Algorithms may give a rough idea of the potential result of decisions but algorithms aren’t absolute and they may prove to be wrong in many cases.
In a lot of cases, algorithms have proven to be accurate. By following certain trends in the algorithms, people have taken favorable decisions. In many sectors, for example- the stock market, people invest hours of their time to look at the algorithm to make their next big investment. Although, they may be successful with their investment, it could backfire as well. Algorithmic-based decision has been prevalent in loan applications as well as criminal justice. People applying for loans may fall short due to the unfairness of algorithmic based decision making. The people eligible for the loans may not be getting proper loans whilst the ineligble people do. Algorithms have a firm impact on the criminal justice sector as well. The cities which have shown to have more criminals are more likely to have higher security resources, as a result the level of security in other cities may fall short. The punishment of criminals may be less or more based on algorithm, as algorithms would predict the jury’s decision.
This creates a bias and an unfair situation for all. Justice may not be served to the victims and their family. Algorithm may give a solid idea based on the past trends, but it is important to make decisions based on the current facts and morale compass as well. Although, algorithm may have risks and inequities, I would say the overall benefits of algorithm have proven to be far more successful.