Monday, April 3, 2023

g-f(2)1037 THE BIG PICTURE OF THE DIGITAL AGE (4/3/2023), Bloomberg, Why the AI Economy Might Be Better for Everyone





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"g-f" fishing of golden knowledge (GK) of the fabulous treasure of the digital age, The New World, The "Positive Disruption: AI Revolution" has accelerated, Generative AI



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OPPORTUNITIES, Lessons learned, Alerts, Bloomberg


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Bloomberg Fact: In recent days a trio of analyst reports identified developments that could lift productivity over time. Goldman Sachs looked at artificial intelligence. Citigroup considered the much-less-sexy, but potentially transformative, blockchain technology. Perhaps most prosaically, Oxford Economics highlighted the implications of 5G mobile networks. 

Bloomberg Fact: If these scenarios pan out, it would be a game changer. Trend growth rates would be higher. Government debt loads that look menacing now would shrink over time. Real income gains would be stronger.



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Bloomberg Fact: “The genie is out of the bottle—there are going to be all kinds of people doing all kinds of things” with the new offering, said former Treasury Secretary Lawrence Summers (a paid contributor to Bloomberg TV). “This is going to be a story like other technology stories—it may take longer to happen than you think it will, but ultimately it will happen faster and more pervasively than you thought it could.”


Bloomberg Fact: It was the exponential surge in computing power that Moore first helped to unleash in the 1960s that enabled, as Goldman economists Joseph Briggs and Devesh Kodnani put it, the current rapid advances in the complexity of tasks AI can perform with accuracy.


Bloomberg Fact: The Goldman duo concluded, in a March 26 note to clients, that about 7% of current US employment could be replaced by AI, with 63% being complemented and 30% unaffected. As in previous eras of technological advancement, many displaced workers will likely be employed in new occupations that emerge either directly from AI or as a result of the economic expansion produced by greater productivity, they said.


Bloomberg Fact: “The combination of significant labor-cost savings, new job creation and a productivity boost for non-displaced workers raises the possibility of a labor-productivity boom like those that followed the emergence of earlier general-purpose technologies,” Briggs and Kodnani wrote.


Bloomberg Fact: There’s certainly danger in hyping up new technology that ends up having marginal macroeconomic effects, but at the same time history does show periods when major changes occurred. The adoption of the electric motor starting in the late 1800s, and personal computing in the 1970s proved transformational. An MIT paper last year found that roughly 60% of employment as of 2018 was in occupations that didn’t exist in 1940.


Bloomberg Fact: Once at least half of firms worldwide adopt AI technologies, annual global GDP could enjoy a 7% boost in the subsequent decade, Goldman said. In the US, labor productivity—which only expanded 1.3% on average in the past decade—could get a 1.5 percentage point-per-year lift, over a decade, the bank estimates.



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Accenture: Keep AI Experimentation Going





The Accuracy of AI





AI Expert Wants Developers to Take Responsibilities Seriously







References




ABOUT THE AUTHORS


Chris Anstey


Experienced editor (@AnsteyAsia) with a demonstrated history of working in the financial news industry. Skilled in writing breaking news, editing features, hiring and developing talented journalists, and leading teams responsible for mission-critical stories. Strong media professional with experience on three continents, having held management positions in Washington, London, and Tokyo. 




Some relevant characteristics of this "genioux fact"

  • BOMBSHELL KNOWLEDGE
  • Category 2: The Big Picture of the Digital Age
  • [genioux fact deduced or extracted from Bloomberg]
  • This is a “genioux fact fast solution.”
  • Tag Opportunities to those travelling at high speed on GKPath
  • Type of essential knowledge of this “genioux fact”: Essential Analyzed Knowledge (EAK).
  • Type of validity of the "genioux fact". 

    • Inherited from sources + Supported by the knowledge of one or more experts.



References


“genioux facts”: The online programme on "MASTERING THE BIG PICTURE OF THE DIGITAL AGE”, g-f(2)1037, Fernando Machuca, April 3, 2023, Genioux.com Corporation.


ABOUT THE AUTHORS


PhD with awarded honors in computer science in France

Fernando is the director of "genioux facts". He is the entrepreneur, researcher and professor who has a disruptive proposal in The Digital Age to improve the world and reduce poverty + ignorance + violence. A critical piece of the solution puzzle is "genioux facts". The Innovation Value of "genioux facts" is exceptional for individuals, companies and any kind of organization.




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