Tag: productivity

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 […]

If AI is so good, why are there still so many jobs for translators?

If AI is so good, why are there still so many jobs for translators?

Lost in automation? Earlier this year, a drumbeat of news headlines played into public anxieties about the safety of human jobs when Duolingo, a language learning app, became a prominent example of a company cutting workers and replacing them with artificial intelligence.

The most eye-catching job cuts were those for translators, who worked on some of the company’s less popular language education courses. Translators and interpreters are often near the top of media listicles as the jobs most likely to be killed by AI. When the stories about Duolingo’s job cuts circulated, they seemed to confirm that the inevitable AI […]

Effects of AI Use on Productivity

As the "Fourth Industrial Revolution" boom came amid advances in artificial intelligence technology in the latter half of the 2010s, many countries including Japan formulated AI promotion strategies. Recently, the use of generative AI such as Chat GPT has spread rapidly. An increasing number of companies are using generative AI for documentation, sales activities, customer support, etc.

Since AI is a general-purpose technology with a wide range of applications, its development and spread has the potential to significantly increase the productivity of the economy as a whole. It has been pointed out that if AI reaches a technological singularity where […]

The CEO and founder of Crown Digital believes his robot barista is poised to be at the forefront of F&B automation

The CEO and founder of Crown Digital believes his robot barista is poised to be at the forefront of F&B automation

Photo: Lawrence Teo, Athirah Annissa Sum up your job in five words.

How about a coffee first?

Why is your work important to the world today? The F&B industry consistently grapples with challenges, including labour shortages and steep overhead expenses such as leasing, labour, and training, which result in low profit margins and rising consumer costs. With the resurgence of AI and robotics , technology has emerged as an indispensable component of our lives, positively impacting aspects of society, the economy, and daily living. READ NEXT Rusydi Khairul, CEO of Reactor School on his plans to help future leaders […]

View: Manufacturing isn’t about jobs but key to balancing trade deficits, securing geopolitical security

View: Manufacturing isn’t about jobs but key to balancing trade deficits, securing geopolitical security

Wake up and smell the straw Somnath Mukherjee

In a famous barnstorming speech, then-US senator Richard Nixon, battling charges of embezzlement of election funds, made an emotional appeal to voters. He invoked his modest background, attacked his opponents and, most memorably, declared his intention to retain one ‘gift’, a dog his kids called Checkers.

Since then, the ‘Checkers Speech’ has become famous in the US as a storied instance of the ‘straw man’ phenomenon. His critics had said nothing about a pet dog. But Nixon pivoted the narrative by putting Checkers at the centre of the critique. He succeeded, winning […]

Artificial Intelligence: Opportunities and Risks

Artificial Intelligence: Opportunities and Risks

Pontiff’s Perspective on AI
Pope Francis made a significant appearance at a technology summit discussing artificial intelligence, emphasizing the dual nature of AI – its potential opportunities and inherent risks. Instead of merely providing quotes, details of his message are highlighted.

Focusing on Human Agency
The pontiff stressed the importance of recognizing human decision-making capabilities in the era of AI. While artificial intelligence operates based on defined criteria or statistical conclusions, humans possess the unique ability to make choices from the heart. He emphasized that crucial decisions should always remain in human hands to preserve human dignity […]

Iowa manufacturers outline advancements, challenges from integrating AI, robotics, vision systems to production

Iowa manufacturers outline advancements, challenges from integrating AI, robotics, vision systems to production

Chris Hill, director of the Technology Assistance Program at the Center for Industrial Research and Service, shows a variety of sensors used in manufacturing to gather process data and support preventive and predictive equipment maintenance, among other applications. Photo by John Retzlaff

As an industry already familiar with implementing advanced technology, Iowa’s manufacturing sector is one to watch as everything from robotic and automation technologies to solutions powered by artificial intelligence become more sophisticated and companies must decide where to invest resources.

The Business Record recently distributed a survey to gather the input of manufacturing stakeholders in Iowa on how automation […]

KRUGMAN: No matter what Trump does, manufacturing jobs are not coming back to the US

KRUGMAN: No matter what Trump does, manufacturing jobs are not coming back to the US

captain america factory worker (Robert Galbraith/Reuters)

Paul Krugman, the Nobel-winning economist and New York Times columnist, took to Twitter on Friday to address the state of the US labor market and President-elect Donald Trump’s promises to bring back manufacturing jobs.

To Krugman, the decline in manufacturing employment in the US isn’t because of outsourcing, but rather a decades-old feature of the industry."The story of US manufacturing is basically one of high productivity growth allowing demand to be met with ever fewer workers," Krugman wrote .Krugman is essentially arguing that the manufacturing sector hasn’t added jobs to the labor market in years […]

Autonomous Semi-Trucks Are Shaping the Industry for the Long Haul

Autonomous Semi-Trucks Are Shaping the Industry for the Long Haul

Amundsen Davis LLC Autonomous, or self-driving, vehicles are not a new concept. Companies such as Mercedes Benz, BMW, and Tesla have reshaped the automobile industry by producing and selling autonomous vehicles equipped with the newest AI technology. Truck companies have followed suit and are speeding ahead of federal regulations with plans for a major expansion this year. Their goal is to revolutionize America’s supply chain with faster transport of goods and unburdening of liability based on human limitation or error. With over 7.95 million people working in the industry and more than 750,000 motor carriers with active drivers who […]

Protectionists Are Wrong: Free Trade is the Path to Prosperity

Protectionists Are Wrong: Free Trade is the Path to Prosperity

Print Invited guests flank then-President Trump at the signing ceremony for the United States-Mexico-Canada Trade Agreement. 2020. Both major presidential candidates, Joe Biden and Donald Trump, have leaned towards protectionism, a stance recently echoed by Terry Schilling in The American Conservative . Unfortunately, this perspective misses the mark.

Protectionism is not the solution to revitalize American manufacturing or the economy. The real culprits are flawed internal policies — excessive government spending, high taxes, and stringent regulations — that stifle growth and innovation.

Politicians from both sides of the aisle often scapegoat countries like China and Mexico for the decline in US […]