Economist's View Of Artificial Intelligence: Beyond Cheaper Prediction Power

AI takes on predictive power; humans retain judgement. There has been no shortage of attention given to the potential of artificial intelligence, along with related concerns about bias, data viability, costs, and employee resistance. But we may be missing the most important point when it comes to AI's ultimate impact, a leading AI proponent argues. That is, we're starting to outsource a large share of human decision-making to machines, which may have unforeseen implications -- beyond simply making cheaper predictions. It's time to start looking at AI not from a technologist's perspective, but from an economist's perspective, states Ajay Agrawal, professor at the University of Toronto, and co-author of Power and Prediction: The Disruptive Economics of Artificial Intelligence.