Avi Goldfarb | Power and Prediction: The Disruptive Economics of Artificial Intelligence

Avi Goldfarb from the University of Toronto joined us on November 14, 2022, for “Power and Prediction: The Disruptive Economics of Artificial Intelligence.”

Abstract
Artificial intelligence presents an extraordinary opportunity and an extraordinary threat. But not in the way that might be expected. Today’s AI is best understood as prediction technology rather than a machine that can do everything humans do. Prediction technology can nevertheless transform industries. It does this by decoupling prediction from the other aspects of decision-making, thereby enabling new ways of delivering value. Unleashing this potential requires the invention of new ways of operating, many of which remain undiscovered. Today, we sit in a striking phase in the development of this technology, The Between Times after witnessing AI’s potential, but before its widespread impact. On the other side of The Between Times, when this process of invention is complete, the changes in decisions will mean changes in power. In industry, power confers profits; in society, power confers control.