Tag: consumption

Why do we need AI, why is it becoming an indispensable tool?

Why do we need AI, why is it becoming an indispensable tool?

Why do we need AI? It’s not just a question – it’s reshaping our world faster than you can say “Hey Siri.”

Artificial intelligence is everywhere these days. It’s in your pocket, helping your phone recognize your face. It’s in your email, sorting out spam. It’s even in your car, making parking easier. AI is like a super-smart helper that never gets tired. But AI isn’t just about making cool gadgets. It’s changing how we work, learn, and live. Doctors use AI to spot diseases earlier. Scientists use it to understand climate change better. Artists use it to create new […]

Why a proposed ‘robot tax’ could kill tech innovation, impede growth and complicate tax system

Why a proposed ‘robot tax’ could kill tech innovation, impede growth and complicate tax system

Keep taxidermists and taxmen at bay Aditya Sinha

Assistant consultant, Economic Advisory Council to PM

It’s often said that governments have a talent for taxing things. But the real jaw-dropper is when economists start cheering for more taxes. A group of economists met Nirmala Sitharaman recently for pre-budget consultations. What popped up on the agenda? The impact of AI on employment, with a proposal for a ‘ robot tax ‘ to reskill displaced workers.On the face of it, the idea sounds appealing. At its core, it’s about philosophical questions about the nature of work, economic justice and societal progress. Proponents […]

Overseas Demand, AI, Domestic Demand Transition Are Key to China’s Economic Development

Overseas Demand, AI, Domestic Demand Transition Are Key to China’s Economic Development

audio is not supported! Overseas Demand, AI, Domestic Demand Transition Are Key to China’s Economic Development

(Yicai) June 25 — Chinese companies are offered opportunities from the overseas market and artificial intelligence sector but also face great challenges from protectionism in Western countries. Therefore, the Chinese economy is experiencing an inevitable deep transition, especially in its supply and demand structure.

There are two kinds of opportunities that Chinese firms can seize globally: robust overseas demand and the development of AI. Regarding the first, Chinese companies that went global and had a high percentage of overseas sales over the past years have […]

The surprising and slightly unexpected link between Goods-to-Person robotics and sustainability

The surprising and slightly unexpected link between Goods-to-Person robotics and sustainability

Photo: 123rf.com In today’s unpredictable economy, retailers and third-party logistics providers (3PLs) are up against some tough challenges. The surge in online orders and constantly changing shipping demands have led to shortages in skilled labour, tighter delivery schedules, and increased costs.

On top of that, companies are under pressure to reduce their environmental impact and commit to ESG initiatives while boosting productivity and efficiency and reducing errors. No wonder managing a warehouse has become so complex. READ NEXT

Homegrown music retailer Swee Lee’s new space in Clarke Quay is a haven for artists, performers, and fans alike Given these pressures, […]

BBC: Tech company cuts 60 people, leaving just one managing ChatGPT. And then fires him too.

BBC: Tech company cuts 60 people, leaving just one managing ChatGPT. And then fires him too.

The impact of AI on the workplace is still a big unknown, with hiring going up in some businesses and falling in others.

However, those predicting doomsday scenarios of artificial intelligence making most of us redundant may have just received a big boost in an article published by the BBC two days ago . The story details how an entire team of 60 people was replaced with just one guy working with ChatGPT, before he was axed too. Freeing humans from creativity

As the recent humorous but bitter observation goes, humans were hoping AI could free them from mundane tasks, […]

Transformative Growth with AI is Likely. Explosive Growth is Science Fiction.

A couple weeks back, Tim Lee, the author of the Understanding AI Substack, put out the following plea on X : “I really wish there were more economists involved in discussions of the implications of superintelligence.” He added, “The most obvious example is people predicting mass unemployment without thinking through the impact of high productivity on fiscal and monetary policy.”

In our previous Techne , I decided to take on Lee’s plea and began by looking at the past. This week, I want to share some thoughts about how Large Language Models (LLMs) like ChatGPT might shape the future.

I […]

Levy Yeyati: ‘AI creates tensions that can lead to outsider populism’

Levy Yeyati: ‘AI creates tensions that can lead to outsider populism’

The Argentine economist spoke to the Herald about his recent book on AI’s impact on politics, economy, and society

Eduardo Levy Yeyati Eduardo Levy Yeyati is an Argentine economist, academic, and writer. In his latest book, “Automatizados” (Automated), co-authored with economist Darío Judzik, he plunges into the debate surrounding the impact of AI on the economy, jobs, and politics, as well as people’s daily lives.

Levy Yeyati received the Herald at his home in Buenos Aires. With his cat roaming in the background, he answered questions about the book’s key ideas. This interview has been edited for length and clarity. […]

MIT professor hoses down predictions AI will put a rocket under the economy

MIT professor hoses down predictions AI will put a rocket under the economy

Artificial intelligence (AI) may not do much to boost productivity – and could end up widening the income gap between owners of capital and workers.

In a National Bureau of Economic Research paper titled "The Simple Macroeconomics of AI," Daron Acemoglu, professor of economics at Massachusetts Institute of Technology, argues that predictions AI will improve productivity and boost wages in a " blue-collar bonanza " are overly optimistic.

"AI will have implications for the macroeconomy, productivity, wages and inequality, but all of them are very hard to predict," Acemoglu argues. "This has not stopped a series of forecasts over the last […]

The Vision of Work in an AI-Dominated Future

The Vision of Work in an AI-Dominated Future

Elon Musk anticipates a future where jobs are optional , as advanced technologies pave the way for a radical transformation in the way we view employment and labor. In a statement during his virtual address at the VivaTech 2024 event in Paris, Musk, the CEO of Tesla, painted a picture of a world where the need to work for sustenance could become a choice rather than a necessity, thanks to artificial intelligence (AI) and robotics providing goods and services.

Within this framework, Musk underscored the importance of implementing a high universal income to ensure the feasibility of this seemingly utopian […]

Harnessing Technology: Why efficiency in BPO may lead to more jobs, not fewer

Harnessing Technology: Why efficiency in BPO may lead to more jobs, not fewer

In a rapidly evolving digital landscape, the Business Process Outsourcing (BPO) sector is at the forefront of technological innovation and economic debate. As concerns grow about job losses from technological advancements like artificial intelligence (AI) and automation, Jevons Paradox provides a unique viewpoint. This paradox suggests that increases in efficiency from technology can actually lead to more resource use, not less, due to increased demand.

First introduced by William Stanley Jevons in the 19th century, Jevons Paradox observed that technological improvements in coal use efficiency led to increased coal consumption across industries, not a decrease. The core idea of the […]