What would an Economist think of A.I?
Have you ever wondered about how A.I. resonates with all the Economists around the world ? I mean what a simple term any economist would use for understanding the term Artificial Intelligence !
Umm, I am sure they would call it as GPT – General Purpose Technology which means it seems to use everywhere, they have hardly seen any market which is not deploying it’s applications to the par.
Let me put an economic layer on this Comp. Science term to make it seem clear and practical by marking certain implications validated by the University of Toronto about A.I. :
1. A.I. helps in predicting the medical data and images by diagnosing which tumor is benign or which one is malignant
2. Machine Learning helps in figuring out fraudulent credit card transactions
3. Through A.I driven applications, major drug discoveries have been done since 1995.
4. A.I. helps in predicting the defects in the automobiles before they role out for the production line.
The researchers advocating for the aforesaid pointers believed in A.I. as something unusual technological innovation giving the same underlying technique to offer a material life to wide set of applications.
An economist would always look for a benefit or a rational reason to believe in Deep Learning since they have scrambled up their entire knowledge to jump onto one single conclusion which is – how this intelligence will cut the cost ? (Their signature sentence in every research till now, hence their titles)
We all are aware of the fact that how 1995 has marked as a transitional year for the internet
and same goes parallel with A.I. which changed the economy and the way of interacting. But the economist added by saying that this was the same economy which was still driven by demand and supply but with the reduced cost of communication, research, and tools.
Having said that, they are looking at A.I. in another perspective and let’s find out what changed their mind.
When the cost of something falls, three things happen :
– Downward sloping demand curve, which means we will use more of it.
– we convert things, habits and lifestyles to use this better, faster and cheaper technology as a product.
– we start predicting stats for future needs and desires to make the best use of this cheaper technology around.
Moreover, by evidencing various applications of A.I. used in different fields such as Healthcare, Marketing, Business, Finance, Automobiles etc, they did realizethe fact that A.I. was the thing by which the total cost fell ( by optimizing it’s applications in their routine) and marked it as a foundational input which is built on HUMANS, an emaculation of HUMANS that mimics their thought process in a better manner.
All they needed to know was how to Deploy them economically and they finally believed in it !
I know A.I. is becoming the talk of the entire economy right now which is why we are coming up with our another interesting blog about Predicting Machines !
Stay tuned for further input.