loan, or even if we have to go to prison. Algorithms can touch almost every aspect of our lives.

The benefits are clear. They can help us make more efficient, cheaper, and consistent decisions. At the same time AI can introduce new risks and aggravate old ones, for example by replicating and exacerbating existing social and economic inequalities. This should come as no surprise: algorithms can only be trained on existing and historical data and, if left alone, will inevitably pick up and learn from injustices and inequalities in past human decision-making. One need only reflect on who in our society usually gets admitted to university, gets promoted, or receives loans and who does not to realise the magnitude of the risks if AI is allowed to lock in and preserve these existing biases.

Keywords: artificial intelligence, fairness, bias, discrimination, equality, non-discrimination, law, EU, equality duties