Abstract

With the emergence of Artificial Intelligence (AI) and Machine Learning (ML) technological advancements, especially after the widespread usage of ChatGPT, there has been an increased alert related to the ethical concerns circulating potential displacement of jobs through the automation of various tasks. The purpose of this research is to critically analyze the ethical implications of AI and ML technologies in terms of job dispersion and automation during the fifth industrial revolution based on novel studies. Additionally, this research addresses the pros and cons of implementing new forms of AI taxation and insurance policies. To the best of our knowledge, this is the first study to provide a critical analysis of AI and ML and their impact on society, based on the respective literature, eventually highlighting the need for immediate policy intervention in rebalancing the advantages of AI with the ethical implications stemmed from these technologies, particularly in terms of job displacement and automation.