SPOS #859 - Joshua Gans On The Economics Of Artificial Intelligence
Dec 25, 2022
auto_awesome
Joshua Gans, co-author of 'Power and Prediction' and a professor at the Rotman School of Management, dives into the economics of artificial intelligence. He highlights how AI can reshape our global economy while discussing its potential benefits and risks, such as biases and regulatory challenges. Gans also explores the transformative potential of AI in everyday life, drawing parallels between historical technological shifts and our current landscape. He emphasizes the intriguing 'AI bullwhip effect' that can disrupt supply chain dynamics.
Joshua Gans emphasizes that AI's transformative effects on the economy may resemble the gradual integration of electricity, requiring patience for full realization.
The podcast highlights the dual nature of AI as a tool, stressing the importance of responsible implementation to mitigate risks and harness its potential.
Deep dives
Introduction to Thinkers One
A new venture called Thinkers One has been launched as a B2B marketplace that offers personalized thought leadership content aimed at business leaders. This platform allows companies to purchase tailored video experiences from renowned thinkers like Tom Peters and Dori Clark, providing options such as mini keynote speeches or one-on-one virtual discussions. The intent is to enhance corporate gatherings and events by adding insightful and engaging content that can counteract disengagement in virtual meetings. Thinkers One aims to invigorate the way businesses approach professional development and meeting engagement.
Co-Authoring Books: A Collaborative Challenge
The discussion highlights the complexities of co-authoring books, especially with multiple authors. Each collaborator brings unique strengths and writing styles, making it essential to align on a unified voice while producing the manuscript. The process includes extensive discussions about the book's purpose and target audience and often requires painful decisions to cut content to maintain clarity and focus. Having three authors can be beneficial as it helps resolve conflicts and brings diverse perspectives, leading to a richer final product.
AI's Potential and Historical Context
Artificial intelligence is compared to the historical introduction of electricity, suggesting that AI's transformational impact may take time to fully manifest. The comparison emphasizes that while initial adoption may appear slow, significant shifts will eventually occur, similar to how electricity evolved from a basic utility to a cornerstone of modern industry. This historical perspective encourages patience in expectations for AI's capability and integration into everyday business practices. The idea that AI can enhance predictive capabilities offers organizations a chance to make more informed decisions, but the full realization of its benefits will require time and adaptation.
The Dual Nature of Technology and AI
The podcast emphasizes the neutral nature of technology, including AI, which can be harnessed for positive or negative outcomes depending on its application. Concerns about AI, such as bias and misuse, open discussions about the importance of responsible implementation and understanding its limitations. It highlights the ongoing need for regulation and oversight as technology evolves, pointing out the discussions surrounding potential risks versus benefits. The conversation suggests that, while there are fears related to AI's future impact, it also presents an opportunity for innovation and better decision-making when used responsibly.
Welcome to episode #859 of Six Pixels of Separation - The ThinkersOne Podcast.
Here it is: Six Pixels of Separation - The ThinkersOne Podcast - Episode #859. How does artificial intelligence affect the structure and dynamics of the global economy? What are the potential benefits and risks associated with artificial intelligence on the future of humanity? Joshua Gans is the co-author of the recently published book, Power and Prediction - The Disruptive Economics of Artificial Intelligence. He is also widely known as the co-author of Prediction Machines and over ten other books at the intersection of technology, disruption and economics. Joshua is a Professor of Strategic Management and holder of the Jeffrey S. Skoll Chair of Technical Innovation and Entrepreneurship at the Rotman School of Management at the University of Toronto. He is also the Chief Economist at the Creative Destruction Lab and a Research Associate at the National Bureau of Economic Research. He is a leading expert in the field of economics, particularly in the areas of innovation, technology, and entrepreneurship. Along with book writing, he is a regular contributor to The New York Times, The Atlantic, and The Wall Street Journal. He has also done extensive work on entrepreneurship, the digital economy, and the management of intellectual property. Joshua is a recipient of the John Kenneth Galbraith Prize for his work on the economics of the digital economy and was recently named one of the world’s top 25 most influential economists by Bloomberg. Enjoy the conversation...