The Rise of the Next ‘New Economy of Machine Intelligence’

The beginning on the ‘New Economy’ was in 1995 when digital communication was introduced and was ready to change the world as we knew it. The Internet and digital technology took over, and search and communication efforts become much easier and much more cost-efficient to carry out. Now, we are looking at a similar trend with that of machine intelligence.

Machine intelligence will first be utilized to lower the cost of goods and services that heavily rely on prediction. This can already be seen in the world of photography. Photography moved from a world of chemistry based, film-orientated industry to that of a digital, arithmetic based industry. And, as the cost of prediction falls, so will historical activities such as inventory management and demand forecasting. They will not disappear completely but rather be taken over by machine intelligence technique instead.

Driving has also become a prediction problem with the introduction of autonomous systems. Machine learning has been used to develop AI that intelligent that it can simply ask the AI, “What would a human driver do?” opposed to programming it with numerous if-then-else statements. Being able to link the incoming environmental data from exterior sensors to the driving decisions made by a human was a much better and more efficient way for the AI to learn and to be able to predict how human would react in every situation.

So, as machine intelligence improves, the less we will see of human prediction methods because we as humans will never be as good as a machine. But, humans will still be needed to provide the judgment skills in the first instance. So, don’t panic about losing your current job, or any other around you that could soon be taken over by AI, as humans will still be needed in the background, and always will be at some point.

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