What is AI?
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AI stands for Artificial Intelligence. I prefer automated intelligence. It’s already with us in many forms. Artificial Intelligence is the intelligence exhibited by machines or software.
Algorithms helping Google to be the smartest search engine in the galaxy.
Stock markets around the world use Algos, as they call them, allowing high frequency trading using algorithms. It’s estimated that as of 2009, high frequency trading accounted for 60-73% of all US equity trading volume. So Artificial Intelligence or AI has done away with human traders.
Robots, at such a low price, that you can afford one to cut your grass or vacuum your carpets.
Cars that drive without humans. Scary.
Amazon’s algorithms that suggest what you should buy next, the most successful cross-selling engine on the planet.
AI is already with us and is about to go through massive growth. Before I take a look at the predictions for us, let’s have a quick look at the economics of all of this, after all, it’s money that drives everything.
The Economic Influence
The fundamental aim of all advanced economies is to increase productivity. In other words to produce more goods and services or gross domestic product (GDP) per person in the workforce. Gone are the days of cheap labour. In the UK we now have the Living Wage which has increased the old minimum wage substantially. Off-shoring to the Far East doesn’t bring cheap labour, in fact labour costs in China are rising rapidly as their industrial growth continues.
In the past we’ve relied on innovations and inventions to drive productivity.
In the 19th century, we had steam power
In the early 20th century, we had electricity and the motor car
In the late 20th and early 21st centuries, we had personal computing and the internet
All these inventions increased GDP for the countries who maximised their use.
AI is predicted to increase GDP by 1% during the years 2020 and 2030. That’s when the changes I’m going to talk about will become mainstream. Let’s go.