Former IMF chief economist Kenneth Rogoff advocates that artificial intelligence helps augment productivity growth in the next decade.

James Campbell

2018-04-23 07:43:00 Mon ET

Harvard professor and former IMF chief economist Kenneth Rogoff advocates that artificial intelligence helps augment human productivity growth in the next decade. A small but influential cult touts the Hungarian-American mathematician John von Neumann's singularity theory: someday smart machines will become so complex and intricate that they invent other smart machines without any human intervention.

Beyond this singularity point, technology advances exponentially.

An key existential battle between man and machine leads us to expect a significant increase in productivity growth. Most social angst over artificial intelligence focuses on economic inequality and the future of work. The government should encourage greater female laborforce participation, pay equity, and high-skill immigration when workforce growth and natural birth decline sharply. Global capital investment slows down in the multi-year aftermath of the global financial crisis from 2008 to 2009. In fact, low interest rates worldwide reinvigorate business investments in machinery, capital equipment, and artificial intelligence. Probable pickup in productivity growth can arise from smart and productive uses of artificial intelligence. This pickup can be a core catalyst for change and so creates incentives for financial intermediaries and firms to introduce technological advances. This virtuous circle can offset some slowdown in workforce participation.

 


If any of our AYA Analytica financial health memos (FHM), blog posts, ebooks, newsletters, and notifications etc, or any other form of online content curation, involves potential copyright concerns, please feel free to contact us at service@ayafintech.network so that we can remove relevant content in response to any such request within a reasonable time frame.

Blog+More

Google CEO Eric Schmidt and his co-authors show the innovative corporate culture and mission of the Internet search tech titan.

Daisy Harvey

2020-03-12 09:32:00 Thursday ET

Google CEO Eric Schmidt and his co-authors show the innovative corporate culture and mission of the Internet search tech titan.

Google CEO Eric Schmidt and his co-authors show the innovative corporate culture and mission of the Internet search tech titan. Eric Schmidt, Jonathan Ro

+See More

The new Brexit deal can boost British pound appreciation and macroeconomic optimism.

Fiona Sydney

2019-11-13 11:34:00 Wednesday ET

The new Brexit deal can boost British pound appreciation and macroeconomic optimism.

The new Brexit deal can boost British pound appreciation and economic optimism. British prime minister Boris Johnson wins the parliamentary vote on his new

+See More

Dodd-Frank rollback raises the asset threshold for systemic financial institutions from $50 billion to $250 billion.

Peter Prince

2018-05-21 07:39:00 Monday ET

Dodd-Frank rollback raises the asset threshold for systemic financial institutions from $50 billion to $250 billion.

Dodd-Frank rollback raises the asset threshold for systemically important financial institutions (SIFIs) from $50 billion to $250 billion. This legislative

+See More

Federal Reserve confirms that all of the 34 major banks pass their annual CCAR macro stress tests.

Apple Boston

2017-05-31 06:36:00 Wednesday ET

Federal Reserve confirms that all of the 34 major banks pass their annual CCAR macro stress tests.

The Federal Reserve rubber-stamps the positive conclusion that all of the 34 major banks pass their annual CCAR macro stress tests for the first time since

+See More

The Trump administration still expects to reach a Sino-U.S. trade agreement with better intellectual property protection and enforcement.

Apple Boston

2019-05-11 10:28:00 Saturday ET

The Trump administration still expects to reach a Sino-U.S. trade agreement with better intellectual property protection and enforcement.

The Trump administration still expects to reach a Sino-U.S. trade agreement with a better mechanism for intellectual property protection and enforcement. Pr

+See More

Warren Buffett invests in American stocks across energy, transport, and finance etc.

Daphne Basel

2017-07-07 10:33:00 Friday ET

Warren Buffett invests in American stocks across energy, transport, and finance etc.

Warren Buffett invests in American stocks across numerous industries such as energy, air transport, finance, technology, retail provision, and so forth.

+See More