The Economics and Benefits of Artificial Intelligence

#artificialintelligence 

We see news about AI everywhere; sometimes, we see the excitement around AI and sometimes we see articles that talk about how AI will replace or destroy our jobs. We also see the occasional article talking about how AI will destroy humanity. In this article, I will not discuss an artificial general intelligence or an evil AI that wants to destroy humanity. I will focus on current AI, which is mostly based on the algorithms that can do predictions, and discuss how the economics of AI works and how it may affect business. I also want to mention that the content of this article is highly affected by (and this author highly recommends for further reading) Prediction Machines: The Simple Economics of Artificial Intelligence and Human Machine: Reimagining Work in the Age of AI.