The future implications of algorithmic bias in artificial intelligence are profoundly intertwined with both economic and social dimensions. From an economic perspective, biased AI systems can potentially exacerbate existing inequalities by perpetuating barriers that marginalized groups face across various sectors. In sectors like healthcare, recruitment, and financial services, algorithmic biases can contribute to economic disparities by hindering access to jobs, loans, and quality medical care. For instance, studies have documented discriminatory mortgage rates affecting Black and Latino borrowers, highlighting how AI can reinforce systemic financial inequalities. Moreover, businesses may incur increased costs due to biased AI, facing legal challenges and reputational damage, as exemplified by
Amazon's discontinued recruiting tool, underscoring the inefficiencies caused by such biases.