They can exacerbate wealth disparities from "summary" of Weapons of Math Destruction by Cathy O'Neil
The use of mathematical models in various aspects of our lives has the potential to widen the gap between the wealthy and the poor. By relying on algorithms to make decisions about things like credit scores, job opportunities, and insurance premiums, we run the risk of perpetuating existing inequalities. These mathematical models can often be biased against certain groups, such as minorities or low-income individuals, which can further marginalize them and prevent them from accessing the opportunities they need to improve their financial situation. For example, if a credit scoring algorithm penalizes individuals who live in certain neighborhoods, it can prevent them from getting loans or credit cards, making it harder for them to improve their financial standing. Furthermore, the reliance on...
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