Economic Factors: The Economic Impact Of Autonomous Vehicles

Economic Factors As with any new innovation or item that comes into the market, economics are also affected. In an article by the Traffic Safety Resource Center it is stated, “A conservative estimate of money saved to the economy by reducing car crashes in America would equal about $99 billion each year” (Giarratana). The cost of car repairs, insurance, and possible medical bills after a crash can add up very quickly. If the number of car accidents is reduced, the cost of insurance can then be lessened. Autonomous vehicles will also allow more mobility for people to go out and therefore generate more business. Elderly citizens, the blind, and handicapped individuals who previously had been unable to drive will now be able to do more than before. For the economy, this will mean more sales in autonomous vehicles and more sales for businesses these people would not have previously frequented. Another aspect of the economic impact of autonomous vehicles is production and materials. A majority of vehicles today are produced with reinforced frames and numerous safety features that can add a lot of cost to the making of the vehicle. If driverless cars work as intended car accidents will be virtually nonexistent, …show more content…
A Business Insider article claims that in 2015, two hackers took control of a Jeep Cherokee and that “From a couch 10 miles west of the highway, the two were able to toy with the car's air conditioning, blast the radio, activate the windshield wipers, and ultimately cut its transmission” (Muoio). With the advancements of technology in the past two years, this is a viable safety concern. With the right computer programs a hacker could take control of an autonomous vehicle and cause an accident before the passengers knew what was happening. Ways to block these transmissions must be developed to ensure the threat of an automobile being hacked is