|Artificial intelligence (AI) is one of the nine national science missions identified by the Prime Minister’s Science, Technology & Innovation Advisory Council (PM-STIAC) as declared on 06-March-2019. AI is the simulation of human intelligence processes by machines, especially computer systems.
This exploratory paper on AI is intended to draw attention towards AI based applications of accounting unfolding newer opportunities for integrative modeling of AI based accounting, behavioral finance and cyclical fluctuations in trade, industry and business as a whole.
Financial institutions have long used artificial neural network systems to detect charges or claims outside of the norm, flagging these for human investigation. Banks use artificial intelligence systems today to organize operations, maintain book-keeping, invest in stocks, and manage properties. The use of AI machines in the market in applications such as online trading and decision making has changed major economic theories. AI has had impact include in rational choice, rational expectations, game theory, Lewis turning point, portfolio optimization and counterfactual thinking.
The economists have started speculating a few days earlier that the years 2019-21 are going to suffer depression worldwide. There are strong indications from the automobile and financial sectors. For smooth functioning of the production structure the smooth flow of money requires to be ensured. In this light, four measures have been suggested at the end regarding taxation, working hours, budgets of the business entities as well as the government and Money (liquidity) growth.