Past economic frontiers can no longer sustain the masses, and there is absolutely nothing that our present-day political and business leaders can do to 'tweak' the system back to sustainable growth.
After decades of subtle developments that largely went unnoticed by much of the working world, artificial intelligence has taken center stage in the last 2-3..
B. Social and economic implications of AI (RFI question 4) Last updated July 28, 2016 AI systems are already changing the way work gets done. But history suggests that new technologies like AI result in higher productivity, higher earnings, and overall job growth. In particular, we believe that new companies, new jobs, and entirely new markets will be built on the shoulders of this technology. And we believe that AI systems will improve access to critical services for underserved populations. Overall, we anticipate widespread improvements in quality of life.
Abstract: In this essay, I begin by identifying the reasons that automation has not wiped out a majority of jobs over the decades and centuries. Automation does indeed substitute for labor—as it is typically intended to do. However, automation also complements labor, raises output in ways that leads to higher demand for labor, and interacts with adjustments in labor supply. Journalists and even expert commentators tend to overstate the extent of machine substitution for human labor and ignore the strong complementarities between automation and labor that increase productivity, raise earnings, and augment demand for labor. Changes in technology do alter the types of jobs available and what those jobs pay. In the last few decades, one noticeable change has been a “polarization” of the labor market, in which wage gains went disproportionately to those at the top and at the bottom of the income and skill distribution, not to those in the middle; however, I also argue, this polarization and is unlikely to continue very far into future. The final section of this paper reflects on how recent and future advances in artificial intelligence and robotics should shape our thinking about the likely trajectory of occupational change and employment growth. I argue that the interplay between machine and human comparative advantage allows computers to substitute for workers in performing routine, codifiable tasks while amplifying the comparative advantage of workers in supplying problem-solving skills, adaptability, and creativity.
“Science has not yet mastered prophecy. We predict too much for the next year and yet far too little for the next ten.” These words, articulated by..
The year 2015 might be seen as the year that "artificial intelligence risk" or "artificial intelligence danger" went mainstream (or close to it).With the founding of Elon Musk's Open AI and The Le
Machines matter to people. But, they “matter” only because they affect people. It’s widely supposed that today’s machines themselves cannot be..
In the hundreds of researcher and executive interviews we've been fortunate enough to conduct in the last three years, few artificial intelligence applications are brought up more than marketing and a
I was having a debate yesterday where a bank executive was asking me about what the hottest things in FinTech are right now. My answer was machine learning (AI) and blockchain. There are others such