Bots are a lot like humans: Some are cute. Some are annoying ... and a little racist. Bots serve their creators and society as helpers, spies, educators, servants, lab technicians, and artists. In the 2010s, automation got better, cheaper, and way less avoidable. That means driving directions are more reliable, instant translations are almost good enough, and everyone gets to be an adequate portrait photographer, all powered by artificial intelligence.
We've been told that there is nothing to worry about artificial intelligence, robots and technology. New technologies will only replace mundane, repetitive jobs and free up workers to do more meaningful work, claims the media and top management consulting firms. Last week, the House Financial Services Committee's Task Force on Artificial Intelligence conducted a meeting with university academics and Wall Street financial services professionals to discuss the impact of AI on trading, robo-advisory, market surveillance and other activities within the financial services sector. To set the tone, the report by Wells Fargo predicting 200,000 banking jobs in the U.S. will be lost over the next decade--due to the introduction of new technologies--was cited by the chairman of the AI Task Force, Rep. Bill Foster (D-Ill). According to Marcos Lopez de Prado, the former head of machine learning at AQR Capital Management, algorithms in electronic markets have already automated the jobs once dominated by thousands of traders.
An overwhelming majority of the American public believes that artificial intelligence (AI) should be carefully managed. Nevertheless, as the three case studies in this brief show, the public does not agree on the proper regulation of AI applications. Indeed, population-level support of an AI application may belie opposition by some subpopulations. Many AI applications, such as facial recognition technology, could cause disparate harm to already vulnerable subgroups, particularly ethnic minorities and low-income individuals. In addition, partisan divisions are likely to prevent government regulation of AI applications that could be used to influence electoral politics.
The Decade, Reviewed looks back at the 2010s and how it changed human society forever. From 2010 to 2019, our species experienced seismic shifts in science, technology, entertainment, transportation, and even the very planet we call home. This is how the past ten years have changed us. Bots are a lot like humans: Some are cute. Some are annoying ... and a little racist.
Artificial intelligence is no longer just a buzzword but a massive reality now. It is continuing to transform the user experience for all kinds of digital interfaces including mobile apps, e-commerce stores, and enterprise websites. Artificial intelligence is conceived by many as the great replacement of human intelligence. Let us have no doubt that still human intelligence and power of reasoning are miles ahead of machines and software programs in terms of capacity and effectiveness. So, again, now artificial intelligence is just a value addition that is primarily controlled and maneuvered by humans.
According to legend, the medieval philosopher and Franciscan friar Roger Bacon created an all-knowing artificial brain, which he encased in a bronze, human-like head. Bacon, so the story goes, wanted to use the insights gleaned from this "brazen head" to make sure Britain could never be conquered. Following Bacon, a long-standing challenge for engineers and computer scientists has been to build a silicon-based replica of the brain that could match, and then exceed, human intelligence. This ambition pushes us to imagine what we might do if we succeed in creating the next generation of computer systems that can think, dream and reason for us and with us. Today there is little talk of brazen heads, but artificial intelligence seems to be everywhere.
The deployment of artificial intelligence (AI) and other advanced technologies could trigger a four per cent decline in the number of lawyers in England and Wales by 2027, according to a new report. The study warns AI could halt the historic year-on-year growth in the number of lawyers in its tracks, with the profession shrinking by 7,000 lawyers to 169,200 when compared to 2017. However, the decline would only happen if AI take-up was even faster than predicted. The report's baseline findings are that the number of lawyers is likely to rise by a modest two per cent over the period, although overall employment in the sector will fall by four per cent thanks to a sharp decline in the number of legal secretaries and other office support staff as their roles are taken over by technology. The report notes: "In 1998 there were two legal professionals to one legal secretary, and the ratio was one to one when adding in other office support staff, but by 2017 the ratios had increased to five legal professionals per legal secretary, and two legal professionals for every secretary or other office support worker. "In 2027, there are projected to be around 20 legal professionals per legal secretary, and five legal professionals for every secretary or other office support worker.