Will Artificial Intelligence be a threat, a boon, or both?
There is a case to be made for our current crop of emerging technologies to be called the Fourth Industrial Revolution (4IR), and as Trend Disruptors readers know, this crop includes Blockchain, 5G, and quantum computing. We also need to include a few others, to broaden our scope of disruptive technologies – – things like robotics, autonomous vehicles, and potentially the most disruptive technology of all, Artificial Intelligence (AI).
There are some (Neo-Luddites) who warn of the negative consequences of AI, and want to shun all AI development. Warnings and cautions are sometimes coming from credible sources, and often raise interesting questions. AI is so all encompassing that many questions need to be asked, and answered very carefully. Consider the following from billionaire hedge fund manager, Ray Dalio of Bridgewater Associates:
“I got a good question about how the proliferation of AI and algorithmic decision making will affect jobs and about the possibility of universal basic incomes eventually impacting humans’ ability to continue to derive meaning and self-purpose from work. My view is that algorithmic/automated decision making is a two edged sword that is improving total productivity but is also eliminating jobs, leading to big wealth and opportunity gaps and populism, and creating a national emergency. Largely as a result of it, capitalism is not working for the majority of Americans and is in jeopardy. Yet no one is seriously examining what to do about it. I don’t believe that transferring money to people who are unproductive is good for the people or the economy, unless there are no other good alternatives. I believe that it’s both far better and it’s possible to find ways for making most of these people productive. I think that a national emergency should be declared, a special commission created, and metrics established to come up with programs and measurements to make work improvements that more than pay for themselves and measure the changes that are taking place. I know of many cost effective ways that improvements that pay for themselves can be made and I’m sure that many others know of many more ways. Productivity is good for everyone. Unfortunately, it’s not available to everyone. That has to change. We need leadership that can bring that about. Unfortunately, it is more likely that nothing along these lines will be done and, in the next economic downturn, the haves and have-nots will be at each other’s’ throats, fighting over income redistributions rather than working together to make plans to make most people productive. For that reason, I’m worried about the health of capitalism and democracy.”
The concerns raised here affect pop culture, politics, and the whole financial world. Could it be that we come to a point where human usefulness runs out? Unlike the industrial revolutions of the past, AI may not just allow machines to outperform our physical abilities, but our mental abilities as well. These are sobering thoughts that will need careful analysis, answers, and management. Humans should have infinite control in terms of how our relationship with machines will be, with the ideal that AI will exist only and entirely to serve us. And we will need to determine how to distribute needed resources amongst ourselves in a fully autonomous society. AI is going to change the structure of humanity, and in the next decade the way many of us live and work will look entirely different.
We will need to fine tune our investing and wealth management strategies, to keep pace with all the disruptive forces coming our way – FAST !!.
At Trend Disruptors, we are keeping a sharp eye on several companies that are making moves in the emerging technology sphere. We strive to keep you up to date with the latest technology developments and related investment strategies that lead to success.
Stay Tuned!